Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Ifrs Statement [line items] | |
Entity Registrant Name | Andina Bottling Co Inc |
Entity Central Index Key | 0000925261 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Series A Shares | |
Ifrs Statement [line items] | |
Entity Common Stock, Shares Outstanding | 473,289,301 |
Series B Shares | |
Ifrs Statement [line items] | |
Entity Common Stock, Shares Outstanding | 473,281,303 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 137,538,613 | $ 136,242,116 |
Other financial assets | 683,567 | 14,138,161 |
Other non-financial assets | 5,948,923 | 5,611,861 |
Trade and other accounts receivable, net | 174,113,323 | 191,284,680 |
Accounts receivable from related companies | 9,450,263 | 5,370,232 |
Inventory | 151,319,709 | 131,363,000 |
Current tax assets | 2,532,056 | |
Total Current Assets | 481,586,454 | 484,010,050 |
Non-Current Assets: | ||
Other financial assets | 97,362,295 | 74,259,085 |
Other non-financial assets | 34,977,264 | 47,394,345 |
Trade and other receivables | 1,270,697 | 2,395,851 |
Accounts receivable from related parties | 74,340 | 156,492 |
Investments accounted for under the equity method | 102,410,945 | 86,809,069 |
Intangible assets other than goodwill | 668,822,553 | 663,272,878 |
Goodwill | 117,229,173 | 93,598,217 |
Property, plant and equipment | 710,770,968 | 659,750,499 |
Deferred income tax assets | 3,212,981 | |
Total Non-Current Assets | 1,732,918,235 | 1,630,849,417 |
Total Assets | 2,214,504,689 | 2,114,859,467 |
CURRENT LIABILITIES | ||
Other financial liabilities, current | 56,114,977 | 67,981,405 |
Trade and other accounts payable, current | 238,109,847 | 257,519,477 |
Accounts payable to related parties | 45,827,859 | 33,961,437 |
Provisions | 3,485,613 | 2,676,418 |
Income taxes payable | 9,338,612 | 3,184,965 |
Employee benefits current provisions | 33,210,979 | 35,955,643 |
Other non-financial liabilities, current | 33,774,214 | 27,007,977 |
Total current liabilities | 419,862,101 | 428,287,322 |
Other non-current financial liabilities | 716,563,778 | 675,767,201 |
Non-current accounts payable | 735,665 | 1,132,926 |
Provisions | 58,966,913 | 62,947,748 |
Deferred tax liabilities | 145,245,948 | 125,204,566 |
Post employment benefit liabilities | 9,415,541 | 8,286,355 |
Total non-current liabilities | 930,927,845 | 873,338,796 |
Equity: | ||
Issued capital | 270,737,574 | 270,737,574 |
Retained earnings | 462,221,463 | 335,523,254 |
Other reserves | 110,854,089 | 185,049,228 |
Equity attributable to equity holders of the parent | 843,813,126 | 791,310,056 |
Non-controlling interests | 19,901,617 | 21,923,293 |
Total Equity | 863,714,743 | 813,233,349 |
Total Liabilities And Equity | $ 2,214,504,689 | $ 2,114,859,467 |
Consolidated Statements of Inco
Consolidated Statements of Income by Function - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Income by Function | |||
Net sales | $ 1,672,915,799 | $ 1,848,878,619 | $ 1,777,459,320 |
Cost of sales | (968,027,774) | (1,069,024,964) | (1,033,910,027) |
Gross Profit | 704,888,025 | 779,853,655 | 743,549,293 |
Other income | 2,609,168 | 550,834 | 1,760,899 |
Distribution expenses | (165,775,484) | (192,927,875) | (183,676,895) |
Administrative expenses | (313,742,853) | (348,199,321) | (346,202,795) |
Other expenses | (16,057,763) | (16,701,471) | (22,765,167) |
Other (loss) gains | (2,707,859) | (2,537,269) | (3,387,377) |
Finance income | 3,940,244 | 11,194,375 | 9,661,692 |
Financial expenses | (55,014,660) | (55,220,369) | (51,374,971) |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | 1,411,179 | (80,360) | (262,582) |
Foreign exchange differences | (1,449,256) | (1,370,910) | (67,518) |
Income by indexation units | (5,085,140) | (3,762,930) | (6,378,375) |
Net income before income taxes | 153,015,601 | 170,798,359 | 140,856,204 |
Income tax expense | (55,564,855) | (51,797,634) | (48,807,093) |
Net income | 97,450,746 | 119,000,725 | 92,049,111 |
Net income attributable to | |||
Equity holders of the parent | 96,603,371 | 117,835,790 | 90,525,991 |
Non-controlling interests | 847,375 | 1,164,935 | 1,523,120 |
Net income | $ 97,450,746 | $ 119,000,725 | $ 92,049,111 |
Series A Share | |||
Earnings per Share, basic and diluted | |||
Earnings per share | $ 97.20 | $ 118.56 | $ 91.08 |
Series B Share | |||
Earnings per Share, basic and diluted | |||
Earnings per share | $ 106.92 | $ 130.42 | $ 100.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 97,450,746 | $ 119,000,725 | $ 92,049,111 |
Components of other comprehensive income that will not be reclassified to net income for the period, before taxes | |||
Actuarial losses from defined benefit plans | (63,463) | (329,477) | (29,423) |
Components of other comprehensive income that will be reclassified to net income for the period, before taxes | |||
Gain (losses) from exchange rate translation differences | (72,455,525) | (68,831,435) | 148,686 |
Gain (losses) from cash flow hedges | (13,151,841) | (813,844) | (42,836,575) |
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 | 16,184 | 84,017 | 7,060 |
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 | 2,476,204 | 232,666 | (2,431,408) |
Income tax related to cash flow hedges | 2,554,551 | 167,348 | 13,301,186 |
Total other comprehensive income | (80,623,890) | (69,490,725) | (31,840,474) |
Total comprehensive income | 16,826,856 | 49,510,000 | 60,208,637 |
Equity holders of the parent | 16,370,635 | 48,725,522 | 59,704,657 |
Non-controlling interests | $ 456,221 | $ 784,478 | $ 503,980 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CLP ($) | 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 | Controlling Equity | Non-Controlling interests. | Total | |
Equity at beginning of period at Dec. 31, 2015 | $ 270,737,574,000 | $ 284,980,830,000 | $ (167,447,157,000) | $ 27,087,214,000 | $ (1,796,285,000) | $ 427,137,058,000 | $ 274,755,431,000 | $ 830,473,835,000 | $ 21,060,465,000 | $ 851,534,300,000 | |
Comprehensive Income | |||||||||||
Net income | 90,525,991,000 | 90,525,991,000 | 1,523,120,000 | 92,049,111,000 | |||||||
Other comprehensive income | (30,821,334,000) | (1,297,198,000) | (29,535,389,000) | 11,253,000 | (30,821,334,000) | (1,019,140,000) | (31,840,474,000) | ||||
Total comprehensive income | (30,821,334,000) | (1,297,198,000) | (29,535,389,000) | 11,253,000 | 90,525,991,000 | 59,704,657,000 | 503,980,000 | 60,208,637,000 | |||
Dividends | (69,572,910,000) | (69,572,910,000) | (69,572,910,000) | ||||||||
Total changes in equity | (30,821,334,000) | (1,297,198,000) | (29,535,389,000) | 11,253,000 | 20,953,081,000 | (9,868,253,000) | 503,980,000 | (9,364,273,000) | |||
Equity at end of period at Dec. 31, 2016 | 270,737,574,000 | 254,159,496,000 | (168,744,355,000) | (2,448,175,000) | (1,785,032,000) | 427,137,058,000 | 295,708,512,000 | 820,605,582,000 | 21,564,445,000 | 842,170,027,000 | |
Comprehensive Income | |||||||||||
Net income | 117,835,790,000 | 117,835,790,000 | 1,164,935,000 | 119,000,725,000 | |||||||
Other comprehensive income | (69,110,268,000) | (68,333,217,000) | (646,496,000) | (130,555,000) | (69,110,268,000) | (380,457,000) | (69,490,725,000) | ||||
Total comprehensive income | (69,110,268,000) | (68,333,217,000) | (646,496,000) | (130,555,000) | 117,835,790,000 | 48,725,522,000 | 784,478,000 | 49,510,000,000 | |||
Dividends | (78,021,048,000) | (78,021,048,000) | (425,630,000) | (78,446,678,000) | |||||||
Total changes in equity | (69,110,268,000) | (68,333,217,000) | (646,496,000) | (130,555,000) | 39,814,742,000 | (29,295,526,000) | 358,848,000 | (28,936,678,000) | |||
Equity at end of period at Dec. 31, 2017 | 270,737,574,000 | 185,049,228,000 | (237,077,572,000) | (3,094,671,000) | (1,915,587,000) | 427,137,058,000 | 335,523,254,000 | 791,310,056,000 | 21,923,293,000 | 813,233,349,000 | |
Changes for new accounting standards | [1] | 79,499,736,000 | 79,499,736,000 | 79,499,736,000 | |||||||
Restated opening balance | 270,737,574,000 | 185,049,228,000 | (237,077,572,000) | (3,094,671,000) | (1,915,587,000) | 427,137,058,000 | 415,022,990,000 | 870,809,792,000 | 21,923,293,000 | 892,733,085,000 | |
Comprehensive Income | |||||||||||
Net income | 96,603,371,000 | 96,603,371,000 | 847,375,000 | 97,450,746,000 | |||||||
Other comprehensive income | (80,232,736,000) | (69,596,956,000) | (10,597,290,000) | (38,490,000) | (80,232,736,000) | (391,154,000) | (80,623,890,000) | ||||
Total comprehensive income | (80,232,736,000) | (69,596,956,000) | (10,597,290,000) | (38,490,000) | 96,603,371,000 | 16,370,635,000 | 456,221,000 | 16,826,856,000 | |||
Dividends | (85,475,291,000) | (85,475,291,000) | (2,477,897,000) | (87,953,188,000) | |||||||
Increase (decrease) from other changes | 6,037,597,000 | 23,029,000 | 6,014,568,000 | 36,070,393,000 | 42,107,990,000 | 42,107,990,000 | |||||
Total changes in equity | (74,195,139,000) | (69,596,956,000) | (10,574,261,000) | (38,490,000) | 6,014,568,000 | 47,198,473,000 | (26,996,666,000) | (2,021,676,000) | (29,018,342,000) | ||
Equity at end of period at Dec. 31, 2018 | $ 270,737,574,000 | $ 110,854,089,000 | $ (306,674,528,000) | $ (13,668,932,000) | $ (1,954,077,000) | $ 433,151,626,000 | $ 462,221,463,000 | $ 843,813,126,000 | $ 19,901,617,000 | $ 863,714,743,000 | |
[1] | It corresponds to the effect of the adoption of IAS 29. |
Consolidated Statements of Dire
Consolidated Statements of Direct Cash Flows - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows provided by Operating Activities | |||
Receipts from the sale of goods and the rendering of services (including taxes) | $ 2,296,830,656 | $ 2,388,420,701 | $ 2,415,467,366 |
Payments for Operating Activities | |||
Payments to suppliers for goods and services (including taxes) | (1,526,444,730) | (1,495,009,304) | (1,624,748,620) |
Payments to and on behalf of employees | (199,460,816) | (221,146,637) | (210,545,781) |
Other payments for operating activities (value-added taxes on purchases, sales and others) | (267,827,342) | (333,155,023) | (280,846,689) |
Dividends received | 601,022 | 1,540,090 | 745,805 |
Interest payments | (41,353,013) | (53,103,434) | (49,931,807) |
Interest received | 3,545,313 | 8,240,023 | 8,610,102 |
Income tax payments | (29,904,176) | (40,654,077) | (25,721,727) |
Other cash movements (tax on bank debits Argentina and others) | (707,552) | (7,171,991) | (9,582,089) |
Cash flows provided by (used in) Operating Activities | 235,279,362 | 247,960,348 | 223,446,560 |
Cash flows provided by (used in) Investing Activities | |||
Investment in associates | (15,615,466) | (15,570,161) | (17,586,575) |
Proceeds from sale of Property, plant and equipment | 260,116 | 99,421 | 70,431 |
Purchase of Property, plant and equipment | (121,063,273) | (168,857,680) | (128,217,485) |
Purchase of intangible | (11,923,449) | ||
Proceeds from other long term assets (term deposits over 90 days) | 13,883,132 | 81,258,426 | 109,824,298 |
Purchase of other long term assets (term deposits over 90 days) | (41,059,494) | (77,789,768) | |
Payments on forward, term, option and financial exchange agreements | (217,218) | ||
Payments on forward, term, option and financial exchange agreements | 6,403,152 | 1,374,638 | |
Other payments on purchase of financial instruments | (1,953,309) | (14,153,111) | |
Net cash flows used in Investing Activities | (118,085,648) | (168,831,410) | (113,916,317) |
Cash Flows generated from (used in) Financing Activities | |||
Proceeds from short-term loans obtained | 29,850,728 | 71,801,741 | 22,188,721 |
Loan payments | (44,234,859) | (52,146,995) | (47,288,156) |
Financial lease liability payments | (2,395,966) | (4,745,884) | (5,533,160) |
Dividend payments by the reporting entity | (87,535,698) | (74,968,175) | (67,591,930) |
Other inflows (outflows) of cash (Placement and payment of public obligations) | (10,319,483) | (18,286,457) | |
Net cash flows provided by (used in) generated by Financing Activities | (114,635,278) | (78,345,770) | (98,224,525) |
Net increase in cash and cash equivalents before exchange differences | 2,558,436 | 783,168 | 11,305,718 |
Effects of exchange differences on cash and cash equivalents | 3,574,340 | (5,804,932) | 797,223 |
Effects of inflation on cash and cash equivalents in Argentina | (4,836,279) | ||
Net decrease in cash and cash equivalents | 1,296,497 | (5,021,764) | 12,102,941 |
Cash and cash equivalents at beginning of period | 136,242,116 | 141,263,880 | 129,160,939 |
Cash and cash equivalents at end of period | $ 137,538,613 | $ 136,242,116 | $ 141,263,880 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
CORPORATE INFORMATION | |
CORPORATE INFORMATION | NOTE 1 - CORPORATE INFORMATION Embotelladora Andina S.A. RUT (Chilean Tax Id. N°) 91.144.000-8 (hereafter “Andina,” and together with its subsidiaries, the “Company”) is registered under No. 00124 of the Securities Registry and is regulated by Chile’s Financial Market Commission (previously the Superintendence of Securities and Insurance) pursuant to Law 18.046. The principal activities of Embotelladora Andina S.A. are to manufacture, bottle, commercialize and/or distribute Coca-Cola products and brands registered by The Coca-Cola Company. The Company has operations and is licensed by The Coca-Cola Company in its territories Chile, Brazil, Argentina and Paraguay. In Chile, the geographic areas in which the Company has distribution franchises are regions II, III, IV, XI, XII, Metropolitan Region, Rancagua and San Antonio. In Brazil, in the states of Rio de Janeiro, Espirito Santo, Niteroi, Vitoria, Nova Iguaçu, part of Sao Paulo and part of Minas Gerais. In Argentina, in the provinces of Mendoza, Córdoba, San Luis, Entre Ríos, Santa Fe, Rosario, Santa Cruz, Neuquén, El Chubut, Tierra del Fuego, Río Negro, La Pampa and the western zone of the Province of Buenos Aires. In Paraguay, the franchised territory covers the whole country. Regarding licenses for the territories in Chile, some are in the renewal process and others in October 2023. In Argentina they expire in 2022; in Brazil they are in the renewal process and in Paraguay they expire in 2020. Said licenses are renewable upon the request of the licensee and at the sole discretion of The Coca-Cola Company. These licenses are expected to be renewed under similar conditions on the date of expiration. As of the date of this report, regarding Andina’s principal shareholders, the Controlling Group(1) holds 55.72% of the outstanding shares with voting rights, corresponding to the Series A shares. The head office of Embotelladora Andina S.A. is located on Miraflores 9153, borough of Renca, Santiago, Chile. (1) Controlling Group: Inversiones SH Seis Limitada , Inversiones Cabildo SpA, Inversiones Chucao Limitada, today Inversiones Lleuque Limitada , Inversiones Nueva Delta S.A. , Inversiones Nueva Delta Dos S.A. , Inversiones Las Gaviotas Dos Limitada, today Inversiones Playa Amarilla SpA , Inversiones Playa Negra Dos Limitada, today Inversiones Playa Negra SpA , Inversiones Don Alfonso Dos Limitada, today Inversiones Don Alfonso Limitada , Inversiones El Campanario Dos Limitada, today Inversiones El Campanario Limitada , Inversiones Los Robles Dos Limitada, today Inversiones Los Robles Limitada and Inversiones Las Viñas Dos Limitada, today Inversiones Las Niñas Dos SpA . |
BASIS OF PREPARATION OF CONSOLI
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2. 1 Periods covered These Consolidated Financial Statements encompass the following periods: Consolidated Statement of Financial Position: As of December 31, 2018 and 2017. Consolidated Income Statements by Function and Comprehensive Income: For the periods between January 1 and December 31, 2018, 2017 and 2016. Consolidated Statements of Direct Cash Flows: For the periods between January 1 and December 31, 2018, 2017 and 2016. Consolidated Statements of Changes in Equity: Balance and movements between January 1 and December 31, 2018, 2017 and 2016. 2. 2 Basis of preparation The Company’s Consolidated Financial Statements were prepared in accordance with International Financial Reporting Standards (hereinafter "IFRS") issued by the International Accounting Standards Board (hereinafter "IASB"). The consolidated financial statements are presented under the historical cost criteria, although modified by the revaluation of certain financial instruments and derivative instruments. The Company’s 2018 local statutory consolidated financial statements in spanish were approved by the Company’s Board of Directors on February 28, 2019, 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, 2018 and 2017 along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows (and related disclosures), each for the two years then ended. Those consolidated financial statements were then subsequently approved by the Company’s shareholders during its April 17, 2019 meeting. Included in this 2018 consolidated financial statements are consolidated statement of financial position as of December 31, 2018 and 2017, along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2018, 2017 and 2016. This three year presentation of operations, changes in equity and of cash flows is required by the rules of the United States Securities and Exchange Commission. The accompanying English language IFRS consolidated financial statements are consistent with the previously issued local statutory consolidated financial statements. This three year English language IFRS consolidated financial statements were approved for issuances by the Board of Directors during a session held on April 24, 2019, with subsequent events considered through this later date. These Consolidated Financial Statements have been prepared, based on accounting records kept by the Embotelladora Andina S.A. (“Parent Company”) and by other entities forming part thereof. 2.3 Basis of consolidation 2.3.1 Subsidiaries These consolidated financial statements incorporate the financial statements of the Company and the companies controlled by the Company (its subsidiaries). 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 as of December 31, 2018 and 2017, and results of operations for the periods between January 1 and December 31, 2018, 2017 and 2016, and cash flows for the periods between January 1 and December 31, 2018, 2017 and 2016. Income or losses from subsidiaries acquired or sold are included in the consolidated financial statements from the effective date of acquisition through the effective date of disposal, as applicable. The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. All acquisition related costs are expensed in the period incurred. Intercompany transactions, balances, income, expenses and unrealized gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Company, where necessary. 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 after eliminating intercompany balances and transactions. The list of subsidiaries included in the consolidation is detailed as follows: Holding control (percentage) 12-31-2018 12-31-2017 Taxpayer ID Name of the Company Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. — 99.99 99.99 — 99.99 99.99 Foreign Aconcagua Investing Ltda. 0.71 99.28 99.99 0.71 99.28 99.99 96.842.970-1 Andina Bottling Investments S.A. 99.90 0.09 99.99 99.90 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 Foreign Embotelladora del Atlántico S.A. 0.92 99.07 99.99 0.92 99.07 99.99 96.705.990-0 Envases Central S.A. 59.27 — 59.27 59.27 — 59.27 96.971.280-6 Inversiones Los Andes Ltda. 99.99 — 99.99 99.99 — 99.99 Foreign Paraguay Refrescos S.A. 0.08 97.75 97.83 0.08 97.75 97.83 76.276.604-3 Red de Transportes Comerciales Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k Vital Jugos S.A. 15.00 50.00 65.00 15.00 50.00 65.00 2.3. 2 Investments accounted for under the equity method Associates are all entities over which the Company exercises significant influence but does not have control. Investments in associates are accounted for using the equity method of accounting. The Company’s share in profit or loss in associates subsequent to the acquisition date is recognized in the income statement. Unrealized gains in transactions between the Company and its associates are eliminated to the extent of the Company´s interests in those associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment on the asset transferred. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Company. 2. 4 Financial reporting by operating segment IFRS 8 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: · Chilean operations · Brazilian operations · Argentine operations · Paraguayan operations 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 Andina Empaques Argentina Argentine Peso Embotelladora del Atlántico Argentine Peso Embotelladora Andina Chilean Peso Paraguay Refrescos Guaraní Rio de Janeiro Refrescos Reales Foreign currency transactions are translated into the functional currency using the foreign exchange rates prevailing on the dates of the transactions. Losses and gains in foreign currency resulting from the liquidation of these transactions and the translation at the closing exchange rate of monetary assets and liabilities denominated in foreign currency are recognized in the income statements under foreign exchange rate differences, except when they correspond to cash flow hedges; in which case they are presented in the statement of comprehensive income. Functional currency in hyperinflationary economies According to the criteria established in the International Accounting Standard No. 29 Financial information in Hyperinflationary Economies, as of July 2018, Argentina's economy is considered to be hyperinflationary. This determination was carried out on the basis of a series of qualitative and quantitative criteria, among which the presence of an accumulated inflation rate of more than 100% for three years stands out. 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 Argentinean peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were re-expressed 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 1 January 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial situation of our subsidiaries in Argentina were converted to the closing exchange rate (AR/CLP) as of December 31, 2018, in accordance with IAS 21 "Effects of foreign currency exchange rate variations", when dealing with a hyperinflationary economy. Previously, the results of the Argentinean subsidiaries were converted to the average exchange rate of the period, as is the case for the conversion of the results of the rest of the subsidiaries operating in other countries whose economies are not considered hyperinflationary. Whereas the functional and presentation currency of Embotelladora Andina S.A. does not correspond to that of a hyperinflationary economy, according to the guidelines set out in IAS 29, the restatement of comparative periods is not required in the consolidated financial statements of the Group. Inflation for the periods January to December 2018 and 2017 amounted to 47.6% and 24.8%, respectively. The first time adoption of IAS 29 resulted in a positive adjustment in the accumulated results of Embotelladora Andina S.A., for Th$79,499,736 (net of taxes) as of January 1, 2018. On the other hand, during 2018, the adoption of this standard generated earnings by the re-expression of balance sheet accounts for Th$8,516,369, which is recognized in the consolidated income statement under "Income by readjustment units". In addition, since the Argentinean economy was declared as hyperinflationary, a net loss effect was recorded for Th$15,743,592 in the fiscal year’s income, generated by inflation adjustment and translation at the closing exchange rate at December 31, 2018. 2.5.2 Presentation currency The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of subsidiaries are translated from the functional currency to the presentation currency 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 balance sheet is translated to the closing exchange rate at the balance sheet 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. · When an account receivable from related companies is designated as hedge investment, translation differences are recorded under comprehensive income, net of deferred taxes. On disposal of the investment, such translation differences are recognized in the income statement as part of the gain or loss on the disposal of the investment. b. Conversion of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina) Financial statements measured in their functional currency, with inflation adjustments since they correspond to a hyperinflationary economy, are translated to the presentation currency as follows: · The balance sheet is translated at the closing exchange rate at the balance sheet date; · Results are translated at the closing exchange rate at the balance sheet date · When an account receivable from related companies is designated as hedge investment, translation differences are recorded under comprehensive income, net of deferred taxes. On disposal of the investment, such translation differences are recognized in the income statement as part of the gain or loss on the disposal of the investment. c. Comparative figures According to the IAS, figures of previous years are not adjusted or re-expressed when the presentation currency is that of a non-hyperinflationary economy, as is the case of the Chilean peso, thus, financial statements of previous years are not amended. 2.5.3 Exchange rates and value of the UF Exchange rate to the Chilean Peso US$ R$ Brazilian A$ Argentine UF Unidad de G$ Paraguayan € Date dollar Real Peso Fomento Guaraní Euro 12.31.2018 694.77 179.30 18.43 27,565.79 0.117 794.75 12.31.2017 614.75 185.84 32.96 26,798.14 0.110 739.15 12.31.2016 669.47 205.42 42.13 26,347.98 0.116 705.60 2. 6 Property , plant, and equipment Assets included in Property, plant and equipment are recognized at their historical cost or fair value on the IFRS transition date, less depreciation and cumulative impairment losses. Historical cost of Property, plant and equipment includes expenditures that are directly attributable to the acquisition of the items less government subsidies resulting from the difference between the valuation of liabilities at fair value and the government´s preferential credit rates. Historical cost also includes revaluations and price-level restatements of opening balances (attributable cost) at January 1, 2009, in accordance with the exemptions in IFRS 1. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. Repairs and maintenance are charged to the income statement in the reporting period in which they are incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The estimated useful lives by asset category are: Assets Range in years Buildings - 50 Plant and equipment - 20 Warehouse installations and accessories - 30 Furniture and supplies - 5 Motor vehicles - 7 Other Property, plant and equipment - 8 Bottles and containers - 8 The residual value and useful lives of assets are reviewed and adjusted at the end of each financial statement-reporting period, if appropriate. When the value of an asset is greater than its estimated recoverable amount, the value is written down immediately to its recoverable amount. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate. If there are items available for sale and comply with the conditions of IFRS 5 "Non-current assets held for sale and discontinued operations" are separated from Property, plant and equipment and are presented within current assets at the lower value between the book value and its fair value less selling costs. 2.7 Intangible assets and Goodwill 2.7.1 Goodwill Goodwill represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets of the subsidiary and the fair value of the non-controlling interest in the subsidiary on the acquisition date. Since goodwill is an intangible asset with indefinite useful life, it is recognized separately and tested annually for impairment. Goodwill is carried at cost less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity. Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored for internal management purposes. 2.7. 2 Distribution rights Distribution rights are contractual rights to produce and/or distribute products under the Coca-Cola brand and other brands in certain territories in Argentina, Brazil, Chile and Paraguay that were acquired during Business Combination. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, as the Company believes that the agreements will be renewed indefinitely by the Coca-Cola Company with similar terms and conditions. They 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. Software is amortized in administrative expenses in the consolidated income statement over a period of four years. 2. 8 Impairments 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). 2. 9 Financial assets Pursuant to IFRS 9, except for certain trade accounts receivable, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset that is not at fair value, reflecting changes in P&L. According to IFRS 9, financial assets are subsequently measured at fair value with changes in P&L (FVPL), amortized cost or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: The Group's business model for managing assets; and if the contractual cash flows of financial instruments represent "solely payments of principal and interest” on the outstanding principal amount (the “SPPI criterion”). The new classification and measurement of the Group's financial assets is 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. The Group’s financial liabilities accounting, to a large extent continues to be same as the one set forth in IAS 39. Similar to the requirements of IAS 39, IFRS 9 requires that assets for contingent services be treated as financial instruments measured at fair value, with changes in fair value recognized in P&L. Pursuant to IFRS 9, implicit derivatives are no longer separated from a principal financial asset. Financial assets, however, are classified according to contractual terms and the Group’s business model. 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. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. 2.10. 1 Derivative financial instruments designated as cash flow hedges At the inception of the transaction, the group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement within "other gains (losses)”. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when foreign currency denominated financial liabilities are translated into their functional currencies). The gain or loss relating to the effective portion of cross currency swaps hedging the effects of changes in foreign exchange rates are recognized in the consolidated income statement within "foreign exchange differences.” When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the consolidated income statement. 2.10. 2 Derivative financial instruments not designated for hedging The fair value of derivative financial instruments that do not qualify for hedge accounting pursuant to IFRS are immediately recognized in the consolidated income statement under "Other income and losses". The fair value of these derivatives is recorded under "other current financial assets" or "other current financial liabilities" in the statement of financial position.” The Company does not use hedge accounting for its foreign investments. The Company also evaluates the existence of derivatives implicitly in contracts and financial instruments as stipulated by IFRS 9 and classifies them pursuant to their contractual terms and the business model of the group. As of December 31, 2018 and 2017, the Company had no implicit derivatives. Fair value hierarchy 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: 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 the assets or liabilities that are not based on observable market data information. During the reporting periods there were no transfers of items between fair value measurement categories. All of which were valued during the period using Level 2. 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. Estimates are also made for obsolescence of raw materials and finished products based on turnover and age of the related goods. 2. 12 Trade receivables Trade accounts receivables and other accounts receivable are recognized initially at fair value and subsequently measured at amortized cost less an allowance for expected credit losses, given their short-term nature. An allowance for expected credit losses is made when there is objective evidence that the Company may not be able to collect the full amount according to the original terms of the receivable. The carrying amount of the asset is reduced by the allowance for expected credit losses amount and the loss is recognized in administrative expenses in the consolidated income statement by function. 2. 13 Cash and cash equivalents Cash and cash equivalents include cash on hand, bank balances, time deposits and other short-term highly liquid and low risk of change in value investments and mutual funds with original short-term maturities equal to or less than three months. 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. 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. 2. 16 Employee benefits The Company has a provision to cover 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. Results from updated of actuarial variables are recorded within other comprehensive income in accordance with IAS 19. Additionally, the Company has retention plans for some officers, which have a provision pursuant to the guidelines of each plan. These plans grant the right to certain officers to receive a cash payment on a certain date once they have fulfilled with the required years of service. The Company and its subsidiaries have recorded a provision to account for the cost of vacations and other employee benefits on an accrual basis. These liabilities are recorded under current non-financial liabilities. 2. 17 Provisions Provisions for litigation and other contingencies are recognized when the Company has a present legal or constructive obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. 2. 18 Leases a) Operating leases Operating lease payments are recognized as an expense on a straight-line basis over the term of the lease. b) Finance leases Leases of Property, plant and equipment where the Company has substantially all the risks and rewards of ownership are classified as finance leases that are capitalized at the inception of the lease of the item of Property, plant and equipment at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges. The interest element is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. |
REPORTING BY SEGMENT
REPORTING BY SEGMENT | 12 Months Ended |
Dec. 31, 2018 | |
REPORTING BY SEGMENT | |
REPORTING BY SEGMENT | NOTE 3 -- REPORTING BY SEGMENT The Company provides 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 income managed and paid by the Corporate Office in Chile, which would also be substantially incurred, independent to the existence of foreign subsidiaries, are assigned to the operation in Chile to the soft drinks segment. Total revenues by segment include sales to unrelated customers and inter-segments, as indicated in the consolidated statement of income. A summary of the Company’s operating segments in accordance to IFRS is as follows: Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2018 Operation Operation (2) Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 390,782,296 330,874,797 326,015,740 118,095,369 (72,170) 1,165,696,032 Other beverages 180,156,806 75,341,941 214,493,809 31,492,883 — 501,485,439 Packaging — 7,343,785 — — (1,609,457) 5,734,328 Net sales 570,939,102 413,560,523 540,509,549 149,588,252 (1,681,627) 1,672,915,799 Cost of sales (336,719,937) (214,647,052) (329,529,112) (88,813,300) 1,681,627 (968,027,774) Distribution expenses (55,798,363) (62,899,574) (38,835,833) (8,241,714) (165,775,484) Administrative expenses (109,373,432) (93,149,904) (88,809,386) (22,410,131) (313,742,853) Finance income 1,686,041 14,750 2,019,489 219,964 — 3,940,244 Finance expense (23,713,774) (192,602) (31,108,284) — — (55,014,660) Interest expense, net (1) (22,027,733) (177,852) (29,088,795) 219,964 — (51,074,416) Share of the entity in income of associates 298,359 — 1,112,820 — — 1,411,179 Income tax expense (22,000,539) (18,874,454) (10,088,988) (4,600,874) — (55,564,855) Other income (loss) (11,540,167) (2,639,386) (8,399,463) (111,834) — (22,690,850) Net income of the segment reported 13,777,290 21,172,301 36,870,792 25,630,363 — 97,450,746 Depreciation and amortization 42,353,664 20,474,446 26,830,835 9,935,501 — 99,594,446 Current assets 228,108,768 80,908,212 135,259,768 37,309,706 — 481,586,454 Non-current assets 644,395,166 160,587,931 679,183,347 248,751,791 — 1,732,918,235 Segment assets, total 872,503,934 241,496,143 814,443,115 286,061,497 — 2,214,504,689 Carrying amount in associates and joint ventures accounted for using the equity method, total 50,136,065 — 52,274,880 — — 102,410,945 Capital expenditures and other 67,709,231 28,702,138 32,536,213 9,684,466 — 138,632,048 Current liabilities 186,831,021 83,013,418 128,146,943 21,870,719 — 419,862,101 Non-current liabilities 477,319,648 17,066,746 420,218,066 16,323,385 — 930,927,845 Segment liabilities, total 664,150,669 100,080,164 548,365,009 38,194,104 — 1,350,789,946 Cash flows provided by in Operating Activities 150,035,425 28,899,457 44,949,860 11,394,620 — 235,279,362 Cash flows (used in) provided by Investing Activities (47,164,236) (28,700,733) (32,536,213) (9,684,466) — (118,085,648) Cash flows (used in) provided by Financing Activities (98,560,576) (10,644,812) (5,099,823) (330,067) — (114,635,278) (1) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. (2) Pursuant the application of IAS 19 in Argentina, assets and liabilities increased by ThCh $ 97,318,892 and ThCh $ 16,093,780, respectively. The effect in the income statement was a net loss of ThCh $ 15,743,592. Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2017 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 391,629,010 444,872,352 387,545,053 113,314,824 (96,999) 1,337,264,240 Other beverages 160,244,448 99,712,939 216,352,694 27,962,406 — 504,272,487 Packaging — 9,202,768 — — (1,860,876) 7,341,892 Net sales 551,873,458 553,788,059 603,897,747 141,277,230 (1,957,875) 1,848,878,619 Cost of sales (328,579,003) (294,370,581) (362,686,353) (85,346,902) 1,957,875 (1,069,024,964) Distribution expenses (54,777,094) (87,032,428) (43,483,958) (7,634,395) — (192,927,875) Administrative expenses (110,969,260) (106,504,163) (109,095,660) (21,630,238) — (348,199,321) Finance income 19,057,630 2,116,590 6,575,528 257,906 (16,813,279) 11,194,375 Finance expense (32,594,796) (4,663,527) (34,767,713) (7,612) 16,813,279 (55,220,369) Interest expense, net* (13,537,166) (2,546,937) (28,192,185) 250,294 — (44,025,994) Share of the entity in income of associates 246,084 (243) (326,201) — — (80,360) Income tax expense (16,871,257) (17,683,875) (13,719,506) (3,522,996) — (51,797,634) Other income (loss) (11,312,509) (10,441,173) (1,855,039) (213,025) — (23,821,746) Net income of the segment reported 16,073,253 35,208,659 44,538,845 23,179,968 — 119,000,725 Depreciation and amortization 42,688,326 17,648,018 27,879,514 10,948,033 — 99,163,891 Current assets 223,245,173 97,529,488 132,815,545 30,419,844 — 484,010,050 Non-current assets 636,482,010 96,532,150 663,556,969 234,278,288 — 1,630,849,417 Segment assets, total 859,727,183 194,061,638 796,372,514 264,698,132 — 2,114,859,467 Carrying amount in associates and joint ventures accounted for using the equity method, total 33,789,538 — 53,019,531 — — 86,809,069 Capital expenditures and other 64,480,973 40,347,989 91,198,657 14,476,783 — 210,504,402 Current liabilities 169,508,083 105,886,744 135,595,156 17,297,339 — 428,287,322 Non-current liabilities 463,997,113 1,368,167 393,125,740 14,847,776 — 873,338,796 Segment liabilities, total 633,505,196 107,254,911 528,720,896 32,145,115 — 1,301,626,118 Cash flows provided by Operating Activities 79,451,122 38,904,028 98,783,329 30,821,869 — 247,960,348 Cash flows (used in) provided by Investing Activities (49,677,671) (40,344,994) (64,331,960) (14,476,785) — (168,831,410) Cash flows (used in) provided by Financing Activities (91,800,089) 16,891,759 (3,437,440) — — (78,345,770) Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2016 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 391,479,133 424,427,824 389,048,385 106,953,951 (334,784) 1,311,574,509 Other beverages 148,948,285 83,518,724 201,097,188 25,051,552 — 458,615,749 Packaging — 9,112,468 — — (1,843,406) 7,269,062 Net sales 540,427,418 517,059,016 590,145,573 132,005,503 (2,178,190) 1,777,459,320 Cost of sales (319,213,825) (279,308,400) (359,156,149) (78,409,843) 2,178,190 (1,033,910,027) Distribution expenses (52,540,986) (80,066,734) (44,107,337) (6,961,838) — (183,676,895) Administrative expenses (117,615,991) (97,788,860) (109,345,331) (21,452,613) — (346,202,795) Finance income 2,426,279 1,095,411 5,800,712 339,290 — 9,661,692 Finance expense (16,262,215) (587,216) (34,504,760) (20,780) — (51,374,971) Interest expense, net* (13,835,936) 508,195 (28,704,048) 318,510 — (41,713,279) Share of the entity in income of associates 717,947 — (980,529) — — (262,582) Income tax expense (19,763,700) (17,427,278) (8,911,762) (2,704,353) — (48,807,093) Other income (loss) (13,481,333) (8,284,072) (9,322,611) 250,478 — (30,837,538) Net income of the segment reported 4,693,594 34,691,867 29,617,806 23,045,844 — 92,049,111 Depreciation and amortization 43,619,318 16,445,143 25,666,094 11,603,897 — 97,334,452 Current assets 251,357,854 115,280,140 150,820,924 35,283,479 — 552,742,397 Non-current assets 644,817,201 98,810,807 659,123,444 243,615,898 — 1,646,367,350 Segment assets, total 896,175,055 214,090,947 809,944,368 278,899,377 — 2,199,109,747 Carrying amount in associates and joint ventures accounted for using the equity method, total 23,854,602 — 53,343,179 — — 77,197,781 Capital expenditures and other 47,755,389 37,029,524 51,779,625 9,239,522 — 145,804,060 Current liabilities 137,438,744 134,624,014 130,279,607 17,192,489 — 419,534,854 Non-current liabilities 509,625,208 (1,981,066) 413,749,384 16,011,340 — 937,404,866 Segment liabilities, total 647,063,952 132,642,948 544,028,991 33,203,829 — 1,356,939,720 Cash flows provided by Operating Activities 71,077,982 54,162,992 67,963,682 30,241,904 — 223,446,560 Cash flows (used in) provided by Investing Activities (15,781,118) (37,017,204) (51,873,047) (9,244,948) — (113,916,317) Cash flows (used in) provided by Financing Activities (23,591,062) (17,777,191) (36,806,173) (20,050,099) — (98,224,525) (*) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2018 | |
CASH AND CASH EQUIVALENTS. | |
CASH AND CASH EQUIVALENTS | NOTE 4 - CASH AND CASH EQUIVALENTS Cash and cash equivalents are detailed as follows: Description 12.31.2018 12.31.2017 ThCh$ ThCh$ By item Cash 2,907,276 139,835 Bank balances 46,425,927 29,234,531 Time deposits 1,500,315 10,616,688 Mutual funds 86,705,095 96,251,062 Total cash and cash equivalents 137,538,613 136,242,116 By currency ThCh$ ThCh$ Dollar 5,917,041 6,973,298 Euro 51,401 17,245 Argentine Peso 6,726,906 19,681,449 Chilean Peso 86,121,695 80,985,719 Paraguayan Guaraní 10,680,600 6,804,997 Brazilian Real 28,040,970 21,779,408 Total cash and cash equivalents 137,538,613 136,242,116 4. 1 Time deposits Time deposits defined as cash and cash equivalents are detailed as follows: Placement Expiration Institution Currency Principal Annual rate 12.31.2018 12.31.2017 ThCh$ % ThCh$ ThCh$ 12-29-2017 01-05-2018 Banco Santander Chilean pesos 7,500,000 2.52 % — 7,516,275 12-29-2017 01-05-2018 Banco Santander Chilean pesos 2,700,000 2.40 % — 2,700,360 12-29-2017 01-05-2018 Banco Santander Chilean pesos 400,000 2.40 % — 400,053 12-28-2018 01-04-2019 Banco Santander Chilean pesos 700,000 2.52 % 700,147 12-28-2018 01-04-2019 Banco Santander Chilean pesos 800,000 2.52 % 800,168 Total 1,500,315 10,616,688 4. 2 Money Market Money market mutual fund´s shares are valued using the share values at the close of each reporting period. Below is a description for the end of each period: Institution 12.31.2018 12.31.2017 ThCh$ ThCh$ Western Asset Institutional Cash Reserves - USA 15,214,062 3,740,526 Fondo mutuo Banco Chile BTG 13,090,507 5,823,608 Fondo mutuo Larrain Vial - Chile 13,082,767 6,349,486 Fondo mutuo Itaú - Brasil 8,579,254 4,922,923 Fondo mutuo Banco Security - Chile 7,667,585 14,242,343 Fondo mutuo Scotiabank - Chile 7,528,086 5,878,523 Fondo mutuo Santander - Brazil 7,177,468 4,748,368 Fondo mutuo Votorantim 5,630,641 — Fondo mutuo BCI - Chile 4,804,238 — Fondo Fima Premium B - Argentina 2,952,316 1,495,556 Fondo mutuo Banco Estado - Chile — 9,002,000 Fondo mutuo Bradesco - Brazil 978,171 5,046,882 Fondo Fima Ahorro Plus C - Argentina — 8,275,073 Fondo Fima Ahorro Pesos C - Argentina — 8,308,664 Fondo mutuo Corporativo Banchile - Chile — 17,645,940 Citi Institutional Liquid Reserves Limited (CGAM) — 771,170 Total 86,705,095 96,251,062 |
OTHER CURRENT AND NON-CURRENT F
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | NOTE 5 - OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS Below are the financial instruments held by the Company other than cash and cash equivalents. They consist of time deposits with short-term maturities (more than 90 days), restricted mutual funds and derivative contracts. Financial instruments are detailed as follows: a) Current portion a.1 Time deposits Placement Maturity Institution Currency Principal Annual rat 12.31.2018 12.31.2017 ThCh$ % 03-15-2018 03-15-2019 Votorantim Brazilian reais 12,729 8.82 % 14,040 — 08-09-2017 02-12-2018 Banco Santander - Chile Unidad de fomento 7,000,000 1.04 % — 7,082,167 09-25-2017 02-26-2018 BCI Unidad de fomento 1,500,000 1.36 % — 1,516,454 09-25-2017 05-28-2018 Banco Santander - Chile Unidad de fomento 5,000,000 0.94 % — 5,049,376 06-13-2017 03-15-2018 Votorantim Brazilian reais 20,013 8.82 % — 21,145 14,040 13,669,142 a.2 Rights in Forward Contracts 12.31.2018 12.31.2017 ThCh$ ThCh$ Rights in Forward Contracts - Forwards (see details in Note 20) 669,527 469,019 Total other Financial Assets, current 683,567 14,138,161 b) Non-current 12.31.2018 12.31.2017 ThCh$ ThCh$ Rights in forward contracts (see note 20) 87,446,662 61,898,833 Rights in AdeS (1) manufacturing companies 13,475,279 14,153,111 Increase (decrease) in foreign currency exchange (2) (3,559,646) (1,792,859) Total 97,362,295 74,259,085 (1) On December 27, 2016, Coca-Cola Andina confirmed to The Coca-Cola Company its decision to participate in the “AdeS” business and commercialize said products in all its franchise territories, As a result, the operation materialized on March 28, 2017, and pursuant to the agreements, implied a disbursement of US$39 million, ThCh$14,153,111 were allocated to the purchase of rights in the manufacturing company “AdeS” and ThCh$11,923,449 were allocated to distribution rights of the “AdeS” products. The rights in the acquired companies are distributed as follows: · Purchase of 13.0% interest in the Argentine company Alimentos de Soya S.A. for ThCh$9,661,283. · Purchase of 8.5% interest in the Brazilian company UBI 3 Participações Ltda. for ThCh$4,491,828. (2) Corresponds to the translation of foreign currencies into the Company’s presentation currency and the result of the application of the IAS 29. |
OTHER CURRENT AND NON-CURRENT N
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | NOTE 6 – OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS Note 6.1 Other current, non-financial assets 12.31.2018 12.31.2017 Description ThCh$ ThCh$ Prepaid expenses 4,967,255 4,839,465 Tax credit remainder 18,022 169,120 Guarantee deposit (Argentine) 3,013 6,608 Other current assets 960,633 596,668 Total 5,948,923 5,611,861 Note 6.2 Other non-current, non-financial assets 12.31.2018 12.31.2017 Description ThCh$ ThCh$ Advance payment to suppliers of property, plant & equipment (1) — 24,269,901 Judicial deposits (see note 21.2) 18,590,597 18,393,546 Fiscal credits 13,222,720 2,287,051 Prepaid expenses 810,662 1,113,154 Others 2,353,285 1,330,693 Total 34,977,264 47,394,345 (1) Corresponds to advance payments made for the construction of the new “Duque de Caxias” bottling plant in Brazil. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2018 | |
TRADE AND OTHER RECEIVABLES | |
TRADE AND OTHER RECEIVABLES | NOTE 7 - TRADE AND OTHER RECEIVABLES The composition of trade and other receivables is detailed as follows: 12.31.2018 12.31.2017 Allowance Allowance for Commercial Assets for Commercial Assets before expected debtors net before expected debtors net Trade and other receivables provisions credit losses assets provisions credit losses assets ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Current commercial debtors Trade debtors 150,933,965 (3,205,749) 147,728,216 157,926,958 (3,521,734) 154,405,224 Other current debtors 19,552,539 (2,830,299) 16,722,240 31,015,390 (2,825,453) 28,189,937 Current commercial debtors 170,486,504 (6,036,048) 164,450,456 188,942,348 (6,347,187) 182,595,161 Prepayments suppliers 8,672,820 — 8,672,820 8,057,544 — 8,057,544 Other current accounts receivable 1,252,207 (262,160) 990,047 778,901 (146,926) 631,975 Commercial debtors and other current accounts receivable 180,411,531 (6,298,208) 174,113,323 197,778,793 (6,494,113) 191,284,680 Non-current accounts receivable Trade debtors 66,510 — 66,510 58,336 — 58,336 Other non-current debtors 1,204,187 — 1,204,187 2,335,322 — 2,335,322 Other non-current accounts receivable — — — 2,193 — 2,193 Non-current accounts receivable 1,270,697 — 1,270,697 2,395,851 — 2,395,851 Trade and other receivables 181,682,228 (6,298,208) 175,384,020 200,174,644 (6,494,113) 193,680,531 Stratification of portfolio current and non-current debtors from credit operations 12.31.2018 12.31.2017 ThCh$ ThCh$ Up to date non-securitized portfolio until 30 days 144,172,500 151,275,377 31 and 60 days 1,815,954 908,980 61 and 90 days 250,560 1,050,476 91 and 120 days 148,622 331,740 121 and 150 days 310,986 709,400 151 and 180 days 141,434 62,834 181 and 210 days 674,676 82,863 211 and 250 days 176,333 538,081 More than 250 days 3,309,410 3,025,543 Total 151,000,475 157,985,294 The Company has an approximate number of 268,000 clients, which may have balances in the different sections of the stratification. The number of clients is distributed geographically with 67,000 in Chile, 86,000 in Brazil, 55,000 in Argentina and 57,000 in Paraguay. 12.31.2018 12.31.2017 ThCh$ ThCh$ Current commercial debtors 150,933,965 157,926,958 Non-current commercial debtors 66,510 58,336 Total 151,000,475 157,985,294 The movement in the allowance for doubtful accounts is presented below: 12.31.2018 12.31.2017 ThCh$ ThCh$ Opening balance 6,494,113 6,697,156 Bad debt expense 1,629,761 2,004,958 Provision application (1,257,591) (1,708,602) Change due to foreign exchange differences (568,075) (499,399) Movement (195,905) (203,043) Ending balance 6,298,208 6,494,113 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
INVENTORIES | |
INVENTORIES | NOTE 8 - INVENTORIES The composition of inventories is detailed as follows: Details 12.31.2018 12.31.2017 ThCh$ ThCh$ Raw materials (1) 86,102,495 78,216,172 Finished goods 37,213,848 32,097,377 Spare parts and supplies 28,777,180 19,774,056 Work in progress 780,324 676,609 Other inventories 1,049,165 4,134,237 Obsolescence provision (2) (2,603,303) (3,535,451) Total 151,319,709 131,363,000 The cost of inventory recognized as cost of sales as of December 31, 2018 and 2017, is ThCh$968,027,774 and ThCh$1,069,024,964, respectively (1) Approximately 80% is composed of concentrate and sweeteners used in the preparation of beverages, as well as caps and PET supplies used in the packaging of the product. (2) The obsolescence provision is related mainly with the obsolescence of spare parts classified as inventories and to a lesser extent to finished products and raw materials. The general standard is to provision all those multi-functional spare parts without utility in rotation in the last four years prior to the technical analysis technical to adjust the provision. In the case of raw materials and finished products, the obsolescence provision is determined according to maturity. |
CURRENT AND DEFERRED INCOME TAX
CURRENT AND DEFERRED INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
CURRENT AND DEFERRED INCOME TAXES | |
CURRENT AND DEFERRED INCOME TAXES | NOTE 9 - CURRENT AND DEFERRED INCOME TAXES 9. 1 Tax Reform On September 29, 2014, the Official Daily Newspaper published Law N°20,780 that amends the Chilean tax regime, with the main following changes: · It establishes a new system of semi-integrated taxation, which can be used as an alternative to the integrated regime of attributed income. Taxpayers may opt freely to any of the two to pay their taxes. In the case of Embotelladora Andina S.A. by a general rule established by law the semi-integrated taxation system applies, which was ratified by the Shareholders’ Meeting. · The semi-integrated system establishes the gradual increase in the first category tax rate for the business years 2014, 2015, 2016, 2017 and 2018 onwards, increasing to 21%, 22.5%, 24%, 25.5% and 27% respectively. 9. 2 Current tax assets Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Tax credits (*) 2,532,056 — Total 2,532,056 — (*) Tax credits correspond to income tax credits on training expenses, purchase of Property, plant and equipment, and donations. 9.3 Current tax liabilities Current tax payable are detailed as follows: Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Income tax expense 9,338,612 3,184,965 Total 9,338,612 3,184,965 9. 4 Income tax expense The current and deferred income tax expenses are detailed as follows: Item 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Current income tax expense 38,313,980 40,183,261 35,902,002 Current tax adjustment previous period 312,403 137,455 534,392 Withholding tax expense foreign subsidiaries 7,364,213 6,730,031 7,645,218 Other current tax expense (income) 474,105 (5,733) 92,008 Current income tax expense 46,464,701 47,045,014 44,173,620 Income (expense) for the creation and reversal of current tax difference (*) 9,100,154 4,752,620 4,633,473 Expense (income) for deferred taxes 9,100,154 4,752,620 4,633,473 Total income tax expense 55,564,855 51,797,634 48,807,093 (*) It includes the effects for the adoption of IAS 29. 9. 5 Deferred income taxes The net cumulative balances of temporary differences that give rise to deferred tax assets and liabilities are detailed as follows: 12.31.2018 12.31.2017 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,420,447 46,181,359 5,978,377 47,179,903 Obsolescence provision 910,076 112,359 2,215,341 200,979 Employee benefits 5,169,161 131,829 5,391,796 — Post-employment benefits 90,941 1,014,354 61,155 1,020,522 Tax loss carried-forwards (1) 9,137,392 — 10,056,534 — Tax Goodwill Brazil 18,836,838 — 23,195,957 — Contingency provision 26,796,262 — 31,177,351 — Foreign exchange differences (2) 13,083,953 — 7,631,498 — Allowance for doubtful accounts 1,262,977 — 1,155,542 — Coca-Cola incentives (Argentina) 352,061 — 451,790 — Assets and liabilities for placement of bonds — 1,327,727 — 1,297,000 Lease liabilities 1,328,320 — 1,083,010 — Inventories 347,470 — 350,746 — Distribution rights — 173,273,994 — 163,850,599 Others 5,940,224 3,729,093 920,772 Subtotal 82,735,898 227,981,846 92,478,190 214,469,775 Total Assets and net liabilities — 145,245,948 3,212,981 125,204,566 (1) Tax losses mainly associated with the subsidiary Embotelladora Andina Chile S.A. In Chile tax losses have no expiration date (2) Corresponds to differed taxes for exchange rate differences generated on the translation of debt expressed in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda. and which for tax purposes are recognized in Brazil when incurred. This item also includes the effects of the differences generated in the appraisal of forward contracts. 9. 6 Deferred tax liability movement The movement in deferred income tax accounts is as follows: Item 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Opening Balance 121,991,585 125,608,802 130,201,701 Increase (decrease) in deferred tax 11,303,016 (3,417,011) (6,409,481) Increase (decrease) due to foreign currency translation (*) 11,951,347 (200,206) 1,816,582 Movements 23,254,363 (3,617,217) (4,592,899) Ending balance 145,245,948 121,991,585 125,608,802 (*) It includes the effects for the adoption of IAS 29. 9. 7 Distribution of domestic and foreign tax expense The composition of domestic and foreign tax expense is detailed as follows: Income tax 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Current income taxes Foreign (24,442,984) (30,258,395) (24,752,106) Domestic (22,021,717) (16,786,619) (19,421,514) Current income tax expense (46,464,701) (47,045,014) (44,173,620) Deferred income taxes Foreign (9,121,332) (4,667,982) (4,291,287) Domestic 21,178 (84,638) (342,186) Deferred income tax expense (9,100,154) (4,752,620) (4,633,473) Income tax expense (55,564,855) (51,797,634) (48,807,093) 9. 8 Reconciliation of effective rate Below is the reconciliation between the effective tax rate and the statutory rate: Reconciliation of effective rate 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Net income before taxes 153,606,681 170,798,359 140,856,204 Tax expense at legal rate (27.0%) (41,544,270) — — Tax expense at legal rate (25.5%) — (43,553,581) (33,805,489) Effect of a different tax rate in other jurisdictions 967,671 (4,971,103) (9,214,270) Permanent differences: Non-taxable revenues 12,752,599 9,645,068 6,068,410 Non-deductible expenses (11,141,237) (4,020,729) (419,761) Tax effect on excess tax provision prior periods (295,632) 125,021 86,731 Effect of tax restatement Chilean companies 2,566,163 (1,465,753) (1,875,343) Foreign subsidiaries tax withholding expense and other legal tax debits and credits (18,870,149) (7,556,557) (9,647,371) Adjustments to tax expense (14,988,256) (3,272,950) (5,787,334) Tax expense at effective rate (55,564,855) (51,797,634) (48,807,093) Effective rate 36.2 % 30.6 % 34.7 % Below are the income tax rates applicable in each jurisdiction where the Company operates: Rate Country 2018 2017 2016 Chile 27.0 % 25.5 % 24.0 % Brazil 34.0 % 34.0 % 34.0 % Argentina 30.0 % 35.0 % 35.0 % Paraguay 10.0 % 10.0 % 10.0 % |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
PROPERTY PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 10 - PROPERTY, PLANT AND EQUIPMENT 10. 1 Balances Property, plant and equipment are detailed below at the end of each period: Cumulative depreciation and Property, plant and equipment, Property, plant and equipment, gross impairment net Item 12.31.2018 12.31.2017 12.31.2018 12.31.2017 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Construction in progress 26,048,670 84,118,716 — — 26,048,670 84,118,716 Land 100,479,196 96,990,155 — — 100,479,196 96,990,155 Buildings 371,279,937 222,101,850 (157,119,586) (59,716,002) 214,160,351 162,385,848 Plant and equipment 623,568,795 431,876,945 (416,164,810) (276,043,865) 207,403,985 155,833,080 Information technology 22,752,205 20,697,750 (17,567,484) (16,070,425) 5,184,721 4,627,325 Fixed facilities and accessories 43,717,907 32,990,387 (22,660,738) (13,400,510) 21,057,169 19,589,877 Vehicles 53,682,179 52,587,886 (31,883,578) (23,324,621) 21,798,601 29,263,265 Leasehold improvements 144,914 115,768 (112,737) (108,353) 32,177 7,415 Other Property, plant and equipment (1) 438,350,022 395,823,718 (323,743,924) (288,888,900) 114,606,098 106,934,818 Total 1,680,023,825 1,337,303,175 (969,252,857) (677,552,676) 710,770,968 659,750,499 (1) Other Property, plant and equipment is composed of bottles, market assets, furniture and other minor assets. The net balance of each of these categories is detailed as follows: Other Property, plant and equipment 12.31.2018 12.31.2017 ThCh$ ThCh$ Bottles 51,522,834 51,876,569 Marketing and promotional assets (*) 45,739,948 42,798,282 Other Property, plant and equipment 17,343,316 12,259,967 Total 114,606,098 106,934,818 (*) It mainly includes refrigerators, drink and dispensing machines and other minor equipment. The Company has insurance to protect its Property, plant and equipment and its inventory from potential losses. The geographic distribution of those assets is detailed as follows: Chile : Santiago, Puente Alto, Maipú, Renca, Rancagua y San Antonio, Antofagasta, Coquimbo and Punta Arenas. Argentina : Buenos Aires, Mendoza, Córdoba y Rosario, Bahía Blanca, Chacabuco, La Pampa, Neuquén, Comodoro Rivadavia, Trelew, and Tierra del Fuego Brazil : Río de Janeiro, Niteroi, Campos, Cabo Frío, Nova Iguazú, Espirito Santo, Vitoria, part of São Paulo and Minas Gerais. Paraguay : Asunción, Coronel Oviedo, Ciudad del Este and Encarnación. 10. 2 Movements Movements in Property, plant and equipment are detailed as follows: Leasehold Construction in Plant and improvements, Other, progress Land Buildings, net equipment, net Vehicles, net net net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2018 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 Additions 65,284,334 — 504,675 17,924,606 783,299 165,226 1,451,462 1,430 42,793,277 128,908,309 Disposals — (5,465) (209,713) (1,002,133) — — (203,036) — (1,588,050) (3,008,397) Transfers between items of Property, plant and equipment (109,893,610) — 45,032,440 54,460,571 622,222 1,481,081 (2,218,354) 22,000 10,493,650 — Depreciation expense — — (7,001,828) (39,182,401) (1,830,295) (2,668,535) (5,201,263) (11,112) (41,727,195) (97,622,629) Increase (decrease) due to foreign currency translation differences (6,880,059) (4,615,830) (14,485,709) (17,048,903) (414,850) (4,048,135) (1,722,767) 169 (16,954,922) (66,171,006) Other increase (decrease) (1) (6,580,711) 8,110,336 27,934,638 36,419,165 1,397,020 6,537,655 429,294 12,275 14,654,520 88,914,192 Total movements (58,070,046) 3,489,041 51,774,503 51,570,905 557,396 1,467,292 (7,464,664) 24,762 7,671,280 51,020,469 Ending balance at December 31, 2018 26,048,670 100,479,196 214,160,351 207,403,985 5,184,721 21,057,169 21,798,601 32,177 114,606,098 710,770,968 (1) Mainly correspond to effects of adopting IAS 29 in Argentina. Leasehold Construction Plant and improvements, Other, in progress Land Buildings, net equipment, net Vehicles, net net net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2017 49,986,111 91,961,876 173,073,161 190,402,625 6,122,912 20,466,113 23,896,425 190,523 110,051,139 666,150,885 Additions 89,392,003 4,955,929 1,674,734 4,992,508 945,827 — 1,512,162 13,529 44,451,636 147,938,328 Disposals — — (300,079) (700,973) (1,062,530) (4,161) (173,190) — (790,242) (3,031,175) Transfers between items of Property, plant and equipment (41,957,409) — 3,450,060 24,250,647 1,133,684 2,548,441 2,253,061 — 8,321,516 — Depreciation expense — — (5,880,770) (36,026,939) (2,190,107) (2,112,681) (5,303,332) (61,033) (45,746,096) (97,320,958) Increase (decrease) due to foreign currency translation differences (13,319,346) 72,350 (9,538,737) (20,492,851) (320,634) (1,307,835) 7,441,057 (34,272) (7,670,229) (45,170,497) Other increase (decrease) (1) 17,357 — (92,521) (6,591,937) (1,827) — (362,918) (101,332) (1,682,906) (8,816,084) Total movements 34,132,605 5,028,279 (10,687,313) (34,569,545) (1,495,587) (876,236) 5,366,840 (183,108) (3,116,321) (6,400,386) Ending balance at December 31, 2017 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 (1) Mainly correspond to property, plant & equipment write-offs. Fixed facilities Plant and IT and Leasehold Construction equipment, Equipment, accessories, improvements, Other, Property, plant and inprogress Land Buildings, net net net net Vehicles, net net net equipment, net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2016 34,625,004 86,898,529 159,474,930 203,379,934 4,320,656 22,306,759 18,106,705 274,945 111,142,410 640,529,872 Additions 70,421,863 1,248,433 1,201,903 9,833,490 2,666,593 161,395 338,986 — 38,923,620 124,796,283 Disposals — — (4,598) (601,444) — — (3,473) — (54,861) (664,376) Transfers between items of Property, plant and equipment (53,824,861) 1,643,038 15,471,645 16,202,982 1,062,653 1,709,635 9,015,390 — 8,719,518 — Depreciation expense — — (5,335,475) (35,568,436) (1,910,731) (2,456,511) (4,622,348) (112,805) (44,120,837) (94,127,143) Increase (decrease) due to foreign currency translation differences (1,235,895) 2,171,876 2,792,916 (1,266,728) 29,148 (1,254,915) 1,783,041 28,383 (3,322,005) (274,179) Other increase (decrease) (1) — — (528,160) (1,577,173) (45,407) (250) (721,876) — (1,236,706) (4,109,572) Total movements 15,361,107 5,063,347 13,598,231 (12,977,309) 1,802,256 (1,840,646) 5,789,720 (84,422) (1,091,271) 25,621,013 Ending balance at December 31, 2016 49,986,111 91,961,876 173,073,161 190,402,625 6,122,912 20,466,113 23,896,425 190,523 110,051,139 666,150,885 (1) Mainly correspond to property, plant & equipment write-offs. |
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES | 12 Months Ended |
Dec. 31, 2018 | |
RELATED PARTY DISCLOSURES | |
RELATED PARTY DISCLOSURES | NOTE 11 – RELATED PARTY DISCLOSURES Balances and main transactions with related parties are detailed as follows: 11. 1 Accounts receivable: 11.1. 1 Current : Country Taxpayer ID Company Relationship of origin Currency 12.31.2018 12.31.2017 ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile Chilean pesos 4,344,082 4,220,936 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Chilean pesos 2,175,934 — Foreign Coca Cola de Argentina Director related Argentina Argentinean pesos 1,684,357 — Foreign UBI 3 (Ades) Shareholder related Argentina Argentinean pesos 455,823 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Argentinean pesos 371,712 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile Chilean pesos 228,387 303,866 86.881.400-4 Envases CMF S.A. Associate Chile Chilean pesos 161,460 — 96.919.980-7 Cervecería Austral S.A. Director related Chile U.S. Dollars 26,557 16,674 77.755.610-K Comercial Patagona Ltda. Director related Chile Chilean pesos 1,951 — Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Chile Argentinean pesos — 181,414 76.572.588-7 Coca Cola del Valle New Ventures S.A. Associate Chile Chilean pesos — 647,342 Total 9,450,263 5,370,232 11.1. 2 Non -current: Country Taxpayer ID Company Relationship of origin Currency 12.31.2018 12.31.2017 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S. A. Shareholder Chile Chilean pesos 74,340 156,492 Total 74,340 156,492 11. 2 Accounts payable: 11.2. 1 Current : Country Taxpayer ID Company Relationship of origin Currency 12.31.2018 12.31.2017 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Chilean pesos 21,286,933 12,458,055 Foreign Recofarma do Industrias Amazonas Ltda. Shareholder related Brazil Brazilian real 8,681,099 15,891,797 86.881.400-4 Envases CMF S.A. Associate Chile Chilean pesos 5,702,194 2,807,572 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Argentinean pesos 5,479,714 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Brazilian real 3,132,515 2,539,052 Foreign Monster Shareholder related Brazil Brazilian real 664,565 — 76.572.588-7 Coca Cola del Valle New Ventures S.A. Associate Chile Chilean pesos 649,046 — 89.996.200-1 Envases del Pacífico S.A. Director related Chile Chilean pesos 139,468 193,685 96.891.720-K Embonor S.A. Shareholder related Chile Chilean pesos 92,325 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Argentinean pesos — 71,276 Total 45,827,859 33,961,437 11. 3 Transactions : Country Cumulative Taxpayer ID Company Relationship of origin Description of transaction Currency 12.31.2018 ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of concentrates Chilean pesos 149,933,143 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of advertising services Chilean pesos 3,508,010 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and other Chilean pesos 1,156,744 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles Chilean pesos 14,319,777 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials Chilean pesos 18,914,788 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps Chilean pesos 107,859 86.881.400-4 Envases CMF S.A. Associate Chile Purchase services and others Chilean pesos 1,593,798 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers Pesos chilenos 4,096,502 86.881.400-4 Envases CMF S.A. Associate Chile Sale of packaging and raw materials Chilean pesos 3,981,631 96.891.720-K Embonor S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 41,933,095 96.517.310-2 Embotelladora Iquique S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 2,570,315 89.996.200-1 Envases del Pacífico S.A. Related to director Chile Purchase of raw materials and materials Pesos chilenos 1,007,382 94.627.000-8 Parque Arauco S.A. Related to director Chile Rent of spaces Chilean pesos 91,685 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Purchase of concentrates Brazilian real 95,449,139 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Refund and other purchases Brazilian real 7,641,736 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Purchase of concentrates Argentine pesos 98,947,407 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Advertising participation payment Argentine pesos 5,727,498 Foreign KIAK Participaciones Subsidiary Brazil Purchase of concentrate and marketing recovery U.S. dollar 42,292 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products Brazilian real 357,286 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products Brazilian real 698,090 76.572.588-7 Coca Cola Del Valle New Ventures SA Common Shareholder Chile Sale of services and others Chilean pesos 1,391,110 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products Brazilian real 86,994 Foreign Alimentos de Soja S.A.U. Related to Shareholder Argentina Payment of fees and services Argentine pesos 1,623,794 96.633.550-5 Sinea S.A. Ownership held by an officer’s uncle Chile Purchase of raw materials Chilean pesos 581,508 Country of Cumulative Taxpayer ID Company Relationship origin Description of transaction Currency 12.31.2017 ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of concentrates Chilean pesos 140,609,445 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of advertising services Chilean pesos 1,823,190 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Lease of water fountain Chilean pesos 2,989,115 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and other Chilean pesos 2,163,225 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles Chilean pesos 20,865,624 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials Chilean pesos 12,617,540 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps Chilean pesos 477,188 86.881.400-4 Envases CMF S.A. Associate Chile Purchase services and others Chilean pesos 357,456 86.881.400-4 Envases CMF S.A. Associate Chile Sale services and others Chilean pesos 14,944 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of packaging Chilean pesos 2,960,894 86.881.400-4 Envases CMF S.A. Associate Chile Sale of packaging and raw materials Chilean pesos 2,942,690 96.891.720-K Embonor S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 42,561,124 96.517.310-2 Embotelladora Iquique S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 2,650,329 89.996.200-1 Envases del Pacífico S.A. Related to director Chile Purchase of raw materials and materials Chilean pesos 1,676,013 94.627.000-8 Parque Arauco S.A. Related to director Chile Rent of spaces Chilean pesos 90,032 99.279.000-8 Euroamerica Seguros de Vida S.A. Related to director Chile Purchase of insurance policies Chilean pesos 312,231 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Purchase of concentrates Chilean pesos 196,738,018 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Refund and other purchases Chilean pesos 5,099,040 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Purchase of concentrates Argentine pesos 272,541,272 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Advertising participation payment Argentine pesos 12,584,231 Foreign KAIK Participações Associate Brazil Refund and other purchases Brazilian real 6,614 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products Brazilian real 104,103 Foreign Coca-Cola Peru Related to Shareholder Peru Purchase of concentrate and marketing recovery U.S. dollar 7,147,534 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products Brazilian real 574,881 89.862.200-2 Latam Airlines Group S.A. Related to director Chile Sale of products Chilean pesos 652,588 76.572.588-7 Coca Cola Del Valle New Ventures SA Common Shareholder Chile Sale of services and others Chilean pesos 1,444,162 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products Brazilian real 317,565 Foreign Alimentos de Soja S.A.U. Related to Shareholder Argentina Payment of fees and services Argentine pesos 538,546 Country Cumulative Taxpayer ID Company Relationship of origin Description of transaction Currency 12.31.2016 ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of concentrates Chilean pesos 129,660,611 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of advertising services Chilean pesos 7,154,023 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Lease of water fountain Chilean pesos 3,740,351 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and other Chilean pesos 2,299,634 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles Chilean pesos 34,144,348 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Associate Chile Administrative and commerciall services Chilean pesos 180,000 96.891.720-K Embonor S.A Associate Chile Sale of packagingmaterials Chilean pesos 44,310,169 96.517.310-2 Embotelladora Iquique S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 2,749,506 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Sale of finished products Brazilian real 115,706,386 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Purchase of concentrates Brazilian real 25,675,184 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Advertising participation payment Brazilian real 11,658,142 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Purchase of concentrates Argentine pesos 114,427,713 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Advertising participation payment Argentine pesos 14,680,603 89.996.200-1 Envases del Pacífico S.A. Shareholder Chile Purchase of concentrates Chilean pesos 1,751,011 Foreign Coca-Cola Peru Related to Shareholder Peru Purchase of raw materials U.S. dollar 4,188,812 11. 4 Key management compensation Salaries and benefits paid to the Company’s key management personnel including directors and managers are detailed as follows: Description 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 6,056,337 6,454,846 6,255,806 Director allowances 1,495,123 1,513,100 1,492,088 Accrued benefit last five years and paid during the fiscal year 242,907 334,477 314,288 Contract termination benefit 51,534 — 79,027 Total 7,845,901 8,302,423 8,141,209 |
CURRENT AND NON-CURRENT EMPLOYE
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2018 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | NOTE 12 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS Employee benefits are detailed as follows: Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Accrued vacations 19,536,809 20,769,275 Employee remuneration payable 13,674,170 15,186,368 Indemnities for years of service 9,415,541 8,286,355 Total 42,626,520 44,241,998 ThCh$ ThCh$ Current 33,210,979 35,955,643 Non-current 9,415,541 8,286,355 Total 42,626,520 44,241,998 12. 1 Indemnities for years of service The movements of employee benefits, valued pursuant to Note 2 are detailed as follows: Movements 12.31.2018 12.31.2017 ThCh$ ThCh$ Opening balance 8,286,355 8,157,745 Service costs 957,593 1,727,905 Interest costs 565,167 300,755 Net actuarial losses 271,045 (530,059) Benefits paid (664,619) (1,369,991) Total 9,415,541 8,286,355 12.1. 1 Assumptions The actuarial assumptions used are detailed as follows: Assumptions 12.31.2018 12.31.2017 Discount rate 2.7 % 2.7 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 5.4 % 5.4 % Mortality rate RV-2009 RV-2009 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years 12. 2 Personnel expenses Personnel expenses included in the consolidated statement of income are as follows: Description 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Wages and salaries 195,162,903 215,715,214 218,944,639 Employee benefits 50,254,164 50,127,117 50,174,153 Severance and post-employment benefits 5,535,410 7,410,936 8,252,502 Other personnel expenses 16,014,364 14,205,259 10,921,843 Total 266,966,841 287,458,526 288,293,137 12. 3 Number of Employees 12.31.2018 12.31.2017 12.31.2016 Number of employees 16,098 15,924 16,296 Number of average employees 15,364 15,784 16,009 |
INVESTMENTS IN ASSOCIATES ACCOU
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 12 Months Ended |
Dec. 31, 2018 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | NOTE 13 – INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD 13. 1 Balances Investments in associates using equity method of accounting are detailed as follows: Country of Functional Carrying Value Percentage interest Taxpayer ID Name Incorporation Currency 12.31.2018 12.31.2017 12.31.2018 12.31.2017 ThCh$ ThCh$ % % 86.881.400-4 Envases CMF S.A. (1) Chile Chilean peso 18,743,604 18,528,567 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil Brazilian real 21,727,894 22,163,333 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil Brazilian real 1,228,256 1,228,350 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil Brazilian real 94,706 189,290 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil Brazilian real 22,979,029 23,079,130 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil Brazilian real 6,244,839 6,359,428 7.52 % 7.52 % 76.572.588-7 Coca Cola del Valle New Ventures S.A. Chile Chilean peso 31,392,617 15,260,971 35.00 % 35.00 % Total 102,410,945 86,809,069 (1) In these company, regardless of the percentage of ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions. (2) In these companies, regardless of the percentage of ownership interest held, the Company has significant influence, given that it has a representative on each entity’s Board of Directors. 13. 2 Movement The movement of investments in associates accounted for using the equity method is shown below: Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Opening Balance 86,809,069 77,197,781 54,190,546 Other Invesment increases in associates (Capital Contributions to Leao Alimentos e Bebidas Ltda and Coca Cola del Valle New Ventures S.A.) 15,615,466 15,570,161 17,586,575 Dividends received (403,414) (1,540,090) (750,806) Share in operating income 2,194,144 932,340 396,764 Unrealized income 85,268 85,268 85,266 Increase (Decrease) due to foreign currency translation differences (1,889,588) (5,436,391) 5,689,436 Ending Balance 102,410,945 86,809,069 77,197,781 The main movements for the fiscal years ended December 31, 2018 and 2017, are the following: · During fiscal years 2018 and 2017, Embotelladora Andina S.A. made capital contributions in Coca-Cola del Valle New Ventures S.A. in the amount of ThCh$15,615,466 and ThCh$10,185,000. · During fiscal years 2018 and 2017, Envases CMF S.A., agreed to distribute dividends in the amount of thCh$403,414 and ThCh$1,540,090, respectively. Embotelladora Andina S.A. participates in those dividends pursuant to its ownership interest. · During fiscal years 2018 and 2017 Sorocaba Refrescos S.A. did not distribute dividends. · During fiscal year 2017, Leão Alimentos e Bebidas Ltda. carried out capital increases. Rio de Janeiro Refrescos Ltda. participated in these capital increases pursuant to its ownership interest for amounts of ThCh$5,385,161. 13. 3 Reconciliation of share of profit in investments in associates: Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Share of profit of investment accounted for using the equity method 2,194,144 932,340 396,764 Unrealized earnings in inventory acquired from associates and not sold at the end of period, presented as a discount in the respective asset account (containers and/or inventories) (868,233) (1,097,968) (744,612) Amortization of Fair Value in Envases CMF S.A. 85,268 85,268 85,266 Income Statement Balance 1,411,179 (80,360) (262,582) 13. 4 Summary financial information of associates: The following table presents summarized information regarding the Company´s equity investees as of December 31, 2018: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 78,714,139 106,598,837 10,850,626 513,823 257,149,411 96,963,355 101,275,213 Total liabilities 40,800,603 49,151,318 34 277,055 57,538,296 21,568,158 11,582,021 Total revenue 53,073,645 57,570,452 348,705 233,182 161,749,228 12,169,188 2,673,496 Net income (loss) of associate 1,086,050 936,360 348,705 233,182 2,000,217 7,753,517 1,506,540 Reporting date 12-31-2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 12-31-2018 The following table presents summarized information regarding the Company´s equity investees as of December 31, 2017: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 74,308,406 111,697,833 10,851,460 473,226 282,895,158 88,327,243 48,190,779 Total liabilities 36,654,412 54,000,005 35 — 79,689,080 11,407,361 4,594,308 Total revenue 49,924,142 52,507,920 — 469,509 198,216,570 3,345,146 — Net income (loss) of associate 2,405,060 (1,541,788) (137,007) 469,509 (157,266) 1,927,488 (248,532) Reporting date 12-31-2017 12-31-2017 12-31-2017 12-31-2017 12-31-2017 12-31-2017 11-30-2017 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 31, 2018 | |
INTANGIBLE ASSETS AND GOODWILL | |
INTANGIBLE ASSETS AND GOODWILL | NOTE 14 – INTANGIBLE ASSETS AND GOODWILL 14. 1 Intangible assets other than goodwill Intangible assets other than goodwill as of the end of each reporting period are detailed as follows: 12-31-2018 12-31-2017 Gross Cumulative Net Gross Cumulative Net Detail Amount Amortization Amount Amount Amortization Amount ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 661,285,834 (259,434) 661,026,400 656,411,004 (116,387) 656,294,617 Software 31,526,159 (24,160,202) 7,365,957 27,595,084 (21,087,741) 6,507,343 Others 728,198 (298,002) 430,196 511,470 (40,552) 470,918 Total 693,540,191 (24,717,638) 668,822,553 684,517,558 (21,244,680) 663,272,878 (1) Correspond to the contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these rights, allow qualifying them as indefinite contracts. These production and distribution rights, and in conjunction with the assets that are part of the cash-generating units, are annually subjected to the impairment test. Such distribution rights are composed in the following manner and are not subject to amortization: except for the Monster rights that are amortized in the term of the agreement which is 4 years. 12.31.2018 12.31.2017 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 304,888,183 304,969,889 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and the investments in Sorocaba and Leão Alimentos e Bebidas Ltda.) 181,583,404 187,695,738 Paraguay 172,594,328 162,825,074 Argentina (North and South) 1,960,485 803,916 Total 661,026,400 656,294,617 The movement and balances of identifiable intangible assets are detailed as follows: 01-01-2018 to 12-31-2018 01-01-2017 to 12-31-2017 Distribution Distribution Details Rights Rights Software Total Rights Rights Software Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 656,294,617 470,918 6,507,343 663,272,878 674,920,063 470,918 5,605,081 680,996,062 Additions — — 3,718,038 3,718,038 11,923,449 (1) — 2,907,715 14,831,164 Amortization (112,601) (40,722) (1,971,417) (2,124,740) (116,387) — (1,842,933) (1,959,320) Other increases (decreases) (2) 4,844,384 (888,007) 3,956,377 (30,432,508) — (162,520) (30,595,028) Total 661,026,400 430,196 7,365,957 668,822,553 656,294,617 470,918 6,507,343 663,272,878 (1) Corresponds to distribution rights paid in Argentina, Paraguay and Chile resulting from the transaction in which The Coca-Cola Company acquired the “AdeS” business described in previous notes. (2) Mainly corresponds to the foreign currency effect of converting foreign subsidiaries’ distribution rights into the presentation currency. 14. 2 Goodwill Goodwill is considered as the excess acquisition cost over fair value of the group´s ownership interest in identifiable net assets of the acquired subsidiary at the acquisition date. 14.2. 1 Measurement of recoverable goodwill value Goodwill is annually reviewed but its recoverable value is checked during anticipated periods, if there are facts indicating a possible impairment. These signs may include new legal dispositions, changes in the economic environment affecting business operating performance indicators, movements in the competition, or the sale of a significant part of the cash-generating unit (CGU). Management reviews business performance based on geographic segments. Goodwill is monitored by operating segment that includes different cash generating units of the operations in Chile, Brazil, Argentina and Paraguay. Impairment of distribution rights is geographically monitored at the CGU or group of cash generating units that correspond to specific territories for which Coca-Cola distribution rights have been acquired. These cash generating units or groups of cash generating units are composed by: · Regions in Chile (excluding Metropolitan Region, province of Rancagua and province of San Antonio) · Argentina North · Argentina South · Brazil (state of Rio de Janeiro and Espirito Santo) · Brazil (Ipiranga territories) · Brazil: (investment in the associate Sorocaba) · Brazil: (investment in the associate Leão Alimentos S.A.) · Paraguay In order to check if goodwill has suffered an impairment loss, the company compares its book value with its recoverable value, and an impairment loss is recognized for the excess of the book value amount of the asset over its recoverable amount. To determine the recoverable values of the CGU, management considers the discounted cash flow method as the most appropriate method. 14.2. 2 Main assumptions used in the annual test: a. Discount rate: The real discount rate applied in the annual test carried out in December 2018 was estimated with the Capital Asset Pricing Model, which allows estimating a discount rate according to the risk level of the CGU in the country where it operates. A nominal discount rate before taxes is used according to the following table: Discount Rate Discount Rate 2017 2017 Argentina 21.2 % 17.1 % Chile 8.1 % 7.2 % Brazil 10.9 % 9.6 % Paraguay 10.1 % 9.1 % Management carries out the annual goodwill impairment test as of December 31 of each year for each CGU. b. Other assumptions Financial projections to determine the present net value of future cash flows of the CGU are modelled based on the main historical variables , and the respective budgets approved by the CGU. In this sense, a conservative growth rate is used, which reach 3% for the soft drinks category and up to 7% for the less developed categories such as juices and water. Perpetuity growth rates between 1% and 2.5% are established by operation depending on the level of consumption maturity of the products at each operation are set beyond the fifth year of projection. In this sense, the variables of greater sensitivity in these projections correspond to discount rates applied in order to determine the net present value of projected flows, perpetuity growths and EBITDA margin considered in each CGU. For purposes of sensitizing the impairment test, variations were made to the main variables used in the model. Following we present the ranges used for each of the modified variables: - Discount rate : Increase/decrease of up to 100bps as value in the rate with which the future flows are discounted to bring them to present value - Perpetuity : Increase/decrease of up to 75bps in the rate to calculate the perpetual growth of future flows - EBITDA margin : Increase/decrease of 100bps in the EBITDA margin of operations, which is applied per year for the projected periods, i.e. for the years 2019-2023 14.2. 3 Conclusions As a result of the annual test for 2018, no impairments have been identified in any of the CGUs assuming conservative EBITDA margin projections and in line with the markets’ history. As of December 31, 2018, there have been no signs of impairment. Despite the deterioration of the macroeconomic conditions experienced by the economies of the countries where the cash generating units develop their operations, recovery values from the impairment test were higher than the book values of assets. 14.2. 4 Goodwill by business segment and country Movement in Goodwill as of December 31, 2018 and December 31, 2017 is detailed as follows: Foreign currency translation differences where functional currency is different from Operating segment 01.01.2018 presentation currency 12.31.2018 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 73,509,080 (428,980) 73,080,100 Argentine operation 4,672,971 23,645,158 28,318,129 Paraguayan operation 6,913,143 414,778 7,327,921 Total 93,598,217 23,630,956 117,229,173 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2017 presentation currency 12.31.2017 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 81,145,834 (7,636,754) 73,509,080 Argentine operation 5,972,515 (1,299,544) 4,672,971 Paraguayan operation 7,298,133 (384,990) 6,913,143 Total 102,919,505 (9,321,288) 93,598,217 |
OTHER CURRENT AND NON-CURRENT_2
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | NOTE 15 – OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES Liabilities are detailed as follows: Current 12.31.2018 12.31.2017 ThCh$ ThCh$ Bank loans 21,542,736 31,470,003 Bonds payable 20,664,481 20,156,295 Deposits in guarantee 12,242,464 13,849,504 Derivative contract obligations (see note 20) 130,829 445,278 Leasing agreements 1,534,467 2,060,325 Total 56,114,977 67,981,405 Non-current 12.31.2018 12.31.2017 ThCh$ ThCh$ Bank loans 2,439,253 13,057,542 Bonds payable 700,327,057 648,228,554 Leasing agreements 13,797,468 14,481,105 Total 716,563,778 675,767,201 The fair value of financial assets and liabilities as of December 31, 2018 and 2017 is presented below: Book Value Fair Value Book Value Fair Value Current 12.31.2018 12.31.2018 12.31.2017 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalents (3) Other financial assets (3) Trade and other accounts receivable (3) Accounts receivable from related companies (3) Bank loans (1) Bonds payable (2) Deposits in guarantee (3) Derivative contract obligations (3) (see note 20) Leasing agreements (3) Trade and other accounts payable (3) Accounts payable from related companies (3) Non-current 12.31.2018 12.31.2018 12.31.2017 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ Other financial assets (3) 97,362,295 97,362,295 74,259,085 75,259,085 Trade and other receivables 1,270,697 1,270,697 2,395,851 2,395,851 Accounts receivable from related companies (3) 74,340 74,340 156,492 156,492 Bank loans (1) 2,439,253 2,307,396 13,057,542 11,588,575 Bonds payable (2) 700,327,057 755,694,265 648,228,554 722,044,324 Leasing agreements (3) 13,797,468 13,797,468 14,481,105 14,481,105 Trade and other accounts payable (3) 735,665 735,665 1,132,926 1,132,926 (1) The fair values are based on discounted cash flows using market discount rates as of the close of each fiscal year and are Level 2 fair value measurements. (2) The fair value of corporate bonds is classified as Level 2 fair value measurements based on quoted prices for the Company’s obligations. (3) The fair value approximates book value considering the nature and term of the obligations. 15.1. 1 Bank obligations, current Maturity Total Indebted Entity Creditor Entity Type Effective Nominal Up to 90 days at at Tax ID, Name Country Tax ID, Name Country Currency Amortization Rate Rate 90 days To 1 year 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ 91.144.000-8 Embotelladora Andina S.A. Chile 97032000-8 Banco Scotiabank Chile Chilean pesos Monthly 3.64 % 3.64 % — — — 300,000 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % 2.13 % — 726,943 726,943 709,794 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco de la Nación Argentina Argentina Argentine pesos Monthly 20.00 % 20.00 % 1,071 — 1,071 9,965,133 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco Galicia y Buenos Aires S.A. Argentina Argentine pesos Monthly 20.00 % 20.00 % — — — 3,352,417 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 7.48 % 7.48 % — — — 298,456 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 6.63 % 6.63 % — — — 1,359,471 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 6.63 % 6.63 % 82,480 88,935 171,415 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 7.15 % 7.15 % 83,151 194,366 277,517 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 7.15 % 7.15 % — — — 1,611,747 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Semiannually 4.50 % 4.50 % — — — 2,541,016 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Quarterly 4.50 % 4.50 % 616,808 1,838,770 2,455,578 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 6.24 % 6.24 % — 17,910,212 17,910,212 11,331,969 Total 21,542,736 31,470,003 15.1. 2 Bank obligations, non-current Maturity Indebted Entity Creditor Entity Type Effective Nominal 1 year up to More 2 years More 3 years More 4 years More 5 at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years Years 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.1 % 2.1 % 1,434,786 — — — — 1,434,786 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 6.6 % 6.6 % 72,439 43,033 81,225 — 239,730 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 7.2 % 7.2 % 151,873 — — — — 151,873 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Quarterly 6.2 % 6.2 % — — — — — — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 4.5 % 4.5 % 612,864 — — — — 612,864 Total 2,439,253 15.1. 2 Bank obligations, non-current December 31, 2017 Maturity Indebted Entity Creditor Entity Type Effective Nominal 1 year up to More 2 years More 3 years More 4 years More 5 at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years Years 31.12.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile Unidad de fomento Semiannually 2.1 % 2.1 % 2,092,245 — — — — 2,092,245 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Alfa Brazil Brazilian real Monthly 7.5 % 7.5 % 125,461 125,461 627,305 — 1,003,688 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 6.6 % 6.6 % 504,700 197,779 128,887 — 876,005 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 7.2 % 7.2 % 1,593,608 1,202,096 2,449,851 — 5,909,334 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 4.5 % 4.5 % 3,176,270 — — — — 3,176,270 Total 13,057,542 15.1.3 Current and non-current bank obligations “Restrictions” Bank obligations are not subject to restrictions for the reported periods. 15.2. 1 Bonds payable During 2018, Andina carried out a debt restructuring process that consisted of a partial repurchase in the amount of US$210 million of the 144A/RegS Senior Notes and refinancing it with the placement of Series F bonds in the local market in the amount of UF 5.7 million due 2039 and accruing an annual interest rate of 2.83%. The costs corresponding to the repurchase of bonds, associated with premium payments, overpricing and proportional amortization of placement costs and discounts in bonds in original U.S. Dollars amounting to ThCh$9,583,000, were recorded in results under the item financial costs . Current Non-current Total Composition of bonds payable 12.31.2018 12.31.2017 12.31.2018 12.31.2017 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds (face value) 21,038,064 20,547,117 704,048,747 651,459,940 725,086,811 672,007,057 Expenses of bond issuance and discounts on placement (373,583) (390,822) (3,721,690) (3,231,386) (4,095,273) (3,622,208) Net balance presented in statement of financial position 20,664,481 20,156,295 700,327,057 648,228,554 720,991,538 668,384,849 15.2.2 Current and non-current balances Obligations with the public correspond to bonds in UF issued by the parent company on the Chilean market and bonds in US dollars issued by the Parent Company on the international market. A detail of these instruments is presented below: Date Face Unit of Interest final Interest Amortization of Bonds, current portion Series amount Adjustment rate Maturity Payment capital 12.31.2018 12.31.2017 ThCh$ ThCh$ CMF Registration N°254 CMF 06.13.2001 B UF 6.5 % Semiannually 6,598,389 6,071,687 CMF Registration N°641 08.23.2010 C 1,500,000 UF 4.0 % Semiannually 614,152 597,049 CMF Registration N°759 08.20.2013 C 500,000 UF 3.5 % Semiannually 7,069,487 6,959,157 CMF Registration N°760 08.20.2013 D 4,000,000 UF 3.8 % Semiannually 1,545,334 1,502,299 CMF Registration N°760 04.02.2014 E 3,000,000 UF 3.75 % Semiannually 1,027,009 998,409 CMF Registration N°912 10.10.2018 F 5,700,000 UF 2.83 % Semiannually 09.25-2039 1,013,805 Bonds USA — 365,000,000 US$ 5.0 % Semiannually 3,169,888 4,418,516 Total current portion 21,038,064 20,547,117 Bonds non-current portion CMF Registration N°254 CMF 06.13.2001 B UF 6.5 % Semiannually 52,132,023 56,795,423 CMF Registration N°641 08.23.2010 C 1,500,000 UF 4.0 % Semiannually 41,348,685 40,197,210 CMF Registration N°759 08.20.2013 C 500,000 UF 3.5 % Semiannually 6,891,448 13,399,069 CMF Registration N°760 08.20.2013 D 4,000,000 UF 3.8 % Semiannually 110,263,160 107,192,560 CMF Registration N°760 04.02.2014 E 3,000,000 UF 3.75 % Semiannually 82,697,378 80,394,428 CMF Registration N°912 10.10.2018 F 5,700,000 UF 2.83 % Semiannually 09.25-2039 157,125,003 Bonds USA — 365,000,000 US$ 5.0 % Semiannually 253,591,050 353,481,250 Bonds non-current portion 704,048,747 651,459,940 Accrued interest included in the current portion of bonds totaled ThCh$ 7,856,274 and ThCh$8,105,642 at December 31, 2018 and 2017, respectively. 15.2.3 Non -current maturities Year of maturity Total non- more than 1 more than 2 more than 3 current Series to 2 to 3 to 4 More than 5 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ SVS Registration N°254 06.13.2001 B 6,704,717 7,134,663 7,598,414 30,694,229 52,132,023 SVS Registration N°641 08.23.2010 C — 1,879,436 3,758,871 35,710,378 41,348,685 SVS Registration N°759 08.20.2013 C 3,445,724 3,445,724 — — 6,891,448 SVS Registration N°760 08.20.2013 D — — — 110,263,160 110,263,160 SVS Registration N°760 04.02.2014 E — — — 82,697,378 82,697,378 CMF Registration N°912 10.10.2018 F 157,125,003 157,125,003 Bonds USA — — — — 253,591,050 253,591,050 Total 10,150,441 12,459,823 11,357,285 670,081,198 704,048,747 15.2.4 Market rating The bonds issued on the Chilean market had the following rating as of December 31, 2018: 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 as of December 31, 2018, is the following: BBB : Standard&Poors rating BBB+ : Fitch Chile Clasificadora de Riesgo Limitada rating. 15.2.5 Restrictions 15.2.5. 1 Restrictions regarding bonds placed abroad. On September 26, 2013, Andina issued a bond in the U.S. Market (Bonds USA) for US$575 million at a coupon rate of 5.0% maturing on October 1, 2023. These bonds do not have financial restrictions. In October 2018, there was a partial repurchase of this bond for US $210 million, with US$365 million remaining outstanding. 15.2.5. 2 Restrictions regarding bonds placed in the local market. For purposes of the calculation of the covenants, the amount of EBITDA that was agreed on each bond issue is included. Restrictions regarding the issuance of bonds for a fixed amount registered under number 254. The outstanding series as of December 31, 2018, is Series B for a nominal amount of up to UF 4 million, of which amount UF 3.7 million in bonds were placed with final maturity in the year 2026 at a 6.50% annual interest rate. The balance of outstanding capital as of December 31, 2018 is UF 2,228 million. Series B was issued with charge to the bonds line registered with the Securities Registered under number 254 dated September 13, 2001. Regarding Series B, the Issuer is subject to the following restrictions : · Maintain an indebtedness level where Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Consolidated Financial Liabilities shall be regarded as Liabilities Receivables accruing interest, namely: (i) other current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Consolidated Equity will be regarded as total equity including non-controlling interest. As of December 31, 2018, indebtedness level is 0.78 times of Consolidated Equity. · Maintain, and in no manner lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” (Región Metropolitana) as a territory in Chile in which we have been authorized by The Coca-Cola Company for the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler or license agreement, renewable from time to time. · Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this date is franchised by TCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow. · Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. 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 Statement of Financial Position. 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, 2018, this index is 1.66 times. Restrictions regarding bond lines registered in the Securities Registered under number 641. Because of our merger with Coca-Cola Polar S.A., Andina became a debtor of the following two bonds placed in the Chilean market in 2010: · UF 1.5 million of Series C bonds due 2031, bearing an annual interest rate of 4.00%. As of December 31, 2018, the balance of outstanding capital is UF 1.5 million. Series C was issued with charge to the Bond Lines registered with the Securities Registrar, under number 641, on August 23, 2010. Regarding Series C, the Issuer is subject to the following restrictions : · Maintain a level of “Net Financial Debt” within its quarterly financial statements that may not exceed 1.5 times, measured over figures included in its consolidated statement of financial position. To this end, net financial debt shall be defined as the ratio between net financial debt and total equity of the issuer (equity attributable to controlling owners plus non-controlling interest). On its part, net financial debt will be the difference between the Issuer’s financial debt and cash. As of December 31, 2018, Net Financial Debt was 0.62 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 meet the following conditions: 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, 2018, this index is 1.66 times. · Maintain a level of “Financial net coverage” in its quarterly financial statements of more than 3 times. Net financial coverage means the ratio between the Issuer’s Ebitda for the past 12 months and net financial expenses (financial income less financial expenses) of the issuer for the past 12 months. However, this restriction will be considered breached when the mentioned net financial coverage level is lower than the level previously indicated during two consecutive quarters. As of December 31, 2018, Net Financial Coverage level is 6.08 times. Restrictions regarding bond lines registered in the Securities Registrar under numbers 759 and 760. During 2013 and 2014, Andina placed local bonds in the Chilean market. The issuances were structured into three series. · Series C outstanding as of December 31, 2018, for a nominal value of up to UF 3 million, of which bonds were placed for a nominal amount of UF1.0 million with final maturity during year 2020 at an annual interest rate of 3.50% issued against line number 759. Outstanding capital as of December 31, 2018, is UF 0.500 million. · Series D and E outstanding as of December 31, 2018, for a total nominal value of UF 8 million, of which UF 4 million were placed in bonds during August 2013 (series D) and UF 3 million during April 2014 (series E), with final maturity in 2034 and 2035, respectively, issued with charge against line number 760. The annual interest rates are 3.8% for Series D and 3.75% for Series E. The outstanding capital balance as of December 31, 2018, of both series amounts to UF 7.000 million. Regarding Series C, D and E, the Issuer is subject to the following restrictions : · Maintain an indebtedness level where Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Consolidated Financial Liabilities shall be regarded as Liabilities Receivables accruing interest, namely: (i) other current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) cash and cash equivalent and (iv) other current financial assets, and (v) other non-current financial assets (to the extent they are asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest. As of December 31, 2018, Indebtedness Level is 0.62 times of Consolidated Equity. · Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of December 31, 2018, this index is 1.66 times. · Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as “ TCCC ” or the “ Licensor ” for the development, production, sale and distribution of products and brands of said licensor, in accordance to the respective bottler or license agreement, renewable from time to time. Losing said territory, means the non-renewal, early termination or cancellation of this license agreement by TCCC, for the geographical area today called “Metropolitan Region”. This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired by a subsidiary or an entity that consolidates in terms of accounting with the Issuer. · Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of these instruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates and joint ventures that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”. Restrictions regarding bond lines registered in the Securities Registrar under number 912. In October 2018, a Series F bond was issued in the amount of UF 5.7 million due 2039 and accruing an annual interest rate of 2.8%. Regarding Series F Local Bond, the Issuer is subject to the following restrictions: · Maintain an indebtedness level where Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Consolidated Financial Liabilities shall be regarded as Liabilities Receivables accruing interest, namely: (i) other current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) cash and cash equivalent and (iv) other current financial assets, and (v) other non-current financial assets (to the extent they are asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest. As of December 31, 2018, this index equals 0.62 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, 2018, this index equals 1.66 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, 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 local bonds Series C, D and E is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer's Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term "Adjusted Consolidated Operating Cash Flow" shall mean the addition of the following accounting accounts of the Issuer's Consolidated Statement of Financial Position: (i) "Gross Profit" which includes regular activities and cost of sales; less (ii) "Distribution Costs"; less (iii) "Administrative Expenses"; plus (iv) "Participation in profits (losses) of associates and joint ventures that are accounted for using the equity method"; plus (v) "Depreciation"; plus (vi) "Intangibles Amortization". As of December 31, 2018, and December 31, 2017, the Company complies with all financial collaterals. 15.2.6 Repurchased bonds In addition to UF bonds, the Company holds bonds that it has repurchased in full through companies that are included in the consolidation: The subsidiary Rio de Janeiro Refrescos Ltda. maintains a liability corresponding to a bond issuance for US $75 million due in December 2020 and semi-annual interest payments. As of December 31, 2017, these issues are held by Andina. On January 1, 2013, Abisa Corp S.A. transferred the totality of this asset to Embotelladora are Andina S.A., the latter becoming the creditor of the above-mentioned Brazilian subsidiary. Consequently, the assets and liabilities related to the transaction have been eliminated from these Consolidated Financial Statements. In addition, the transaction has been treated as a net investment of the group in the Brazilian subsidiary; consequently, the effects of exchange rate differences between the dollar and the functional currency of each one has been recorded in other comprehensive income. 15.3. 1 Derivative contract obligations Please see details in Note 20. 15.4. 1 Current liabilities for leasing agreements Maturity Total Indebted Entity Creditor Entity Amortization Effective Nominal Up to 90 days to at At Name Country Tax ID type Type Currency Type rate rate 90 days 1 year 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 10.215 % 10.227 % 11,996 , 11,996 41,467 Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 9.65 % 9.47 % 51,766 23,494 75,260 504,815 Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Citibank Brazil Brazilian real Monthly 8.54 % 8.52 % 57,750 51,823 109,573 528,801 Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração Light Esco Brazil Brazilian real Monthly 13.00 % 12.28 % 171,115 545,863 716,978 657,610 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil Brazilian real Monthly 7.65 % 7.39 % 57,561 282,104 339,665 — Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina Dollars Monthly 12.00 % 12.00 % 280,995 — 280,995 327,632 Total 1,534,467 2,060,325 15.4.2 Non-current liabilities for leasing agreements December 31, 2018 Maturity Indebted Entity Creditor Entity Amortization Effective Nominal 1 year to 2 years to 3 years to 4 years to More at Name Country Tax ID Name type Currency Type rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração Light Esco Brazil Brazilian real Monthly 13.00 % 12.28 % 810,185 915,509 1,034,525 1,169,014 9,466,995 13,396,228 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil Brazilian real Monthly 7.65 % 7.39 % 401,240 — — — — 401,240 TOTAL 13,797,468 15.4.3 Non-current liabilities for leasing agreements December 31, 2017 Maturity Indebted Entity Creditor Entity Amortization Effective Nominal 1 year to 2 years to 3 years to 4 years to More at Tax ID Name Country Tax, ID Name Country Currency Type rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 10.21 % 10.22 % 11,764 — — — — 11,764 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 9.65 % 9.47 % 73,799 — — — — 73,799 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Citibank Brazil Brazilian real Monthly 8.54 % 8.52 % 105,807 — — — — 105,807 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração Light Esco Brazil Brazilian real Monthly 13.00 % 12.28 % 743,100 839,703 948,864 1,072,216 10,685,852 14,289,735 Total 14,481,105 15.4.4 Current and non-current leasing agreements obligations “Restrictions” Leasing agreement obligations are not subject to financial restrictions for the reported periods. |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT | 12 Months Ended |
Dec. 31, 2018 | |
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT | |
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT | NOTE 16 - TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT Trade and other current accounts payable are detailed as follows: Item 12.31.2018 12.31.2017 ThCh$ ThCh$ Trade accounts payable 174,486,806 187,872,116 Withholdings tax 47,693,379 49,857,086 Accounts payable Inamar Ltda. (1) — 356,221 Others 16,665,327 20,566,980 Total 238,845,512 258,652,403 Current 238,109,847 257,519,477 Non-current 735,665 1,132,926 Total 238,845,512 258,652,403 The Company maintains commercial lease agreements for forklifts, vehicles, properties and machinery. These lease agreements have an average duration of one to eight years excluding renewal options. Accruable liabilities pursuant to the Company’s operating leasing agreements are detailed as follows: Accruable liability ThCh$ Maturity within one year 3,823,849 Maturity between one and five years 4,259,402 Maturity more than five years 480,963 Total 8,564,214 Total expenses related to operating leases maintained by the Company as of December 31, 2018 amount to ThCh$6,133,282. |
OTHER PROVISIONS, CURRENT AND N
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 12 Months Ended |
Dec. 31, 2018 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | NOTE 17 -- OTHER PROVISIONS, CURRENT AND NON-CURRENT 17. 1 Balances This account is detailed as follows: Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Litigation (1) 62,452,526 65,624,166 Total 62,452,526 65,624,166 Current Non-current Total (1) Corresponds to the provision for probable fiscal, labor and trade contingency losses based on the opinion of our legal advisors, detailed as follows: Detail (see note 21.1) 12.31.2018 12.31.2017 ThCh$ ThCh$ Tax Contingencies 47,991,514 49,185,234 Labor Contingencies 10,376,830 10,468,704 Civil Contingencies 4,084,182 5,970,228 Total 65,624,166 17. 2 Movements The movement of principal provisions over law suits is detailed as follows: Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Opening Balance as of January 01 65,624,166 73,081,893 Additional provisions 46,657 2,493,968 Increase (decrease) in existing provisions (4,998,530) (19,083,499) Payments 6,139,963 22,985,793 Reverse unused provision (*) (2,157,152) (6,769,384) Increase (decrease) due to foreign exchange differences (2,202,578) (7,084,605) Total 62,452,526 65,624,166 (*) During fiscal years 2018 and 2017 there have been reversals of provisions amounting to Th$ 2,157,152 and Th$6,769,384, respectively which resulted from fines demanded by the Brazilian Treasury on the use of tax credits, because of favorable rulings on the subject for Rio de Janeiro Refrescos Ltda. |
OTHER CURRENT AND NON-CURRENT_3
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES | NOTE 18 -- OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES Other current and non-current liabilities at each reporting period end are detailed as follows: Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Dividend payable 21,584,314 21,679,922 Other 12,189,900 5,328,055 Total 33,774,214 27,007,977 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
EQUITY | |
EQUITY | NOTE 19 -- EQUITY 19. 1 Number of shares: Number of shares subscribed Number of shares paid in Number of voting shares Series 2018 2017 2016 2018 2017 2016 2018 2017 2016 A 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 B 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 19.1. 1 Equity : Subscribed Capital Paid-in capital Series 2018 2017 2016 2018 2017 2016 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ A 135,379,504 135,379,504 135,379,504 135,379,504 135,379,504 135,379,504 B 135,358,070 135,358,070 135,358,070 135,358,070 135,358,070 135,358,070 Total 270,737,574 270,737,574 270,737,574 270,737,574 270,737,574 270,737,574 19.1. 2 Rights of each series: · Series A : Elects 12 of the 14 Directors · Series B : Receives an additional 10% of dividends distributed to Series A and elects 2 of the 14 Directors. 19. 2 Dividend policy According to Chilean law, cash dividends must be paid equal to at least 30% of annual net profit, barring a unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company will not be legally obligated to pay dividends from retained earnings. At the ordinary Shareholders’ Meeting held in April 2018, the shareholders agreed to pay out of the 2017 earnings are final dividend to complete the 30% required by the Law 18,046 which will be paid in May 2018, and an additional dividend will be paid in August 2018. The dividends declared and paid per share are presented below: Profits Dividend imputable to Ch$ per Series Ch$ per Series Payment month type dividends A Share B Share 2017 January Interim 2016 19.00 20.90 2017 May Final 2016 19.00 20.90 2017 August Additional Retained Earnings 19.00 20.90 2017 October Interim 2017 19.00 20.90 2018 January Interim 2017 21.50 23.65 2018 May Final 2017 21.50 23.65 2018 August Additional Retained Earnings 21.50 23.65 2018 October Interim 2018 21.50 23.65 2019 January Interim 2018 21.50 23.65 19. 3 Other Reserves The balance of other reserves includes the following: Description 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (306,674,528) (237,077,572) (168,744,355) Cash flow hedge reserve (13,668,932) (3,094,671) (2,448,175) Reserve for employee benefit actuarial gains or losses (1,954,077) (1,915,587) (1,785,032) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 — — Total 110,854,089 254,159,496 19.3. 1 Polar acquisition This amount corresponds to the fair value of the issuance of shares of Embotelladora Andina S.A., used to acquire Embotelladoras Coca-Cola Polar S.A., which was the value of the capital increase notarized in legal terms. 19.3. 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 20). 19.3. 3 Reserve for employee benefit actuarial gains or losses Corresponds to the restatement effect of employee benefits actuarial losses that according to IAS 19 amendments must be carried to other comprehensive income. 19.3. 4 Legal and statutory reserves The balance of other reserves is established through the following concept: 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 ThCh$ 5,435,538 as of December 31, 2009 19.3. 5 Foreign currency translation reserves This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment equivalents accounted for using the equity method. Translation reserves are detailed as follows: Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Brazil (99,990,343) (90,156,924) (58,306,230) Argentina (201,118,180) (128,348,112) (108,386,213) Paraguay 8,623,849 (4,862,332) 10,545,453 Exchange rate differences in related companies (14,189,854) (13,710,204) (12,597,365) Total (306,674,528) (237,077,572) (168,744,355) The movement of this reserve for the fiscal years ended December 31, 2018, 2017 and 2016, is detailed as follows: Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Brazil (10,313,069) (32,963,533) 30,138,065 Argentina (72,770,068) (19,961,899) (23,472,215) Paraguay 13,486,181 (15,407,785) (11,183,004) Exchange rate differences in related companies — — 3,219,956 Total (69,596,956) (68,333,217) (1,297,198) 19.3.6 Consolidated statements of comprehensive income As of December 31, 2018, 2017 and 2016, the detail of the comprehensive income and expense of the term is as follows: Gross Balance Tax Net Balance Cash Flow for hedge (1) (13,151,841) 2,554,551 (10,597,290) Exchange rate translation differences (1) (72,455,525) 2,476,204 (69,979,321) Benefit relate to defined benefit plans (63,463) 16,184 (47,279) Total Comprenhensive income as of December 31, 2018 (85,670,829) 5,046,939 (80,623,890) Gross Balance Tax Net Balance Cash Flow for hedge (1) (813,844) 167,348 (646,496) Exchange rate translation differences (1) (68,831,435) 232,666 (68,598,769) Benefit relate to defined benefit plans (329,477) 84,017 (245,460) Total Comprenhensive income as of December 31, 2017 (69,974,756) 484,031 (69,490,725) Gross Balance Tax Net Balance Cash Flow for hedge (1) (42,836,575) 13,301,186 (29,535,389) Exchange rate translation differences (1) 148,686 (2,431,408) (2,282,722) Benefit relate to defined benefit plans (29,423) 7,060 (22,363) Total Comprenhensive income as of December 31, 2016 (42,717,312) 10,876,838 (31,840,474) (1) The movement of comprehensive income and expense is as follows: Benefit related Cash Flow Exchange rate to defines As of December 31, 2018: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (63,699,788) (72,455,525) (334,508) Deferred taxes 20,217,065 2,476,204 89,366 Reclassification to the result by function 48,415,956 — 271,045 Reclassification of deferred taxes related to other reserves (15,530,523) — (73,182) Total Changes in Equity (10,597,290) (69,979,321) (47,279) Equity holders of the parent (10,597,290) (69,592,296) (43,150) Non-Controlling interests — (387,025) (4,129) Total Changes in equity as of December 31, 2018 (10,597,290) (69,979,321) (47,279) Benefit related Cash Flow Exchange rate to defines As of December 31, 2017: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (14,172,572) (68,831,435) (476,044) Deferred taxes 3,875,908 232,666 121,390 Reclassification to the result by function 13,352,835 — 146,564 Reclassification of deferred taxes related to other reserves (3,702,667) — (37,370) Total Changes in Equity (646,496) (68,598,769) (245,460) Equity holders of the parent (646,496) (68,333,217) (130,555) Non-Controlling interests — (265,552) (114,905) Total Changes in equity as of December 31, 2017 (646,496) (68,598,769) (245,460) Benefit related Cash Flow Exchange rate to defines As of December 31, 2016: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (119,668,724) 148,686 (359,258) Deferred taxes 38,337,727 (2,431,408) 86,222 Reclassification to the result by function 76,802,629 — 313,341 Reclassification of deferred taxes related to other reserves (25,007,021) — (62,668) Total Changes in Equity (29,535,389) (2,282,722) (22,363) Equity holders of the parent (29,535,389) (1,297,198) 11,253 Non-Controlling interests — (985,524) (33,616) Total Changes in equity as of December 31, 2016 (29,535,389) (2,282,722) (22,363) 19. 4 Non -controlling interests This is the recognition of the portion of equity and income from subsidiaries owned by third parties. As of December 31, 2018, 2017 and 2016, this account is detailed as follows: Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2018 2017 2016 2018 2017 2016 2018 2017 2016 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 23,260 13,765 12,209 3,633 5,590 5,502 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 2,113 2,213 2,062 96 711 785 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 5,378,074 5,045,792 5,337,687 556,112 502,945 504,806 Vital S.A. 35.0000 35.0000 35.0000 7,674,785 9,261,108 9,054,947 271,063 283,327 319,858 Vital Aguas S.A. 33.5000 33.5000 33.5000 1,986,493 2,117,098 2,027,879 36,696 151,647 23,744 Envases Central S.A. 40.7300 40.7300 40.7300 4,836,892 5,483,317 5,129,661 (20,225) 220,715 668,425 Total 19,901,617 21,923,293 21,564,445 847,375 1,164,935 1,523,120 The following tables presents summarized information regarding the Company´s subsidiaries owned by third parties as of December 31, 2018, 2017 and 2016: Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2018 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 78,222,876 4,329,932 37,309,706 16,005,424 4,616,490 13,737,336 Total non-current assets 156,224,157 9,251,880 248,751,791 16,969,708 5,287,639 Total current liabilities 82,148,269 2,309,810 21,870,719 11,018,878 3,803,117 13,063,735 Total non-current liabilities 15,897,476 1,169,270 16,323,385 28,298 171,184 1,041,400 Net sales 406,216,738 16,034,964 149,588,252 56,724,318 15,859,403 59,433,099 Net Income 21,304,406 458,980 25,630,364 774,466 109,539 (112,302) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2017 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 97,285,008 7,143,561 30,419,844 21,135,712 4,296,412 8,343,734 Total non-current assets 94,369,129 6,413,307 234,278,288 19,691,418 5,876,875 14,243,627 Total current liabilities 109,594,738 2,944,499 17,297,339 14,244,283 3,698,382 7,410,662 Total non-current liabilities 1,339,723 28,444 14,487,776 128,071 157,558 1,710,709 Net sales 544,585,291 20,698,427 141,277,230 68,884,622 14,642,493 39,205,943 Net Income 32,781,977 3,398,080 23,179,968 809,507 452,679 541,927 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2016 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 110,564,779 6,680,394 35,283,479 19,265,466 4,783,537 8,508,056 Total non-current assets 98,518,204 7,381,968 243,615,898 22,297,712 6,298,423 12,034,286 Total current liabilities 132,431,541 4,061,713 17,192,489 15,246,108 4,884,341 7,333,325 Total non-current liabilities 1,621,792 141,258 16,011,340 445,794 144,250 614,711 Net sales 507,946,578 20,601,647 132,005,503 75,788,427 14,437,818 40,342,848 Net Income 32,268,140 3,754,831 23,045,844 913,880 70,878 1,641,112 19. 5 Earnings per share The basic earnings per share presented in the statement of comprehensive income is calculated as the quotient between income for the period and the average number of shares outstanding during the same period. Earnings per share used to calculate basic and diluted earnings per share is detailed as follows: 12.31.2018 Earnings per share SERIES A SERIES B TOTAL Earnings attributable to shareholders (ThCh$) 46,001,994 50,601,377 96,603,371 Average weighted number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (in Chilean pesos) 97.20 106.92 102.06 12.31.2017 Earnings per share SERIES A SERIES B TOTAL Earnings attributable to shareholders (ThCh$) 56,112,755 61,723,035 117,835,790 Average weighted number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (in Chilean pesos) 118.56 130.42 124.49 12.31.2016 Earnings per share SERIES A SERIES B TOTAL Earnings attributable to shareholders (ThCh$) 43,107,979 47,418,012 90,525,991 Average weighted number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (in Chilean pesos) 91.08 100.19 95.64 |
DERIVATIVE ASSETS AND LIABILITI
DERIVATIVE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
DERIVATIVE ASSETS AND LIABILITIES | |
DERIVATIVE ASSETS AND LIABILITIES | NOTE 20 - DERIVATIVE ASSETS AND LIABILITIES Embotelladora Andina currently maintains “Cross Currency Swaps” and “Currency Forward” agreements as Derivative Financial Assets. Cross Currency Swaps, also known as interest rate and currency swaps, are valued by the method of discounted future cash flows at a rate corresponding to the risk of the operation. The basis of the information used in the calculations is obtained in the market by using the Bloomberg terminal. Currently Embotelladora Andina maintains Cross Currency Swap for BRL/USD, for which it is necessary to discount future cash flows in Brazilian Reais and in U.S. Dollars. For this calculation, the Company uses as discount curves, the Brazilian Real Zero-Coupon and the U.S. Dollar Zero-Coupon. 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. To perform the above calculation, the Company uses market information available on the Bloomberg terminal. As of the closing dates as of December 31, 2018 and December 31, 2017, the Company held the following derivative instruments: 20. 1 Derivatives accounted for as cash flow hedges: a) Cross Currency Swaps associated with US Bonds At December 31, 2018, the Company entered into cross currency swap derivative contracts to convert US Dollar public bond obligations of US$360 million into Real liabilities to hedge the Company’s exposure to variations in foreign exchange rates. Said contracts are valued at their value and the net value to be received as of December 31, 2018 amounted to ThCh$87,446,662. These swap contracts have the same terms of the underlying bond obligation and expire in 2023. Additionally, the fair value of these derivatives which is lower than the hedged items amounted to ThCh$14,089,111 and has been recognized within other equity reserves as of December 31, 2018. The ineffective portion for ThCh$2,07,802 in losses associated with this hedge was recorded in other gains and losses as of December 31, 2018. The amount of exchange differences recognized in the statement of income related to financial liabilities in U.S. dollars and the identified effective portion that was absorbed by the amounts recognized under comprehensive income amounted to ThCh$ 25,302,080 as of December 31, 2018. 20.2. Forward currency transactions expected to be very likely: During 2018 and 2017, the Company entered into foreign currency forward contracts to hedge its exposure to expected future raw materials purchases in US Dollars during these years. The total amount of outstanding forward contracts was US$56.8 million as of December 31, 2018 (US$62.8 million as of December 31, 2017). These agreements were recorded at fair value, resulting in net earnings due to hedge recycling of ThCh$7,583,354 for the period ended December 31, 2018, and hedge asset and liabilities of ThCh$669,527 and ThCh$130,829 , respectively. Contracts that ensure future flows of foreign currency have been designated as hedge agreements, as of December 31, 2018 with a pending amounted to be recycled to income in the amount of ThCh$397,151. Futures contracts that ensure prices of future raw materials have not been designated as hedge agreements, since they do not fulfill IFRS documentation requirements, whereby its effects on variations in fair value are accounted for directly under statements of income in the “other gains and losses” account. Fair value hierarchy As of December 31, 2018, the Company had total assets related to its foreign exchange derivative contracts for ThCh$88,116,189 (ThCh$62,367,852 as of December 31, 2017) and liabilities for ThCh$130,829 as of December 31, 2018 (ThCh$445,278 as of December 31, 2017). Those contracts covering existing items have been classified in the same category of hedged, the net amount of derivative contracts by concepts covering forecasted items have been classified in financial assets and financial liabilities. All the derivative contracts are carried at fair value in the consolidated statement of financial position. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: Inputs other than quoted prices included in level 1 that are observable for the assets and liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices) Level 3: Inputs for assets and liabilities that are not based on observable market data. During the reporting period, there were no transfers of items between fair value measurement categories; all of which were valued during the period using level 2. Fair Value Measurements at December 31, 2018 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets Other current financial assets — 669,527 669,527 Other non-current financial assets — 87,446,662 — 87,446,662 Total assets — 88,116,189 — 88,116,189 Liabilities Current liabilities Other current financial liabilities — 130,829 — 130,829 Total liabilities — 130,829 — 130,829 Fair Value Measurements at December 31, 2017 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets — 469,019 — 469,019 Other non-current financial assets — 61,898,833 — 61,898,833 Total assets — 62,367,852 — 62,367,852 Liabilities Current liabilities Other current financial liabilities — 445,278 — 445,278 Total liabilities — 445,278 — 445,278 |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2018 | |
CONTINGENCIES AND COMMITMENTS | |
CONTINGENCIES AND COMMITMENTS | NOTE 21 -- CONTINGENCIES AND COMMITMENTS 21. 1 Lawsuits and other legal actions: In the opinion of the Company’s legal counsel, the Parent Company and its subsidiaries do not face judicial or extra-judicial contingencies that might result in material or significant losses or gains, except for the following: 1) Embotelladora del Atlántico S.A. faces labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$948,042. Management considers it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of its legal counsel. Additionally, Embotelladora del Atlántico S.A. maintains time deposits for an amount of ThCh$656,817 to guaranty judicial liabilities 2) Rio de Janeiro Refrescos Ltda. faces labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$55,518,871 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 judicial deposits and assets given in pledge to secure the compliance of certain processes, irrespective of whether these have been classified as a possible, probable or remote. The amounts deposited or pledged as legal guarantees as of December 31, 2018 and December 31, 2017, amounted to ThCh$31,143,415 and ThCh$31,953,725, respectively. To ensure fulfillment of the obligations arising from judicial proceedings faced in Brazil, Rio de Janeiro Refrescos Ltda., has taken guarantee insurance and guarantee letters amounting to R$986,396,119 with different financial institutions and insurance companies in Brazil, through which these entities after a 0.44% annual commission, become responsible of fulfilling obligations with the Brazilian tax authorities should any trial result against Rio de Janeiro Refrescos Ltda. Additionally, if the warranty and bail letters are executed, Rio de Janeiro Refrescos Ltda. promises to reimburse to the financial institutions and Insurance Companies any amounts disbursed by them to the Brazilian government. Main contingencies faced by Rio de Janeiro Refrescos are as follows: a) Tax contingencies resulting from credits on tax on industrialized products (IPI). Rio de Janeiro Refrescos is a party to a series of proceedings under way, in which the Brazilian federal tax authorities demand payment of value-added tax on industrialized products ( Imposto sobre Produtos Industrializados , or IPI) allegedly owed by ex-Companhia de Bebidas Ipiranga. The initial amount demanded reached R$1,330,473,161 (historical amount without adjustments), corresponding to different trials related to the same cause. In September 2014, one of these trials for R$598,745,218, was settled in favor of the Company, and additionally during 2017 several trials were settled in favor of the Company in the amount for R$135,282,155 however, there are new lawsuits arising after the purchase of ex-Companhia de Bebidas Ipiranga (October 2013) that amount to R$346,232,541. The Company rejects the position of the Brazilian tax authority in these procedures and considers that Companhia de Bebidas Ipiranga was entitled to claim IPI tax credits in connection with purchases of certain exempt raw materials from suppliers located in the Manaus free trade zone. Based on the opinion of its advisers, and judicial outcomes to date, Management estimates that these procedures do not represent probable losses and has not recorded a provision on these matters. Notwithstanding the above, the IFRS related to business combination in terms of distribution of the purchase price establish that contingencies must be measured one by one according to their probability of occurrence and discounted at fair value from the date on which it is deemed the loss can be generated. According to this criterion, from a total of identified contingencies amounting R$1,138,749,846 (including readjustments of current lawsuits), the Company recorded a provision for the beginning of business combination accounting in the amount R$203,070,206 equivalent to ThCh$36,411,450. b) Tax contingencies on ICMS and IPI causes. They refer mainly to tax settlements issued by advance appropriation of ICMS credits on fixed assets, payment of the replacement of ICMS tax to the operations, untimely IPI credits calculated on bonuses, among other claims. The Company does not consider that these judgments will result in significant losses, given that their loss, according to its legal counsel, is considered unlikely. However, the accounting standards of financial information related to business combination in terms of distribution of the purchase price, establish contingencies must be valued one by one according to their probability of occurrence and discounted to fair value from the date on which it is deemed that the loss can be generated. According to this criterion, an initial provision has been made in the business combination accounting for an amount of R$76,883,016 equivalent to ThCh$ 13,785,489. 1) Embotelladora Andina S.A. and its Chilean subsidiaries face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$5,970,453. Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors. 2) Paraguay Refrescos S.A. faces tax, trade, labor and other lawsuits. Accounting provisions have been made for the contingency of any loss because of these lawsuits amounting to ThCh$15,160. Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors. 21. 2 Direct guarantees and restricted assets: Guarantees and restricted assets are detailed as follows: Guarantees that compromise assets including in the financial statements: Balance pending payment on the closing date Provided by Committed assets of the financial statements Guarantee in favor of Name Relationship Guarantee Type 12.31.2018 12.31.2017 ThCh$ ThCh$ Industria Metalúrgica Inamar Ltda. Embotelladora Andina S.A. Parent Company Land Property, plant and equipment — 17,991,202 Gas Licuado Lipigas S.A. Embotelladora Andina S.A. Parent Company Cash and cash equivalents Trade and other receivables 1,140 1,140 Hospital Militar Servicios Multivending Subsidiary Cash and cash equivalents Trade and other receivables — 4,727 Parque Arauco Servicios Multivending Subsidiary Cash and cash equivalents Trade and other receivables — 5,345 Aeropuerto Nuevo Pudahuel Servicios Multivending Subsidiary Cash and cash equivalents Other receivables — 10,129 Hospital FACH Servicios Multivending Subsidiary Cash and cash equivalents Other receivables — Inmob. E Invers. Supetar Ltda Transportes Polar S.A. Subsidiary Cash and cash equivalents Other non-current, non-financial assets Bodegas San Francisco Ltda. Transportes Polar S.A. Subsidiary Cash and cash equivalents Other non-current, non-financial assets — Maria Lobos Jamet Transportes Polar S.A. Subsidiary Cash and cash equivalents Trade and other receivables 2,565 2,565 Reclamaciones Trabajadores Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current, non-financial assets Reclamaciones Civiles Y Tributarias Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current, non-financial assets Instituciones Gubernamentales Rio de Janeiro Refrescos Ltda. Subsidiary Property, plant and equipment Property, plant and equipment Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 553 989 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 395 707 Labarda Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 7 12 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 21,420 38,315 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 40,682 72,768 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 1,645 2,943 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 254,430 455,104 Others Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 78 140 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 3,317 5,934 Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 4,612 8,249 Locadores Varios Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 46,169 53,900 Aduana De EZEIZA Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 3,013 6,608 Municipalidad De Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 1,592 5,755 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 4,949 8,853 Municipalidad De Picun Leufu Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 72 128 Migoni Marano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 112 — Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 309 1,226 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 231,077 — Gomez Alejandra Raquel Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 35 62 Lopez Gustavo Gerardo C/Inti Saic Y Otros Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 226 403 Fondo Fima Ahorro Plus C Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, financial assets — 519 Tribunal Superior De Justicia De La Provincia De Córdoba Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 290 — DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial Deposit Other non-current, non-financial assets 41,465 — Marcus A.Peña Paraguay Refrescos Subsidiary Building Property, plant and equipment 4,164 3,782 Mauricio J Cordero C Paraguay Refrescos Subsidiary Building Property, plant and equipment 904 800 José Ruoti Maltese Paraguay Refrescos Subsidiary Building Property, plant and equipment 758 715 Alejandro Galeano Paraguay Refrescos Subsidiary Building Property, plant and equipment 1,251 1,107 Ana Maria Mazó Paraguay Refrescos Subsidiary Building Property, plant and equipment 1,191 1,054 Total 31,816,784 50,651,324 Guarantees provided without obligation of assets included in the financial statements: Provided by Committed assets Amounts involved Warranty creditor Name Relationship Guarantee Type 12.31.2018 12.31.2017 ThCh$ ThCh$ Importadora Casa y Regalos Trans-Heca S.A. Subsidiary Guarantee insurance Compliance lease contract — 2,050 Inmobiliaria e Inversiones Gestion Activa Ltda Trans-Heca S.A. Subsidiary Guarantee insurance Compliance lease contract — 4,585 Inmobiliaria Portofino Red de Transportes comerciales Ltda. Subsidiary Guarantee insurance Guarantee bond — 900 Teléfonica Chile S.A. Red de Transportes comerciales Ltda. Subsidiary Guarantee insurance Guarantee bond — 1,000 Inmobiliaria San Martin Logista S.A Red de Transportes comerciales Ltda. Subsidiary Guarantee insurance Guarantee bond — 3,461 Employee procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 2,601,353 1,496,862 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 8,233,853 7,185,511 Gobierno Federal Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 116,192,877 91,903,312 Gobierno Estadual Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 43,015,207 20,527,817 HSBC Sorocaba Refrescos S.A. Associate Loan co-signers 3,586,095 3,716,747 Otros Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 3,236,092 2,449,103 Aduana de Ezeiza Embotelladora del Atlántico S.A. Subsidiary Bond insurance Faithful fulfillment of contract 699,502 63,777 Aduana de Ezeiza Andina Empaques S.A. Subsidiary Bond insurance Faithful fulfillment of contract 182,459 347,990 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2018 | |
FINANCIAL RISK MANAGEMENT | |
FINANCIAL RISK MANAGEMENT | NOTE 22 - FINANCIAL RISK MANAGEMENT The Company’s businesses are exposed to a variety of financial and market risks (including foreign exchange risk, interest rate risk and price risk). The Company’s global risk management program focuses on the uncertainty of financial markets and seeks to minimize potential adverse effects on the performance of the Company. The Company uses derivatives to hedge certain risks. A description of the primary policies established by the Company to manage financial risks are provided below: Interest Rate Risk As of December 31, 2018, the Company maintains all of its debt liabilities at a fixed rate as to avoid fluctuations in financial expenses resulting from tax rate increases. The Company’s greatest indebtedness corresponds to own issued Chilean local bonds at a fixed rate in the amount of UF16,928 million denominated in UF (“UF”), a currency indexed to inflation in Chile (the Company’s sales are correlated with the UF variation). There is also the Company’s indebtedness on the international market through a 144A/RegS Bond at a fixed rate for US$365 million (original amount issued US$575 million and partial prepayment in October 2019 for US$210 million), denominated in dollars, and practically 100% of which has been re-denominated to BRL through Cross Currency Swaps. Credit risk The credit risk to which the Company is exposed comes mainly from trade accounts receivable maintained with retailers, wholesalers and supermarket chains in domestic markets; and the financial investments held with banks and financial institutions, such as time deposits, mutual funds and derivative financial instruments. a. Trade accounts receivable and other current accounts receivable Credit risk related to trade accounts receivable is managed and monitored by the area of Finance and Administration of each business unit. The Company has a wide base of more than 100 thousand clients implying a high level of atomization of accounts receivable, which are subject to policies, procedures and controls established by the Company. In accordance with such policies, credits must be based objectively, non-discretionary and uniformly granted to all clients of a same segment and channel, provided these will allow generating economic benefits to the Company. The credit limit is checked periodically considering payment behavior. Trade accounts receivable pending of payment are monitored on a monthly basis. i. Sale Interruption: In accordance with Corporate Credit Policy, the interruption of sale must be within the following framework: when a customer has outstanding debts for an amount greater than US$ 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 US$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 US$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 US$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 US$25,000. iv. Guarantees In the case of Chile, we have insurance with Compañía de Seguros de Crédito Continental S.A. (AA rating -according to Fitch Chile and Humphreys rating agencies) covering the credit risk regarding trade debtors in Chile for 91% both for the existing as well as the expired debt, total amount of the trade debtors in Chile reached ThCh$63,322,758. A provision of ThCh$1,343,691 has been made for the portion of past due outstanding debt portfolio not covered by the insurance. The rest of the operations do not have credit insurance, instead mortgage guarantees are required for volume operations of wholesalers and distributors in the case of trade accounts receivables. In the case of other debtors, different types of guarantees are required according to the nature of the credit granted. Historically, uncollectible trade accounts have been lower than 0.5% of the Company’s total sales. b. Financial investments The Company has a Policy that is applicable to all of 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: a. Time deposits: only in banks or financial institutions that have a risk rating equal or higher than Level 1 (Fitch) or equivalent for deposits of less than 1 year and rated A (S&P) or equivalent for deposits of more than 1 year. b. 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 AA+ rating (S&P) or equivalent. c. Other investment alternatives must be evaluated and authorized by the office of the Chief Financial Officer. Exchange Rate Risk The company is exposed to three types of risk caused by exchange rate volatility: a) Exposure of foreign investment This risk originates from the translation of net investment from the functional currency of each country (Brazilian Real, Paraguayan Guaraní, and Argentine Peso) to the Parent Company’s reporting currency (Chilean Peso). Appreciation or devaluation of the Chilean Peso with respect to each of the functional currencies of each country, originates decreases and increases in equity, respectively. The Company does not hedge this risk. a.1 Investment in Argentina As of December 31, 2018, the Company maintains a net investment of ThCh$141,415,980 in Argentina, composed by the recognition of assets amounting to ThCh$241,496,143 and liabilities amounting to Ch$100,080,163. These investments accounted for 24.6% of the Company’s consolidated sales revenues As of December 31, 2018, the Argentine peso devalued by 44.1% with respect to the Chilean peso. If the exchange rate of the Argentine Peso depreciated an additional 5% with respect to the Chilean Peso, the Company would have lower income from the operation in Argentina of ThCh$1,008,205 and a decrease in equity of ThCh$4,547,092, originated by lower asset recognition of ThCh$8,049,598 and by lower liabilities recognition of ThCh$3,502,506. a.2 Investment in Brazil As of December 31, 2018, the Company maintains a net investment of ThCh$266,078,105 in Brazil, composed by the recognition of assets amounting to ThCh$814,443,115 and liabilities amounting to ThCh$548,365,009. These investments accounted for 32.3% of the Company’s consolidated sales revenues. As of December 31, 2018, the Brazilian Real devalued by 3.5% with respect to the Chilean peso. If the exchange rate of the Brazilian Real depreciated an additional 5% with respect to the Chilean Peso, the Company would have lower income from the operation in Brazil of ThCh$1,755,781 and a decrease in equity of ThCh$12,297,287, originated by lower asset recognition of ThCh$36,589,434 and by lower liabilities recognition of ThCh$24,292,147. a.3 Investment in Paraguay As of December 31, 2018, the Company maintains a net investment of ThCh$247,867,392 in Paraguay, composed by the recognition of assets amounting to ThCh$286,061,496 and liabilities amounting to ThCh$38,194,104. These investments accounted for 8.9% of the Company’s consolidated sales revenues. As of December 31, 2018, the Paraguayan Guarani appreciated by 6.0% with respect to the Chilean peso. If the exchange rate of the Paraguayan Guaraní devalued by 5% with respect to the Chilean Peso, the Company would have lower income from the operations in Paraguay of ThCh$1,220,490 and a decrease in equity of ThCh$11,738,373 originated by lower asset recognition of ThCh$13,360,934 and lower liabilities recognition of ThCh$1,622,561. b) Net exposure of assets and liabilities in foreign currency This risk stems mostly from carrying liabilities in US dollar, so the volatility of the US dollar with respect to the functional currency of each country generates a variation in the valuation of these obligations, with consequent effect on results . As of December 31, 2018, the Company maintains a net liability position totaling ThCh$251,124,893, basically composed of bonds payable and leasing contracts for ThCh$257,041,934 partially offset by financial assets denominated in dollars for ThCh$5,917,041. All U.S. Dollar liabilities amounting to ThCh$257,041,934 correspond to dollar liabilities of the Chilean, Argentinean and Brazilian operations and are, therefore, exposed to the volatility of the Chilean peso against the U.S. Dollar. In order to protect the Company from the effects on income resulting from the volatility of the Brazilian Real and the Chilean Peso against the U.S. dollar, the Company maintains derivative contracts (cross currency swaps) to cover almost 100% of US dollar-denominated financial liabilities. By designating such contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange rates. The Company’s net exposure as of December 31, 2018, to foreign currency over existing assets and liabilities, discounting the derivatives contracts, is an asset position of ThCh$2,466,157. c) Assets purchased or indexed to foreign currency exposure 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. Annual purchases of raw materials denominated or indexed in U.S. dollars, amounts to 19% of our cost of sales or approximately US$340 million. In order to minimize this risk, the Company maintains a currency hedging policy stipulating that it is necessary to enter into foreign currency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US dollars, corresponding mainly to payment to suppliers of raw materials in each of the operations. This policy stipulates a 12‑month forward horizon. As of December 31, 2018, US$56.8 million for future purchases have been hedged-for the following 12 months. According to the percentage of purchases of raw materials which are carried out or indexed to U.S. dollars, a possible change in the value of the US dollar by 5% in the four countries where the Company operates, and excluding derivatives contracts taken to mitigate the effect of currency volatility, keeping everything constant, would lead to a lower accumulated result amounting to ThCh$5,861,388 as of December 31, 2018. Currently, the Company has contracts to hedge this effect in Chile, Argentina, Paraguay and Brazil. Commodities risk The Company is subject to a risk of price fluctuations in the international markets mainly for sugar, aluminum and PET resin, which are inputs required to produce beverages and, as a whole, account for 35% to 40% of operating costs. Procurement and anticipated purchase contracts are made frequently to minimize and/or stabilize this risk. The possible effects in these Consolidated Financial Statements, in case of a 5% increase in prices of its main raw materials, would be a reduction of ThCh$7,762,189 in earnings for the period ended December 31, 2018. To minimize this risk or stabilize often supply contracts and anticipated purchases are made when market conditions warrant. Liquidity risk The products we sell are mainly paid for in cash and short-term credit; therefore, the Company´s main source of financing comes from the cash flow of our operations. This cash flow has historically been sufficient to cover the investments necessary for the normal course of our business, as well as the distribution of dividends approved by the General Shareholders’ Meeting. Should additional funding be required for future geographic expansion or other needs, the main sources of financing to consider are: (i) debt offerings in the Chilean and foreign capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where the Company operates; and (iii) public equity offerings The following table presents an analysis of the Company’s committed maturities for liability payments throughout the coming years: Maturity More than 1 More than 2 More than 3 More than 4 Item 1 year year up to 2 years up to 3 up to 4 years ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 21,579,550 1,597,027 787,777 772,051 81,286 Bond payable 42,991,809 42,909,590 39,560,554 39,411,666 844,765,446 Operating lease obligations 7,305,508 9,516,692 9,072,970 9,032,343 22,059,516 Purchase obligations 64,406,811 9,126,536 9,338,111 233,004 240,600 Total 136,283,678 63,149,845 58,759,412 49,449,064 867,146,848 |
EXPENSES BY NATURE
EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2018 | |
EXPENSES BY NATURE | |
EXPENSES BY NATURE | NOTE 23 - EXPENSES BY NATURE Other expenses by nature are: 01.01.2018 01.01.2017 01.01.2016 Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Direct production costs 759,229,954 815,455,280 776,824,622 Payroll and employee benefits 266,966,841 287,458,526 288,293,137 Transportation and distribution 137,428,173 163,361,088 153,675,961 Marketing 17,345,951 29,209,904 39,981,813 Depreciation and amortization 99,594,446 99,163,891 97,334,452 Repairs and maintenance 28,120,097 34,253,824 34,511,508 Other expenses 138,860,649 181,249,647 173,168,224 Total (1) 1,447,546,111 1,610,152,160 1,563,789,717 (1) Corresponds to the addition of cost of sales, administration expenses and distribution cost. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2018 | |
OTHER INCOME | |
OTHER INCOME | NOTE 24 - OTHER INCOME Other income by function is detailed as follows: 01.01.2018 01.01.2017 01.01.2016 Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Gain on disposal of Property, plant and equipment 1,984,547 312,470 318,771 Recovery AFIP claim 232,617 — 1,034,040 Others 392,004 238,364 408,088 Total 2,609,168 550,834 1,760,899 |
OTHER EXPENSES
OTHER EXPENSES | 12 Months Ended |
Dec. 31, 2018 | |
OTHER EXPENSES | |
OTHER EXPENSES | NOTE 25 - OTHER EXPENSES Other expenses are detailed as follows: 01.01.2018 01.01.2017 01.01.2016 Detail 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Contingencies and Non-operating fees 10,192,495 5,377,190 9,959,181 Tax on bank debits 4,653,929 7,669,234 7,006,261 Disposal and write-off of Property, plant and equipment 262,366 3,025,497 4,800,278 Others 948,973 629,550 999,447 Total 16,057,763 16,701,471 22,765,167 |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2018 | |
FINANCIAL INCOME AND EXPENSES | |
FINANCIAL INCOME AND EXPENSES | NOTE 26 - FINANCIAL INCOME AND EXPENSES Financial income and expenses are detailed as follows: a) Finance income 01.01.2018 01.01.2017 01.01.2016 Detail 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Interest income 1,046,580 8,370,338 8,466,177 Other interest income 2,893,664 2,824,037 1,195,515 Total 3,940,244 11,194,375 9,661,692 b) Finance expenses 01.01.2018 01.01.2017 01.01.2016 Detail 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Bond interest 38,547,682 42,178,816 41,652,154 Bank loan interest 1,828,588 5,553,485 3,990,853 Other interest costs 14,638,390 7,488,068 5,731,964 Total 55,014,660 55,220,369 51,374,971 |
OTHER (LOSSES) AND GAIN
OTHER (LOSSES) AND GAIN | 12 Months Ended |
Dec. 31, 2018 | |
OTHER (LOSSES) AND GAIN | |
OTHER (LOSSES) AND GAIN | NOTE 27 - OTHER (LOSSES) AND GAIN Other (losses) and gains are detailed as follows: 01.01.2018 01.01.2017 01.01.2016 Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Gains (loss) on derivative transactions raw materials — — (1,466) (Losses) gains on ineffective portion of hedge derivatives (2,707,802) (2,536,079) (3,378,484) Other income and (expenses) (57) (1,190) (7,427) Total (2,707,859) (2,537,269) (3,387,377) |
LOCAL AND FOREIGN CURRENCY
LOCAL AND FOREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2018 | |
LOCAL AND FOREIGN CURRENCY | |
LOCAL AND FOREIGN CURRENCY | NOTE 28 - LOCAL AND FOREIGN CURRENCY Local and foreign currency balances as of December 31, 2018 and December 31, 2017, are the following: CURRENT ASSETS 12.31.2018 12.31.2017 ThCh$ ThCh$ Cash and cash equivalents 137,538,613 136,242,116 US Dollars 5,917,041 6,973,298 Euros 51,401 17,245 Chilean pesos 86,121,695 80,985,719 Brazilian Real 28,040,970 21,779,408 Argentine Pesos 6,726,906 19,681,449 Paraguayan Guarani 10,680,600 6,804,997 Other financial assets 683,567 14,138,161 U.S. Dollars — — Chilean pesos 355,126 — Unidad de Fomento — 13,647,997 Brazilian Real 14,040 366,595 Argentine Pesos 300,359 123,569 Paraguayan Guarani 14,042 — Other non-financial assets 5,948,923 5,611,861 US Dollars 45,053 70,975 Unidad de Fomento 78,623 9,790 Chilean pesos 3,589,253 3,049,402 Brazilian Real 1,275,073 1,447,790 Argentine Pesos 460,125 632,428 Paraguayan Guarani 500,796 401,476 Trade and other accounts receivable, net 174,113,323 191,284,680 US Dollars 863,794 541,579 Euros 52,332 112,763 Unidad de Fomento 1,414,800 1,673,147 Chilean pesos 73,028,244 75,797,942 Brazilian Real 66,585,089 75,387,122 Argentine Pesos 25,000,141 30,870,192 Paraguayan Guarani 7,168,923 6,901,935 Accounts receivable from related companies 9,450,263 5,370,232 US Dollars 26,557 16,674 Chilean pesos 6,911,814 5,172,144 Brazilian Real — Argentine Pesos 2,511,892 181,414 Inventory 151,319,709 131,363,000 US Dollars 2,197,382 3,046,600 Euros 12,522 262,204 Chilean pesos 50,130,341 39,750,597 Brazilian Real 36,797,523 33,834,631 Argentine Pesos 46,394,230 43,857,361 Paraguayan Guarani 15,787,711 10,611,607 Current tax assets 2,532,056 — Chilean pesos — — Brazilian Real 2,532,056 — Total Current Assets 481,586,454 484,010,050 US Dollars 9,049,827 10,649,126 Euros 116,255 392,212 Unidad de Fomento 1,493,423 15,330,934 Chilean pesos 220,136,473 204,755,804 Brazilian Real 135,244,751 132,815,546 Argentine Pesos 81,393,653 95,346,413 Paraguayan Guarani 34,152,072 24,720,015 NON-CURRENT ASSETS 12.31.2018 12.31.2017 ThCh$ ThCh$ Other financial assets 97,362,295 74,259,085 Chilean pesos - 2,212,688 Brazilian Real 87,446,661 63,531,839 Argentine Pesos 9,915,634 8,514,558 Other non-financial assets 34,977,264 47,394,345 US Dollars 22,917 — Unidad de Fomento 314,283 — Chilean pesos 47,532 395,857 Brazilian Real 32,070,120 45,334,405 Argentine Pesos 2,315,682 1,626,255 Paraguayan Guarani 206,730 37,828 Trade and other receivables 1,270,697 2,395,851 Unidad de Fomento 1,204,097 2,335,322 Argentine Pesos 90 2,193 Paraguayan Guarani 66,510 58,336 Accounts receivable from related parties 74,340 156,492 Chilean pesos 74,340 156,492 Investments accounted for under the equity method 102,410,945 86,809,069 Chilean pesos 50,136,221 33,789,538 Brazilian Real 52,274,724 53,019,531 Intangible assets other than goodwill 668,822,553 663,272,878 US Dollars 4,960,399 3,959,421 Chilean pesos 306,508,710 307,165,028 Brazilian Real 182,657,545 188,401,129 Argentine Pesos 2,101,571 922,226 Paraguayan Guarani 172,594,328 162,825,074 Goodwill 117,229,173 93,598,217 Chilean pesos 9,523,767 9,523,767 Brazilian Real 72,059,356 72,488,336 Argentine Pesos 28,318,129 4,672,971 Paraguayan Guarani 7,327,921 6,913,143 Property, plant and equipment 710,770,968 659,750,499 US Dollars — 190,365 Euros 381,732 5,362,096 Chilean pesos 271,625,978 271,391,436 Brazilian Real 252,674,783 240,781,729 Argentine Pesos 117,532,176 77,580,966 Paraguayan Guarani 68,556,299 64,443,907 Deferred income tax assets — 3,212,981 Argentine Pesos — 3,212,981 Total Non-Current Assets 1,732,918,235 1,630,849,417 US Dollars 4,983,316 4,149,786 Euros 381,732 5,362,096 Unidad de Fomento 1,518,380 2,335,322 Chilean pesos 637,916,548 624,634,806 Brazilian Real 679,183,189 663,556,969 Argentine Pesos 160,183,282 96,532,150 Paraguayan Guarani 248,751,788 234,278,288 12.31.2018 12.31.2017 90 days up to 1 90 days up to 1 CURRENT LIABILITIES Up to 90 days year Total Up to 90 days year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other financial liabilities, current 9,377,421 46,737,556 56,114,977 13,536,530 54,444,875 67,981,405 U.S. Dollars 130,829 3,304,011 3,434,840 25,540 4,563,131 4,588,671 Unidad de Fomento 7,831,899 10,536,509 18,368,408 6,735,155 9,892,144 16,627,299 Chilean pesos — 9,681,676 9,681,676 — 10,342,404 10,342,404 Brazilian Real 1,413,622 20,833,877 22,247,499 5,084,725 15,589,691 20,674,416 Argentinean pesos 1,071 1,357,285 1,358,356 1,691,110 13,185,694 14,876,804 Paraguayan Guaraní — 1,024,198 1,024,198 — 871,811 871,811 Trade and other accounts payable, current 234,715,484 3,394,363 238,109,847 251,516,304 6,003,173 257,519,477 U.S. Dollars 14,514,082 — 14,514,082 11,716,262 29,728 11,745,990 Euros 4,311,724 59,951 4,371,675 2,202,581 80,070 2,282,651 Unidad de Fomento 192,055 — 192,055 2,198,131 — 2,198,131 Chilean pesos 81,099,246 3,334,412 84,433,658 82,576,800 5,823,291 88,400,091 Brazilian Real 68,940,973 — 68,940,973 74,524,169 — 74,524,169 Argentinean pesos 54,846,437 — 54,846,437 69,859,508 52,403 69,911,911 Paraguayan Guaraní 10,805,605 — 10,805,605 8,437,188 17,681 8,454,869 Other currencies 5,362 — 5,362 1,665 — 1,665 — — — Accounts payable to related companies, current 45,687,476 140,383 45,827,859 33,728,629 232,808 33,961,437 U.S. Dollars — — — — — — Unidad de Fomento — — — — — — Chilean pesos 27,729,583 140,383 27,869,966 15,297,780 232,808 15,530,588 Brazilian Real 12,478,179 — 12,478,179 18,430,849 — 18,430,849 Argentinean pesos 5,479,714 — 5,479,714 — — — Paraguayan Guaraní — — — Other provisions, current 1,789,275 1,696,338 3,485,613 2,616,340 60,078 2,676,418 Chilean pesos 1,789,275 1,681,178 3,470,453 2,616,340 — 2,616,340 Paraguayan Guaraní — 15,160 15,160 — 60,078 60,078 Tax liabilities, current 4,302,370 5,036,242 9,338,612 543,874 2,641,091 3,184,965 Chilean pesos 4,302,370 1,184,842 5,487,212 184,406 — 184,406 Brazilian Real — — — 359,468 359,468 718,936 Argentinean pesos — 2,980,634 2,980,634 — 2,155,680 2,155,680 Paraguayan Guaraní — 870,766 870,766 — 125,943 125,943 Employee benefits current provisions 10,189,264 23,021,715 33,210,979 — 35,955,643 35,955,643 Chilean pesos 1,177,114 4,854,163 6,031,277 — 6,365,543 6,365,543 Brazilian Real — 17,180,455 17,180,455 — 16,412,363 16,412,363 Argentinean pesos 9,012,150 — 9,012,150 — 12,371,827 12,371,827 Paraguayan Guaraní — 987,097 987,097 — 805,910 805,910 Other non-financial liabilities, current 1,346,839 32,427,375 33,774,214 648,171 26,359,806 27,007,977 Unidad de Fomento — — — — — — Chilean pesos 869,964 32,276,377 33,146,341 190,529 26,111,396 26,301,925 Brazilian Real — — — — — — Argentinean pesos 476,875 — 476,875 457,642 — 457,642 Paraguayan Guaraní — 150,998 150,998 — 248,410 248,410 Total current liabilities 307,408,129 112,453,972 419,862,101 302,589,848 125,697,474 428,287,322 U.S. Dollars 14,644,911 3,304,011 17,948,922 11,741,802 4,592,859 16,334,661 Euros 4,311,724 59,951 4,371,675 2,202,581 80,070 2,282,651 Unidad de Fomento 8,023,954 10,536,509 18,560,463 8,933,286 9,892,144 18,825,430 Chilean pesos 116,967,552 53,153,031 170,120,583 100,865,855 48,875,442 149,741,297 Brazilian Real 82,832,774 38,014,332 120,847,106 98,399,211 32,361,522 130,760,733 Argentinean pesos 69,816,247 4,337,919 74,154,166 72,008,260 27,765,604 99,773,864 Paraguayan guaraní 10,805,605 3,048,219 13,853,824 8,437,188 2,129,833 10,567,021 Other currencies 5,362 — 5,362 1,665 — 1,665 12.31.2018 12.31.2017 More More than More More More than than 1 up 3 years up 5 than than 1 up 3 years up More than NON-CURRENT LIABILITIES to 3 years to 5 years years Total to 3 years to 5 years 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 28,642,101 276,409,074 411,512,603 716,563,778 8,185,760 8,153,247 659,428,194 675,767,201 U.S. Dollars — 250,976,154 — 250,976,154 513,788 — 350,016,750 350,530,538 Unidad de Fomento 25,634,958 23,105,123 402,045,609 450,785,690 — 2,092,245 298,725,592 300,817,837 Chilean pesos — — — — — — — — Brazilian Real 3,007,143 2,327,797 9,466,994 14,801,934 7,671,972 6,061,002 10,685,852 24,418,826 Non-current accounts payable 735,665 — — 735,665 1,132,926 — — 1,132,926 U.S. Dollars 585,289 — — 585,289 748,565 — — 748,565 Chilean pesos 148,680 — — 148,680 356,221 — — 356,221 Argentinean pesos 1,696 — — 1,696 28,140 — — 28,140 Other provisions, non-current 3,448,042 55,518,871 — 58,966,913 62,947,748 — — 62,947,748 Chilean pesos 2,500,000 — — 2,500,000 5,000,000 5,000,000 Brazilian Real — 55,518,871 — 55,518,871 56,607,720 — — 56,607,720 Argentinean pesos 948,042 — — 948,042 1,340,028 — — 1,340,028 Paraguayan Guaraní — — — — Deferred tax liabilities 16,607,605 101,512,040 27,126,303 145,245,948 19,317,808 91,769 105,794,989 125,204,566 Chilean pesos 497,175 81,630,530 11,899,975 94,027,680 252,448 91,769 92,319,662 92,663,879 Brazilian Real — 19,881,510 — 19,881,510 19,065,360 — — 19,065,360 Argentinean pesos 16,110,430 — — 16,110,430 Paraguayan Guaraní — — 15,226,328 15,226,328 — — 13,475,327 13,475,327 Employee benefits non-current provisions 742,297 240,148 8,433,096 9,415,541 359,760 62,742 7,863,853 8,286,355 Chilean pesos 230,528 240,148 8,433,096 8,903,772 163,756 62,742 7,863,853 8,090,351 Paraguayan Guaraní 511,769 — — 511,769 196,004 — — 196,004 Other non-financial liabilities, non-current — — — — — — — — Brazilian Real — — — — — — — — Argentinean pesos — — — — — — — — Total non-current liabilities 50,175,710 433,680,133 447,072,002 930,927,845 91,944,002 8,307,758 773,087,036 873,338,796 U.S. Dollars 585,289 250,976,154 — 251,561,443 1,262,353 — 350,016,750 351,279,103 Unidad de Fomento 25,634,958 23,105,123 402,045,609 450,785,690 — 2,092,245 298,725,592 300,817,837 Chilean pesos 3,376,383 81,870,678 20,333,071 105,580,132 5,772,425 154,511 100,183,515 106,110,451 Brazilian Real 3,007,143 77,728,178 9,466,994 90,202,315 83,345,052 6,061,002 10,685,852 100,091,906 Argentinean pesos 17,060,168 — — 17,060,168 1,368,168 — — 1,368,168 Paraguayan Guaraní 511,769 — 15,226,328 15,738,097 196,004 — 13,475,327 13,671,331 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 29 - SUBSEQUENT EVENTS There are no subsequent events that may significantly affect the Company’s consolidated financial position as of December 31, 2018. |
BASIS OF PREPARATION OF CONSO_2
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Periods covered | 2. 1 Periods covered These Consolidated Financial Statements encompass the following periods: Consolidated Statement of Financial Position: As of December 31, 2018 and 2017. Consolidated Income Statements by Function and Comprehensive Income: For the periods between January 1 and December 31, 2018, 2017 and 2016. Consolidated Statements of Direct Cash Flows: For the periods between January 1 and December 31, 2018, 2017 and 2016. Consolidated Statements of Changes in Equity: Balance and movements between January 1 and December 31, 2018, 2017 and 2016. |
Basis of preparation | 2. 2 Basis of preparation The Company’s Consolidated Financial Statements were prepared in accordance with International Financial Reporting Standards (hereinafter "IFRS") issued by the International Accounting Standards Board (hereinafter "IASB"). The consolidated financial statements are presented under the historical cost criteria, although modified by the revaluation of certain financial instruments and derivative instruments. The Company’s 2018 local statutory consolidated financial statements in spanish were approved by the Company’s Board of Directors on February 28, 2019, 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, 2018 and 2017 along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows (and related disclosures), each for the two years then ended. Those consolidated financial statements were then subsequently approved by the Company’s shareholders during its April 17, 2019 meeting. Included in this 2018 consolidated financial statements are consolidated statement of financial position as of December 31, 2018 and 2017, along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2018, 2017 and 2016. This three year presentation of operations, changes in equity and of cash flows is required by the rules of the United States Securities and Exchange Commission. The accompanying English language IFRS consolidated financial statements are consistent with the previously issued local statutory consolidated financial statements. This three year English language IFRS consolidated financial statements were approved for issuances by the Board of Directors during a session held on April 24, 2019, with subsequent events considered through this later date. These Consolidated Financial Statements have been prepared, based on accounting records kept by the Embotelladora Andina S.A. (“Parent Company”) and by other entities forming part thereof. |
Basis of consolidation | 2.3 Basis of consolidation 2.3.1 Subsidiaries These consolidated financial statements incorporate the financial statements of the Company and the companies controlled by the Company (its subsidiaries). 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 as of December 31, 2018 and 2017, and results of operations for the periods between January 1 and December 31, 2018, 2017 and 2016, and cash flows for the periods between January 1 and December 31, 2018, 2017 and 2016. Income or losses from subsidiaries acquired or sold are included in the consolidated financial statements from the effective date of acquisition through the effective date of disposal, as applicable. The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. All acquisition related costs are expensed in the period incurred. Intercompany transactions, balances, income, expenses and unrealized gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries are changed to ensure consistency with the policies adopted by the Company, where necessary. 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 after eliminating intercompany balances and transactions. The list of subsidiaries included in the consolidation is detailed as follows: Holding control (percentage) 12-31-2018 12-31-2017 Taxpayer ID Name of the Company Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. — 99.99 99.99 — 99.99 99.99 Foreign Aconcagua Investing Ltda. 0.71 99.28 99.99 0.71 99.28 99.99 96.842.970-1 Andina Bottling Investments S.A. 99.90 0.09 99.99 99.90 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 Foreign Embotelladora del Atlántico S.A. 0.92 99.07 99.99 0.92 99.07 99.99 96.705.990-0 Envases Central S.A. 59.27 — 59.27 59.27 — 59.27 96.971.280-6 Inversiones Los Andes Ltda. 99.99 — 99.99 99.99 — 99.99 Foreign Paraguay Refrescos S.A. 0.08 97.75 97.83 0.08 97.75 97.83 76.276.604-3 Red de Transportes Comerciales Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k Vital Jugos S.A. 15.00 50.00 65.00 15.00 50.00 65.00 2.3. 2 Investments accounted for under the equity method Associates are all entities over which the Company exercises significant influence but does not have control. Investments in associates are accounted for using the equity method of accounting. The Company’s share in profit or loss in associates subsequent to the acquisition date is recognized in the income statement. Unrealized gains in transactions between the Company and its associates are eliminated to the extent of the Company´s interests in those associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment on the asset transferred. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Company. |
Financial reporting by operating segment | 2. 4 Financial reporting by operating segment IFRS 8 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: · Chilean operations · Brazilian operations · Argentine operations · Paraguayan operations |
Foreign currency translation | 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 Andina Empaques Argentina Argentine Peso Embotelladora del Atlántico Argentine Peso Embotelladora Andina Chilean Peso Paraguay Refrescos Guaraní Rio de Janeiro Refrescos Reales Foreign currency transactions are translated into the functional currency using the foreign exchange rates prevailing on the dates of the transactions. Losses and gains in foreign currency resulting from the liquidation of these transactions and the translation at the closing exchange rate of monetary assets and liabilities denominated in foreign currency are recognized in the income statements under foreign exchange rate differences, except when they correspond to cash flow hedges; in which case they are presented in the statement of comprehensive income. Functional currency in hyperinflationary economies According to the criteria established in the International Accounting Standard No. 29 Financial information in Hyperinflationary Economies, as of July 2018, Argentina's economy is considered to be hyperinflationary. This determination was carried out on the basis of a series of qualitative and quantitative criteria, among which the presence of an accumulated inflation rate of more than 100% for three years stands out. 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 Argentinean peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were re-expressed 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 1 January 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial situation of our subsidiaries in Argentina were converted to the closing exchange rate (AR/CLP) as of December 31, 2018, in accordance with IAS 21 "Effects of foreign currency exchange rate variations", when dealing with a hyperinflationary economy. Previously, the results of the Argentinean subsidiaries were converted to the average exchange rate of the period, as is the case for the conversion of the results of the rest of the subsidiaries operating in other countries whose economies are not considered hyperinflationary. Whereas the functional and presentation currency of Embotelladora Andina S.A. does not correspond to that of a hyperinflationary economy, according to the guidelines set out in IAS 29, the restatement of comparative periods is not required in the consolidated financial statements of the Group. Inflation for the periods January to December 2018 and 2017 amounted to 47.6% and 24.8%, respectively. The first time adoption of IAS 29 resulted in a positive adjustment in the accumulated results of Embotelladora Andina S.A., for Th$79,499,736 (net of taxes) as of January 1, 2018. On the other hand, during 2018, the adoption of this standard generated earnings by the re-expression of balance sheet accounts for Th$8,516,369, which is recognized in the consolidated income statement under "Income by readjustment units". In addition, since the Argentinean economy was declared as hyperinflationary, a net loss effect was recorded for Th$15,743,592 in the fiscal year’s income, generated by inflation adjustment and translation at the closing exchange rate at December 31, 2018. 2.5.2 Presentation currency The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of subsidiaries are translated from the functional currency to the presentation currency 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 balance sheet is translated to the closing exchange rate at the balance sheet 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. · When an account receivable from related companies is designated as hedge investment, translation differences are recorded under comprehensive income, net of deferred taxes. On disposal of the investment, such translation differences are recognized in the income statement as part of the gain or loss on the disposal of the investment. b. Conversion of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina) Financial statements measured in their functional currency, with inflation adjustments since they correspond to a hyperinflationary economy, are translated to the presentation currency as follows: · The balance sheet is translated at the closing exchange rate at the balance sheet date; · Results are translated at the closing exchange rate at the balance sheet date · When an account receivable from related companies is designated as hedge investment, translation differences are recorded under comprehensive income, net of deferred taxes. On disposal of the investment, such translation differences are recognized in the income statement as part of the gain or loss on the disposal of the investment. c. Comparative figures According to the IAS, figures of previous years are not adjusted or re-expressed when the presentation currency is that of a non-hyperinflationary economy, as is the case of the Chilean peso, thus, financial statements of previous years are not amended. 2.5.3 Exchange rates and value of the UF Exchange rate to the Chilean Peso US$ R$ Brazilian A$ Argentine UF Unidad de G$ Paraguayan € Date dollar Real Peso Fomento Guaraní Euro 12.31.2018 694.77 179.30 18.43 27,565.79 0.117 794.75 12.31.2017 614.75 185.84 32.96 26,798.14 0.110 739.15 12.31.2016 669.47 205.42 42.13 26,347.98 0.116 705.60 |
Property, plant, and equipment | 2. 6 Property , plant, and equipment Assets included in Property, plant and equipment are recognized at their historical cost or fair value on the IFRS transition date, less depreciation and cumulative impairment losses. Historical cost of Property, plant and equipment includes expenditures that are directly attributable to the acquisition of the items less government subsidies resulting from the difference between the valuation of liabilities at fair value and the government´s preferential credit rates. Historical cost also includes revaluations and price-level restatements of opening balances (attributable cost) at January 1, 2009, in accordance with the exemptions in IFRS 1. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. Repairs and maintenance are charged to the income statement in the reporting period in which they are incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The estimated useful lives by asset category are: Assets Range in years Buildings - 50 Plant and equipment - 20 Warehouse installations and accessories - 30 Furniture and supplies - 5 Motor vehicles - 7 Other Property, plant and equipment - 8 Bottles and containers - 8 The residual value and useful lives of assets are reviewed and adjusted at the end of each financial statement-reporting period, if appropriate. When the value of an asset is greater than its estimated recoverable amount, the value is written down immediately to its recoverable amount. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate. If there are items available for sale and comply with the conditions of IFRS 5 "Non-current assets held for sale and discontinued operations" are separated from Property, plant and equipment and are presented within current assets at the lower value between the book value and its fair value less selling costs. |
Intangible assets and Goodwill | 2.7 Intangible assets and Goodwill 2.7.1 Goodwill Goodwill represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets of the subsidiary and the fair value of the non-controlling interest in the subsidiary on the acquisition date. Since goodwill is an intangible asset with indefinite useful life, it is recognized separately and tested annually for impairment. Goodwill is carried at cost less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity. Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored for internal management purposes. 2.7. 2 Distribution rights Distribution rights are contractual rights to produce and/or distribute products under the Coca-Cola brand and other brands in certain territories in Argentina, Brazil, Chile and Paraguay that were acquired during Business Combination. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, as the Company believes that the agreements will be renewed indefinitely by the Coca-Cola Company with similar terms and conditions. They 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. Software is amortized in administrative expenses in the consolidated income statement over a period of four years. |
Impairments of non-financial assets | 2. 8 Impairments 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). |
Financial assets | 2. 9 Financial assets Pursuant to IFRS 9, except for certain trade accounts receivable, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset that is not at fair value, reflecting changes in P&L. According to IFRS 9, financial assets are subsequently measured at fair value with changes in P&L (FVPL), amortized cost or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: The Group's business model for managing assets; and if the contractual cash flows of financial instruments represent "solely payments of principal and interest” on the outstanding principal amount (the “SPPI criterion”). The new classification and measurement of the Group's financial assets is 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. The Group’s financial liabilities accounting, to a large extent continues to be same as the one set forth in IAS 39. Similar to the requirements of IAS 39, IFRS 9 requires that assets for contingent services be treated as financial instruments measured at fair value, with changes in fair value recognized in P&L. Pursuant to IFRS 9, implicit derivatives are no longer separated from a principal financial asset. Financial assets, however, are classified according to contractual terms and the Group’s business model. |
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. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. 2.10. 1 Derivative financial instruments designated as cash flow hedges At the inception of the transaction, the group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement within "other gains (losses)”. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when foreign currency denominated financial liabilities are translated into their functional currencies). The gain or loss relating to the effective portion of cross currency swaps hedging the effects of changes in foreign exchange rates are recognized in the consolidated income statement within "foreign exchange differences.” When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the consolidated income statement. 2.10. 2 Derivative financial instruments not designated for hedging The fair value of derivative financial instruments that do not qualify for hedge accounting pursuant to IFRS are immediately recognized in the consolidated income statement under "Other income and losses". The fair value of these derivatives is recorded under "other current financial assets" or "other current financial liabilities" in the statement of financial position.” The Company does not use hedge accounting for its foreign investments. The Company also evaluates the existence of derivatives implicitly in contracts and financial instruments as stipulated by IFRS 9 and classifies them pursuant to their contractual terms and the business model of the group. As of December 31, 2018 and 2017, the Company had no implicit derivatives. Fair value hierarchy 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: 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 the assets or liabilities that are not based on observable market data information. During the reporting periods there were no transfers of items between fair value measurement categories. All of which were valued during the period using Level 2. |
Inventories | 2. 11 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress includes raw materials, direct labor, other direct costs and manufacturing overhead (based on operating capacity) to bring the goods to marketable condition, but it excludes interest expense. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Spare parts and production materials are stated at the lower of cost or net realizable value. Estimates are also made for obsolescence of raw materials and finished products based on turnover and age of the related goods. |
Trade receivables | 2. 12 Trade receivables Trade accounts receivables and other accounts receivable are recognized initially at fair value and subsequently measured at amortized cost less an allowance for expected credit losses, given their short-term nature. An allowance for expected credit losses is made when there is objective evidence that the Company may not be able to collect the full amount according to the original terms of the receivable. The carrying amount of the asset is reduced by the allowance for expected credit losses amount and the loss is recognized in administrative expenses in the consolidated income statement by function. |
Cash and cash equivalents | 2. 13 Cash and cash equivalents Cash and cash equivalents include cash on hand, bank balances, time deposits and other short-term highly liquid and low risk of change in value investments and mutual funds with original short-term maturities equal to or less than three months. |
Other financial liabilities | 2. 14 Other financial liabilities Resources obtained from financial institutions as well as the issuance of debt securities are initially recognized at fair value, net of costs incurred during the transaction. Then, liabilities are valued by accruing interests in order to equal the current value with the future value of liabilities payable, using the effective interest rate method. General and specific borrowing costs directly attributable to the acquisition, construction or production of qualified assets, considered as those that require a substantial period of time in order to get ready for their forecasted use or sale, are added to the cost of those assets until the period in which the assets are substantially ready to be used or sold. |
Income tax | 2. 15 Income tax The Company and its subsidiaries in Chile account for income tax according to the net taxable income calculated based on the rules in the Income Tax Law. Subsidiaries in other countries account for income taxes according to the tax regulations of the country in which they operate. Deferred income taxes are calculated using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements, using the tax rates that have been enacted or substantively enacted on the balance sheet date and are expected to apply when the deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. The Company does not recognize deferred income taxes for temporary differences from investments in subsidiaries in which the Company can control the timing of the reversal of the temporary differences and it is probable that they will not be reversed in the near future. |
Employee benefits | 2. 16 Employee benefits The Company has a provision to cover 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. Results from updated of actuarial variables are recorded within other comprehensive income in accordance with IAS 19. Additionally, the Company has retention plans for some officers, which have a provision pursuant to the guidelines of each plan. These plans grant the right to certain officers to receive a cash payment on a certain date once they have fulfilled with the required years of service. The Company and its subsidiaries have recorded a provision to account for the cost of vacations and other employee benefits on an accrual basis. These liabilities are recorded under current non-financial liabilities. |
Provisions | 2. 17 Provisions Provisions for litigation and other contingencies are recognized when the Company has a present legal or constructive obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. |
Leases | 2. 18 Leases a) Operating leases Operating lease payments are recognized as an expense on a straight-line basis over the term of the lease. b) Finance leases Leases of Property, plant and equipment where the Company has substantially all the risks and rewards of ownership are classified as finance leases that are capitalized at the inception of the lease of the item of Property, plant and equipment at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges. The interest element is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. |
Deposits for returnable containers | 2.19 Deposits for returnable containers This liability comprises cash collateral, or deposit, received from customers for bottles and other returnable containers made available to them. This liability pertains to the deposit amount that is reimbursed when the customer or distributor returns the bottles and containers in good condition, together with the original invoice. The liability is estimated based on the number of bottles given to clients and distributors, the estimated number of bottles in circulation, and a historical average weighted value per bottle or containers. Deposits for returnable containers are presented as a current liability in other financial liabilities because the Company does not have legal rights to defer settlement for a period in excess of one year. However, the Company does not anticipate any material cash settlements for such amounts during the upcoming year. |
Revenue recognition | 2. 20 Revenue recognition Pursuant to IFRS 15, adopted by the Company for its consolidated financial statements as of the effective date January 1, 2018, the only performance obligation identified by the Company is the sale of finished products, which also incorporate the sale of the service of deliver the product to the final customer. The performance obligation is satisfied with the physical delivery of products to customers and no kind of contract exists granting additional rights to clients that can be unilaterally enforced. Revenues from regular activities include fair value of the consideration received or to be received for goods sold during the regular course of the Company’s activities. These revenues are transferred and are presented net of VAT, reimbursements, deductions and discounts. The Company recognizes said Revenues when they can be reliably valued, and when it is probable that the future economic benefits will flow to the Company. For previous periods, the Company applied the revenue recognition policy based on the requirements of IAS 18. |
Contributions of The Coca-Cola Company | 2. 21 Contributions of The Coca-Cola Company The Company receives certain discretionary contributions from The Coca-Cola Company (TCCC) mainly related to the financing of advertising and promotional programs for its products in the territories where the Company has distribution licenses. The contribution received from TCCC are recognized in net income after the conditions agreed with TCCC in order to become a creditor to such incentive have been fulfilled, they are recorded as a reduction in the marketing expenses included in the Administration Expenses account. Given its discretionary nature, the portion of contributions received in one period does not imply it will be repeated in the following period. |
Dividend payments | 2. 22 Dividend payments Dividend distribution to Company shareholders is recorded as a liability in the Company’s Consolidated Financial Statements, considering the 30% minimum dividend of the period’s earnings established by Chilean Corporate Law. |
Critical accounting estimates and judgments | 2. 23 Critical accounting estimates and judgments The Company makes estimates and judgments concerning the future. Actual results may differ from previously estimated amounts. The estimates and judgments that might have a material impact on future financial statements. 2.23. 1 Impairment of goodwill and intangible assets with indefinite useful lives The Company test annually whether goodwill and intangible assets with indefinite useful life (such as distribution rights) have suffered any impairment. The recoverable amounts of cash generating units are generating units are determined based on value in use calculations. The key variables used in the calculations include sales volumes and prices, discount rates, marketing expenses and other economic factors including inflation. The estimation of these variables requires a use of estimates and judgments as they are subject to inherent uncertainties; however, the assumptions are consistent with the Company’s internal planning end past results. Therefore, management evaluates, and updates estimates according to the conditions affecting the variables. If these assets are considered to have been impaired, they will be written off at their estimated fair value or future recovery value according to the discounted cash flows analysis. Discounted cash flows in the Company's cash generating units in Chile, Brazil, Argentina and Paraguay generated a higher value than the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and Paraguayan subsidiaries. 2.23. 2 Fair Value of Assets and Liabilities IFRS requires in certain cases that assets and liabilities be recorded at their fair value. Fair value is the price that would be received for selling an asset or paid to transfer a liability in a transaction ordered between market participants at the date of measurement. The basis for measuring assets and liabilities at fair value are their current prices in an active market. For those that are not traded in an active market, the Company determines fair value based on the best information available by using valuation techniques. In the case of the valuation of intangibles recognized as a result of acquisitions from business combinations, the Company estimates the fair value based on the "multi-period excess earning method", which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash flows that do not come from these, but from other assets. The Company also applies estimations over the period during which the intangible assets will generate cash flows, cash flows from other assets, and a discount rate. Other assets acquired, and liabilities assumed in a business combination are carried at fair value using valuation methods that are considered appropriate under the circumstances. Assumptions include the depreciated cost of recovery and recent transaction values for comparable assets, among others. These valuation techniques require certain inputs to be estimated, including the estimation of future cash flows. 2.23. 3 Allowances for expected credit losses The Company evaluates the collectability of trade receivables using several factors. When the Company becomes aware of a specific inability of a customer to fulfill its financial commitments, a specific allowance for expected credit losses is estimated and recorded, which reduces the recognized receivable to the amount that the Company estimates to be able to collect. In addition to specific provisions, allowances for expected credit losses are also determined based on the restated valued of expected credit losses pursuant to IFRS 9. 2.23. 4 Useful life, residual value and impairment of property, plant, and equipment Property, plant, and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of those assets. Changes in circumstances, such as technological advances, changes to the Company’s business model, or changes in its capital strategy might modify the effective useful lives as compared to our estimates. Whenever the Company determines that the useful life of Property, plant and equipment might be shortened, it depreciates the excess between the net book value and the estimated recoverable amount according to the revised remaining useful life. Factors such as changes in the planned usage of manufacturing equipment, dispensers, transportation equipment and computer software could make the useful lives of assets shorter. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of any of those assets may not be recovered. The estimate of future cash flows is based, among other factors, on certain assumptions about the expected operating profits in the future. The Company’s estimation of discounted cash flows may differ from actual cash flows because of, among other reasons, technological changes, economic conditions, changes in the business model, or changes in operating profit. If the sum of the projected discounted cash flows (excluding interest) is less than the carrying amount of the asset, the asset shall be written-off to its estimated recoverable value. 2.23. 5 Liabilities for deposits of returnable container The Company records a liability for deposits received in exchange for bottles and containers provided to its customers and distributors. This liability represents the amount of deposits that must be reimbursed if the customer or distributor returns the bottles and containers in good condition, together with the original invoice. This liability is estimated based on the number of bottles given on loan to customers and distributors, estimates of bottles in circulation and the weighted average historical cost per bottle or container. Management makes several assumptions in order to estimate this liability, including the number of bottles in circulation, the amount of deposit that must be reimbursed and the timing of disbursements. |
New Accounting standards (Standards, Interpretations and Amendments) effective application periods | 2.24.1 New accounting standards (Standards, Interpretations and Amendments) effective application for annual periods beginning on or after January 1, 2018. Standards and interpretations, as well as the improvements and amendments to IFRS, which have been issued, effective at the date of these financial statements, are detailed below. The Company has applied these rules concluding that they will not significantly affect the financial statements. Mandatory Application Standards, Interpretations and Amendments Date IFRS 9 Financial Instruments January 1, 2018 IFRS 15 Revenue from Contracts with Customers January 1, 2018 IFRIC 22 Foreign Currency Transactions and Advanced Considerations January 1, 2018 IAS 28 Investments in Associates and Joint Ventures-decision to measure participation in associates and joint ventures at fair value with changes in results January 1, 2018 IFRS 9 “Financial Instruments” The final version of IFRS 9 Financial Instruments was issued in July 2014, incorporating all the phases of the IASB project to replace IAS 39 Financial Instruments: Recognition and Measurement for the annual periods beginning on or after January 1, 2018, this standard includes new requirements based on classification, measurement, impairment and hedge accounting principles, it introduces a “more prospective” model for expected credit losses for impairment accounting and a significantly reformed focus for hedge accounting. The adoption of IFRS 9 has not had a significant effect on the accounting policies of the Company in terms of classification and measurement of financial assets and related profit or loss accounts. For classification, measurement and accounting for hedges, no significant changes were determined. Therefore, no significant adjustments from the adoption of IFRS 9 were recognized in the Consolidated Financial Statements of the Company in relation to the classification, measurement and accounting for hedges. In relation to the analysis carried out by the Company to determine the impact of the new expected credit loss model of financial assets to calculate the provisions that should be registered. as of January 1, 2018, the effect of adopting the standard within the retained earnings was not significant because most of the accounts receivable are characterized by recovering in the short term, which results in estimates of expected credit loss that approximates the previous provisions for doubtful accounts under IAS 39. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 Revenue from Contracts with Customers , is a joint project with FASB to eliminate differences upon revenue recognition between IFRS and US GAAP, which was issued in May 2014, it is applicable to all customer contracts, it replaces IAS 11 construction contracts, IAS 18 revenues and related interpretations, and applies to all revenues arising from customer contracts, unless such contracts are within the scope of other standards. The new standard establishes a five-step model for accounting for revenues from contracts with customers, this model will facilitate the comparability of companies from different industries and regions. According to IFRS 15, revenues are recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for transfer of control of goods or the provision of services to a customer. The standard requires that the entities apply more judgment, taking into consideration all relevant facts and circumstances when applying each step of the model to the contracts with its customers. The standard also specifies the accounting for incremental costs arising from obtaining a contract and the costs directly related to the fulfillment of a contract. With regards to the reporting segment of Embotelladora Andina, revenue channels are mainly related to the sale of finished product and the delivery of promotional products, which are currently being recognized in the statement of income when the Company transfers these products to the customers. These revenue channels are supported by contracts with different retailers through traditional and modern channels, in which prices with such customers are constantly negotiated due to the high turnover of the Company's products and in order to remain competitive in the market. For the transition, the Company applied the modified retrospective method by determining the cumulative effect as of the date of the standard adoption on the consolidated financial information for the years ended December 31, 2017 and prior periods. In this manner, the prior periods financial statements were not restated, concluding the impacts of adoption did not have a significant impact on the Company's Consolidated Financial Statements. IFRIC Interpretation 22 “Foreign Currency Transactions and Advanced Considerations” The Interpretation addresses the way to determine the date of the transaction in order to establish the exchange rate to be used on the initial recognition of the related asset, expense or income (or the corresponding part of these) in the de-recognition of accounts of a non-monetary asset or liability arising from a payment or collection of advanced consideration in foreign currency, for this purpose the date of the transaction corresponds to the moment in which an entity initially recognizes the non-monetary asset or liability arising from the payment or collection of the advanced consideration. If there are multiple advanced payments or collections, the entity shall determine a transaction date for each advanced consideration payment or collection. The adoption of the aforementioned standards, amendments and interpretations did not have a significant impact on the Company’s Consolidated Financial Statements. IAS 28 “Investments in associates and joint ventures - decision to measure participation in associates and joint ventures at fair value with changes in results” The amendment clarifies that an entity that is a venture capital organization, or another qualifying entity, can choose in the initial recognition to assess its investments in associates and joint ventures at fair value with changes in results. If an entity that is not itself an investment entity has an interest in an associate or joint venture that is an investment entity, it may choose to keep the measurement at fair value applied by its associate. The amendment must be applied retrospectively. The adoption of the aforementioned standards, amendments and interpretations did not have a significant impact on the Company’s Consolidated Financial Statements. 2.24.2 New accounting standards (Standards, Interpretations and Amendments) effective application for annual periods beginning on or after January 1, 2019. Standards and interpretations, as well as the improvements and amendments to IFRS, which have been issued, but are still not effective at the date of these financial statements, are detailed below. The Company has not performed an early application of these rules: New Standards Mandatory application date IFRS 16 Leases January 1, 2019 IFRIC 23 Uncertainty over Income Tax Treatments January 1, 2019 Conceptual Framework Revised Conceptual Framework January 1, 2020 IFRS 16 “Leases” In January 2016, the IASB issued IFRS 16 Leases . IFRS 16 sets the definition of a lease agreement and specifies the accounting treatment of assets and liabilities arising from these contracts from the point of view of the lessor and lessee. The new standard does not differ significantly from the preceding standard, IAS 17 Leases , regarding accounting treatment from the point of view of the lessor. However, from the point of view of the lessee, the new standard requires the recognition of assets and liabilities for most of leasing contracts. IFRS 16 will be mandatory for annual periods beginning after January 1, 2019. Early application is permitted if adopted together with IFRS 15 Revenue from Contracts with Customers. The Company has assessed the impacts of the implementation of the new standard and has estimated an increase of its assets by approximately 1.0 %, and an increase of its liabilities of approximately 1.6 %. The impact of the adoption will generate a reduction of equity of approximately 0.6 %. IFRIC 23 “Uncertainty over Income Tax Treatments” In June 2017, the IASB issued IFRIC Interpretation 23, clarifying the application of recognition and measurement criteria required by IAS 12 Income Taxes when there is uncertainty about the tax treatments. This interpretation shall be applied for annual periods beginning after January 1, 2019. The Company has yet to complete its evaluation of whether this interpretation will have a significant impact on the consolidated financial statements. Revised Conceptual Framework The IASB issued a Revised Conceptual Framework in March 2018, incorporating some new concepts, providing updated definitions and recognition criterion for assets and liabilities and clarifying some important concepts. Changes in the Conceptual Framework may affect the application of IFRS when no standard applies to a given transaction or event. The Revised Conceptual Framework becomes effective for periods ending on or after January 1, 2020. The Company will assess the impact of these new definitions. Amendments and Improvements Mandatory application date IFRS 3 Business Combinations January 1, 2019 IFRS 9 Financial Instruments January 1, 2019 IFRS 11 Joint Arrangements January 1, 2019 IAS 12 Income Taxes January 1, 2019 IAS 23 Borrowing Costs January 1, 2019 IAS 28 Investments in Associates January 1, 2019 IAS 19 Employee Benefits-Amendment, reduction or liquidation of the plan January 1, 2019 IFRS 10 and IAS 28 Consolidated Financial Statements-sale or contribution of assets between an investor and its associate or joint venture To be defined IFRS 3 “Business Combinations” The amendments clarify that when an entity gets control of an entity that is a joint venture, the requirements for a phased business combination are applicable, including the interests previously held on the assets and liabilities of a joint venture presented at fair value. The amendments must apply to business combinations made after January 1, 2019. Early application is allowed. The entity will perform an assessment of the impact of the improvement once it becomes effective. IFRS 9 “Financial Instruments – Payments with negative compensation” A debt instrument can be measured at amortized cost, cost or at fair value through another comprehensive result, provided that the contractual cash flows are only principal and interest payments on the outstanding principal capital and the instrument is carried out within the business model for that classification. Amendments to IFRS 9 aim to clarify that a financial asset meets the criterion of only principal plus interest payments regardless of the event or circumstance that causes the anticipated termination of the contract or of which party pays or receives reasonable compensation for early termination of the contract. Amendments to IFRS 9 shall apply when prepayment is approximate to unpaid capital and interest amounts in such a way as to reflect the change in reference interest rate. This implies that prepayments at fair value or for an amount including the fair value of the cost of an associated hedging instrument will normally satisfy the criterion only principal payments plus interest only if other elements of the change in fair value, such as the effects of credit risk or liquidity are not representative. Application begins January 1, 2019 and will be retrospectively performed with early adoption allowed. The Company will assess the impact of the amendment once it becomes effective. IFRS 11 “Joint Arrangements” The amendment affects joint arrangements on interests previously held in a joint operation. A participating party, but that does not have the joint control of a joint operation could gain control if the joint operation activity constitutes a business as defined by IFRS 3. The amendments clarify that the interests previously maintained in that joint operation are not re-measured at the time of the operation. The amendments shall apply to transactions in which the joint control is acquired after January 1, 2019. Early application is allowed. The Company will assess the impact of the amendment once it becomes effective. IAS 12 “Income Taxes” The amendments clarify that the income tax on dividends generated by financial instruments classified as equity are more directly linked to past transactions or events that generated distribution of profits than distribution to the owners. Therefore, an entity recognizes income tax on dividends in results, other comprehensive income or equity, according to where the entity originally recognized those transactions or past events. The amendments shall apply to dividends recognized after January 1, 2019. The Company will assess the impact of the amendment once it becomes effective. IAS 23 “Borrowing Costs” The amendments clarify that an entity treats any indebtedness originally made to develop a qualified asset as a general loan when substantially all the activities necessary to culminate that asset for use or sale are complete. Amendments should be applied beginning January 1, 2019. The Company will assess the impact of the amendment once it becomes effective. IAS 28 Investments in Associates The amendments clarify that an entity applies IFRS 9 Financial Instruments for long-term investments in associates or joint ventures for those investments that do not apply the equity method but which, in substance, is part of the net investment in the associate or joint venture. This clarification is relevant because it implies that the expected credit loss model, described in IFRS 9, applies to these long-term interests. Entities should apply the amendments retrospectively, with certain exceptions, and shall become effective beginning January 1, 2019. Early application is allowed. The Company will assess the impact of the amendment once it becomes effective. IAS 19 Employee Benefits – Amendment, reduction or liquidation of the plan Amendments to IAS 19 address accounting when the plan is amended, reduced or liquidated during a reporting period. The amendments specify that when a plan has been amended, reduced or liquidated during the annual reporting period, the entity must: · Determine the current cost of services for the remainder of the period following the amendment, reduction or liquidation of the plan, using the actuarial assumptions used to re-measure the liability (asset) for net defined benefits, reflecting the benefits offered under the plan and the assets of the plan after that event. · Determine the net interest for the remainder of the period after the amendment, reduction or liquidation of the plan using: net liabilities (assets), for defined benefits that reflect the benefits offered under the plan and the assets of the plan after that event; and the discount rate used to re-measure net liabilities (assets) for defined benefits. The amendments clarify that an entity first determines any past service costs, or a gain or loss in liquidation, without considering the asset ceiling effect. This amount is recognized under income. An entity then determines the asset ceiling effect after the plan is amended, reduced, or liquidated. Any change in that effect, excluding the amounts included in net interest, is recognized under other comprehensive income. This clarification states that entities may have to recognize a past service cost, or a result in liquidation that reduces a surplus that was not recognized before. Changes to the asset ceiling effect are not offset by those amounts. The amendments apply to amendments, reductions or liquidations of the plan occurring at or after the commencement of the first annual reporting period beginning on or after January 1, 2019. Early application is permitted, which must be disclosed. The entity will evaluate the impact of the amendment once it becomes effective. IFRS 3 Business Combinations – Defining business The IASB issued amendments regarding the definition of a business in IFRS 3 Business Combinations, to help entities determine whether an acquired set of activities and assets is a business or not. The IASB clarifies the minimum requirements for defining a business, eliminates the assessment as to whether market participants are able to replace any missing items, includes guidance to help entities evaluate whether a process acquired is substantial, reduces the definitions of a business and products and introduces an optional fair value concentration test. The amendments must apply to business combinations or asset acquisitions occurring on or after the commencement of the first annual reporting period commencing on or after January 1, 2020. Consequently, entities do not have to revise those transactions that occurred in previous periods. Early adoption is permitted and must be disclosed. Given that amendments are prospectively applied to transactions or other events occurring on or after the date of first application, most entities will probably not be affected by these amendments in the transition. However, those entities that consider acquiring a set of activities and assets after applying the amendments must first of all update their accounting policies in a timely manner. The amendments could also be relevant in other areas of IFRS (for example, that may be relevant when a controller loses control of a subsidiary and has early adopted the sale or contribution of assets between an investor and its associate or business combination) (Amendments to IFRS 10 and IAS 28). The entity will carry out an assessment of the impact of the amendment once it becomes effective. IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors- Definition of material In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, to align the definition of "material" in all standards and to clarify certain aspects of the definition. The new definition states that information is material if omitting it, erroneously declaring it, or hiding it could reasonably be expected to influence decisions that primary users of general-purpose financial statements take based on those financial statements, which provide financial information about a specific reporting entity. The amendments must be applied prospectively. Early adoption is permitted and must be disclosed. Although amendments to the definition of material are not expected to have a significant impact on an entity's financial statements, the introduction of the term "hide" in the definition could impact the way in which materiality judgments are made in the practice, elevating the importance of how information is communicated and organized in the financial statements. The entity will carry out an assessment of the impact of the amendment once it becomes effective. IFRS 10 Consolidated Financial Statements and IAS 28 Investment in Associates and Joint Ventures – sale or contribution of assets between an investor and its associate or joint venture The amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011) address a recognized inconsistency between the requirements of 10 IFRS and IAS 28 (2011) in the treatment of the contribution or sale of assets between an investor and the associate or joint venture. Amendments, issued in September of 2014, established that when the transaction involves a business (both in a subsidiary or not) it recognizes all profit or loss generated. A partial gain or loss is recognized when the transaction involves assets that do not constitute a business, even when the assets are in a subsidiary. The date of mandatory application of these amendments is to be determined since IASB is waiting for the results of its research project on accounting using the equity method. These amendments must be applied retrospectively, and early adoption is permitted, which must be disclosed. The Company will assess the impact of the amendment once it becomes effective. |
BASIS OF PREPARATION OF CONSO_3
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of the list of subsidiaries included in the consolidation | Holding control (percentage) 12-31-2018 12-31-2017 Taxpayer ID Name of the Company Direct Indirect Total Direct Indirect Total 59.144.140-K Abisa Corp S.A. — 99.99 99.99 — 99.99 99.99 Foreign Aconcagua Investing Ltda. 0.71 99.28 99.99 0.71 99.28 99.99 96.842.970-1 Andina Bottling Investments S.A. 99.90 0.09 99.99 99.90 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 Foreign Embotelladora del Atlántico S.A. 0.92 99.07 99.99 0.92 99.07 99.99 96.705.990-0 Envases Central S.A. 59.27 — 59.27 59.27 — 59.27 96.971.280-6 Inversiones Los Andes Ltda. 99.99 — 99.99 99.99 — 99.99 Foreign Paraguay Refrescos S.A. 0.08 97.75 97.83 0.08 97.75 97.83 76.276.604-3 Red de Transportes Comerciales Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.90 0.09 99.99 99.90 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k Vital Jugos S.A. 15.00 50.00 65.00 15.00 50.00 65.00 |
Schedule of exchange rates and value of the UF at the close of each of the periods | Exchange rate to the Chilean Peso US$ R$ Brazilian A$ Argentine UF Unidad de G$ Paraguayan € Date dollar Real Peso Fomento Guaraní Euro 12.31.2018 694.77 179.30 18.43 27,565.79 0.117 794.75 12.31.2017 614.75 185.84 32.96 26,798.14 0.110 739.15 12.31.2016 669.47 205.42 42.13 26,347.98 0.116 705.60 |
Schedule of companies that have a functional currency different from the presentation currency of the parent company | Company Functional currency Andina Empaques Argentina Argentine Peso Embotelladora del Atlántico Argentine Peso Embotelladora Andina Chilean Peso Paraguay Refrescos Guaraní Rio de Janeiro Refrescos Reales |
Schedule of estimated useful lives by asset category | Assets Range in years Buildings - 50 Plant and equipment - 20 Warehouse installations and accessories - 30 Furniture and supplies - 5 Motor vehicles - 7 Other Property, plant and equipment - 8 Bottles and containers - 8 |
Schedule of new accounting standards effective January 1, 2018 and adopted | Mandatory Application Standards, Interpretations and Amendments Date IFRS 9 Financial Instruments January 1, 2018 IFRS 15 Revenue from Contracts with Customers January 1, 2018 IFRIC 22 Foreign Currency Transactions and Advanced Considerations January 1, 2018 IAS 28 Investments in Associates and Joint Ventures-decision to measure participation in associates and joint ventures at fair value with changes in results January 1, 2018 |
Summary of new accounting standards effective January 1, 2019 and not adopted | New Standards Mandatory application date IFRS 16 Leases January 1, 2019 IFRIC 23 Uncertainty over Income Tax Treatments January 1, 2019 Conceptual Framework Revised Conceptual Framework January 1, 2020 |
Impact of Revised Conceptual Framework definitions | Amendments and Improvements Mandatory application date IFRS 3 Business Combinations January 1, 2019 IFRS 9 Financial Instruments January 1, 2019 IFRS 11 Joint Arrangements January 1, 2019 IAS 12 Income Taxes January 1, 2019 IAS 23 Borrowing Costs January 1, 2019 IAS 28 Investments in Associates January 1, 2019 IAS 19 Employee Benefits-Amendment, reduction or liquidation of the plan January 1, 2019 IFRS 10 and IAS 28 Consolidated Financial Statements-sale or contribution of assets between an investor and its associate or joint venture To be defined |
REPORTING BY SEGMENT (Tables)
REPORTING BY SEGMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
REPORTING BY SEGMENT | |
Schedule of company's operating segments | Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2018 Operation Operation (2) Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 390,782,296 330,874,797 326,015,740 118,095,369 (72,170) 1,165,696,032 Other beverages 180,156,806 75,341,941 214,493,809 31,492,883 — 501,485,439 Packaging — 7,343,785 — — (1,609,457) 5,734,328 Net sales 570,939,102 413,560,523 540,509,549 149,588,252 (1,681,627) 1,672,915,799 Cost of sales (336,719,937) (214,647,052) (329,529,112) (88,813,300) 1,681,627 (968,027,774) Distribution expenses (55,798,363) (62,899,574) (38,835,833) (8,241,714) (165,775,484) Administrative expenses (109,373,432) (93,149,904) (88,809,386) (22,410,131) (313,742,853) Finance income 1,686,041 14,750 2,019,489 219,964 — 3,940,244 Finance expense (23,713,774) (192,602) (31,108,284) — — (55,014,660) Interest expense, net (1) (22,027,733) (177,852) (29,088,795) 219,964 — (51,074,416) Share of the entity in income of associates 298,359 — 1,112,820 — — 1,411,179 Income tax expense (22,000,539) (18,874,454) (10,088,988) (4,600,874) — (55,564,855) Other income (loss) (11,540,167) (2,639,386) (8,399,463) (111,834) — (22,690,850) Net income of the segment reported 13,777,290 21,172,301 36,870,792 25,630,363 — 97,450,746 Depreciation and amortization 42,353,664 20,474,446 26,830,835 9,935,501 — 99,594,446 Current assets 228,108,768 80,908,212 135,259,768 37,309,706 — 481,586,454 Non-current assets 644,395,166 160,587,931 679,183,347 248,751,791 — 1,732,918,235 Segment assets, total 872,503,934 241,496,143 814,443,115 286,061,497 — 2,214,504,689 Carrying amount in associates and joint ventures accounted for using the equity method, total 50,136,065 — 52,274,880 — — 102,410,945 Capital expenditures and other 67,709,231 28,702,138 32,536,213 9,684,466 — 138,632,048 Current liabilities 186,831,021 83,013,418 128,146,943 21,870,719 — 419,862,101 Non-current liabilities 477,319,648 17,066,746 420,218,066 16,323,385 — 930,927,845 Segment liabilities, total 664,150,669 100,080,164 548,365,009 38,194,104 — 1,350,789,946 Cash flows provided by in Operating Activities 150,035,425 28,899,457 44,949,860 11,394,620 — 235,279,362 Cash flows (used in) provided by Investing Activities (47,164,236) (28,700,733) (32,536,213) (9,684,466) — (118,085,648) Cash flows (used in) provided by Financing Activities (98,560,576) (10,644,812) (5,099,823) (330,067) — (114,635,278) (1) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. (2) Pursuant the application of IAS 19 in Argentina, assets and liabilities increased by ThCh $ 97,318,892 and ThCh $ 16,093,780, respectively. The effect in the income statement was a net loss of ThCh $ 15,743,592. Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2017 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 391,629,010 444,872,352 387,545,053 113,314,824 (96,999) 1,337,264,240 Other beverages 160,244,448 99,712,939 216,352,694 27,962,406 — 504,272,487 Packaging — 9,202,768 — — (1,860,876) 7,341,892 Net sales 551,873,458 553,788,059 603,897,747 141,277,230 (1,957,875) 1,848,878,619 Cost of sales (328,579,003) (294,370,581) (362,686,353) (85,346,902) 1,957,875 (1,069,024,964) Distribution expenses (54,777,094) (87,032,428) (43,483,958) (7,634,395) — (192,927,875) Administrative expenses (110,969,260) (106,504,163) (109,095,660) (21,630,238) — (348,199,321) Finance income 19,057,630 2,116,590 6,575,528 257,906 (16,813,279) 11,194,375 Finance expense (32,594,796) (4,663,527) (34,767,713) (7,612) 16,813,279 (55,220,369) Interest expense, net* (13,537,166) (2,546,937) (28,192,185) 250,294 — (44,025,994) Share of the entity in income of associates 246,084 (243) (326,201) — — (80,360) Income tax expense (16,871,257) (17,683,875) (13,719,506) (3,522,996) — (51,797,634) Other income (loss) (11,312,509) (10,441,173) (1,855,039) (213,025) — (23,821,746) Net income of the segment reported 16,073,253 35,208,659 44,538,845 23,179,968 — 119,000,725 Depreciation and amortization 42,688,326 17,648,018 27,879,514 10,948,033 — 99,163,891 Current assets 223,245,173 97,529,488 132,815,545 30,419,844 — 484,010,050 Non-current assets 636,482,010 96,532,150 663,556,969 234,278,288 — 1,630,849,417 Segment assets, total 859,727,183 194,061,638 796,372,514 264,698,132 — 2,114,859,467 Carrying amount in associates and joint ventures accounted for using the equity method, total 33,789,538 — 53,019,531 — — 86,809,069 Capital expenditures and other 64,480,973 40,347,989 91,198,657 14,476,783 — 210,504,402 Current liabilities 169,508,083 105,886,744 135,595,156 17,297,339 — 428,287,322 Non-current liabilities 463,997,113 1,368,167 393,125,740 14,847,776 — 873,338,796 Segment liabilities, total 633,505,196 107,254,911 528,720,896 32,145,115 — 1,301,626,118 Cash flows provided by Operating Activities 79,451,122 38,904,028 98,783,329 30,821,869 — 247,960,348 Cash flows (used in) provided by Investing Activities (49,677,671) (40,344,994) (64,331,960) (14,476,785) — (168,831,410) Cash flows (used in) provided by Financing Activities (91,800,089) 16,891,759 (3,437,440) — — (78,345,770) Chile Argentina Brazil Paraguay Intercompany Consolidated For the period ended December 31, 2016 Operation Operation Operation Operation Eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 391,479,133 424,427,824 389,048,385 106,953,951 (334,784) 1,311,574,509 Other beverages 148,948,285 83,518,724 201,097,188 25,051,552 — 458,615,749 Packaging — 9,112,468 — — (1,843,406) 7,269,062 Net sales 540,427,418 517,059,016 590,145,573 132,005,503 (2,178,190) 1,777,459,320 Cost of sales (319,213,825) (279,308,400) (359,156,149) (78,409,843) 2,178,190 (1,033,910,027) Distribution expenses (52,540,986) (80,066,734) (44,107,337) (6,961,838) — (183,676,895) Administrative expenses (117,615,991) (97,788,860) (109,345,331) (21,452,613) — (346,202,795) Finance income 2,426,279 1,095,411 5,800,712 339,290 — 9,661,692 Finance expense (16,262,215) (587,216) (34,504,760) (20,780) — (51,374,971) Interest expense, net* (13,835,936) 508,195 (28,704,048) 318,510 — (41,713,279) Share of the entity in income of associates 717,947 — (980,529) — — (262,582) Income tax expense (19,763,700) (17,427,278) (8,911,762) (2,704,353) — (48,807,093) Other income (loss) (13,481,333) (8,284,072) (9,322,611) 250,478 — (30,837,538) Net income of the segment reported 4,693,594 34,691,867 29,617,806 23,045,844 — 92,049,111 Depreciation and amortization 43,619,318 16,445,143 25,666,094 11,603,897 — 97,334,452 Current assets 251,357,854 115,280,140 150,820,924 35,283,479 — 552,742,397 Non-current assets 644,817,201 98,810,807 659,123,444 243,615,898 — 1,646,367,350 Segment assets, total 896,175,055 214,090,947 809,944,368 278,899,377 — 2,199,109,747 Carrying amount in associates and joint ventures accounted for using the equity method, total 23,854,602 — 53,343,179 — — 77,197,781 Capital expenditures and other 47,755,389 37,029,524 51,779,625 9,239,522 — 145,804,060 Current liabilities 137,438,744 134,624,014 130,279,607 17,192,489 — 419,534,854 Non-current liabilities 509,625,208 (1,981,066) 413,749,384 16,011,340 — 937,404,866 Segment liabilities, total 647,063,952 132,642,948 544,028,991 33,203,829 — 1,356,939,720 Cash flows provided by Operating Activities 71,077,982 54,162,992 67,963,682 30,241,904 — 223,446,560 Cash flows (used in) provided by Investing Activities (15,781,118) (37,017,204) (51,873,047) (9,244,948) — (113,916,317) Cash flows (used in) provided by Financing Activities (23,591,062) (17,777,191) (36,806,173) (20,050,099) — (98,224,525) (*) Financial expenses associated with external financing for the purchase of companies, including capital contributions are presented in this item. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
CASH AND CASH EQUIVALENTS. | |
Schedule of cash and cash equivalents | Description 12.31.2018 12.31.2017 ThCh$ ThCh$ By item Cash 2,907,276 139,835 Bank balances 46,425,927 29,234,531 Time deposits 1,500,315 10,616,688 Mutual funds 86,705,095 96,251,062 Total cash and cash equivalents 137,538,613 136,242,116 By currency ThCh$ ThCh$ Dollar 5,917,041 6,973,298 Euro 51,401 17,245 Argentine Peso 6,726,906 19,681,449 Chilean Peso 86,121,695 80,985,719 Paraguayan Guaraní 10,680,600 6,804,997 Brazilian Real 28,040,970 21,779,408 Total cash and cash equivalents 137,538,613 136,242,116 |
Schedule of time deposits | Placement Expiration Institution Currency Principal Annual rate 12.31.2018 12.31.2017 ThCh$ % ThCh$ ThCh$ 12-29-2017 01-05-2018 Banco Santander Chilean pesos 7,500,000 2.52 % — 7,516,275 12-29-2017 01-05-2018 Banco Santander Chilean pesos 2,700,000 2.40 % — 2,700,360 12-29-2017 01-05-2018 Banco Santander Chilean pesos 400,000 2.40 % — 400,053 12-28-2018 01-04-2019 Banco Santander Chilean pesos 700,000 2.52 % 700,147 12-28-2018 01-04-2019 Banco Santander Chilean pesos 800,000 2.52 % 800,168 Total 1,500,315 10,616,688 |
Schedule of money market mutual funds | Institution 12.31.2018 12.31.2017 ThCh$ ThCh$ Western Asset Institutional Cash Reserves - USA 15,214,062 3,740,526 Fondo mutuo Banco Chile BTG 13,090,507 5,823,608 Fondo mutuo Larrain Vial - Chile 13,082,767 6,349,486 Fondo mutuo Itaú - Brasil 8,579,254 4,922,923 Fondo mutuo Banco Security - Chile 7,667,585 14,242,343 Fondo mutuo Scotiabank - Chile 7,528,086 5,878,523 Fondo mutuo Santander - Brazil 7,177,468 4,748,368 Fondo mutuo Votorantim 5,630,641 — Fondo mutuo BCI - Chile 4,804,238 — Fondo Fima Premium B - Argentina 2,952,316 1,495,556 Fondo mutuo Banco Estado - Chile — 9,002,000 Fondo mutuo Bradesco - Brazil 978,171 5,046,882 Fondo Fima Ahorro Plus C - Argentina — 8,275,073 Fondo Fima Ahorro Pesos C - Argentina — 8,308,664 Fondo mutuo Corporativo Banchile - Chile — 17,645,940 Citi Institutional Liquid Reserves Limited (CGAM) — 771,170 Total 86,705,095 96,251,062 |
OTHER CURRENT AND NON-CURRENT_4
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
Schedule of other financial assets, current | a.1 Time deposits Placement Maturity Institution Currency Principal Annual rat 12.31.2018 12.31.2017 ThCh$ % 03-15-2018 03-15-2019 Votorantim Brazilian reais 12,729 8.82 % 14,040 — 08-09-2017 02-12-2018 Banco Santander - Chile Unidad de fomento 7,000,000 1.04 % — 7,082,167 09-25-2017 02-26-2018 BCI Unidad de fomento 1,500,000 1.36 % — 1,516,454 09-25-2017 05-28-2018 Banco Santander - Chile Unidad de fomento 5,000,000 0.94 % — 5,049,376 06-13-2017 03-15-2018 Votorantim Brazilian reais 20,013 8.82 % — 21,145 14,040 13,669,142 a.2 Rights in Forward Contracts 12.31.2018 12.31.2017 ThCh$ ThCh$ Rights in Forward Contracts - Forwards (see details in Note 20) 669,527 469,019 Total other Financial Assets, current 683,567 14,138,161 |
Schedule of other financial assets, non current | 12.31.2018 12.31.2017 ThCh$ ThCh$ Rights in forward contracts (see note 20) 87,446,662 61,898,833 Rights in AdeS (1) manufacturing companies 13,475,279 14,153,111 Increase (decrease) in foreign currency exchange (2) (3,559,646) (1,792,859) Total 97,362,295 74,259,085 (1) On December 27, 2016, Coca-Cola Andina confirmed to The Coca-Cola Company its decision to participate in the “AdeS” business and commercialize said products in all its franchise territories, As a result, the operation materialized on March 28, 2017, and pursuant to the agreements, implied a disbursement of US$39 million, ThCh$14,153,111 were allocated to the purchase of rights in the manufacturing company “AdeS” and ThCh$11,923,449 were allocated to distribution rights of the “AdeS” products. The rights in the acquired companies are distributed as follows: · Purchase of 13.0% interest in the Argentine company Alimentos de Soya S.A. for ThCh$9,661,283. · Purchase of 8.5% interest in the Brazilian company UBI 3 Participações Ltda. for ThCh$4,491,828. (2) Corresponds to the translation of foreign currencies into the Company’s presentation currency and the result of the application of the IAS 29. |
OTHER CURRENT AND NON-CURRENT_5
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
Schedule of other current, non-financial assets | 12.31.2018 12.31.2017 Description ThCh$ ThCh$ Prepaid expenses 4,967,255 4,839,465 Tax credit remainder 18,022 169,120 Guarantee deposit (Argentine) 3,013 6,608 Other current assets 960,633 596,668 Total 5,948,923 5,611,861 |
Schedule of other non-current, non-financial assets | 12.31.2018 12.31.2017 Description ThCh$ ThCh$ Advance payment to suppliers of property, plant & equipment (1) — 24,269,901 Judicial deposits (see note 21.2) 18,590,597 18,393,546 Fiscal credits 13,222,720 2,287,051 Prepaid expenses 810,662 1,113,154 Others 2,353,285 1,330,693 Total 34,977,264 47,394,345 (1) Corresponds to advance payments made for the construction of the new “Duque de Caxias” bottling plant in Brazil. |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
TRADE AND OTHER RECEIVABLES | |
Schedule of composition of trade and other receivables | 12.31.2018 12.31.2017 Allowance Allowance for Commercial Assets for Commercial Assets before expected debtors net before expected debtors net Trade and other receivables provisions credit losses assets provisions credit losses assets ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Current commercial debtors Trade debtors 150,933,965 (3,205,749) 147,728,216 157,926,958 (3,521,734) 154,405,224 Other current debtors 19,552,539 (2,830,299) 16,722,240 31,015,390 (2,825,453) 28,189,937 Current commercial debtors 170,486,504 (6,036,048) 164,450,456 188,942,348 (6,347,187) 182,595,161 Prepayments suppliers 8,672,820 — 8,672,820 8,057,544 — 8,057,544 Other current accounts receivable 1,252,207 (262,160) 990,047 778,901 (146,926) 631,975 Commercial debtors and other current accounts receivable 180,411,531 (6,298,208) 174,113,323 197,778,793 (6,494,113) 191,284,680 Non-current accounts receivable Trade debtors 66,510 — 66,510 58,336 — 58,336 Other non-current debtors 1,204,187 — 1,204,187 2,335,322 — 2,335,322 Other non-current accounts receivable — — — 2,193 — 2,193 Non-current accounts receivable 1,270,697 — 1,270,697 2,395,851 — 2,395,851 Trade and other receivables 181,682,228 (6,298,208) 175,384,020 200,174,644 (6,494,113) 193,680,531 |
Schedule of aging analysis of trade and other receivables | 12.31.2018 12.31.2017 ThCh$ ThCh$ Up to date non-securitized portfolio until 30 days 144,172,500 151,275,377 31 and 60 days 1,815,954 908,980 61 and 90 days 250,560 1,050,476 91 and 120 days 148,622 331,740 121 and 150 days 310,986 709,400 151 and 180 days 141,434 62,834 181 and 210 days 674,676 82,863 211 and 250 days 176,333 538,081 More than 250 days 3,309,410 3,025,543 Total 151,000,475 157,985,294 |
Schedule of current and non current trade receivables | 12.31.2018 12.31.2017 ThCh$ ThCh$ Current commercial debtors 150,933,965 157,926,958 Non-current commercial debtors 66,510 58,336 Total 151,000,475 157,985,294 |
Schedule of movements in the allowance for doubtful accounts | 12.31.2018 12.31.2017 ThCh$ ThCh$ Opening balance 6,494,113 6,697,156 Bad debt expense 1,629,761 2,004,958 Provision application (1,257,591) (1,708,602) Change due to foreign exchange differences (568,075) (499,399) Movement (195,905) (203,043) Ending balance 6,298,208 6,494,113 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
INVENTORIES | |
Schedule of composition of inventories | Details 12.31.2018 12.31.2017 ThCh$ ThCh$ Raw materials (1) 86,102,495 78,216,172 Finished goods 37,213,848 32,097,377 Spare parts and supplies 28,777,180 19,774,056 Work in progress 780,324 676,609 Other inventories 1,049,165 4,134,237 Obsolescence provision (2) (2,603,303) (3,535,451) Total 151,319,709 131,363,000 (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. |
CURRENT AND DEFERRED INCOME T_2
CURRENT AND DEFERRED INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
CURRENT AND DEFERRED INCOME TAXES | |
Schedule of current tax assets | Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Tax credits (*) 2,532,056 — Total 2,532,056 — (*) Tax credits correspond to income tax credits on training expenses, purchase of Property, plant and equipment, and donations. |
Schedule of current tax payable | Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Income tax expense 9,338,612 3,184,965 Total 9,338,612 3,184,965 |
Schedule of current and deferred income tax expenses | Item 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Current income tax expense 38,313,980 40,183,261 35,902,002 Current tax adjustment previous period 312,403 137,455 534,392 Withholding tax expense foreign subsidiaries 7,364,213 6,730,031 7,645,218 Other current tax expense (income) 474,105 (5,733) 92,008 Current income tax expense 46,464,701 47,045,014 44,173,620 Income (expense) for the creation and reversal of current tax difference (*) 9,100,154 4,752,620 4,633,473 Expense (income) for deferred taxes 9,100,154 4,752,620 4,633,473 Total income tax expense 55,564,855 51,797,634 48,807,093 (*) It includes the effects for the adoption of IAS 29. |
Schedule of the net cumulative balances of temporary differences that give rise to deferred tax assets and liabilities | 12.31.2018 12.31.2017 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,420,447 46,181,359 5,978,377 47,179,903 Obsolescence provision 910,076 112,359 2,215,341 200,979 Employee benefits 5,169,161 131,829 5,391,796 — Post-employment benefits 90,941 1,014,354 61,155 1,020,522 Tax loss carried-forwards (1) 9,137,392 — 10,056,534 — Tax Goodwill Brazil 18,836,838 — 23,195,957 — Contingency provision 26,796,262 — 31,177,351 — Foreign exchange differences (2) 13,083,953 — 7,631,498 — Allowance for doubtful accounts 1,262,977 — 1,155,542 — Coca-Cola incentives (Argentina) 352,061 — 451,790 — Assets and liabilities for placement of bonds — 1,327,727 — 1,297,000 Lease liabilities 1,328,320 — 1,083,010 — Inventories 347,470 — 350,746 — Distribution rights — 173,273,994 — 163,850,599 Others 5,940,224 3,729,093 920,772 Subtotal 82,735,898 227,981,846 92,478,190 214,469,775 Total Assets and net liabilities — 145,245,948 3,212,981 125,204,566 (1) Tax losses mainly associated with the subsidiary Embotelladora Andina Chile S.A. In Chile tax losses have no expiration date (2) Corresponds to differed taxes for exchange rate differences generated on the translation of debt expressed in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda. and which for tax purposes are recognized in Brazil when incurred. This item also includes the effects of the differences generated in the appraisal of forward contracts. |
Schedule of movement in deferred income tax accounts | Item 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Opening Balance 121,991,585 125,608,802 130,201,701 Increase (decrease) in deferred tax 11,303,016 (3,417,011) (6,409,481) Increase (decrease) due to foreign currency translation (*) 11,951,347 (200,206) 1,816,582 Movements 23,254,363 (3,617,217) (4,592,899) Ending balance 145,245,948 121,991,585 125,608,802 (*) It includes the effects for the adoption of IAS 29. |
Schedule of composition of domestic and foreign tax expense | Income tax 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Current income taxes Foreign (24,442,984) (30,258,395) (24,752,106) Domestic (22,021,717) (16,786,619) (19,421,514) Current income tax expense (46,464,701) (47,045,014) (44,173,620) Deferred income taxes Foreign (9,121,332) (4,667,982) (4,291,287) Domestic 21,178 (84,638) (342,186) Deferred income tax expense (9,100,154) (4,752,620) (4,633,473) Income tax expense (55,564,855) (51,797,634) (48,807,093) |
Schedule of reconciliation between the effective tax rate and the statutory rate | Reconciliation of effective rate 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Net income before taxes 153,606,681 170,798,359 140,856,204 Tax expense at legal rate (27.0%) (41,544,270) — — Tax expense at legal rate (25.5%) — (43,553,581) (33,805,489) Effect of a different tax rate in other jurisdictions 967,671 (4,971,103) (9,214,270) Permanent differences: Non-taxable revenues 12,752,599 9,645,068 6,068,410 Non-deductible expenses (11,141,237) (4,020,729) (419,761) Tax effect on excess tax provision prior periods (295,632) 125,021 86,731 Effect of tax restatement Chilean companies 2,566,163 (1,465,753) (1,875,343) Foreign subsidiaries tax withholding expense and other legal tax debits and credits (18,870,149) (7,556,557) (9,647,371) Adjustments to tax expense (14,988,256) (3,272,950) (5,787,334) Tax expense at effective rate (55,564,855) (51,797,634) (48,807,093) Effective rate 36.2 % 30.6 % 34.7 % |
Schedule of income tax rates applicable in each jurisdiction | Rate Country 2018 2017 2016 Chile 27.0 % 25.5 % 24.0 % Brazil 34.0 % 34.0 % 34.0 % Argentina 30.0 % 35.0 % 35.0 % Paraguay 10.0 % 10.0 % 10.0 % |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
PROPERTY PLANT AND EQUIPMENT | |
Schedule of property, plant and equipment | Cumulative depreciation and Property, plant and equipment, Property, plant and equipment, gross impairment net Item 12.31.2018 12.31.2017 12.31.2018 12.31.2017 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Construction in progress 26,048,670 84,118,716 — — 26,048,670 84,118,716 Land 100,479,196 96,990,155 — — 100,479,196 96,990,155 Buildings 371,279,937 222,101,850 (157,119,586) (59,716,002) 214,160,351 162,385,848 Plant and equipment 623,568,795 431,876,945 (416,164,810) (276,043,865) 207,403,985 155,833,080 Information technology 22,752,205 20,697,750 (17,567,484) (16,070,425) 5,184,721 4,627,325 Fixed facilities and accessories 43,717,907 32,990,387 (22,660,738) (13,400,510) 21,057,169 19,589,877 Vehicles 53,682,179 52,587,886 (31,883,578) (23,324,621) 21,798,601 29,263,265 Leasehold improvements 144,914 115,768 (112,737) (108,353) 32,177 7,415 Other Property, plant and equipment (1) 438,350,022 395,823,718 (323,743,924) (288,888,900) 114,606,098 106,934,818 Total 1,680,023,825 1,337,303,175 (969,252,857) (677,552,676) 710,770,968 659,750,499 (1) Other Property, plant and equipment is composed of bottles, market assets, furniture and other minor assets. |
Schedule of net balance of other property, plant and equipment | Other Property, plant and equipment 12.31.2018 12.31.2017 ThCh$ ThCh$ Bottles 51,522,834 51,876,569 Marketing and promotional assets (*) 45,739,948 42,798,282 Other Property, plant and equipment 17,343,316 12,259,967 Total 114,606,098 106,934,818 (*) It mainly includes refrigerators, drink and dispensing machines and other minor equipment. |
Schedule of movements in property, plant and equipment | Leasehold Construction in Plant and improvements, Other, progress Land Buildings, net equipment, net Vehicles, net net net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2018 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 Additions 65,284,334 — 504,675 17,924,606 783,299 165,226 1,451,462 1,430 42,793,277 128,908,309 Disposals — (5,465) (209,713) (1,002,133) — — (203,036) — (1,588,050) (3,008,397) Transfers between items of Property, plant and equipment (109,893,610) — 45,032,440 54,460,571 622,222 1,481,081 (2,218,354) 22,000 10,493,650 — Depreciation expense — — (7,001,828) (39,182,401) (1,830,295) (2,668,535) (5,201,263) (11,112) (41,727,195) (97,622,629) Increase (decrease) due to foreign currency translation differences (6,880,059) (4,615,830) (14,485,709) (17,048,903) (414,850) (4,048,135) (1,722,767) 169 (16,954,922) (66,171,006) Other increase (decrease) (1) (6,580,711) 8,110,336 27,934,638 36,419,165 1,397,020 6,537,655 429,294 12,275 14,654,520 88,914,192 Total movements (58,070,046) 3,489,041 51,774,503 51,570,905 557,396 1,467,292 (7,464,664) 24,762 7,671,280 51,020,469 Ending balance at December 31, 2018 26,048,670 100,479,196 214,160,351 207,403,985 5,184,721 21,057,169 21,798,601 32,177 114,606,098 710,770,968 (1) Mainly correspond to effects of adopting IAS 29 in Argentina. Leasehold Construction Plant and improvements, Other, in progress Land Buildings, net equipment, net Vehicles, net net net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2017 49,986,111 91,961,876 173,073,161 190,402,625 6,122,912 20,466,113 23,896,425 190,523 110,051,139 666,150,885 Additions 89,392,003 4,955,929 1,674,734 4,992,508 945,827 — 1,512,162 13,529 44,451,636 147,938,328 Disposals — — (300,079) (700,973) (1,062,530) (4,161) (173,190) — (790,242) (3,031,175) Transfers between items of Property, plant and equipment (41,957,409) — 3,450,060 24,250,647 1,133,684 2,548,441 2,253,061 — 8,321,516 — Depreciation expense — — (5,880,770) (36,026,939) (2,190,107) (2,112,681) (5,303,332) (61,033) (45,746,096) (97,320,958) Increase (decrease) due to foreign currency translation differences (13,319,346) 72,350 (9,538,737) (20,492,851) (320,634) (1,307,835) 7,441,057 (34,272) (7,670,229) (45,170,497) Other increase (decrease) (1) 17,357 — (92,521) (6,591,937) (1,827) — (362,918) (101,332) (1,682,906) (8,816,084) Total movements 34,132,605 5,028,279 (10,687,313) (34,569,545) (1,495,587) (876,236) 5,366,840 (183,108) (3,116,321) (6,400,386) Ending balance at December 31, 2017 84,118,716 96,990,155 162,385,848 155,833,080 4,627,325 19,589,877 29,263,265 7,415 106,934,818 659,750,499 (1) Mainly correspond to property, plant & equipment write-offs. Fixed facilities Plant and IT and Leasehold Construction equipment, Equipment, accessories, improvements, Other, Property, plant and inprogress Land Buildings, net net net net Vehicles, net net net equipment, net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at January 1, 2016 34,625,004 86,898,529 159,474,930 203,379,934 4,320,656 22,306,759 18,106,705 274,945 111,142,410 640,529,872 Additions 70,421,863 1,248,433 1,201,903 9,833,490 2,666,593 161,395 338,986 — 38,923,620 124,796,283 Disposals — — (4,598) (601,444) — — (3,473) — (54,861) (664,376) Transfers between items of Property, plant and equipment (53,824,861) 1,643,038 15,471,645 16,202,982 1,062,653 1,709,635 9,015,390 — 8,719,518 — Depreciation expense — — (5,335,475) (35,568,436) (1,910,731) (2,456,511) (4,622,348) (112,805) (44,120,837) (94,127,143) Increase (decrease) due to foreign currency translation differences (1,235,895) 2,171,876 2,792,916 (1,266,728) 29,148 (1,254,915) 1,783,041 28,383 (3,322,005) (274,179) Other increase (decrease) (1) — — (528,160) (1,577,173) (45,407) (250) (721,876) — (1,236,706) (4,109,572) Total movements 15,361,107 5,063,347 13,598,231 (12,977,309) 1,802,256 (1,840,646) 5,789,720 (84,422) (1,091,271) 25,621,013 Ending balance at December 31, 2016 49,986,111 91,961,876 173,073,161 190,402,625 6,122,912 20,466,113 23,896,425 190,523 110,051,139 666,150,885 (1) Mainly correspond to property, plant & equipment write-offs. |
RELATED PARTY DISCLOSURES (Tabl
RELATED PARTY DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
RELATED PARTY DISCLOSURES | |
Schedule of current accounts receivable between related parties | Country Taxpayer ID Company Relationship of origin Currency 12.31.2018 12.31.2017 ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile Chilean pesos 4,344,082 4,220,936 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Chilean pesos 2,175,934 — Foreign Coca Cola de Argentina Director related Argentina Argentinean pesos 1,684,357 — Foreign UBI 3 (Ades) Shareholder related Argentina Argentinean pesos 455,823 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Argentinean pesos 371,712 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile Chilean pesos 228,387 303,866 86.881.400-4 Envases CMF S.A. Associate Chile Chilean pesos 161,460 — 96.919.980-7 Cervecería Austral S.A. Director related Chile U.S. Dollars 26,557 16,674 77.755.610-K Comercial Patagona Ltda. Director related Chile Chilean pesos 1,951 — Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Chile Argentinean pesos — 181,414 76.572.588-7 Coca Cola del Valle New Ventures S.A. Associate Chile Chilean pesos — 647,342 Total 9,450,263 5,370,232 |
Schedule of non current accounts receivable between related parties | Country Taxpayer ID Company Relationship of origin Currency 12.31.2018 12.31.2017 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S. A. Shareholder Chile Chilean pesos 74,340 156,492 Total 74,340 156,492 |
Schedule of current accounts payable between related parties | Country Taxpayer ID Company Relationship of origin Currency 12.31.2018 12.31.2017 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Chilean pesos 21,286,933 12,458,055 Foreign Recofarma do Industrias Amazonas Ltda. Shareholder related Brazil Brazilian real 8,681,099 15,891,797 86.881.400-4 Envases CMF S.A. Associate Chile Chilean pesos 5,702,194 2,807,572 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Argentinean pesos 5,479,714 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Brazilian real 3,132,515 2,539,052 Foreign Monster Shareholder related Brazil Brazilian real 664,565 — 76.572.588-7 Coca Cola del Valle New Ventures S.A. Associate Chile Chilean pesos 649,046 — 89.996.200-1 Envases del Pacífico S.A. Director related Chile Chilean pesos 139,468 193,685 96.891.720-K Embonor S.A. Shareholder related Chile Chilean pesos 92,325 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Argentinean pesos — 71,276 Total 45,827,859 33,961,437 |
Schedule of transactions between related parties | Country Cumulative Taxpayer ID Company Relationship of origin Description of transaction Currency 12.31.2018 ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of concentrates Chilean pesos 149,933,143 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of advertising services Chilean pesos 3,508,010 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and other Chilean pesos 1,156,744 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles Chilean pesos 14,319,777 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials Chilean pesos 18,914,788 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps Chilean pesos 107,859 86.881.400-4 Envases CMF S.A. Associate Chile Purchase services and others Chilean pesos 1,593,798 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers Pesos chilenos 4,096,502 86.881.400-4 Envases CMF S.A. Associate Chile Sale of packaging and raw materials Chilean pesos 3,981,631 96.891.720-K Embonor S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 41,933,095 96.517.310-2 Embotelladora Iquique S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 2,570,315 89.996.200-1 Envases del Pacífico S.A. Related to director Chile Purchase of raw materials and materials Pesos chilenos 1,007,382 94.627.000-8 Parque Arauco S.A. Related to director Chile Rent of spaces Chilean pesos 91,685 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Purchase of concentrates Brazilian real 95,449,139 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Refund and other purchases Brazilian real 7,641,736 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Purchase of concentrates Argentine pesos 98,947,407 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Advertising participation payment Argentine pesos 5,727,498 Foreign KIAK Participaciones Subsidiary Brazil Purchase of concentrate and marketing recovery U.S. dollar 42,292 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products Brazilian real 357,286 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products Brazilian real 698,090 76.572.588-7 Coca Cola Del Valle New Ventures SA Common Shareholder Chile Sale of services and others Chilean pesos 1,391,110 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products Brazilian real 86,994 Foreign Alimentos de Soja S.A.U. Related to Shareholder Argentina Payment of fees and services Argentine pesos 1,623,794 96.633.550-5 Sinea S.A. Ownership held by an officer’s uncle Chile Purchase of raw materials Chilean pesos 581,508 Country of Cumulative Taxpayer ID Company Relationship origin Description of transaction Currency 12.31.2017 ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of concentrates Chilean pesos 140,609,445 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of advertising services Chilean pesos 1,823,190 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Lease of water fountain Chilean pesos 2,989,115 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and other Chilean pesos 2,163,225 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles Chilean pesos 20,865,624 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials Chilean pesos 12,617,540 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps Chilean pesos 477,188 86.881.400-4 Envases CMF S.A. Associate Chile Purchase services and others Chilean pesos 357,456 86.881.400-4 Envases CMF S.A. Associate Chile Sale services and others Chilean pesos 14,944 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of packaging Chilean pesos 2,960,894 86.881.400-4 Envases CMF S.A. Associate Chile Sale of packaging and raw materials Chilean pesos 2,942,690 96.891.720-K Embonor S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 42,561,124 96.517.310-2 Embotelladora Iquique S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 2,650,329 89.996.200-1 Envases del Pacífico S.A. Related to director Chile Purchase of raw materials and materials Chilean pesos 1,676,013 94.627.000-8 Parque Arauco S.A. Related to director Chile Rent of spaces Chilean pesos 90,032 99.279.000-8 Euroamerica Seguros de Vida S.A. Related to director Chile Purchase of insurance policies Chilean pesos 312,231 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Purchase of concentrates Chilean pesos 196,738,018 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Refund and other purchases Chilean pesos 5,099,040 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Purchase of concentrates Argentine pesos 272,541,272 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Advertising participation payment Argentine pesos 12,584,231 Foreign KAIK Participações Associate Brazil Refund and other purchases Brazilian real 6,614 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products Brazilian real 104,103 Foreign Coca-Cola Peru Related to Shareholder Peru Purchase of concentrate and marketing recovery U.S. dollar 7,147,534 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products Brazilian real 574,881 89.862.200-2 Latam Airlines Group S.A. Related to director Chile Sale of products Chilean pesos 652,588 76.572.588-7 Coca Cola Del Valle New Ventures SA Common Shareholder Chile Sale of services and others Chilean pesos 1,444,162 Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products Brazilian real 317,565 Foreign Alimentos de Soja S.A.U. Related to Shareholder Argentina Payment of fees and services Argentine pesos 538,546 Country Cumulative Taxpayer ID Company Relationship of origin Description of transaction Currency 12.31.2016 ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of concentrates Chilean pesos 129,660,611 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Purchase of advertising services Chilean pesos 7,154,023 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Lease of water fountain Chilean pesos 3,740,351 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile Sale of raw materials and other Chilean pesos 2,299,634 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of bottles Chilean pesos 34,144,348 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Associate Chile Administrative and commerciall services Chilean pesos 180,000 96.891.720-K Embonor S.A Associate Chile Sale of packagingmaterials Chilean pesos 44,310,169 96.517.310-2 Embotelladora Iquique S.A. Related to Shareholder Chile Sale of finished products Chilean pesos 2,749,506 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Sale of finished products Brazilian real 115,706,386 Foreign Recofarma do Industrias Amazonas Ltda. Related to Shareholder Brazil Purchase of concentrates Brazilian real 25,675,184 Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Advertising participation payment Brazilian real 11,658,142 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Purchase of concentrates Argentine pesos 114,427,713 Foreign Servicio y Productos para Bebidas Refrescantes S.R.L. Shareholder Argentina Advertising participation payment Argentine pesos 14,680,603 89.996.200-1 Envases del Pacífico S.A. Shareholder Chile Purchase of concentrates Chilean pesos 1,751,011 Foreign Coca-Cola Peru Related to Shareholder Peru Purchase of raw materials U.S. dollar 4,188,812 |
Schedule of Key management compensation | Description 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Executive wages, salaries and benefits 6,056,337 6,454,846 6,255,806 Director allowances 1,495,123 1,513,100 1,492,088 Accrued benefit last five years and paid during the fiscal year 242,907 334,477 314,288 Contract termination benefit 51,534 — 79,027 Total 7,845,901 8,302,423 8,141,209 |
CURRENT AND NON-CURRENT EMPLO_2
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
Schedule of employee benefits | Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Accrued vacations 19,536,809 20,769,275 Employee remuneration payable 13,674,170 15,186,368 Indemnities for years of service 9,415,541 8,286,355 Total 42,626,520 44,241,998 ThCh$ ThCh$ Current 33,210,979 35,955,643 Non-current 9,415,541 8,286,355 Total 42,626,520 44,241,998 |
Schedule of movements of employee benefits | Movements 12.31.2018 12.31.2017 ThCh$ ThCh$ Opening balance 8,286,355 8,157,745 Service costs 957,593 1,727,905 Interest costs 565,167 300,755 Net actuarial losses 271,045 (530,059) Benefits paid (664,619) (1,369,991) Total 9,415,541 8,286,355 |
Schedule of actuarial assumptions | Assumptions 12.31.2018 12.31.2017 Discount rate 2.7 % 2.7 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 5.4 % 5.4 % Mortality rate RV-2009 RV-2009 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years |
Schedule of personnel expenses | Description 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Wages and salaries 195,162,903 215,715,214 218,944,639 Employee benefits 50,254,164 50,127,117 50,174,153 Severance and post-employment benefits 5,535,410 7,410,936 8,252,502 Other personnel expenses 16,014,364 14,205,259 10,921,843 Total 266,966,841 287,458,526 288,293,137 |
Schedule of number of employees | 12.31.2018 12.31.2017 12.31.2016 Number of employees 16,098 15,924 16,296 Number of average employees 15,364 15,784 16,009 |
INVESTMENTS IN ASSOCIATES ACC_2
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
Schedule of investments in associates using equity method of accounting | Country of Functional Carrying Value Percentage interest Taxpayer ID Name Incorporation Currency 12.31.2018 12.31.2017 12.31.2018 12.31.2017 ThCh$ ThCh$ % % 86.881.400-4 Envases CMF S.A. (1) Chile Chilean peso 18,743,604 18,528,567 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil Brazilian real 21,727,894 22,163,333 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil Brazilian real 1,228,256 1,228,350 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil Brazilian real 94,706 189,290 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil Brazilian real 22,979,029 23,079,130 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil Brazilian real 6,244,839 6,359,428 7.52 % 7.52 % 76.572.588-7 Coca Cola del Valle New Ventures S.A. Chile Chilean peso 31,392,617 15,260,971 35.00 % 35.00 % Total 102,410,945 86,809,069 (1) In these company, regardless of the percentage of ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions. (2) In these companies, regardless of the percentage of ownership interest held, the Company has significant influence, given that it has a representative on each entity’s Board of Directors. |
Schedule of movement of investments in associates accounted for using the equity method | Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Opening Balance 86,809,069 77,197,781 54,190,546 Other Invesment increases in associates (Capital Contributions to Leao Alimentos e Bebidas Ltda and Coca Cola del Valle New Ventures S.A.) 15,615,466 15,570,161 17,586,575 Dividends received (403,414) (1,540,090) (750,806) Share in operating income 2,194,144 932,340 396,764 Unrealized income 85,268 85,268 85,266 Increase (Decrease) due to foreign currency translation differences (1,889,588) (5,436,391) 5,689,436 Ending Balance 102,410,945 86,809,069 77,197,781 |
Schedule of reconciliation of share of profit in investments in associates | Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Share of profit of investment accounted for using the equity method 2,194,144 932,340 396,764 Unrealized earnings in inventory acquired from associates and not sold at the end of period, presented as a discount in the respective asset account (containers and/or inventories) (868,233) (1,097,968) (744,612) Amortization of Fair Value in Envases CMF S.A. 85,268 85,268 85,266 Income Statement Balance 1,411,179 (80,360) (262,582) |
Summary of financial information by associates | The following table presents summarized information regarding the Company´s equity investees as of December 31, 2018: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 78,714,139 106,598,837 10,850,626 513,823 257,149,411 96,963,355 101,275,213 Total liabilities 40,800,603 49,151,318 34 277,055 57,538,296 21,568,158 11,582,021 Total revenue 53,073,645 57,570,452 348,705 233,182 161,749,228 12,169,188 2,673,496 Net income (loss) of associate 1,086,050 936,360 348,705 233,182 2,000,217 7,753,517 1,506,540 Reporting date 12-31-2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 11-30-2018 12-31-2018 The following table presents summarized information regarding the Company´s equity investees as of December 31, 2017: Leão Kaik SRSA Alimentos e Trop Frutas Coca- Envases Sorocaba Participaçōes Participaçōes Bebidas do Brasil Cola del Valle CMF S.A. Refrescos S.A. Ltda. Ltda. Ltda. Ltda. New Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Total assets 74,308,406 111,697,833 10,851,460 473,226 282,895,158 88,327,243 48,190,779 Total liabilities 36,654,412 54,000,005 35 — 79,689,080 11,407,361 4,594,308 Total revenue 49,924,142 52,507,920 — 469,509 198,216,570 3,345,146 — Net income (loss) of associate 2,405,060 (1,541,788) (137,007) 469,509 (157,266) 1,927,488 (248,532) Reporting date 12-31-2017 12-31-2017 12-31-2017 12-31-2017 12-31-2017 12-31-2017 11-30-2017 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
INTANGIBLE ASSETS AND GOODWILL | |
Schedule of intangible assets other than goodwill | 12-31-2018 12-31-2017 Gross Cumulative Net Gross Cumulative Net Detail Amount Amortization Amount Amount Amortization Amount ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 661,285,834 (259,434) 661,026,400 656,411,004 (116,387) 656,294,617 Software 31,526,159 (24,160,202) 7,365,957 27,595,084 (21,087,741) 6,507,343 Others 728,198 (298,002) 430,196 511,470 (40,552) 470,918 Total 693,540,191 (24,717,638) 668,822,553 684,517,558 (21,244,680) 663,272,878 (1) Correspond to the contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these rights, allow qualifying them as indefinite contracts. These production and distribution rights, and in conjunction with the assets that are part of the cash-generating units, are annually subjected to the impairment test. Such distribution rights are composed in the following manner and are not subject to amortization: except for the Monster rights that are amortized in the term of the agreement which is 4 years. |
Schedule of distribution rights | 12.31.2018 12.31.2017 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 304,888,183 304,969,889 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and the investments in Sorocaba and Leão Alimentos e Bebidas Ltda.) 181,583,404 187,695,738 Paraguay 172,594,328 162,825,074 Argentina (North and South) 1,960,485 803,916 Total 661,026,400 656,294,617 |
Schedule of the movement and balances of identifiable intangible assets | 01-01-2018 to 12-31-2018 01-01-2017 to 12-31-2017 Distribution Distribution Details Rights Rights Software Total Rights Rights Software Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 656,294,617 470,918 6,507,343 663,272,878 674,920,063 470,918 5,605,081 680,996,062 Additions — — 3,718,038 3,718,038 11,923,449 (1) — 2,907,715 14,831,164 Amortization (112,601) (40,722) (1,971,417) (2,124,740) (116,387) — (1,842,933) (1,959,320) Other increases (decreases) (2) 4,844,384 (888,007) 3,956,377 (30,432,508) — (162,520) (30,595,028) Total 661,026,400 430,196 7,365,957 668,822,553 656,294,617 470,918 6,507,343 663,272,878 (1) Corresponds to distribution rights paid in Argentina, Paraguay and Chile resulting from the transaction in which The Coca-Cola Company acquired the “AdeS” business described in previous notes. (2) Mainly corresponds to the foreign currency effect of converting foreign subsidiaries’ distribution rights into the presentation currency. |
Schedule of discount rate by country | Discount Rate Discount Rate 2017 2017 Argentina 21.2 % 17.1 % Chile 8.1 % 7.2 % Brazil 10.9 % 9.6 % Paraguay 10.1 % 9.1 % |
Schedule of movement in goodwill | Foreign currency translation differences where functional currency is different from Operating segment 01.01.2018 presentation currency 12.31.2018 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 73,509,080 (428,980) 73,080,100 Argentine operation 4,672,971 23,645,158 28,318,129 Paraguayan operation 6,913,143 414,778 7,327,921 Total 93,598,217 23,630,956 117,229,173 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2017 presentation currency 12.31.2017 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 81,145,834 (7,636,754) 73,509,080 Argentine operation 5,972,515 (1,299,544) 4,672,971 Paraguayan operation 7,298,133 (384,990) 6,913,143 Total 102,919,505 (9,321,288) 93,598,217 Foreign currency translation differences where functional currency is different from Operating segment 01.01.2016 presentation currency 12.31.2016 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 71,960,960 9,184,874 81,145,834 Argentine operation 7,720,202 (1,747,687) 5,972,515 Paraguayan operation 7,651,751 (353,618) 7,298,133 Total 95,835,936 7,083,569 102,919,505 |
OTHER CURRENT AND NON-CURRENT_6
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
Schedule of financial liabilities | Current 12.31.2018 12.31.2017 ThCh$ ThCh$ Bank loans 21,542,736 31,470,003 Bonds payable 20,664,481 20,156,295 Deposits in guarantee 12,242,464 13,849,504 Derivative contract obligations (see note 20) 130,829 445,278 Leasing agreements 1,534,467 2,060,325 Total 56,114,977 67,981,405 Non-current 12.31.2018 12.31.2017 ThCh$ ThCh$ Bank loans 2,439,253 13,057,542 Bonds payable 700,327,057 648,228,554 Leasing agreements 13,797,468 14,481,105 Total 716,563,778 675,767,201 |
Schedule of the fair value of financial assets and liabilities | Book Value Fair Value Book Value Fair Value Current 12.31.2018 12.31.2018 12.31.2017 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalents (3) Other financial assets (3) Trade and other accounts receivable (3) Accounts receivable from related companies (3) Bank loans (1) Bonds payable (2) Deposits in guarantee (3) Derivative contract obligations (3) (see note 20) Leasing agreements (3) Trade and other accounts payable (3) Accounts payable from related companies (3) Non-current 12.31.2018 12.31.2018 12.31.2017 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ Other financial assets (3) 97,362,295 97,362,295 74,259,085 75,259,085 Trade and other receivables 1,270,697 1,270,697 2,395,851 2,395,851 Accounts receivable from related companies (3) 74,340 74,340 156,492 156,492 Bank loans (1) 2,439,253 2,307,396 13,057,542 11,588,575 Bonds payable (2) 700,327,057 755,694,265 648,228,554 722,044,324 Leasing agreements (3) 13,797,468 13,797,468 14,481,105 14,481,105 Trade and other accounts payable (3) 735,665 735,665 1,132,926 1,132,926 (1) The fair values are based on discounted cash flows using market discount rates as of the close of each fiscal year and are Level 2 fair value measurements. (2) The fair value of corporate bonds is classified as Level 2 fair value measurements based on quoted prices for the Company’s obligations. (3) The fair value approximates book value considering the nature and term of the obligations. |
Schedule of bank obligations, current | Maturity Total Indebted Entity Creditor Entity Type Effective Nominal Up to 90 days at at Tax ID, Name Country Tax ID, Name Country Currency Amortization Rate Rate 90 days To 1 year 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ 91.144.000-8 Embotelladora Andina S.A. Chile 97032000-8 Banco Scotiabank Chile Chilean pesos Monthly 3.64 % 3.64 % — — — 300,000 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.13 % 2.13 % — 726,943 726,943 709,794 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco de la Nación Argentina Argentina Argentine pesos Monthly 20.00 % 20.00 % 1,071 — 1,071 9,965,133 Foreign Embotelladora del Atlántico S.A. Argentina Foreign Banco Galicia y Buenos Aires S.A. Argentina Argentine pesos Monthly 20.00 % 20.00 % — — — 3,352,417 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 7.48 % 7.48 % — — — 298,456 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 6.63 % 6.63 % — — — 1,359,471 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 6.63 % 6.63 % 82,480 88,935 171,415 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 7.15 % 7.15 % 83,151 194,366 277,517 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 7.15 % 7.15 % — — — 1,611,747 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Semiannually 4.50 % 4.50 % — — — 2,541,016 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Quarterly 4.50 % 4.50 % 616,808 1,838,770 2,455,578 — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 6.24 % 6.24 % — 17,910,212 17,910,212 11,331,969 Total 21,542,736 31,470,003 |
Schedule of bank obligations, non-current | Maturity Indebted Entity Creditor Entity Type Effective Nominal 1 year up to More 2 years More 3 years More 4 years More 5 at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years Years 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile UF Semiannually 2.1 % 2.1 % 1,434,786 — — — — 1,434,786 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 6.6 % 6.6 % 72,439 43,033 81,225 — 239,730 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 7.2 % 7.2 % 151,873 — — — — 151,873 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Quarterly 6.2 % 6.2 % — — — — — — Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 4.5 % 4.5 % 612,864 — — — — 612,864 Total 2,439,253 Maturity Indebted Entity Creditor Entity Type Effective Nominal 1 year up to More 2 years More 3 years More 4 years More 5 at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years Years 31.12.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco BCI Chile Unidad de fomento Semiannually 2.1 % 2.1 % 2,092,245 — — — — 2,092,245 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Alfa Brazil Brazilian real Monthly 7.5 % 7.5 % 125,461 125,461 627,305 — 1,003,688 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 6.6 % 6.6 % 504,700 197,779 128,887 — 876,005 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 7.2 % 7.2 % 1,593,608 1,202,096 2,449,851 — 5,909,334 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Quarterly 4.5 % 4.5 % 3,176,270 — — — — 3,176,270 Total 13,057,542 |
Schedule of bonds payable | Current Non-current Total Composition of bonds payable 12.31.2018 12.31.2017 12.31.2018 12.31.2017 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds (face value) 21,038,064 20,547,117 704,048,747 651,459,940 725,086,811 672,007,057 Expenses of bond issuance and discounts on placement (373,583) (390,822) (3,721,690) (3,231,386) (4,095,273) (3,622,208) Net balance presented in statement of financial position 20,664,481 20,156,295 700,327,057 648,228,554 720,991,538 668,384,849 |
Schedule of current and noncurrent balances | Date Face Unit of Interest final Interest Amortization of Bonds, current portion Series amount Adjustment rate Maturity Payment capital 12.31.2018 12.31.2017 ThCh$ ThCh$ CMF Registration N°254 CMF 06.13.2001 B UF 6.5 % Semiannually 6,598,389 6,071,687 CMF Registration N°641 08.23.2010 C 1,500,000 UF 4.0 % Semiannually 614,152 597,049 CMF Registration N°759 08.20.2013 C 500,000 UF 3.5 % Semiannually 7,069,487 6,959,157 CMF Registration N°760 08.20.2013 D 4,000,000 UF 3.8 % Semiannually 1,545,334 1,502,299 CMF Registration N°760 04.02.2014 E 3,000,000 UF 3.75 % Semiannually 1,027,009 998,409 CMF Registration N°912 10.10.2018 F 5,700,000 UF 2.83 % Semiannually 09.25-2039 1,013,805 Bonds USA — 365,000,000 US$ 5.0 % Semiannually 3,169,888 4,418,516 Total current portion 21,038,064 20,547,117 Bonds non-current portion CMF Registration N°254 CMF 06.13.2001 B UF 6.5 % Semiannually 52,132,023 56,795,423 CMF Registration N°641 08.23.2010 C 1,500,000 UF 4.0 % Semiannually 41,348,685 40,197,210 CMF Registration N°759 08.20.2013 C 500,000 UF 3.5 % Semiannually 6,891,448 13,399,069 CMF Registration N°760 08.20.2013 D 4,000,000 UF 3.8 % Semiannually 110,263,160 107,192,560 CMF Registration N°760 04.02.2014 E 3,000,000 UF 3.75 % Semiannually 82,697,378 80,394,428 CMF Registration N°912 10.10.2018 F 5,700,000 UF 2.83 % Semiannually 09.25-2039 157,125,003 Bonds USA — 365,000,000 US$ 5.0 % Semiannually 253,591,050 353,481,250 Bonds non-current portion 704,048,747 651,459,940 |
Schedule of non-current maturities | Year of maturity Total non- more than 1 more than 2 more than 3 current Series to 2 to 3 to 4 More than 5 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ SVS Registration N°254 06.13.2001 B 6,704,717 7,134,663 7,598,414 30,694,229 52,132,023 SVS Registration N°641 08.23.2010 C — 1,879,436 3,758,871 35,710,378 41,348,685 SVS Registration N°759 08.20.2013 C 3,445,724 3,445,724 — — 6,891,448 SVS Registration N°760 08.20.2013 D — — — 110,263,160 110,263,160 SVS Registration N°760 04.02.2014 E — — — 82,697,378 82,697,378 CMF Registration N°912 10.10.2018 F 157,125,003 157,125,003 Bonds USA — — — — 253,591,050 253,591,050 Total 10,150,441 12,459,823 11,357,285 670,081,198 704,048,747 |
Schedule of current liabilities for leasing agreements | Maturity Total Indebted Entity Creditor Entity Amortization Effective Nominal Up to 90 days to at At Name Country Tax ID type Type Currency Type rate rate 90 days 1 year 12.31.2018 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 10.215 % 10.227 % 11,996 , 11,996 41,467 Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 9.65 % 9.47 % 51,766 23,494 75,260 504,815 Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Citibank Brazil Brazilian real Monthly 8.54 % 8.52 % 57,750 51,823 109,573 528,801 Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração Light Esco Brazil Brazilian real Monthly 13.00 % 12.28 % 171,115 545,863 716,978 657,610 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil Brazilian real Monthly 7.65 % 7.39 % 57,561 282,104 339,665 — Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina Dollars Monthly 12.00 % 12.00 % 280,995 — 280,995 327,632 Total 1,534,467 2,060,325 |
Schedule of noncurrent liabilities for leasing agreements | Maturity Indebted Entity Creditor Entity Amortization Effective Nominal 1 year to 2 years to 3 years to 4 years to More at Name Country Tax ID Name type Currency Type rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2018 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração Light Esco Brazil Brazilian real Monthly 13.00 % 12.28 % 810,185 915,509 1,034,525 1,169,014 9,466,995 13,396,228 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil Brazilian real Monthly 7.65 % 7.39 % 401,240 — — — — 401,240 TOTAL 13,797,468 Maturity Indebted Entity Creditor Entity Amortization Effective Nominal 1 year to 2 years to 3 years to 4 years to More at Tax ID Name Country Tax, ID Name Country Currency Type rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.2017 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Itaú Brazil Brazilian real Monthly 10.21 % 10.22 % 11,764 — — — — 11,764 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Santander Brazil Brazilian real Monthly 9.65 % 9.47 % 73,799 — — — — 73,799 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Banco Citibank Brazil Brazilian real Monthly 8.54 % 8.52 % 105,807 — — — — 105,807 Foreign Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração Light Esco Brazil Brazilian real Monthly 13.00 % 12.28 % 743,100 839,703 948,864 1,072,216 10,685,852 14,289,735 Total 14,481,105 |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT | |
Schedule of trade and other current accounts payable | Item 12.31.2018 12.31.2017 ThCh$ ThCh$ Trade accounts payable 174,486,806 187,872,116 Withholdings tax 47,693,379 49,857,086 Accounts payable Inamar Ltda. (1) — 356,221 Others 16,665,327 20,566,980 Total 238,845,512 258,652,403 Current 238,109,847 257,519,477 Non-current 735,665 1,132,926 Total 238,845,512 258,652,403 |
Schedule of accruable liabilities pursuant to Company's operating leasing agreements | Accruable liability ThCh$ Maturity within one year 3,823,849 Maturity between one and five years 4,259,402 Maturity more than five years 480,963 Total 8,564,214 |
OTHER PROVISIONS, CURRENT AND_2
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
Schedule of composition of provisions | Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Litigation (1) 62,452,526 65,624,166 Total 62,452,526 65,624,166 Current Non-current Total (1) Corresponds to the provision for probable fiscal, labor and trade contingency losses based on the opinion of our legal advisors, detailed as follows: Detail (see note 21.1) 12.31.2018 12.31.2017 ThCh$ ThCh$ Tax Contingencies 47,991,514 49,185,234 Labor Contingencies 10,376,830 10,468,704 Civil Contingencies 4,084,182 5,970,228 Total 65,624,166 |
Schedule of movement of provisions | Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Opening Balance as of January 01 65,624,166 73,081,893 Additional provisions 46,657 2,493,968 Increase (decrease) in existing provisions (4,998,530) (19,083,499) Payments 6,139,963 22,985,793 Reverse unused provision (*) (2,157,152) (6,769,384) Increase (decrease) due to foreign exchange differences (2,202,578) (7,084,605) Total 62,452,526 65,624,166 (*) During fiscal years 2018 and 2017 there have been reversals of provisions amounting to Th$ 2,157,152 and Th$6,769,384, respectively which resulted from fines demanded by the Brazilian Treasury on the use of tax credits, because of favorable rulings on the subject for Rio de Janeiro Refrescos Ltda. |
OTHER CURRENT AND NON-CURRENT_7
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES | |
Schedule of other current and non-current liabilities | Description 12.31.2018 12.31.2017 ThCh$ ThCh$ Dividend payable 21,584,314 21,679,922 Other 12,189,900 5,328,055 Total 33,774,214 27,007,977 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
EQUITY | |
Schedule of number of shares | Number of shares subscribed Number of shares paid in Number of voting shares Series 2018 2017 2016 2018 2017 2016 2018 2017 2016 A 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 473,289,301 B 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 473,281,303 |
Schedule of equity | Subscribed Capital Paid-in capital Series 2018 2017 2016 2018 2017 2016 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ A 135,379,504 135,379,504 135,379,504 135,379,504 135,379,504 135,379,504 B 135,358,070 135,358,070 135,358,070 135,358,070 135,358,070 135,358,070 Total 270,737,574 270,737,574 270,737,574 270,737,574 270,737,574 270,737,574 |
Schedule of dividends declared and paid | Profits Dividend imputable to Ch$ per Series Ch$ per Series Payment month type dividends A Share B Share 2017 January Interim 2016 19.00 20.90 2017 May Final 2016 19.00 20.90 2017 August Additional Retained Earnings 19.00 20.90 2017 October Interim 2017 19.00 20.90 2018 January Interim 2017 21.50 23.65 2018 May Final 2017 21.50 23.65 2018 August Additional Retained Earnings 21.50 23.65 2018 October Interim 2018 21.50 23.65 2019 January Interim 2018 21.50 23.65 |
Schedule of other reserves | Description 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (306,674,528) (237,077,572) (168,744,355) Cash flow hedge reserve (13,668,932) (3,094,671) (2,448,175) Reserve for employee benefit actuarial gains or losses (1,954,077) (1,915,587) (1,785,032) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 — — Total 110,854,089 254,159,496 |
Schedule of foreign currency translation reserves | Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Brazil (99,990,343) (90,156,924) (58,306,230) Argentina (201,118,180) (128,348,112) (108,386,213) Paraguay 8,623,849 (4,862,332) 10,545,453 Exchange rate differences in related companies (14,189,854) (13,710,204) (12,597,365) Total (306,674,528) (237,077,572) (168,744,355) |
Schedule of movement in foreign currency translation reserves | Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Brazil (10,313,069) (32,963,533) 30,138,065 Argentina (72,770,068) (19,961,899) (23,472,215) Paraguay 13,486,181 (15,407,785) (11,183,004) Exchange rate differences in related companies — — 3,219,956 Total (69,596,956) (68,333,217) (1,297,198) |
Schedule of consolidated statements of comprehensive income | Gross Balance Tax Net Balance Cash Flow for hedge (1) (13,151,841) 2,554,551 (10,597,290) Exchange rate translation differences (1) (72,455,525) 2,476,204 (69,979,321) Benefit relate to defined benefit plans (63,463) 16,184 (47,279) Total Comprenhensive income as of December 31, 2018 (85,670,829) 5,046,939 (80,623,890) Gross Balance Tax Net Balance Cash Flow for hedge (1) (813,844) 167,348 (646,496) Exchange rate translation differences (1) (68,831,435) 232,666 (68,598,769) Benefit relate to defined benefit plans (329,477) 84,017 (245,460) Total Comprenhensive income as of December 31, 2017 (69,974,756) 484,031 (69,490,725) Gross Balance Tax Net Balance Cash Flow for hedge (1) (42,836,575) 13,301,186 (29,535,389) Exchange rate translation differences (1) 148,686 (2,431,408) (2,282,722) Benefit relate to defined benefit plans (29,423) 7,060 (22,363) Total Comprenhensive income as of December 31, 2016 (42,717,312) 10,876,838 (31,840,474) (1) These concepts will be reclassified to the statements of income when it is settled |
Schedule of movement in comprehensive income | Benefit related Cash Flow Exchange rate to defines As of December 31, 2018: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (63,699,788) (72,455,525) (334,508) Deferred taxes 20,217,065 2,476,204 89,366 Reclassification to the result by function 48,415,956 — 271,045 Reclassification of deferred taxes related to other reserves (15,530,523) — (73,182) Total Changes in Equity (10,597,290) (69,979,321) (47,279) Equity holders of the parent (10,597,290) (69,592,296) (43,150) Non-Controlling interests — (387,025) (4,129) Total Changes in equity as of December 31, 2018 (10,597,290) (69,979,321) (47,279) Benefit related Cash Flow Exchange rate to defines As of December 31, 2017: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (14,172,572) (68,831,435) (476,044) Deferred taxes 3,875,908 232,666 121,390 Reclassification to the result by function 13,352,835 — 146,564 Reclassification of deferred taxes related to other reserves (3,702,667) — (37,370) Total Changes in Equity (646,496) (68,598,769) (245,460) Equity holders of the parent (646,496) (68,333,217) (130,555) Non-Controlling interests — (265,552) (114,905) Total Changes in equity as of December 31, 2017 (646,496) (68,598,769) (245,460) Benefit related Cash Flow Exchange rate to defines As of December 31, 2016: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (119,668,724) 148,686 (359,258) Deferred taxes 38,337,727 (2,431,408) 86,222 Reclassification to the result by function 76,802,629 — 313,341 Reclassification of deferred taxes related to other reserves (25,007,021) — (62,668) Total Changes in Equity (29,535,389) (2,282,722) (22,363) Equity holders of the parent (29,535,389) (1,297,198) 11,253 Non-Controlling interests — (985,524) (33,616) Total Changes in equity as of December 31, 2016 (29,535,389) (2,282,722) (22,363) |
Schedule of non-controlling interests | Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2018 2017 2016 2018 2017 2016 2018 2017 2016 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 23,260 13,765 12,209 3,633 5,590 5,502 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 2,113 2,213 2,062 96 711 785 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 5,378,074 5,045,792 5,337,687 556,112 502,945 504,806 Vital S.A. 35.0000 35.0000 35.0000 7,674,785 9,261,108 9,054,947 271,063 283,327 319,858 Vital Aguas S.A. 33.5000 33.5000 33.5000 1,986,493 2,117,098 2,027,879 36,696 151,647 23,744 Envases Central S.A. 40.7300 40.7300 40.7300 4,836,892 5,483,317 5,129,661 (20,225) 220,715 668,425 Total 19,901,617 21,923,293 21,564,445 847,375 1,164,935 1,523,120 |
Schedule of subsidiaries financial information | Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2018 2017 2016 2018 2017 2016 2018 2017 2016 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 23,260 13,765 12,209 3,633 5,590 5,502 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 2,113 2,213 2,062 96 711 785 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 5,378,074 5,045,792 5,337,687 556,112 502,945 504,806 Vital S.A. 35.0000 35.0000 35.0000 7,674,785 9,261,108 9,054,947 271,063 283,327 319,858 Vital Aguas S.A. 33.5000 33.5000 33.5000 1,986,493 2,117,098 2,027,879 36,696 151,647 23,744 Envases Central S.A. 40.7300 40.7300 40.7300 4,836,892 5,483,317 5,129,661 (20,225) 220,715 668,425 Total 19,901,617 21,923,293 21,564,445 847,375 1,164,935 1,523,120 The following tables presents summarized information regarding the Company´s subsidiaries owned by third parties as of December 31, 2018, 2017 and 2016: Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2018 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 78,222,876 4,329,932 37,309,706 16,005,424 4,616,490 13,737,336 Total non-current assets 156,224,157 9,251,880 248,751,791 16,969,708 5,287,639 Total current liabilities 82,148,269 2,309,810 21,870,719 11,018,878 3,803,117 13,063,735 Total non-current liabilities 15,897,476 1,169,270 16,323,385 28,298 171,184 1,041,400 Net sales 406,216,738 16,034,964 149,588,252 56,724,318 15,859,403 59,433,099 Net Income 21,304,406 458,980 25,630,364 774,466 109,539 (112,302) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2017 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 97,285,008 7,143,561 30,419,844 21,135,712 4,296,412 8,343,734 Total non-current assets 94,369,129 6,413,307 234,278,288 19,691,418 5,876,875 14,243,627 Total current liabilities 109,594,738 2,944,499 17,297,339 14,244,283 3,698,382 7,410,662 Total non-current liabilities 1,339,723 28,444 14,487,776 128,071 157,558 1,710,709 Net sales 544,585,291 20,698,427 141,277,230 68,884,622 14,642,493 39,205,943 Net Income 32,781,977 3,398,080 23,179,968 809,507 452,679 541,927 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos Vital Jugos Vital Aguas Envases December 31,2016 S.A. S.A. S.A. S.A. S.A. Central S.A. Total current assets 110,564,779 6,680,394 35,283,479 19,265,466 4,783,537 8,508,056 Total non-current assets 98,518,204 7,381,968 243,615,898 22,297,712 6,298,423 12,034,286 Total current liabilities 132,431,541 4,061,713 17,192,489 15,246,108 4,884,341 7,333,325 Total non-current liabilities 1,621,792 141,258 16,011,340 445,794 144,250 614,711 Net sales 507,946,578 20,601,647 132,005,503 75,788,427 14,437,818 40,342,848 Net Income 32,268,140 3,754,831 23,045,844 913,880 70,878 1,641,112 |
Schedule of earnings per share | 12.31.2018 Earnings per share SERIES A SERIES B TOTAL Earnings attributable to shareholders (ThCh$) 46,001,994 50,601,377 96,603,371 Average weighted number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (in Chilean pesos) 97.20 106.92 102.06 12.31.2017 Earnings per share SERIES A SERIES B TOTAL Earnings attributable to shareholders (ThCh$) 56,112,755 61,723,035 117,835,790 Average weighted number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (in Chilean pesos) 118.56 130.42 124.49 12.31.2016 Earnings per share SERIES A SERIES B TOTAL Earnings attributable to shareholders (ThCh$) 43,107,979 47,418,012 90,525,991 Average weighted number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (in Chilean pesos) 91.08 100.19 95.64 |
DERIVATIVE ASSETS AND LIABILI_2
DERIVATIVE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
DERIVATIVE ASSETS AND LIABILITIES | |
Schedule of fair value of assets and liabilities | Fair Value Measurements at December 31, 2018 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets Other current financial assets — 669,527 669,527 Other non-current financial assets — 87,446,662 — 87,446,662 Total assets — 88,116,189 — 88,116,189 Liabilities Current liabilities Other current financial liabilities — 130,829 — 130,829 Total liabilities — 130,829 — 130,829 Fair Value Measurements at December 31, 2017 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets — 469,019 — 469,019 Other non-current financial assets — 61,898,833 — 61,898,833 Total assets — 62,367,852 — 62,367,852 Liabilities Current liabilities Other current financial liabilities — 445,278 — 445,278 Total liabilities — 445,278 — 445,278 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
CONTINGENCIES AND COMMITMENTS | |
Schedule of guarantees and restricted assets | Guarantees that compromise assets including in the financial statements: Balance pending payment on the closing date Provided by Committed assets of the financial statements Guarantee in favor of Name Relationship Guarantee Type 12.31.2018 12.31.2017 ThCh$ ThCh$ Industria Metalúrgica Inamar Ltda. Embotelladora Andina S.A. Parent Company Land Property, plant and equipment — 17,991,202 Gas Licuado Lipigas S.A. Embotelladora Andina S.A. Parent Company Cash and cash equivalents Trade and other receivables 1,140 1,140 Hospital Militar Servicios Multivending Subsidiary Cash and cash equivalents Trade and other receivables — 4,727 Parque Arauco Servicios Multivending Subsidiary Cash and cash equivalents Trade and other receivables — 5,345 Aeropuerto Nuevo Pudahuel Servicios Multivending Subsidiary Cash and cash equivalents Other receivables — 10,129 Hospital FACH Servicios Multivending Subsidiary Cash and cash equivalents Other receivables — Inmob. E Invers. Supetar Ltda Transportes Polar S.A. Subsidiary Cash and cash equivalents Other non-current, non-financial assets Bodegas San Francisco Ltda. Transportes Polar S.A. Subsidiary Cash and cash equivalents Other non-current, non-financial assets — Maria Lobos Jamet Transportes Polar S.A. Subsidiary Cash and cash equivalents Trade and other receivables 2,565 2,565 Reclamaciones Trabajadores Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current, non-financial assets Reclamaciones Civiles Y Tributarias Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current, non-financial assets Instituciones Gubernamentales Rio de Janeiro Refrescos Ltda. Subsidiary Property, plant and equipment Property, plant and equipment Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 553 989 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 395 707 Labarda Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 7 12 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 21,420 38,315 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 40,682 72,768 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 1,645 2,943 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 254,430 455,104 Others Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 78 140 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 3,317 5,934 Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 4,612 8,249 Locadores Varios Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 46,169 53,900 Aduana De EZEIZA Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 3,013 6,608 Municipalidad De Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 1,592 5,755 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 4,949 8,853 Municipalidad De Picun Leufu Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 72 128 Migoni Marano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 112 — Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 309 1,226 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 231,077 — Gomez Alejandra Raquel Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 35 62 Lopez Gustavo Gerardo C/Inti Saic Y Otros Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 226 403 Fondo Fima Ahorro Plus C Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, financial assets — 519 Tribunal Superior De Justicia De La Provincia De Córdoba Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current, non-financial assets 290 — DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial Deposit Other non-current, non-financial assets 41,465 — Marcus A.Peña Paraguay Refrescos Subsidiary Building Property, plant and equipment 4,164 3,782 Mauricio J Cordero C Paraguay Refrescos Subsidiary Building Property, plant and equipment 904 800 José Ruoti Maltese Paraguay Refrescos Subsidiary Building Property, plant and equipment 758 715 Alejandro Galeano Paraguay Refrescos Subsidiary Building Property, plant and equipment 1,251 1,107 Ana Maria Mazó Paraguay Refrescos Subsidiary Building Property, plant and equipment 1,191 1,054 Total 31,816,784 50,651,324 Guarantees provided without obligation of assets included in the financial statements: Provided by Committed assets Amounts involved Warranty creditor Name Relationship Guarantee Type 12.31.2018 12.31.2017 ThCh$ ThCh$ Importadora Casa y Regalos Trans-Heca S.A. Subsidiary Guarantee insurance Compliance lease contract — 2,050 Inmobiliaria e Inversiones Gestion Activa Ltda Trans-Heca S.A. Subsidiary Guarantee insurance Compliance lease contract — 4,585 Inmobiliaria Portofino Red de Transportes comerciales Ltda. Subsidiary Guarantee insurance Guarantee bond — 900 Teléfonica Chile S.A. Red de Transportes comerciales Ltda. Subsidiary Guarantee insurance Guarantee bond — 1,000 Inmobiliaria San Martin Logista S.A Red de Transportes comerciales Ltda. Subsidiary Guarantee insurance Guarantee bond — 3,461 Employee procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 2,601,353 1,496,862 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 8,233,853 7,185,511 Gobierno Federal Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 116,192,877 91,903,312 Gobierno Estadual Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 43,015,207 20,527,817 HSBC Sorocaba Refrescos S.A. Associate Loan co-signers 3,586,095 3,716,747 Otros Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee insurance Judicial action 3,236,092 2,449,103 Aduana de Ezeiza Embotelladora del Atlántico S.A. Subsidiary Bond insurance Faithful fulfillment of contract 699,502 63,777 Aduana de Ezeiza Andina Empaques S.A. Subsidiary Bond insurance Faithful fulfillment of contract 182,459 347,990 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
FINANCIAL RISK MANAGEMENT | |
Schedule of committed maturities for liability payments | Maturity More than 1 More than 2 More than 3 More than 4 Item 1 year year up to 2 years up to 3 up to 4 years ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 21,579,550 1,597,027 787,777 772,051 81,286 Bond payable 42,991,809 42,909,590 39,560,554 39,411,666 844,765,446 Operating lease obligations 7,305,508 9,516,692 9,072,970 9,032,343 22,059,516 Purchase obligations 64,406,811 9,126,536 9,338,111 233,004 240,600 Total 136,283,678 63,149,845 58,759,412 49,449,064 867,146,848 |
EXPENSES BY NATURE (Tables)
EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
EXPENSES BY NATURE | |
Schedule of expenses by nature | 01.01.2018 01.01.2017 01.01.2016 Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Direct production costs 759,229,954 815,455,280 776,824,622 Payroll and employee benefits 266,966,841 287,458,526 288,293,137 Transportation and distribution 137,428,173 163,361,088 153,675,961 Marketing 17,345,951 29,209,904 39,981,813 Depreciation and amortization 99,594,446 99,163,891 97,334,452 Repairs and maintenance 28,120,097 34,253,824 34,511,508 Other expenses 138,860,649 181,249,647 173,168,224 Total (1) 1,447,546,111 1,610,152,160 1,563,789,717 (1) Corresponds to the addition of cost of sales, administration expenses and distribution cost. |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER INCOME | |
Schedule of other income | 01.01.2018 01.01.2017 01.01.2016 Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Gain on disposal of Property, plant and equipment 1,984,547 312,470 318,771 Recovery AFIP claim 232,617 — 1,034,040 Others 392,004 238,364 408,088 Total 2,609,168 550,834 1,760,899 |
OTHER EXPENSES (Tables)
OTHER EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER EXPENSES | |
Schedule of other expenses | 01.01.2018 01.01.2017 01.01.2016 Detail 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Contingencies and Non-operating fees 10,192,495 5,377,190 9,959,181 Tax on bank debits 4,653,929 7,669,234 7,006,261 Disposal and write-off of Property, plant and equipment 262,366 3,025,497 4,800,278 Others 948,973 629,550 999,447 Total 16,057,763 16,701,471 22,765,167 |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
FINANCIAL INCOME AND EXPENSES | |
Schedule of financial income and expenses | a) Finance income 01.01.2018 01.01.2017 01.01.2016 Detail 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Interest income 1,046,580 8,370,338 8,466,177 Other interest income 2,893,664 2,824,037 1,195,515 Total 3,940,244 11,194,375 9,661,692 b) Finance expenses 01.01.2018 01.01.2017 01.01.2016 Detail 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Bond interest 38,547,682 42,178,816 41,652,154 Bank loan interest 1,828,588 5,553,485 3,990,853 Other interest costs 14,638,390 7,488,068 5,731,964 Total 55,014,660 55,220,369 51,374,971 |
OTHER (LOSSES) AND GAIN (Tables
OTHER (LOSSES) AND GAIN (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OTHER (LOSSES) AND GAIN | |
Schedule of other (losses) and gains | 01.01.2018 01.01.2017 01.01.2016 Details 12.31.2018 12.31.2017 12.31.2016 ThCh$ ThCh$ ThCh$ Gains (loss) on derivative transactions raw materials — — (1,466) (Losses) gains on ineffective portion of hedge derivatives (2,707,802) (2,536,079) (3,378,484) Other income and (expenses) (57) (1,190) (7,427) Total (2,707,859) (2,537,269) (3,387,377) |
LOCAL AND FOREIGN CURRENCY (Tab
LOCAL AND FOREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
LOCAL AND FOREIGN CURRENCY | |
Schedule of local and foreign currency - Current Assets | CURRENT ASSETS 12.31.2018 12.31.2017 ThCh$ ThCh$ Cash and cash equivalents 137,538,613 136,242,116 US Dollars 5,917,041 6,973,298 Euros 51,401 17,245 Chilean pesos 86,121,695 80,985,719 Brazilian Real 28,040,970 21,779,408 Argentine Pesos 6,726,906 19,681,449 Paraguayan Guarani 10,680,600 6,804,997 Other financial assets 683,567 14,138,161 U.S. Dollars — — Chilean pesos 355,126 — Unidad de Fomento — 13,647,997 Brazilian Real 14,040 366,595 Argentine Pesos 300,359 123,569 Paraguayan Guarani 14,042 — Other non-financial assets 5,948,923 5,611,861 US Dollars 45,053 70,975 Unidad de Fomento 78,623 9,790 Chilean pesos 3,589,253 3,049,402 Brazilian Real 1,275,073 1,447,790 Argentine Pesos 460,125 632,428 Paraguayan Guarani 500,796 401,476 Trade and other accounts receivable, net 174,113,323 191,284,680 US Dollars 863,794 541,579 Euros 52,332 112,763 Unidad de Fomento 1,414,800 1,673,147 Chilean pesos 73,028,244 75,797,942 Brazilian Real 66,585,089 75,387,122 Argentine Pesos 25,000,141 30,870,192 Paraguayan Guarani 7,168,923 6,901,935 Accounts receivable from related companies 9,450,263 5,370,232 US Dollars 26,557 16,674 Chilean pesos 6,911,814 5,172,144 Brazilian Real — Argentine Pesos 2,511,892 181,414 Inventory 151,319,709 131,363,000 US Dollars 2,197,382 3,046,600 Euros 12,522 262,204 Chilean pesos 50,130,341 39,750,597 Brazilian Real 36,797,523 33,834,631 Argentine Pesos 46,394,230 43,857,361 Paraguayan Guarani 15,787,711 10,611,607 Current tax assets 2,532,056 — Chilean pesos — — Brazilian Real 2,532,056 — Total Current Assets 481,586,454 484,010,050 US Dollars 9,049,827 10,649,126 Euros 116,255 392,212 Unidad de Fomento 1,493,423 15,330,934 Chilean pesos 220,136,473 204,755,804 Brazilian Real 135,244,751 132,815,546 Argentine Pesos 81,393,653 95,346,413 Paraguayan Guarani 34,152,072 24,720,015 |
Schedule of local and foreign currency - Non-Current Assets | NON-CURRENT ASSETS 12.31.2018 12.31.2017 ThCh$ ThCh$ Other financial assets 97,362,295 74,259,085 Chilean pesos - 2,212,688 Brazilian Real 87,446,661 63,531,839 Argentine Pesos 9,915,634 8,514,558 Other non-financial assets 34,977,264 47,394,345 US Dollars 22,917 — Unidad de Fomento 314,283 — Chilean pesos 47,532 395,857 Brazilian Real 32,070,120 45,334,405 Argentine Pesos 2,315,682 1,626,255 Paraguayan Guarani 206,730 37,828 Trade and other receivables 1,270,697 2,395,851 Unidad de Fomento 1,204,097 2,335,322 Argentine Pesos 90 2,193 Paraguayan Guarani 66,510 58,336 Accounts receivable from related parties 74,340 156,492 Chilean pesos 74,340 156,492 Investments accounted for under the equity method 102,410,945 86,809,069 Chilean pesos 50,136,221 33,789,538 Brazilian Real 52,274,724 53,019,531 Intangible assets other than goodwill 668,822,553 663,272,878 US Dollars 4,960,399 3,959,421 Chilean pesos 306,508,710 307,165,028 Brazilian Real 182,657,545 188,401,129 Argentine Pesos 2,101,571 922,226 Paraguayan Guarani 172,594,328 162,825,074 Goodwill 117,229,173 93,598,217 Chilean pesos 9,523,767 9,523,767 Brazilian Real 72,059,356 72,488,336 Argentine Pesos 28,318,129 4,672,971 Paraguayan Guarani 7,327,921 6,913,143 Property, plant and equipment 710,770,968 659,750,499 US Dollars — 190,365 Euros 381,732 5,362,096 Chilean pesos 271,625,978 271,391,436 Brazilian Real 252,674,783 240,781,729 Argentine Pesos 117,532,176 77,580,966 Paraguayan Guarani 68,556,299 64,443,907 Deferred income tax assets — 3,212,981 Argentine Pesos — 3,212,981 Total Non-Current Assets 1,732,918,235 1,630,849,417 US Dollars 4,983,316 4,149,786 Euros 381,732 5,362,096 Unidad de Fomento 1,518,380 2,335,322 Chilean pesos 637,916,548 624,634,806 Brazilian Real 679,183,189 663,556,969 Argentine Pesos 160,183,282 96,532,150 Paraguayan Guarani 248,751,788 234,278,288 |
Schedule of local and foreign currency - Current Liabilities | 12.31.2018 12.31.2017 90 days up to 1 90 days up to 1 CURRENT LIABILITIES Up to 90 days year Total Up to 90 days year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other financial liabilities, current 9,377,421 46,737,556 56,114,977 13,536,530 54,444,875 67,981,405 U.S. Dollars 130,829 3,304,011 3,434,840 25,540 4,563,131 4,588,671 Unidad de Fomento 7,831,899 10,536,509 18,368,408 6,735,155 9,892,144 16,627,299 Chilean pesos — 9,681,676 9,681,676 — 10,342,404 10,342,404 Brazilian Real 1,413,622 20,833,877 22,247,499 5,084,725 15,589,691 20,674,416 Argentinean pesos 1,071 1,357,285 1,358,356 1,691,110 13,185,694 14,876,804 Paraguayan Guaraní — 1,024,198 1,024,198 — 871,811 871,811 Trade and other accounts payable, current 234,715,484 3,394,363 238,109,847 251,516,304 6,003,173 257,519,477 U.S. Dollars 14,514,082 — 14,514,082 11,716,262 29,728 11,745,990 Euros 4,311,724 59,951 4,371,675 2,202,581 80,070 2,282,651 Unidad de Fomento 192,055 — 192,055 2,198,131 — 2,198,131 Chilean pesos 81,099,246 3,334,412 84,433,658 82,576,800 5,823,291 88,400,091 Brazilian Real 68,940,973 — 68,940,973 74,524,169 — 74,524,169 Argentinean pesos 54,846,437 — 54,846,437 69,859,508 52,403 69,911,911 Paraguayan Guaraní 10,805,605 — 10,805,605 8,437,188 17,681 8,454,869 Other currencies 5,362 — 5,362 1,665 — 1,665 — — — Accounts payable to related companies, current 45,687,476 140,383 45,827,859 33,728,629 232,808 33,961,437 U.S. Dollars — — — — — — Unidad de Fomento — — — — — — Chilean pesos 27,729,583 140,383 27,869,966 15,297,780 232,808 15,530,588 Brazilian Real 12,478,179 — 12,478,179 18,430,849 — 18,430,849 Argentinean pesos 5,479,714 — 5,479,714 — — — Paraguayan Guaraní — — — Other provisions, current 1,789,275 1,696,338 3,485,613 2,616,340 60,078 2,676,418 Chilean pesos 1,789,275 1,681,178 3,470,453 2,616,340 — 2,616,340 Paraguayan Guaraní — 15,160 15,160 — 60,078 60,078 Tax liabilities, current 4,302,370 5,036,242 9,338,612 543,874 2,641,091 3,184,965 Chilean pesos 4,302,370 1,184,842 5,487,212 184,406 — 184,406 Brazilian Real — — — 359,468 359,468 718,936 Argentinean pesos — 2,980,634 2,980,634 — 2,155,680 2,155,680 Paraguayan Guaraní — 870,766 870,766 — 125,943 125,943 Employee benefits current provisions 10,189,264 23,021,715 33,210,979 — 35,955,643 35,955,643 Chilean pesos 1,177,114 4,854,163 6,031,277 — 6,365,543 6,365,543 Brazilian Real — 17,180,455 17,180,455 — 16,412,363 16,412,363 Argentinean pesos 9,012,150 — 9,012,150 — 12,371,827 12,371,827 Paraguayan Guaraní — 987,097 987,097 — 805,910 805,910 Other non-financial liabilities, current 1,346,839 32,427,375 33,774,214 648,171 26,359,806 27,007,977 Unidad de Fomento — — — — — — Chilean pesos 869,964 32,276,377 33,146,341 190,529 26,111,396 26,301,925 Brazilian Real — — — — — — Argentinean pesos 476,875 — 476,875 457,642 — 457,642 Paraguayan Guaraní — 150,998 150,998 — 248,410 248,410 Total current liabilities 307,408,129 112,453,972 419,862,101 302,589,848 125,697,474 428,287,322 U.S. Dollars 14,644,911 3,304,011 17,948,922 11,741,802 4,592,859 16,334,661 Euros 4,311,724 59,951 4,371,675 2,202,581 80,070 2,282,651 Unidad de Fomento 8,023,954 10,536,509 18,560,463 8,933,286 9,892,144 18,825,430 Chilean pesos 116,967,552 53,153,031 170,120,583 100,865,855 48,875,442 149,741,297 Brazilian Real 82,832,774 38,014,332 120,847,106 98,399,211 32,361,522 130,760,733 Argentinean pesos 69,816,247 4,337,919 74,154,166 72,008,260 27,765,604 99,773,864 Paraguayan guaraní 10,805,605 3,048,219 13,853,824 8,437,188 2,129,833 10,567,021 Other currencies 5,362 — 5,362 1,665 — 1,665 |
Schedule of local and foreign currency - Non-Current Liabilities | 12.31.2018 12.31.2017 More More than More More More than than 1 up 3 years up 5 than than 1 up 3 years up More than NON-CURRENT LIABILITIES to 3 years to 5 years years Total to 3 years to 5 years 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 28,642,101 276,409,074 411,512,603 716,563,778 8,185,760 8,153,247 659,428,194 675,767,201 U.S. Dollars — 250,976,154 — 250,976,154 513,788 — 350,016,750 350,530,538 Unidad de Fomento 25,634,958 23,105,123 402,045,609 450,785,690 — 2,092,245 298,725,592 300,817,837 Chilean pesos — — — — — — — — Brazilian Real 3,007,143 2,327,797 9,466,994 14,801,934 7,671,972 6,061,002 10,685,852 24,418,826 Non-current accounts payable 735,665 — — 735,665 1,132,926 — — 1,132,926 U.S. Dollars 585,289 — — 585,289 748,565 — — 748,565 Chilean pesos 148,680 — — 148,680 356,221 — — 356,221 Argentinean pesos 1,696 — — 1,696 28,140 — — 28,140 Other provisions, non-current 3,448,042 55,518,871 — 58,966,913 62,947,748 — — 62,947,748 Chilean pesos 2,500,000 — — 2,500,000 5,000,000 5,000,000 Brazilian Real — 55,518,871 — 55,518,871 56,607,720 — — 56,607,720 Argentinean pesos 948,042 — — 948,042 1,340,028 — — 1,340,028 Paraguayan Guaraní — — — — Deferred tax liabilities 16,607,605 101,512,040 27,126,303 145,245,948 19,317,808 91,769 105,794,989 125,204,566 Chilean pesos 497,175 81,630,530 11,899,975 94,027,680 252,448 91,769 92,319,662 92,663,879 Brazilian Real — 19,881,510 — 19,881,510 19,065,360 — — 19,065,360 Argentinean pesos 16,110,430 — — 16,110,430 Paraguayan Guaraní — — 15,226,328 15,226,328 — — 13,475,327 13,475,327 Employee benefits non-current provisions 742,297 240,148 8,433,096 9,415,541 359,760 62,742 7,863,853 8,286,355 Chilean pesos 230,528 240,148 8,433,096 8,903,772 163,756 62,742 7,863,853 8,090,351 Paraguayan Guaraní 511,769 — — 511,769 196,004 — — 196,004 Other non-financial liabilities, non-current — — — — — — — — Brazilian Real — — — — — — — — Argentinean pesos — — — — — — — — Total non-current liabilities 50,175,710 433,680,133 447,072,002 930,927,845 91,944,002 8,307,758 773,087,036 873,338,796 U.S. Dollars 585,289 250,976,154 — 251,561,443 1,262,353 — 350,016,750 351,279,103 Unidad de Fomento 25,634,958 23,105,123 402,045,609 450,785,690 — 2,092,245 298,725,592 300,817,837 Chilean pesos 3,376,383 81,870,678 20,333,071 105,580,132 5,772,425 154,511 100,183,515 106,110,451 Brazilian Real 3,007,143 77,728,178 9,466,994 90,202,315 83,345,052 6,061,002 10,685,852 100,091,906 Argentinean pesos 17,060,168 — — 17,060,168 1,368,168 — — 1,368,168 Paraguayan Guaraní 511,769 — 15,226,328 15,738,097 196,004 — 13,475,327 13,671,331 |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) | Dec. 31, 2018 |
Series A | Freire Group and its related companies | |
Disclosure of transactions between related parties [line items] | |
Ownership percentage with voting right | 55.72% |
BASIS OF PREPARATION OF CONSO_4
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsidiaries (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Abisa Corp S.A | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Aconcagua Investing Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.71% | 0.71% |
Indirect holding control percentage | 99.28% | 99.28% |
Holding control percentage | 99.99% | 99.99% |
Andina Bottling Investments S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Andina Bottling Investments Dos S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Andina Empaques Argentina S.A. | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.98% | 99.98% |
Holding control percentage | 99.98% | 99.98% |
Andina Inversiones Societarias S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.98% | 99.98% |
Indirect holding control percentage | 0.01% | 0.01% |
Holding control percentage | 99.99% | 99.99% |
Embotelladora Andina Chile S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Embotelladora del Altantico S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.92% | 0.92% |
Indirect holding control percentage | 99.07% | 99.07% |
Holding control percentage | 99.99% | 99.99% |
Envases Central S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 59.27% | 59.27% |
Holding control percentage | 59.27% | 59.27% |
Inversiones Los Andes Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Paraguay Refrescos S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.08% | 0.08% |
Indirect holding control percentage | 97.75% | 97.75% |
Holding control percentage | 97.83% | 97.83% |
Red de Transportes Comerciales Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Rio De Janeiro Refrescos Ltda | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Servicios Multivending Ltda | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Transportes Andina Refrescos Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Transportes Polar S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Vital Aguas S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 66.50% | 66.50% |
Holding control percentage | 66.50% | 66.50% |
Vital Jugos S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 15.00% | 15.00% |
Indirect holding control percentage | 50.00% | 50.00% |
Holding control percentage | 65.00% | 65.00% |
BASIS OF PREPARATION OF CONSO_5
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Functional currency and presentation currency (Details) $ in Thousands | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018CLP ($)$ / $ | Dec. 31, 2017CLP ($)$ / $ | Dec. 31, 2018$ / ₲ | Dec. 31, 2018$ / € | Dec. 31, 2018$ / | Dec. 31, 2018$ / R$ | Dec. 31, 2018$ / $ | Dec. 31, 2017$ / ₲ | Dec. 31, 2017$ / € | Dec. 31, 2017$ / | Dec. 31, 2017$ / R$ | Dec. 31, 2017$ / $ | Dec. 31, 2016$ / $ | Dec. 31, 2016$ / ₲ | Dec. 31, 2016$ / € | Dec. 31, 2016$ / | Dec. 31, 2016$ / R$ | Dec. 31, 2016$ / $ | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||
Minimum accumulated inflation rate for three year stands out | 100.00% | |||||||||||||||||
Inflation rate (as a percent) | 47.60% | 24.80% | ||||||||||||||||
Adjustment in accumulated results upon adoption of IAS 29 | $ 79,499,736 | |||||||||||||||||
Income by readjustment units | $ 8,516,369 | |||||||||||||||||
Net loss effect generated by inflation adjustment and translation at closing exchange rate | $ 15,743,592 | |||||||||||||||||
Exchange rates and value of the UF at the close | 694.77 | 614.75 | 0.1170 | 794.75 | 27,565.79 | 179.30 | 18.43 | 0.1100 | 739.15 | 26,798.14 | 185.84 | 32.96 | 669.47 | 0.1160 | 705.60 | 26,347.98 | 205.42 | 42.13 |
BASIS OF PREPARATION OF CONSO_6
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, plant, and equipment and Income tax and Others (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Ifrs Dividends Abstract | |
Minimum percentage of dividends over the period's earnings as required by Chilean Corporate Law | 30.00% |
Buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 30 years |
Buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 50 years |
Plant and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Plant and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Warehouse installations and accessories | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Warehouse installations and accessories | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 30 years |
Furniture and supplies | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
Furniture and supplies | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Motor vehicles | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Motor vehicles | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 7 years |
Other Property, plant and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Other Property, plant and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 years |
Bottles and containers | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 2 years |
Bottles and containers | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 years |
Software | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
BASIS OF PREPARATION OF CONSO_7
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value hierarchy (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018CLP ($) | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Transfers into out of Level 1 assets and liabilities | $ 0 |
Transfers into out of level 2 assets and liabilities | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | $ 0 |
BASIS OF PREPARATION OF CONSO_8
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New accounting standards impacts (Details) - IFRS 16 | Jan. 01, 2019 |
Leases | |
Increase in assets (as a percent) | 1.00% |
Increase in liabilities (as a percent) | 1.60% |
Decrease in equity (as a percent) | 0.60% |
REPORTING BY SEGMENT (Details)
REPORTING BY SEGMENT (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CLP ($)segment | Dec. 31, 2017CLP ($) | Dec. 31, 2016CLP ($) | Dec. 31, 2015CLP ($) | |
Operating segment | ||||
Number of operating segments | segment | 4 | |||
Softdrinks | $ 1,165,696,032 | $ 1,337,264,240 | $ 1,311,574,509 | |
Other beverages | 501,485,439 | 504,272,487 | 458,615,749 | |
Packaging | 5,734,328 | 7,341,892 | 7,269,062 | |
Net sales | 1,672,915,799 | 1,848,878,619 | 1,777,459,320 | |
Cost of sales | (968,027,774) | (1,069,024,964) | (1,033,910,027) | |
Distribution expenses | (165,775,484) | (192,927,875) | (183,676,895) | |
Administrative expenses | (313,742,853) | (348,199,321) | (346,202,795) | |
Finance income | 3,940,244 | 11,194,375 | 9,661,692 | |
Financial expenses | (55,014,660) | (55,220,369) | (51,374,971) | |
Interest expense, net* | (51,074,416) | (44,025,994) | (41,713,279) | |
Share of the entity in income of associates accounted for using the equity method, total | 1,411,179 | (80,360) | (262,582) | |
Income tax expense | (55,564,855) | (51,797,634) | (48,807,093) | |
Other income (loss) | (22,690,850) | (23,821,746) | (30,837,538) | |
Net income | 97,450,746 | 119,000,725 | 92,049,111 | |
Depreciation and amortization | 99,594,446 | 99,163,891 | 97,334,452 | |
Current assets | 481,586,454 | 484,010,050 | 552,742,397 | |
Non-current assets | 1,732,918,235 | 1,630,849,417 | 1,646,367,350 | |
Total Assets | 2,214,504,689 | 2,114,859,467 | 2,199,109,747 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 102,410,945 | 86,809,069 | 77,197,781 | $ 54,190,546 |
Capital expenditures and other | 138,632,048 | 210,504,402 | 145,804,060 | |
Current liabilities | 419,862,101 | 428,287,322 | 419,534,854 | |
Non-current liabilities | 930,927,845 | 873,338,796 | 937,404,866 | |
Total liabilities | 1,350,789,946 | 1,301,626,118 | 1,356,939,720 | |
Cash flows provided by in Operating Activities | 235,279,362 | 247,960,348 | 223,446,560 | |
Cash flows (used in) provided by Investing Activities | (118,085,648) | (168,831,410) | (113,916,317) | |
Cash flows (used in) provided by Financing Activities | (114,635,278) | (78,345,770) | (98,224,525) | |
Net loss | 15,743,592 | |||
Geography Eliminations [Member] | ||||
Operating segment | ||||
Softdrinks | (72,170) | (96,999) | (334,784) | |
Packaging | (1,609,457) | (1,860,876) | (1,843,406) | |
Net sales | (1,681,627) | (1,957,875) | (2,178,190) | |
Cost of sales | 1,681,627 | 1,957,875 | 2,178,190 | |
Finance income | (16,813,279) | |||
Financial expenses | 16,813,279 | |||
Chile operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 390,782,296 | 391,629,010 | 391,479,133 | |
Other beverages | 180,156,806 | 160,244,448 | 148,948,285 | |
Net sales | 570,939,102 | 551,873,458 | 540,427,418 | |
Cost of sales | (336,719,937) | (328,579,003) | (319,213,825) | |
Distribution expenses | (55,798,363) | (54,777,094) | (52,540,986) | |
Administrative expenses | (109,373,432) | (110,969,260) | (117,615,991) | |
Finance income | 1,686,041 | 19,057,630 | 2,426,279 | |
Financial expenses | (23,713,774) | (32,594,796) | (16,262,215) | |
Interest expense, net* | (22,027,733) | (13,537,166) | (13,835,936) | |
Share of the entity in income of associates accounted for using the equity method, total | 298,359 | 246,084 | 717,947 | |
Income tax expense | (22,000,539) | (16,871,257) | (19,763,700) | |
Other income (loss) | (11,540,167) | (11,312,509) | (13,481,333) | |
Net income | 13,777,290 | 16,073,253 | 4,693,594 | |
Depreciation and amortization | 42,353,664 | 42,688,326 | 43,619,318 | |
Current assets | 228,108,768 | 223,245,173 | 251,357,854 | |
Non-current assets | 644,395,166 | 636,482,010 | 644,817,201 | |
Total Assets | 872,503,934 | 859,727,183 | 896,175,055 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 50,136,065 | 33,789,538 | 23,854,602 | |
Capital expenditures and other | 67,709,231 | 64,480,973 | 47,755,389 | |
Current liabilities | 186,831,021 | 169,508,083 | 137,438,744 | |
Non-current liabilities | 477,319,648 | 463,997,113 | 509,625,208 | |
Total liabilities | 664,150,669 | 633,505,196 | 647,063,952 | |
Cash flows provided by in Operating Activities | 150,035,425 | 79,451,122 | 71,077,982 | |
Cash flows (used in) provided by Investing Activities | (47,164,236) | (49,677,671) | (15,781,118) | |
Cash flows (used in) provided by Financing Activities | (98,560,576) | (91,800,089) | (23,591,062) | |
Argentina operation | ||||
Operating segment | ||||
Increase in assets | 97,318,892 | |||
Increase in liabilities | 16,093,780 | |||
Net loss | 15,743,592 | |||
Argentina operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 330,874,797 | 444,872,352 | 424,427,824 | |
Other beverages | 75,341,941 | 99,712,939 | 83,518,724 | |
Packaging | 7,343,785 | 9,202,768 | 9,112,468 | |
Net sales | 413,560,523 | 553,788,059 | 517,059,016 | |
Cost of sales | (214,647,052) | (294,370,581) | (279,308,400) | |
Distribution expenses | (62,899,574) | (87,032,428) | (80,066,734) | |
Administrative expenses | (93,149,904) | (106,504,163) | (97,788,860) | |
Finance income | 14,750 | 2,116,590 | 1,095,411 | |
Financial expenses | (192,602) | (4,663,527) | (587,216) | |
Interest expense, net* | (177,852) | (2,546,937) | 508,195 | |
Share of the entity in income of associates accounted for using the equity method, total | (243) | |||
Income tax expense | (18,874,454) | (17,683,875) | (17,427,278) | |
Other income (loss) | (2,639,386) | (10,441,173) | (8,284,072) | |
Net income | 21,172,301 | 35,208,659 | 34,691,867 | |
Depreciation and amortization | 20,474,446 | 17,648,018 | 16,445,143 | |
Current assets | 80,908,212 | 97,529,488 | 115,280,140 | |
Non-current assets | 160,587,931 | 96,532,150 | 98,810,807 | |
Total Assets | 241,496,143 | 194,061,638 | 214,090,947 | |
Capital expenditures and other | 28,702,138 | 40,347,989 | 37,029,524 | |
Current liabilities | 83,013,418 | 105,886,744 | 134,624,014 | |
Non-current liabilities | 17,066,746 | 1,368,167 | ||
Non current liabilities allocated | (1,981,066) | |||
Total liabilities | 100,080,164 | 107,254,911 | 132,642,948 | |
Cash flows provided by in Operating Activities | 28,899,457 | 38,904,028 | 54,162,992 | |
Cash flows (used in) provided by Investing Activities | (28,700,733) | (40,344,994) | (37,017,204) | |
Cash flows (used in) provided by Financing Activities | (10,644,812) | 16,891,759 | (17,777,191) | |
Brazil operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 326,015,740 | 387,545,053 | 389,048,385 | |
Other beverages | 214,493,809 | 216,352,694 | 201,097,188 | |
Net sales | 540,509,549 | 603,897,747 | 590,145,573 | |
Cost of sales | (329,529,112) | (362,686,353) | (359,156,149) | |
Distribution expenses | (38,835,833) | (43,483,958) | (44,107,337) | |
Administrative expenses | (88,809,386) | (109,095,660) | (109,345,331) | |
Finance income | 2,019,489 | 6,575,528 | 5,800,712 | |
Financial expenses | (31,108,284) | (34,767,713) | (34,504,760) | |
Interest expense, net* | (29,088,795) | (28,192,185) | (28,704,048) | |
Share of the entity in income of associates accounted for using the equity method, total | 1,112,820 | (326,201) | (980,529) | |
Income tax expense | (10,088,988) | (13,719,506) | (8,911,762) | |
Other income (loss) | (8,399,463) | (1,855,039) | (9,322,611) | |
Net income | 36,870,792 | 44,538,845 | 29,617,806 | |
Depreciation and amortization | 26,830,835 | 27,879,514 | 25,666,094 | |
Current assets | 135,259,768 | 132,815,545 | 150,820,924 | |
Non-current assets | 679,183,347 | 663,556,969 | 659,123,444 | |
Total Assets | 814,443,115 | 796,372,514 | 809,944,368 | |
Carrying amount in associates and joint ventures accounted for using the equity method, total | 52,274,880 | 53,019,531 | 53,343,179 | |
Capital expenditures and other | 32,536,213 | 91,198,657 | 51,779,625 | |
Current liabilities | 128,146,943 | 135,595,156 | 130,279,607 | |
Non-current liabilities | 420,218,066 | 393,125,740 | 413,749,384 | |
Total liabilities | 548,365,009 | 528,720,896 | 544,028,991 | |
Cash flows provided by in Operating Activities | 44,949,860 | 98,783,329 | 67,963,682 | |
Cash flows (used in) provided by Investing Activities | (32,536,213) | (64,331,960) | (51,873,047) | |
Cash flows (used in) provided by Financing Activities | (5,099,823) | (3,437,440) | (36,806,173) | |
Paraguay operation | Operating segments | ||||
Operating segment | ||||
Softdrinks | 118,095,369 | 113,314,824 | 106,953,951 | |
Other beverages | 31,492,883 | 27,962,406 | 25,051,552 | |
Net sales | 149,588,252 | 141,277,230 | 132,005,503 | |
Cost of sales | (88,813,300) | (85,346,902) | (78,409,843) | |
Distribution expenses | (8,241,714) | (7,634,395) | (6,961,838) | |
Administrative expenses | (22,410,131) | (21,630,238) | (21,452,613) | |
Finance income | 219,964 | 257,906 | 339,290 | |
Financial expenses | (7,612) | (20,780) | ||
Interest expense, net* | 219,964 | 250,294 | 318,510 | |
Income tax expense | (4,600,874) | (3,522,996) | (2,704,353) | |
Other income (loss) | (111,834) | (213,025) | 250,478 | |
Net income | 25,630,363 | 23,179,968 | 23,045,844 | |
Depreciation and amortization | 9,935,501 | 10,948,033 | 11,603,897 | |
Current assets | 37,309,706 | 30,419,844 | 35,283,479 | |
Non-current assets | 248,751,791 | 234,278,288 | 243,615,898 | |
Total Assets | 286,061,497 | 264,698,132 | 278,899,377 | |
Capital expenditures and other | 9,684,466 | 14,476,783 | 9,239,522 | |
Current liabilities | 21,870,719 | 17,297,339 | 17,192,489 | |
Non-current liabilities | 16,323,385 | 14,847,776 | 16,011,340 | |
Total liabilities | 38,194,104 | 32,145,115 | 33,203,829 | |
Cash flows provided by in Operating Activities | 11,394,620 | 30,821,869 | 30,241,904 | |
Cash flows (used in) provided by Investing Activities | (9,684,466) | $ (14,476,785) | (9,244,948) | |
Cash flows (used in) provided by Financing Activities | $ (330,067) | $ (20,050,099) |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | ||||
Cash | $ 2,907,276 | $ 139,835 | ||
Bank balances | 46,425,927 | 29,234,531 | ||
Time deposit | 1,500,315 | 10,616,688 | ||
Mutual funds | 86,705,095 | 96,251,062 | ||
Total cash and cash equivalents | 137,538,613 | 136,242,116 | $ 141,263,880 | $ 129,160,939 |
Dollar | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 5,917,041 | 6,973,298 | ||
Euros | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 51,401 | 17,245 | ||
Argentine Pesos | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 6,726,906 | 19,681,449 | ||
Chilean pesos | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 86,121,695 | 80,985,719 | ||
Paraguayan Guaran | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | 10,680,600 | 6,804,997 | ||
Brazilian Real | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | $ 28,040,970 | $ 21,779,408 |
CASH AND CASH EQUIVALENTS - Tim
CASH AND CASH EQUIVALENTS - Time deposits (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalent [Line items] | ||
Time Deposit | $ 1,500,315 | $ 10,616,688 |
Banco Santander 2.52 percent 12-29-2017 | Chilean pesos | ||
Cash and cash equivalent [Line items] | ||
Principal | $ 7,500,000 | |
Annual rate | 2.52% | |
Time Deposit | 7,516,275 | |
Banco Santander 2.40 Percent 2,700,000 Principal Amount 12-29-2017 | Chilean pesos | ||
Cash and cash equivalent [Line items] | ||
Principal | $ 2,700,000 | |
Annual rate | 2.40% | |
Time Deposit | 2,700,360 | |
Banco Santander 2.40 Percent 400,000 Principal Amount 12-29-2017 | Chilean pesos | ||
Cash and cash equivalent [Line items] | ||
Principal | $ 400,000 | |
Annual rate | 2.40% | |
Time Deposit | $ 400,053 | |
Banco Santander 2.52 Percent 700,000 Principal Amount 12-28-2018 | Chilean pesos | ||
Cash and cash equivalent [Line items] | ||
Principal | $ 700,000 | |
Annual rate | 2.52% | |
Time Deposit | $ 700,147 | |
Banco Santander 2.52 Percent 800,000 Principal Amount 12-28-2018 | Chilean pesos | ||
Cash and cash equivalent [Line items] | ||
Principal | $ 800,000 | |
Annual rate | 2.52% | |
Time Deposit | $ 800,168 |
CASH AND CASH EQUIVALENTS - Mon
CASH AND CASH EQUIVALENTS - Money Market (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | ||
Total mutual fund | $ 86,705,095 | $ 96,251,062 |
Wester Asset Institutional Cash Reserves - USA | ||
Cash and cash equivalents | ||
Total mutual fund | 15,214,062 | 3,740,526 |
Fondo mutuo Banco Chile BTG | ||
Cash and cash equivalents | ||
Total mutual fund | 13,090,507 | 5,823,608 |
Fondo mutuo Larrain Vial - Chile | ||
Cash and cash equivalents | ||
Total mutual fund | 13,082,767 | 6,349,486 |
Fondo mutuo Ita - Brasil | ||
Cash and cash equivalents | ||
Total mutual fund | 8,579,254 | 4,922,923 |
Fondo mutuo Banco Security - Chile | ||
Cash and cash equivalents | ||
Total mutual fund | 7,667,585 | 14,242,343 |
Fondo mutuo Scotiabank - Chile | ||
Cash and cash equivalents | ||
Total mutual fund | 7,528,086 | 5,878,523 |
Fondo mutuo Santander - Brazil | ||
Cash and cash equivalents | ||
Total mutual fund | 7,177,468 | 4,748,368 |
Fondo mutuo Votorantim | ||
Cash and cash equivalents | ||
Total mutual fund | 5,630,641 | |
Fondo mutuo BCI - Chile | ||
Cash and cash equivalents | ||
Total mutual fund | 4,804,238 | |
Fondo Fima Premium B - Argentina | ||
Cash and cash equivalents | ||
Total mutual fund | 2,952,316 | 1,495,556 |
Fondo mutuo Banco Estado - Chile | ||
Cash and cash equivalents | ||
Total mutual fund | 9,002,000 | |
Fondo mutuo Bradesco - Brazil | ||
Cash and cash equivalents | ||
Total mutual fund | $ 978,171 | 5,046,882 |
Fondo Fima Ahorro Plus C - Argentina | ||
Cash and cash equivalents | ||
Total mutual fund | 8,275,073 | |
Fondo Fima Ahorro Pesos C - Argentina | ||
Cash and cash equivalents | ||
Total mutual fund | 8,308,664 | |
Fondo mutuo Corporativo Banchile - Chile | ||
Cash and cash equivalents | ||
Total mutual fund | 17,645,940 | |
Citi Institutional Liquid Reserves Limited (CGAM) | ||
Cash and cash equivalents | ||
Total mutual fund | $ 771,170 |
OTHER CURRENT AND NON-CURRENT_8
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Maturity term | 90 days | |
Time deposit | $ 14,040 | $ 13,669,142 |
Rights in Forward Contracts - Forwards (see details in Note 20) | 669,527 | 469,019 |
Other current financial assets | 683,567 | 14,138,161 |
Vatorantim, 03-15-2018 | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Principal | $ 12,729 | |
Annual rate | 8.82% | |
Time deposit | $ 14,040 | |
Unidad de fomento | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 13,647,997 | |
Unidad de fomento | Banco Santander-Chile 08-09-2017 | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Principal | $ 7,000,000 | |
Annual rate | 1.04% | |
Time deposit | 7,082,167 | |
Unidad de fomento | BCI, 09-25-2017 | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Principal | $ 1,500,000 | |
Annual rate | 1.36% | |
Time deposit | 1,516,454 | |
Unidad de fomento | Banco Santander-Chile, 09-25-2017 | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Principal | $ 5,000,000 | |
Annual rate | 0.94% | |
Time deposit | 5,049,376 | |
Brazilian Real | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | $ 14,040 | 366,595 |
Brazilian Real | Vatorantim, 06-13-2017 | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Principal | $ 20,013 | |
Annual rate | 8.82% | |
Time deposit | $ 21,145 |
OTHER CURRENT AND NON-CURRENT_9
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS- Non current (Details) $ in Thousands, $ in Millions | Mar. 28, 2017CLP ($) | Mar. 28, 2017USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||||
Rights in forward contracts (see note 20) | $ 87,446,662 | $ 61,898,833 | ||
Rights in Ades(1) manufacturing companies | 13,475,279 | 14,153,111 | ||
Increase (decrease) in foreign currency exchange (2) | (3,559,646) | (1,792,859) | ||
Total other non-current financial assets | 97,362,295 | 74,259,085 | ||
Implied disbursement | $ 39 | |||
Rights allocation | $ 3,718,038 | 14,831,164 | ||
Alimentos de Soya S.A | ||||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||||
Percentage of interest acquired | 13.00% | 13.00% | ||
Purchase of equity interest | $ 9,661,283 | |||
UBI 3 Participacoes Ltda | ||||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||||
Percentage of interest acquired | 8.50% | 8.50% | ||
Purchase of equity interest | $ 4,491,828 | |||
Distribution rights | ||||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||||
Rights allocation | 11,923,449 | $ 11,923,449 | ||
Ifrs Purchased Rights In Manufacturing Company [Member] | ||||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||||
Rights allocation | $ 14,153,111 |
OTHER CURRENT AND NON-CURREN_10
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - Other current, non-financial assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||
Prepaid expenses | $ 4,967,255 | $ 4,839,465 |
Tax credit remainder | 18,022 | 169,120 |
Other current assets | 960,633 | 596,668 |
Total | 5,948,923 | 5,611,861 |
Argentina | ||
CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||
Guarantee deposit (Argentine) | $ 3,013 | $ 6,608 |
OTHER CURRENT AND NON-CURREN_11
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - Other non-current, non-financial assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | ||
Advance payment to suppliers of property, plant & equipment (1) | $ 24,269,901 | |
Judicial deposits (see note 21.2) | $ 18,590,597 | 18,393,546 |
Prepaid expenses | 810,662 | 1,113,154 |
Fiscal credits | 13,222,720 | 2,287,051 |
Others | 2,353,285 | 1,330,693 |
Total | $ 34,977,264 | $ 47,394,345 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current commercial debtors | ||
Trade debtors | $ 147,728,216 | $ 154,405,224 |
Allowance for expected credit losses - trade debtors | (3,205,749) | (3,521,734) |
Other current debtors | 16,722,240 | 28,189,937 |
Allowance for expected credit losses - Other current debtors | (2,830,299) | (2,825,453) |
Current commercial debtors | 164,450,456 | 182,595,161 |
Allowance for expected credit losses - Current commercial debtors | (6,036,048) | (6,347,187) |
Prepayments suppliers | 8,672,820 | 8,057,544 |
Other current accounts receivable | 990,047 | 631,975 |
Allowance for expected credit losses - Other current accounts receivable | (262,160) | (146,926) |
Commercial debtors and other current accounts receivable | 174,113,323 | 191,284,680 |
Allowance for expected credit losses - Commercial debtors and other current accounts receivable | (6,298,208) | (6,494,113) |
Non-current accounts receivable | ||
Trade debtors | 66,510 | 58,336 |
Other non-current debtors | 1,204,187 | 2,335,322 |
Other non-current accounts receivable | 2,193 | |
Non-current accounts receivable | 1,270,697 | 2,395,851 |
Trade and other receivables | 175,384,020 | 193,680,531 |
Allowance for expected credit losses - Trade and other receivables | (6,298,208) | (6,494,113) |
Assets before provisions. | ||
Current commercial debtors | ||
Trade debtors | 150,933,965 | 157,926,958 |
Other current debtors | 19,552,539 | 31,015,390 |
Current commercial debtors | 170,486,504 | 188,942,348 |
Prepayments suppliers | 8,672,820 | 8,057,544 |
Other current accounts receivable | 1,252,207 | 778,901 |
Commercial debtors and other current accounts receivable | 180,411,531 | 197,778,793 |
Non-current accounts receivable | ||
Trade debtors | 66,510 | 58,336 |
Other non-current debtors | 1,204,187 | 2,335,322 |
Other non-current accounts receivable | 2,193 | |
Non-current accounts receivable | 1,270,697 | 2,395,851 |
Trade and other receivables | $ 181,682,228 | $ 200,174,644 |
TRADE AND OTHER RECEIVABLES - A
TRADE AND OTHER RECEIVABLES - Aging of Debtor Portfolio (Details) - Assets before provisions. - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | $ 151,000,475 | $ 157,985,294 |
Up to date non-securitized portfolio until 30 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 144,172,500 | 151,275,377 |
31 and 60 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 1,815,954 | 908,980 |
61 and 90 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 250,560 | 1,050,476 |
91 and 120 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 148,622 | 331,740 |
121 and 150 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 310,986 | 709,400 |
151 and 180 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 141,434 | 62,834 |
181 and 210 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 674,676 | 82,863 |
211 and 250 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | 176,333 | 538,081 |
More than 250 days | ||
TRADE AND OTHER RECEIVABLES | ||
Total Trade Receivables | $ 3,309,410 | $ 3,025,543 |
TRADE AND OTHER RECEIVABLES -_2
TRADE AND OTHER RECEIVABLES - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018client | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 268,000 |
Chile | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 67,000 |
Brazil | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 86,000 |
Argentina | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 55,000 |
Paraguay | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 57,000 |
TRADE AND OTHER RECEIVABLES - T
TRADE AND OTHER RECEIVABLES - Table showing total trade receivables (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
TRADE AND OTHER RECEIVABLES | ||
Current commercial debtors | $ 147,728,216 | $ 154,405,224 |
Non-current commercial debtors | 66,510 | 58,336 |
Assets before provisions. | ||
TRADE AND OTHER RECEIVABLES | ||
Current commercial debtors | 150,933,965 | 157,926,958 |
Non-current commercial debtors | 66,510 | 58,336 |
Total | $ 151,000,475 | $ 157,985,294 |
TRADE AND OTHER RECEIVABLES - R
TRADE AND OTHER RECEIVABLES - Roll forward for allowance on doubtful accounts (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in allowance for doubtful accounts | ||
Opening balance | $ 6,494,113 | $ 6,697,156 |
Bad debt expense | 1,629,761 | 2,004,958 |
Provision application | (1,257,591) | (1,708,602) |
Change due to foreign exchange differences | (568,075) | (499,399) |
Movement | (195,905) | (203,043) |
Ending balance | $ 6,298,208 | $ 6,494,113 |
INVENTORIES (Details)
INVENTORIES (Details) - CLP ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INVENTORIES | |||
Total | $ 151,319,709,000 | $ 131,363,000,000 | |
Cost of inventory recognized as cost of sales | 968,027,774,000 | 1,069,024,964,000 | $ 1,033,910,027,000 |
Percentage raw materials composed of concentrate and sweeteners as well as caps and other supplies | 80 | $ 80 | |
Gross carrying amount | |||
INVENTORIES | |||
Raw materials | 86,102,495,000 | 78,216,172,000 | |
Finished goods | 37,213,848,000 | 32,097,377,000 | |
Spare parts and supplies | 28,777,180,000 | 19,774,056,000 | |
Work in progress | 780,324,000 | 676,609,000 | |
Other inventories | 1,049,165,000 | 4,134,237,000 | |
Obsolescence provision | |||
INVENTORIES | |||
Inventory | $ (2,603,303,000) | $ (3,535,451,000) |
CURRENT AND DEFERRED INCOME T_3
CURRENT AND DEFERRED INCOME TAXES - Current tax assets and Current tax liabilities (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CURRENT AND DEFERRED INCOME TAXES | |||||
Applicable tax rate | 27.00% | 25.50% | 24.00% | 22.50% | 21.00% |
Tax credits | $ 2,532,056 | ||||
Total | 2,532,056 | ||||
Income tax expense | 9,338,612 | $ 3,184,965 | |||
Total | $ 9,338,612 | $ 3,184,965 |
CURRENT AND DEFERRED INCOME T_4
CURRENT AND DEFERRED INCOME TAXES - Income tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CURRENT AND DEFERRED INCOME TAXES | |||
Current income tax expense | $ 38,313,980 | $ 40,183,261 | $ 35,902,002 |
Current tax adjustment previous period | 312,403 | 137,455 | 534,392 |
Withholding tax expense foreign subsidiaries | 7,364,213 | 6,730,031 | 7,645,218 |
Other current tax expense (income) | 474,105 | (5,733) | 92,008 |
Current income tax expense | 46,464,701 | 47,045,014 | 44,173,620 |
Income (expense) for the creation and reversal of current tax difference | 9,100,154 | 4,752,620 | 4,633,473 |
Expense (income) for deferred taxes | 9,100,154 | 4,752,620 | 4,633,473 |
Total income tax expense | $ 55,564,855 | $ 51,797,634 | $ 48,807,093 |
CURRENT AND DEFERRED INCOME T_5
CURRENT AND DEFERRED INCOME TAXES - Deferred income taxes (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income taxes | ||
Deferred tax assets | $ 82,735,898 | $ 92,478,190 |
Deferred tax liabilities | 227,981,846 | 214,469,775 |
Total liabilities net | 3,212,981 | |
Total liabilities net | 145,245,948 | 125,204,566 |
Property, plant and equipment | ||
Deferred income taxes | ||
Deferred tax assets | 5,420,447 | 5,978,377 |
Deferred tax liabilities | 46,181,359 | 47,179,903 |
Obsolescence provision | ||
Deferred income taxes | ||
Deferred tax assets | 910,076 | 2,215,341 |
Deferred tax liabilities | 112,359 | 200,979 |
Employee benefits | ||
Deferred income taxes | ||
Deferred tax assets | 5,169,161 | 5,391,796 |
Deferred tax liabilities | 131,829 | |
Post-employment benefits | ||
Deferred income taxes | ||
Deferred tax assets | 90,941 | 61,155 |
Deferred tax liabilities | 1,014,354 | 1,020,522 |
Tax loss carried-forwards | ||
Deferred income taxes | ||
Deferred tax assets | 9,137,392 | 10,056,534 |
Tax Goodwill Brazil | ||
Deferred income taxes | ||
Deferred tax assets | 18,836,838 | 23,195,957 |
Contingency provision | ||
Deferred income taxes | ||
Deferred tax assets | 26,796,262 | 31,177,351 |
Foreign exchange differences | ||
Deferred income taxes | ||
Deferred tax assets | 13,083,953 | 7,631,498 |
Allowance for doubtful accounts | ||
Deferred income taxes | ||
Deferred tax assets | 1,262,977 | 1,155,542 |
Coca-Cola incentives (Argentina) | ||
Deferred income taxes | ||
Deferred tax assets | 352,061 | 451,790 |
Assets and liabilities for placement of bonds | ||
Deferred income taxes | ||
Deferred tax liabilities | 1,327,727 | 1,297,000 |
Lease liabilities | ||
Deferred income taxes | ||
Deferred tax assets | 1,328,320 | 1,083,010 |
Inventories | ||
Deferred income taxes | ||
Deferred tax assets | 347,470 | 350,746 |
Distribution rights | ||
Deferred income taxes | ||
Deferred tax liabilities | 173,273,994 | 163,850,599 |
Others | ||
Deferred income taxes | ||
Deferred tax assets | 3,729,093 | |
Deferred tax liabilities | $ 5,940,224 | $ 920,772 |
CURRENT AND DEFERRED INCOME T_6
CURRENT AND DEFERRED INCOME TAXES - Deferred tax liability movement (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred tax liability movement | |||
Opening Balance | $ 121,991,585 | $ 125,608,802 | $ 130,201,701 |
Increase (decrease) in deferred tax | 11,303,016 | (3,417,011) | (6,409,481) |
Increase (decrease) due to foreign currency translation | 11,951,347 | (200,206) | 1,816,582 |
Movements | 23,254,363 | (3,617,217) | (4,592,899) |
Ending balance | $ 145,245,948 | $ 121,991,585 | $ 125,608,802 |
CURRENT AND DEFERRED INCOME T_7
CURRENT AND DEFERRED INCOME TAXES - Distribution of domestic and foreign tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Distribution of domestic and foreign tax expense | |||
Current income tax expense | $ (46,464,701) | $ (47,045,014) | $ (44,173,620) |
Deferred income tax expense | (9,100,154) | (4,752,620) | (4,633,473) |
Income tax expense | (55,564,855) | (51,797,634) | (48,807,093) |
Domestic | |||
Distribution of domestic and foreign tax expense | |||
Current income tax expense | (22,021,717) | (16,786,619) | (19,421,514) |
Deferred income tax expense | 21,178 | (84,638) | (342,186) |
Foreign | |||
Distribution of domestic and foreign tax expense | |||
Current income tax expense | (24,442,984) | (30,258,395) | (24,752,106) |
Deferred income tax expense | $ (9,121,332) | $ (4,667,982) | $ (4,291,287) |
CURRENT AND DEFERRED INCOME T_8
CURRENT AND DEFERRED INCOME TAXES - Reconciliation of effective rate (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of effective rate | |||||
Net income before taxes | $ 153,606,681 | $ 170,798,359 | $ 140,856,204 | ||
Tax expense at legal rate | 27.00% | 25.50% | 24.00% | 22.50% | 21.00% |
Tax expense at applicable tax rate | $ (41,544,270) | $ (43,553,581) | $ (33,805,489) | ||
Effect of a different tax rate in other jurisdictions | 967,671 | (4,971,103) | (9,214,270) | ||
Non-taxable revenues | 12,752,599 | 9,645,068 | 6,068,410 | ||
Non-deductible expenses | (11,141,237) | (4,020,729) | (419,761) | ||
Tax effect on excess tax provision prior periods | (295,632) | 125,021 | 86,731 | ||
Effect of tax restatement Chilean companies | 2,566,163 | (1,465,753) | (1,875,343) | ||
Foreign subsidiaries tax withholding expense and other legal tax debits and credits | (18,870,149) | (7,556,557) | (9,647,371) | ||
Adjustments to tax expense | (14,988,256) | (3,272,950) | (5,787,334) | ||
Tax expense at effective rate | $ (55,564,855) | $ (51,797,634) | $ (48,807,093) | ||
Effective rate | 36.20% | 30.60% | 34.70% |
CURRENT AND DEFERRED INCOME T_9
CURRENT AND DEFERRED INCOME TAXES - Income tax rates applicable in each jurisdiction where the Company operates (Details) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax rates | |||||
Applicable rate | 27.00% | 25.50% | 24.00% | 22.50% | 21.00% |
Chile | |||||
Income tax rates | |||||
Applicable rate | 27.00% | 25.50% | 24.00% | ||
Brazil | |||||
Income tax rates | |||||
Applicable rate | 34.00% | 34.00% | 34.00% | ||
Argentina | |||||
Income tax rates | |||||
Applicable rate | 30.00% | 35.00% | 35.00% | ||
Paraguay | |||||
Income tax rates | |||||
Applicable rate | 10.00% | 10.00% | 10.00% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ 710,770,968 | $ 659,750,499 | $ 666,150,885 | $ 640,529,872 |
Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 26,048,670 | 84,118,716 | 49,986,111 | 34,625,004 |
Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 100,479,196 | 96,990,155 | 91,961,876 | 86,898,529 |
Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 214,160,351 | 162,385,848 | 173,073,161 | 159,474,930 |
Plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 207,403,985 | 155,833,080 | 190,402,625 | 203,379,934 |
Information technology | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 5,184,721 | 4,627,325 | 6,122,912 | 4,320,656 |
Fixed facilities and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 21,057,169 | 19,589,877 | 20,466,113 | 22,306,759 |
Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 21,798,601 | 29,263,265 | 23,896,425 | 18,106,705 |
Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 32,177 | 7,415 | 190,523 | 274,945 |
Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 114,606,098 | 106,934,818 | $ 110,051,139 | $ 111,142,410 |
Bottles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 51,522,834 | 51,876,569 | ||
Marketing and promotional assets | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 45,739,948 | 42,798,282 | ||
Furniture and other minor assets included in other property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 17,343,316 | 12,259,967 | ||
Gross carrying amount | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 1,680,023,825 | 1,337,303,175 | ||
Gross carrying amount | Construction in progress | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 26,048,670 | 84,118,716 | ||
Gross carrying amount | Land | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 100,479,196 | 96,990,155 | ||
Gross carrying amount | Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 371,279,937 | 222,101,850 | ||
Gross carrying amount | Plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 623,568,795 | 431,876,945 | ||
Gross carrying amount | Information technology | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 22,752,205 | 20,697,750 | ||
Gross carrying amount | Fixed facilities and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 43,717,907 | 32,990,387 | ||
Gross carrying amount | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 53,682,179 | 52,587,886 | ||
Gross carrying amount | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 144,914 | 115,768 | ||
Gross carrying amount | Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | 438,350,022 | 395,823,718 | ||
Cumulative depreciation and impairment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (969,252,857) | (677,552,676) | ||
Cumulative depreciation and impairment | Buildings | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (157,119,586) | (59,716,002) | ||
Cumulative depreciation and impairment | Plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (416,164,810) | (276,043,865) | ||
Cumulative depreciation and impairment | Information technology | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (17,567,484) | (16,070,425) | ||
Cumulative depreciation and impairment | Fixed facilities and accessories | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (22,660,738) | (13,400,510) | ||
Cumulative depreciation and impairment | Vehicles | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (31,883,578) | (23,324,621) | ||
Cumulative depreciation and impairment | Leasehold improvements | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | (112,737) | (108,353) | ||
Cumulative depreciation and impairment | Other Property, plant and equipment | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Property, plant and equipment | $ (323,743,924) | $ (288,888,900) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | $ 659,750,499 | $ 666,150,885 | $ 640,529,872 |
Additions | 128,908,309 | 147,938,328 | 124,796,283 |
Disposals | (3,008,397) | (3,031,175) | (664,376) |
Depreciation | (97,622,629) | (97,320,958) | (94,127,143) |
Increase (decrease) due to foreign currency translation differences | (66,171,006) | (45,170,497) | (274,179) |
Other increase (decrease) | 88,914,192 | (8,816,084) | (4,109,572) |
Total movements | 51,020,469 | (6,400,386) | 25,621,013 |
Ending balance | 710,770,968 | 659,750,499 | 666,150,885 |
Construction in progress | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 84,118,716 | 49,986,111 | 34,625,004 |
Additions | 65,284,334 | 89,392,003 | 70,421,863 |
Transfers between items of Property, plant and equipment | (109,893,610) | (41,957,409) | (53,824,861) |
Increase (decrease) due to foreign currency translation differences | (6,880,059) | (13,319,346) | (1,235,895) |
Other increase (decrease) | (6,580,711) | 17,357 | |
Total movements | (58,070,046) | 34,132,605 | 15,361,107 |
Ending balance | 26,048,670 | 84,118,716 | 49,986,111 |
Land | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 96,990,155 | 91,961,876 | 86,898,529 |
Additions | 4,955,929 | 1,248,433 | |
Disposals | (5,465) | ||
Transfers between items of Property, plant and equipment | 1,643,038 | ||
Increase (decrease) due to foreign currency translation differences | (4,615,830) | 72,350 | 2,171,876 |
Other increase (decrease) | 8,110,336 | ||
Total movements | 3,489,041 | 5,028,279 | 5,063,347 |
Ending balance | 100,479,196 | 96,990,155 | 91,961,876 |
Buildings | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 162,385,848 | 173,073,161 | 159,474,930 |
Additions | 504,675 | 1,674,734 | 1,201,903 |
Disposals | (209,713) | (300,079) | (4,598) |
Transfers between items of Property, plant and equipment | 45,032,440 | 3,450,060 | 15,471,645 |
Depreciation | (7,001,828) | (5,880,770) | (5,335,475) |
Increase (decrease) due to foreign currency translation differences | (14,485,709) | (9,538,737) | 2,792,916 |
Other increase (decrease) | 27,934,638 | (92,521) | (528,160) |
Total movements | 51,774,503 | (10,687,313) | 13,598,231 |
Ending balance | 214,160,351 | 162,385,848 | 173,073,161 |
Plant and equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 155,833,080 | 190,402,625 | 203,379,934 |
Additions | 17,924,606 | 4,992,508 | 9,833,490 |
Disposals | (1,002,133) | (700,973) | (601,444) |
Transfers between items of Property, plant and equipment | 54,460,571 | 24,250,647 | 16,202,982 |
Depreciation | (39,182,401) | (36,026,939) | (35,568,436) |
Increase (decrease) due to foreign currency translation differences | (17,048,903) | (20,492,851) | (1,266,728) |
Other increase (decrease) | 36,419,165 | (6,591,937) | (1,577,173) |
Total movements | 51,570,905 | (34,569,545) | (12,977,309) |
Ending balance | 207,403,985 | 155,833,080 | 190,402,625 |
Information technology | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 4,627,325 | 6,122,912 | 4,320,656 |
Additions | 783,299 | 945,827 | 2,666,593 |
Disposals | (1,062,530) | ||
Transfers between items of Property, plant and equipment | 622,222 | 1,133,684 | 1,062,653 |
Depreciation | (1,830,295) | (2,190,107) | (1,910,731) |
Increase (decrease) due to foreign currency translation differences | (414,850) | (320,634) | 29,148 |
Other increase (decrease) | 1,397,020 | (1,827) | (45,407) |
Total movements | 557,396 | (1,495,587) | 1,802,256 |
Ending balance | 5,184,721 | 4,627,325 | 6,122,912 |
Fixed facilities and accessories | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 19,589,877 | 20,466,113 | 22,306,759 |
Additions | 165,226 | 161,395 | |
Disposals | (4,161) | ||
Transfers between items of Property, plant and equipment | 1,481,081 | 2,548,441 | 1,709,635 |
Depreciation | (2,668,535) | (2,112,681) | (2,456,511) |
Increase (decrease) due to foreign currency translation differences | (4,048,135) | (1,307,835) | (1,254,915) |
Other increase (decrease) | 6,537,655 | (250) | |
Total movements | 1,467,292 | (876,236) | (1,840,646) |
Ending balance | 21,057,169 | 19,589,877 | 20,466,113 |
Vehicles | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 29,263,265 | 23,896,425 | 18,106,705 |
Additions | 1,451,462 | 1,512,162 | 338,986 |
Disposals | (203,036) | (173,190) | (3,473) |
Transfers between items of Property, plant and equipment | (2,218,354) | 2,253,061 | 9,015,390 |
Depreciation | (5,201,263) | (5,303,332) | (4,622,348) |
Increase (decrease) due to foreign currency translation differences | (1,722,767) | 7,441,057 | 1,783,041 |
Other increase (decrease) | 429,294 | (362,918) | (721,876) |
Total movements | (7,464,664) | 5,366,840 | 5,789,720 |
Ending balance | 21,798,601 | 29,263,265 | 23,896,425 |
Leasehold improvements | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 7,415 | 190,523 | 274,945 |
Additions | 1,430 | 13,529 | |
Transfers between items of Property, plant and equipment | 22,000 | ||
Depreciation | (11,112) | (61,033) | (112,805) |
Increase (decrease) due to foreign currency translation differences | 169 | (34,272) | 28,383 |
Other increase (decrease) | 12,275 | (101,332) | |
Total movements | 24,762 | (183,108) | (84,422) |
Ending balance | 32,177 | 7,415 | 190,523 |
Other Property, plant and equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Opening balance | 106,934,818 | 110,051,139 | 111,142,410 |
Additions | 42,793,277 | 44,451,636 | 38,923,620 |
Disposals | (1,588,050) | (790,242) | (54,861) |
Transfers between items of Property, plant and equipment | 10,493,650 | 8,321,516 | 8,719,518 |
Depreciation | (41,727,195) | (45,746,096) | (44,120,837) |
Increase (decrease) due to foreign currency translation differences | (16,954,922) | (7,670,229) | (3,322,005) |
Other increase (decrease) | 14,654,520 | (1,682,906) | (1,236,706) |
Total movements | 7,671,280 | (3,116,321) | (1,091,271) |
Ending balance | $ 114,606,098 | $ 106,934,818 | $ 110,051,139 |
RELATED PARTY (Details)
RELATED PARTY (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related parties | |||
Current receivables due from related parties | $ 9,450,263 | $ 5,370,232 | |
Non-current receivables due from related parties | 74,340 | 156,492 | |
Accounts payable to related companies, current | 45,827,859 | 33,961,437 | |
Embonor S.A. | Shareholder | |||
Related parties | |||
Current receivables due from related parties | 4,344,082 | 4,220,936 | |
Accounts payable to related companies, current | 92,325 | ||
Embonor S.A. | Shareholder | Sale of Finished Products | |||
Transactions | |||
Sale of goods | 41,933,095 | 42,561,124 | |
Embonor S.A. | Associate | Sale of packaging material | |||
Transactions | |||
Sale of goods | $ 44,310,169 | ||
Coca-Cola de Chile S.A. | Shareholder | |||
Related parties | |||
Current receivables due from related parties | 2,175,934 | ||
Non-current receivables due from related parties | 74,340 | 156,492 | |
Accounts payable to related companies, current | 21,286,933 | 12,458,055 | |
Coca-Cola de Chile S.A. | Shareholder | Purchase of concentrates | |||
Transactions | |||
Purchase of goods | 149,933,143 | 140,609,445 | 129,660,611 |
Coca-Cola de Chile S.A. | Shareholder | Purchase of advertising services | |||
Transactions | |||
Purchase of services | 3,508,010 | 1,823,190 | 7,154,023 |
Coca-Cola de Chile S.A. | Shareholder | Lease of water fountain | |||
Transactions | |||
Leases as lessee | 2,989,115 | 3,740,351 | |
Coca-Cola de Chile S.A. | Shareholder | Sale of raw materials and other | |||
Transactions | |||
Sale of goods | 1,156,744 | 2,163,225 | 2,299,634 |
Coca-Cola de Argentina | Related to director | |||
Related parties | |||
Current receivables due from related parties | 1,684,357 | ||
UBI 3 (Ades) | Shareholder | |||
Related parties | |||
Current receivables due from related parties | 455,823 | ||
Alimentos de Soja S.A.U. | Shareholder | |||
Related parties | |||
Current receivables due from related parties | 371,712 | ||
Accounts payable to related companies, current | 71,276 | ||
Alimentos de Soja S.A.U. | Shareholder | Payment of fees and services | |||
Transactions | |||
Purchase of services | 1,623,794 | 538,546 | |
Embotelladora Iquique S.A. | Shareholder | |||
Related parties | |||
Current receivables due from related parties | 228,387 | 303,866 | |
Embotelladora Iquique S.A. | Shareholder | Sale of Finished Products | |||
Transactions | |||
Sale of goods | 2,570,315 | 2,650,329 | 2,749,506 |
Envases CMF S.A. | Associate | |||
Related parties | |||
Current receivables due from related parties | 161,460 | ||
Accounts payable to related companies, current | 5,702,194 | 2,807,572 | |
Envases CMF S.A. | Associate | Purchase of containers | |||
Transactions | |||
Purchase of goods | 4,096,502 | ||
Envases CMF S.A. | Associate | Purchase of bottles | |||
Transactions | |||
Purchase of goods | 14,319,777 | 20,865,624 | 34,144,348 |
Envases CMF S.A. | Associate | Purchase of raw materials | |||
Transactions | |||
Purchase of goods | 18,914,788 | 12,617,540 | |
Envases CMF S.A. | Associate | Purchase of caps | |||
Transactions | |||
Purchase of goods | 107,859 | 477,188 | |
Envases CMF S.A. | Associate | Purchase services and others | |||
Transactions | |||
Purchase of services | 1,593,798 | 357,456 | |
Envases CMF S.A. | Associate | Sale of services and others | |||
Transactions | |||
Sale of services | 14,944 | ||
Envases CMF S.A. | Associate | Purchase of packaging | |||
Transactions | |||
Purchase of goods | 2,960,894 | ||
Envases CMF S.A. | Associate | Sale of packaging and raw materials | |||
Transactions | |||
Sale of goods | 3,981,631 | 2,942,690 | |
Cervecera Austral S.A. | Related to director | |||
Related parties | |||
Current receivables due from related parties | 26,557 | 16,674 | |
Comercial Patagona Ltda. | Related to director | |||
Related parties | |||
Current receivables due from related parties | 1,951 | ||
Servicio y Productos para Bebidas Refrescantes S.R.L. | Shareholder | |||
Related parties | |||
Current receivables due from related parties | 181,414 | ||
Accounts payable to related companies, current | 5,479,714 | ||
Servicio y Productos para Bebidas Refrescantes S.R.L. | Shareholder | Purchase of concentrates | |||
Transactions | |||
Purchase of goods | 98,947,407 | 272,541,272 | 114,427,713 |
Servicio y Productos para Bebidas Refrescantes S.R.L. | Shareholder | Advertising participation payment | |||
Transactions | |||
Advertising participation payment | 5,727,498 | 12,584,231 | 14,680,603 |
Coca-Cola del Valle New Ventures S.A. | Shareholder | Sale of services and others | |||
Transactions | |||
Sale of services | 1,391,110 | 1,444,162 | |
Coca-Cola del Valle New Ventures S.A. | Associate | |||
Related parties | |||
Current receivables due from related parties | 647,342 | ||
Accounts payable to related companies, current | 649,046 | ||
Coca-Cola del Valle New Ventures S.A. | Associate | Administrative and commercial services | |||
Transactions | |||
Purchase of services | 180,000 | ||
Recofarma do Industrias Amazonas Ltda. | Shareholder | |||
Related parties | |||
Accounts payable to related companies, current | 8,681,099 | 15,891,797 | |
Recofarma do Industrias Amazonas Ltda. | Shareholder | Purchase of concentrates | |||
Transactions | |||
Purchase of goods | 95,449,139 | 196,738,018 | 25,675,184 |
Recofarma do Industrias Amazonas Ltda. | Shareholder | Sale of Finished Products | |||
Transactions | |||
Sale of goods | 115,706,386 | ||
Recofarma do Industrias Amazonas Ltda. | Shareholder | Refund and other purchases | |||
Transactions | |||
Purchase of goods | 7,641,736 | 5,099,040 | |
Leao Alimentos e Bebidas Ltda. | Associate | |||
Related parties | |||
Accounts payable to related companies, current | 3,132,515 | 2,539,052 | |
Leao Alimentos e Bebidas Ltda. | Associate | Advertising participation payment | |||
Transactions | |||
Advertising participation payment | 11,658,142 | ||
Leao Alimentos e Bebidas Ltda. | Associate | Purchase of Products | |||
Transactions | |||
Purchase of goods | 357,286 | 104,103 | |
Monster | Shareholder | |||
Related parties | |||
Accounts payable to related companies, current | 664,565 | ||
Envases del Pacfico S.A. | Shareholder | Purchase of concentrates | |||
Transactions | |||
Purchase of goods | 1,751,011 | ||
Envases del Pacfico S.A. | Related to director | |||
Related parties | |||
Accounts payable to related companies, current | 139,468 | 193,685 | |
Envases del Pacfico S.A. | Related to director | Purchase of raw materials and materials | |||
Transactions | |||
Purchase of goods | 1,007,382 | 1,676,013 | |
Parque Arauco S.A. | Related to director | Rent of spaces | |||
Transactions | |||
Leases as lessee | 91,685 | 90,032 | |
Euroamerica Seguros de Vida S.A. | Related to director | Purchase of insurance policies | |||
Transactions | |||
Purchase of services | 312,231 | ||
Coca-Cola Peru | Shareholder | Purchase of raw materials | |||
Transactions | |||
Purchase of goods | $ 4,188,812 | ||
Coca-Cola Peru | Shareholder | Purchase of concentrate and marketing recovery | |||
Transactions | |||
Purchase of goods | 7,147,534 | ||
Sorocaba Refrescos S. A. | Associate | Purchase of Products | |||
Transactions | |||
Purchase of goods | 698,090 | 574,881 | |
KAIK Participacoes | Associate | Refund and other purchases | |||
Transactions | |||
Purchase of goods | 6,614 | ||
KIAK Participaciones | Subsidiary | Purchase of concentrate and marketing recovery | |||
Transactions | |||
Purchase of goods | 42,292 | ||
Latam Airlines Group S.A. | Related to director | Sale of products | |||
Transactions | |||
Sale of goods | 652,588 | ||
Trop Frutas do Brasil Ltda. | Associate | Purchase of Products | |||
Transactions | |||
Purchase of goods | 86,994 | $ 317,565 | |
Sinea S.A. | Ownership held by an officer's uncle | Purchase of raw materials and materials | |||
Transactions | |||
Purchase of goods | $ 581,508 |
RELATED PARTY - Key management
RELATED PARTY - Key management compensation (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
RELATED PARTY DISCLOSURES | |||
Executive wages, salaries and benefits | $ 6,056,337 | $ 6,454,846 | $ 6,255,806 |
Director allowances | 1,495,123 | 1,513,100 | 1,492,088 |
Accrued benefit in the past five years and paid during the fiscal year | 242,907 | 334,477 | 314,288 |
Contract termination benefit | 51,534 | 79,027 | |
Total | $ 7,845,901 | $ 8,302,423 | $ 8,141,209 |
CURRENT AND NON-CURRENT EMPLO_3
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Employee benefits (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Employee benefits | ||
Current | $ 33,210,979 | $ 35,955,643 |
Non-current | 9,415,541 | 8,286,355 |
Total | 42,626,520 | 44,241,998 |
Accrued vacations | ||
Employee benefits | ||
Total | 19,536,809 | 20,769,275 |
Employee remuneration payable | ||
Employee benefits | ||
Total | 13,674,170 | 15,186,368 |
Indemnities for years of service | ||
Employee benefits | ||
Total | $ 9,415,541 | $ 8,286,355 |
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, 2018 | Dec. 31, 2017 | |
Movements of post-employment benefits | ||
Opening balance | $ 8,286,355 | $ 8,157,745 |
Service costs | 957,593 | 1,727,905 |
Interest costs | 565,167 | 300,755 |
Net actuarial losses | 271,045 | (530,059) |
Benefits paid | (664,619) | (1,369,991) |
Total | $ 9,415,541 | $ 8,286,355 |
CURRENT AND NON-CURRENT EMPLO_5
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Assumptions (Details) - Y | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Assumptions | ||
Discount rate | 2.70% | 2.70% |
Expected salary increase rate | 2.00% | 2.00% |
Turnover rate | 5.40% | 5.40% |
Retirement age of women | 60 | 60 |
Retirement age of men | 65 | 65 |
CURRENT AND NON-CURRENT EMPLO_6
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Personnel expenses (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CLP ($)employee | Dec. 31, 2017CLP ($)employee | Dec. 31, 2016CLP ($)employee | |
Personnel expenses | |||
Wages and salaries | $ 195,162,903 | $ 215,715,214 | $ 218,944,639 |
Employee benefits | 50,254,164 | 50,127,117 | 50,174,153 |
Severance and post-employment benefits | 5,535,410 | 7,410,936 | 8,252,502 |
Other personnel expenses | 16,014,364 | 14,205,259 | 10,921,843 |
Total | $ 266,966,841 | $ 287,458,526 | $ 288,293,137 |
Number of Employees | |||
Number of employees | employee | 16,098 | 15,924 | 16,296 |
Number of average employees | employee | 15,364 | 15,784 | 16,009 |
INVESTMENTS IN ASSOCIATES ACC_3
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD- Balances (Details) - CLP ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 102,410,945 | $ 86,809,069 | $ 77,197,781 | $ 54,190,546 |
Envases CMF S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 18,743,604 | $ 18,528,567 | ||
Percentage interest | 50.00% | 50.00% | ||
Leao Alimentos e Bebidas Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 21,727,894 | $ 22,163,333 | ||
Percentage interest | 10.26% | 10.26% | ||
Kaik Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 1,228,256 | $ 1,228,350 | ||
Percentage interest | 11.32% | 11.32% | ||
SRSA Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 94,706 | $ 189,290 | ||
Percentage interest | 40.00% | 40.00% | ||
Sorocaba Refrescos S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 22,979,029 | $ 23,079,130 | ||
Percentage interest | 40.00% | 40.00% | ||
Trop Frutas do Brasil Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 6,244,839 | $ 6,359,428 | ||
Percentage interest | 7.52% | 7.52% | ||
Coca-Cola del Valle New Ventures S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Carrying amount in associates and joint ventures accounted for using the equity method, total | $ 31,392,617 | $ 15,260,971 | ||
Percentage interest | 35.00% | 35.00% |
INVESTMENTS IN ASSOCIATES ACC_4
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Opening Balance | $ 86,809,069 | $ 77,197,781 | $ 54,190,546 |
Other investment increases in associates (Capital contributions to Leao Alimentos e Bebidas Ltda. and Coca-Cola del Valle New Ventures S.A.) | 15,615,466 | 15,570,161 | 17,586,575 |
Dividends received | (403,414) | (1,540,090) | (750,806) |
Share in operating income | 2,194,144 | 932,340 | 396,764 |
Unrealized income | 85,268 | 85,268 | 85,266 |
Increase (Decrease) due to foreign currency translation differences | (1,889,588) | (5,436,391) | 5,689,436 |
Ending Balance | $ 102,410,945 | $ 86,809,069 | $ 77,197,781 |
INVESTMENTS IN ASSOCIATES ACC_5
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement by Associate (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||
Dividend payables | $ 21,584,314 | $ 21,679,922 |
Leao Alimentos e Bebidas Ltda. | ||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||
Capital increase | 5,385,161 | |
Embotelladora Andina S.A. | ||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||
Capital increase | 15,615,466 | 10,185,000 |
Envases CMF S.A. | ||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||
Dividend payables | 403,414 | 1,540,090 |
Sorocaba Refrescos S.A. | ||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||
Dividend payables | $ 0 | $ 0 |
INVESTMENTS IN ASSOCIATES ACC_6
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Reconciliation of share of profit in investments in associates (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Share of profit of investment accounted for using the equity method | $ 2,194,144 | $ 932,340 | $ 396,764 |
Unrealized earnings in inventory acquired from associates and not sold at the end of period, presented as a discount in the respective asset account (containers and/or inventories) | (868,233) | (1,097,968) | (744,612) |
Amortization of Fair Value in Envases CMF S.A. | 85,268 | 85,268 | 85,266 |
Income Statement Balance | $ 1,411,179 | $ (80,360) | $ (262,582) |
INVESTMENTS IN ASSOCIATES ACC_7
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Summary financial information of associates (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 2,214,504,689 | $ 2,114,859,467 | $ 2,199,109,747 |
Total liabilities | 1,350,789,946 | 1,301,626,118 | 1,356,939,720 |
Net sales | 1,672,915,799 | 1,848,878,619 | 1,777,459,320 |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | 1,411,179 | (80,360) | $ (262,582) |
Envases CMF S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | 78,714,139 | 74,308,406 | |
Total liabilities | 40,800,603 | 36,654,412 | |
Net sales | 53,073,645 | 49,924,142 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 1,086,050 | $ 2,405,060 | |
Date of end of reporting period of financial statements of associate | Dec. 31, 2018 | Dec. 31, 2017 | |
Sorocaba Refrescos S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 106,598,837 | $ 111,697,833 | |
Total liabilities | 49,151,318 | 54,000,005 | |
Net sales | 57,570,452 | 52,507,920 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 936,360 | $ (1,541,788) | |
Date of end of reporting period of financial statements of associate | Nov. 30, 2018 | Dec. 31, 2017 | |
Kaik Participacoes Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 10,850,626 | $ 10,851,460 | |
Total liabilities | 34 | 35 | |
Net sales | 348,705 | ||
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 348,705 | $ (137,007) | |
Date of end of reporting period of financial statements of associate | Nov. 30, 2018 | Dec. 31, 2017 | |
SRSA Participacoes Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 513,823 | $ 473,226 | |
Total liabilities | 277,055 | ||
Net sales | 233,182 | 469,509 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 233,182 | $ 469,509 | |
Date of end of reporting period of financial statements of associate | Nov. 30, 2018 | Dec. 31, 2017 | |
Leao Alimentos e Bebidas Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 257,149,411 | $ 282,895,158 | |
Total liabilities | 57,538,296 | 79,689,080 | |
Net sales | 161,749,228 | 198,216,570 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 2,000,217 | $ (157,266) | |
Date of end of reporting period of financial statements of associate | Nov. 30, 2018 | Dec. 31, 2017 | |
Trop Frutas do Brasil Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 96,963,355 | $ 88,327,243 | |
Total liabilities | 21,568,158 | 11,407,361 | |
Net sales | 12,169,188 | 3,345,146 | |
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 7,753,517 | $ 1,927,488 | |
Date of end of reporting period of financial statements of associate | Nov. 30, 2018 | Dec. 31, 2017 | |
Coca-Cola del Valle New Ventures S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Total assets | $ 101,275,213 | $ 48,190,779 | |
Total liabilities | 11,582,021 | 4,594,308 | |
Net sales | 2,673,496 | ||
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method | $ 1,506,540 | $ (248,532) | |
Date of end of reporting period of financial statements of associate | Dec. 31, 2018 | Nov. 30, 2017 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | $ 668,822,553 | $ 663,272,878 | $ 680,996,062 |
Gross carrying amount | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 693,540,191 | 684,517,558 | |
Cumulative amortization | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | (24,717,638) | (21,244,680) | |
Distribution rights | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 661,026,400 | 656,294,617 | 674,920,063 |
Distribution rights | Gross carrying amount | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 661,285,834 | 656,411,004 | |
Distribution rights | Cumulative amortization | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | (259,434) | (116,387) | |
Software | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 7,365,957 | 6,507,343 | $ 5,605,081 |
Software | Gross carrying amount | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 31,526,159 | 27,595,084 | |
Software | Cumulative amortization | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | (24,160,202) | (21,087,741) | |
Others | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 430,196 | 470,918 | |
Others | Gross carrying amount | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 728,198 | 511,470 | |
Others | Cumulative amortization | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | $ (298,002) | $ (40,552) |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL - Distribution Rights (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INTANGIBLE ASSETS AND GOODWILL | |||
Renewal period for production and distribution contracts | 5 years | ||
Intangible assets other than goodwill | $ 668,822,553 | $ 663,272,878 | $ 680,996,062 |
Monster distribution rights | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Term of agreement (in years) | 4 years | ||
Distribution rights | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | $ 661,026,400 | 656,294,617 | $ 674,920,063 |
Distribution rights | Chile operation | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 304,888,183 | 304,969,889 | |
Distribution rights | Brazil operation | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 181,583,404 | 187,695,738 | |
Distribution rights | Paraguay operation | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | 172,594,328 | 162,825,074 | |
Distribution rights | Argentina operation | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Intangible assets other than goodwill | $ 1,960,485 | $ 803,916 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL - Movement and balances of identifiable intangible assets (Details) - CLP ($) $ in Thousands | Mar. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
INTANGIBLE ASSETS AND GOODWILL | |||
Opening balance | $ 663,272,878 | $ 680,996,062 | |
Additions | 3,718,038 | 14,831,164 | |
Amortization | (2,124,740) | (1,959,320) | |
Other increases (decreases) | 3,956,377 | (30,595,028) | |
Total | 668,822,553 | 663,272,878 | |
Distribution rights | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Opening balance | 656,294,617 | 674,920,063 | |
Additions | $ 11,923,449 | 11,923,449 | |
Amortization | (112,601) | (116,387) | |
Other increases (decreases) | 4,844,384 | (30,432,508) | |
Total | 661,026,400 | 656,294,617 | |
Rights | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Opening balance | 470,918 | 470,918 | |
Amortization | (40,722) | ||
Total | 430,196 | 470,918 | |
Software | |||
INTANGIBLE ASSETS AND GOODWILL | |||
Opening balance | 6,507,343 | 5,605,081 | |
Additions | 3,718,038 | 2,907,715 | |
Amortization | (1,971,417) | (1,842,933) | |
Other increases (decreases) | (888,007) | (162,520) | |
Total | $ 7,365,957 | $ 6,507,343 |
INTANGIBLE ASSETS AND GOODWIL_5
INTANGIBLE ASSETS AND GOODWILL - Main assumptions used in the annual test (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Main assumptions used in the annual test | ||
Conservative growth rate | 3.00% | |
Argentina operation | ||
Main assumptions used in the annual test | ||
Discount rate | 21.20% | 17.10% |
Chile operation | ||
Main assumptions used in the annual test | ||
Discount rate | 8.10% | 7.20% |
Brazil operation | ||
Main assumptions used in the annual test | ||
Discount rate | 10.90% | 9.60% |
Paraguay operation | ||
Main assumptions used in the annual test | ||
Discount rate | 10.10% | 9.10% |
Minimum | ||
Main assumptions used in the annual test | ||
Perpetuity growth rate | 1.00% | |
Maximum | ||
Main assumptions used in the annual test | ||
Conservative growth rate | 7.00% | |
Perpetuity growth rate | 2.50% |
INTANGIBLE ASSETS AND GOODWIL_6
INTANGIBLE ASSETS AND GOODWILL - Goodwill by business segment and country (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill by business segment and country | |||
Goodwill at beginning of period | $ 93,598,217 | $ 102,919,505 | $ 95,835,936 |
Foreign currency translation differences where functional currency is different from presentation currency | 23,630,956 | (9,321,288) | 7,083,569 |
Goodwill at end of period | 117,229,173 | 93,598,217 | 102,919,505 |
Chile operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 8,503,023 | 8,503,023 | 8,503,023 |
Goodwill at end of period | 8,503,023 | 8,503,023 | 8,503,023 |
Brazil operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 73,509,080 | 81,145,834 | 71,960,960 |
Foreign currency translation differences where functional currency is different from presentation currency | (428,980) | (7,636,754) | 9,184,874 |
Goodwill at end of period | 73,080,100 | 73,509,080 | 81,145,834 |
Argentina operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 4,672,971 | 5,972,515 | 7,720,202 |
Foreign currency translation differences where functional currency is different from presentation currency | 23,645,158 | (1,299,544) | (1,747,687) |
Goodwill at end of period | 28,318,129 | 4,672,971 | 5,972,515 |
Paraguay operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 6,913,143 | 7,298,133 | 7,651,751 |
Foreign currency translation differences where functional currency is different from presentation currency | 414,778 | (384,990) | (353,618) |
Goodwill at end of period | $ 7,327,921 | $ 6,913,143 | $ 7,298,133 |
OTHER CURRENT AND NON-CURREN_12
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Other current financial liabilities | $ 56,114,977 | $ 67,981,405 |
Non-current | ||
Other non-current financial liabilities | 716,563,778 | 675,767,201 |
Bank loans | ||
Current | ||
Other current financial liabilities | 21,542,736 | 31,470,003 |
Non-current | ||
Other non-current financial liabilities | 2,439,253 | 13,057,542 |
Bonds payable | ||
Current | ||
Other current financial liabilities | 20,664,481 | 20,156,295 |
Non-current | ||
Other non-current financial liabilities | 700,327,057 | 648,228,554 |
Deposits in guarantee | ||
Current | ||
Other current financial liabilities | 12,242,464 | 13,849,504 |
Derivative contract obligations (see note 20) | ||
Current | ||
Other current financial liabilities | 130,829 | 445,278 |
Leasing agreements | ||
Current | ||
Other current financial liabilities | 1,534,467 | 2,060,325 |
Non-current | ||
Other non-current financial liabilities | $ 13,797,468 | $ 14,481,105 |
OTHER CURRENT AND NON-CURREN_13
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Fair value (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Other current financial assets | $ 683,567 | $ 14,138,161 |
Other current financial liabilities | 56,114,977 | 67,981,405 |
Non-current | ||
Other non-current financial assets | 97,362,295 | 74,259,085 |
Other non-current financial liabilities | 716,563,778 | 675,767,201 |
Bank loans | ||
Current | ||
Other current financial liabilities | 21,542,736 | 31,470,003 |
Current financial liabilities at fair value | 20,298,761 | 31,006,898 |
Non-current | ||
Other non-current financial liabilities | 2,439,253 | 13,057,542 |
Noncurrent financial liabilities at fair value | 2,307,396 | 11,588,575 |
Bonds payable | ||
Current | ||
Other current financial liabilities | 20,664,481 | 20,156,295 |
Current financial liabilities at fair value | 22,318,939 | 22,484,452 |
Non-current | ||
Other non-current financial liabilities | 700,327,057 | 648,228,554 |
Noncurrent financial liabilities at fair value | 755,694,265 | 722,044,324 |
Deposits in guarantee | ||
Current | ||
Other current financial liabilities | 12,242,464 | 13,849,504 |
Current financial liabilities at fair value | 12,242,464 | 13,849,504 |
Derivative contract obligations (see note 20) | ||
Current | ||
Other current financial assets | 130,829 | |
Other current financial liabilities | 130,829 | 445,278 |
Current financial liabilities at fair value | 130,829 | 445,278 |
Leasing agreements | ||
Current | ||
Other current financial liabilities | 1,534,467 | 2,060,325 |
Current financial liabilities at fair value | 1,534,467 | 2,060,325 |
Non-current | ||
Other non-current financial liabilities | 13,797,468 | 14,481,105 |
Noncurrent financial liabilities at fair value | 13,797,468 | 14,481,105 |
Trade and other accounts payable | ||
Current | ||
Other current financial liabilities | 238,109,847 | 257,519,477 |
Current financial liabilities at fair value | 238,109,847 | 257,519,477 |
Non-current | ||
Other non-current financial liabilities | 735,665 | 1,132,926 |
Noncurrent financial liabilities at fair value | 735,665 | 1,132,926 |
Accounts payable from related companies | ||
Current | ||
Other current financial liabilities | 45,827,859 | 33,961,437 |
Current financial liabilities at fair value | 45,827,859 | 33,961,437 |
Cash and cash equivalents | ||
Current | ||
Other current financial assets | 137,538,613 | 136,242,116 |
Current financial assets at fair value | 137,538,613 | 136,242,116 |
Other financial assets | ||
Current | ||
Other current financial assets | 683,567 | 14,138,161 |
Current financial assets at fair value | 683,567 | 14,138,161 |
Non-current | ||
Other non-current financial assets | 97,362,295 | 74,259,085 |
Noncurrent financial assets at fair value | 97,362,295 | 75,259,085 |
Trade and other accounts receivable | ||
Current | ||
Other current financial assets | 187,210,279 | 191,284,680 |
Current financial assets at fair value | 187,210,279 | 191,284,680 |
Non-current | ||
Other non-current financial assets | 1,270,697 | 2,395,851 |
Noncurrent financial assets at fair value | 1,270,697 | 2,395,851 |
Accounts receivable from related companies | ||
Current | ||
Other current financial assets | 9,450,263 | 5,370,232 |
Current financial assets at fair value | 9,450,263 | 5,370,232 |
Non-current | ||
Other non-current financial assets | 74,340 | 156,492 |
Noncurrent financial assets at fair value | $ 74,340 | $ 156,492 |
OTHER CURRENT AND NON-CURREN_14
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations current (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 56,114,977 | $ 67,981,405 | |
Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 21,542,736 | 31,470,003 | |
Banco Scotiabank 3.64% Effective Rate Monthly Amortization Obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 300,000 | ||
Nominal interest rate | 3.64% | ||
Effective interest rate percentage | 3.64% | ||
Envases Central S.A. | Banco Bice 2.13% Effective Rate Semiannual Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 726,943 | 709,794 | |
Nominal interest rate | 2.13% | ||
Effective interest rate percentage | 2.13% | ||
Embotelladora del Atlantico S.A. | Banco de la Nacion Argentina 20.00 % Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,071 | 9,965,133 | |
Nominal interest rate | 20.00% | ||
Effective interest rate percentage | 20.00% | ||
Embotelladora del Atlantico S.A. | Banco Galicia y Buenos Aires S.A. 20.00% Effective Rate Monthly Amortization Obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 3,352,417 | ||
Nominal interest rate | 20.00% | ||
Effective interest rate percentage | 20.00% | ||
Rio De Janeiro Refrescos Ltda | Banco Itau 7.48 % Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 298,456 | ||
Nominal interest rate | 7.48% | ||
Effective interest rate percentage | 7.48% | ||
Rio De Janeiro Refrescos Ltda | Banco Santander 6.63% Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,359,471 | ||
Nominal interest rate | 6.63% | ||
Effective interest rate percentage | 6.63% | ||
Rio De Janeiro Refrescos Ltda | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 171,415 | ||
Nominal interest rate | 6.63% | ||
Effective interest rate percentage | 6.63% | ||
Rio De Janeiro Refrescos Ltda | Banco Santander 7.15% Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 277,517 | ||
Nominal interest rate | 7.15% | ||
Effective interest rate percentage | 7.15% | ||
Rio De Janeiro Refrescos Ltda | Banco Itau 7.15 % Effective Rate Quarterly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,611,747 | ||
Nominal interest rate | 7.15% | ||
Effective interest rate percentage | 7.15% | ||
Rio De Janeiro Refrescos Ltda | Banco Itau 4.50% Effective Rate Semiannual Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 2,541,016 | ||
Nominal interest rate | 4.50% | ||
Effective interest rate percentage | 4.50% | ||
Rio De Janeiro Refrescos Ltda | Banco Santander 4.50% Effective Rate Quarterly Amortization Obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 2,455,578 | ||
Nominal interest rate | 4.50% | ||
Effective interest rate percentage | 4.50% | ||
Rio De Janeiro Refrescos Ltda | Banco Itau 6.24% Effective Rate Quarterly Amortization Obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 17,910,212 | $ 11,331,969 | |
Nominal interest rate | 6.24% | ||
Effective interest rate percentage | 6.24% | ||
Up to 90 days | Embotelladora del Atlantico S.A. | Banco de la Nacion Argentina 20.00 % Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,071 | ||
Up to 90 days | Rio De Janeiro Refrescos Ltda | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 82,480 | ||
Up to 90 days | Rio De Janeiro Refrescos Ltda | Banco Santander 7.15% Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 83,151 | ||
Up to 90 days | Rio De Janeiro Refrescos Ltda | Banco Santander 4.50% Effective Rate Quarterly Amortization Obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 616,808 | ||
90 days to 1 year | Envases Central S.A. | Banco Bice 2.13% Effective Rate Semiannual Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 726,943 | ||
90 days to 1 year | Rio De Janeiro Refrescos Ltda | Banco Itau 6.63% Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 88,935 | ||
90 days to 1 year | Rio De Janeiro Refrescos Ltda | Banco Santander 7.15% Effective Rate Monthly Amortization obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 194,366 | ||
90 days to 1 year | Rio De Janeiro Refrescos Ltda | Banco Santander 4.50% Effective Rate Quarterly Amortization Obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,838,770 | ||
90 days to 1 year | Rio De Janeiro Refrescos Ltda | Banco Itau 6.24% Effective Rate Quarterly Amortization Obligation | Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 17,910,212 |
OTHER CURRENT AND NON-CURREN_15
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations non-current (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 716,563,778 | $ 675,767,201 |
Bank loans | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 2,439,253 | 13,057,542 |
Envases Central S.A. | Bank loans | Banco BCI 2.1% Effective Rate Semiannually Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 1,434,786 | $ 2,092,245 |
Nominal interest rate | 2.10% | 2.10% |
Effective interest rate percentage | 2.10% | 2.10% |
Envases Central S.A. | Bank loans | More than 1 year up to 2 years | Banco BCI 2.1% Effective Rate Semiannually Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 1,434,786 | $ 2,092,245 |
Rio De Janeiro Refrescos Ltda | Bank loans | Alfa 7.48% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 1,003,688 | |
Nominal interest rate | 7.50% | |
Effective interest rate percentage | 7.50% | |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 239,730 | $ 876,005 |
Nominal interest rate | 6.60% | 6.60% |
Effective interest rate percentage | 6.60% | 6.60% |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Santander 7.2% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 151,873 | $ 5,909,334 |
Nominal interest rate | 7.20% | 7.20% |
Effective interest rate percentage | 7.20% | 7.20% |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Santander 6.2% Effective Rate Quarterly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Nominal interest rate | 6.20% | |
Effective interest rate percentage | 6.20% | |
Rio De Janeiro Refrescos Ltda | Bank loans | Banco Itau 4.5% Effective Rate Quarterly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 612,864 | $ 3,176,270 |
Nominal interest rate | 4.50% | 4.50% |
Effective interest rate percentage | 4.50% | 4.50% |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Alfa 7.48% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 125,461 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 72,439 | 504,700 |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Banco Santander 7.2% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 151,873 | 1,593,608 |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 1 year up to 2 years | Banco Itau 4.5% Effective Rate Quarterly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 612,864 | 3,176,270 |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 2 years up to 3 years | Alfa 7.48% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 125,461 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 2 years up to 3 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 43,033 | 197,779 |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 2 years up to 3 years | Banco Santander 7.2% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 1,202,096 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 3 years up to 4 years | Alfa 7.48% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 125,461 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 3 years up to 4 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 43,033 | 44,639 |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 3 years up to 4 years | Banco Santander 7.2% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 663,779 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 4 years up to 5 years | Alfa 7.48% Effective Rate Monthly Amortization obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | 627,305 | |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 4 years up to 5 years | Banco Itau 6.6% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 81,225 | 128,887 |
Rio De Janeiro Refrescos Ltda | Bank loans | More than 4 years up to 5 years | Banco Santander 7.2% Effective Rate Monthly Amortization Obligation | ||
Disclosure of detailed information about borrowings | ||
Other non-current financial liabilities | $ 2,449,851 |
OTHER CURRENT AND NON-CURREN_16
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bonds Payable (Details) $ in Thousands, $ in Millions, in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2018USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) | Oct. 31, 2018CLF ( ) | Sep. 26, 2013USD ($) | |
Composition of bonds payable | |||||
Other current financial liabilities | $ 56,114,977 | $ 67,981,405 | |||
Other non-current financial liabilities | $ 716,563,778 | 675,767,201 | |||
Bonds USA | |||||
Bonds payable | |||||
Prepayment amount | $ 210 | ||||
Annual interest rate | 5.00% | 5.00% | |||
Composition of bonds payable | |||||
Bonds (face value) | $ 365,000,000 | $ 575 | |||
Expenses of bond issuance and discounts on placement | $ 9,583,000 | ||||
CMF Registration N912 10.10.2018 Series F | |||||
Bonds payable | |||||
Annual interest rate | 2.83% | 2.83% | |||
Composition of bonds payable | |||||
Bonds (face value) | $ 5,700,000 | 5.7 | |||
Bonds payable (current) | |||||
Composition of bonds payable | |||||
Bonds (face value) | 21,038,064 | 20,547,117 | |||
Expenses of bond issuance and discounts on placement | 373,583 | 390,822 | |||
Bonds payable (noncurrent) | |||||
Composition of bonds payable | |||||
Bonds (face value) | 704,048,747 | 651,459,940 | |||
Expenses of bond issuance and discounts on placement | 3,721,690 | 3,231,386 | |||
Bonds payable | |||||
Composition of bonds payable | |||||
Bonds (face value) | 725,086,811 | 672,007,057 | |||
Expenses of bond issuance and discounts on placement | 4,095,273 | 3,622,208 | |||
Other current financial liabilities | 20,664,481 | 20,156,295 | |||
Other non-current financial liabilities | 700,327,057 | 648,228,554 | |||
Other financial liabilities | $ 720,991,538 | $ 668,384,849 |
OTHER CURRENT AND NON-CURREN_17
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Current and non-current balances (Details) $ in Thousands, $ in Millions, in Millions | Dec. 31, 2018CLF ( ) | Dec. 31, 2018CLP ($) | Oct. 31, 2018CLF ( ) | Dec. 31, 2017CLP ($) | Sep. 26, 2013USD ($) |
Current and non-current balances | |||||
Current bonds issued and current portion of non-current bonds issued | $ 21,038,064 | $ 20,547,117 | |||
Non-current portion of non-current bonds issued | $ 704,048,747 | 651,459,940 | |||
CMF Registration N254 CMF 06.13.2001 Series B | |||||
Current and non-current balances | |||||
Notional amount | | 3.7 | ||||
Borrowings, interest rate | 6.50% | 6.50% | |||
Current bonds issued and current portion of non-current bonds issued | $ 6,598,389 | 6,071,687 | |||
Non-current portion of non-current bonds issued | 52,132,023 | 56,795,423 | |||
CMF Registration N641 08.23.2010 Series C | |||||
Current and non-current balances | |||||
Notional amount | 1.5 | $ 1,500,000 | |||
Borrowings, interest rate | 4.00% | 4.00% | |||
Current bonds issued and current portion of non-current bonds issued | $ 614,152 | 597,049 | |||
Non-current portion of non-current bonds issued | 41,348,685 | 40,197,210 | |||
CMF Registration N759 08.20.2013 Series C | |||||
Current and non-current balances | |||||
Notional amount | 1 | $ 500,000 | |||
Borrowings, interest rate | 3.50% | 3.50% | |||
Current bonds issued and current portion of non-current bonds issued | $ 7,069,487 | 6,959,157 | |||
Non-current portion of non-current bonds issued | 6,891,448 | 13,399,069 | |||
CMF Registration N760 08.20.2013 Series D | |||||
Current and non-current balances | |||||
Notional amount | 4 | $ 4,000,000 | |||
Borrowings, interest rate | 3.80% | 3.80% | |||
Current bonds issued and current portion of non-current bonds issued | $ 1,545,334 | 1,502,299 | |||
Non-current portion of non-current bonds issued | 110,263,160 | 107,192,560 | |||
CMF Registration N760 04.02.2014 Series E | |||||
Current and non-current balances | |||||
Notional amount | 3 | $ 3,000,000 | |||
Borrowings, interest rate | 3.75% | 3.75% | |||
Current bonds issued and current portion of non-current bonds issued | $ 1,027,009 | 998,409 | |||
Non-current portion of non-current bonds issued | 82,697,378 | 80,394,428 | |||
CMF Registration N912 10.10.2018 Series F | |||||
Current and non-current balances | |||||
Notional amount | $ 5,700,000 | 5.7 | |||
Borrowings, interest rate | 2.83% | 2.83% | 2.83% | ||
Current bonds issued and current portion of non-current bonds issued | $ 1,013,805 | ||||
Non-current portion of non-current bonds issued | 157,125,003 | ||||
Bonds USA | |||||
Current and non-current balances | |||||
Notional amount | $ 365,000,000 | $ 575 | |||
Borrowings, interest rate | 5.00% | 5.00% | 5.00% | ||
Current bonds issued and current portion of non-current bonds issued | $ 3,169,888 | 4,418,516 | |||
Non-current portion of non-current bonds issued | 253,591,050 | 353,481,250 | |||
Bonds payable (current) | |||||
Current and non-current balances | |||||
Notional amount | 21,038,064 | 20,547,117 | |||
Current interest payable | $ 7,856,274 | $ 8,105,642 |
OTHER CURRENT AND NON-CURREN_18
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Non-current maturities (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 704,048,747 | $ 651,459,940 |
SVS Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 52,132,023 | |
SVS Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 41,348,685 | |
SVS Registration N759 08.20.2013 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 6,891,448 | |
SVS Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 110,263,160 | |
SVS Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 82,697,378 | |
CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 157,125,003 | |
Bonds USA | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 253,591,050 | $ 353,481,250 |
Maturity within one year | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 10,150,441 | |
Maturity within one year | SVS Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 6,704,717 | |
Maturity within one year | SVS Registration N759 08.20.2013 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 3,445,724 | |
More than 1 year up to 2 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 12,459,823 | |
More than 1 year up to 2 years | SVS Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 7,134,663 | |
More than 1 year up to 2 years | SVS Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 1,879,436 | |
More than 1 year up to 2 years | SVS Registration N759 08.20.2013 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 3,445,724 | |
More than 2 years up to 3 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 11,357,285 | |
More than 2 years up to 3 years | SVS Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 7,598,414 | |
More than 2 years up to 3 years | SVS Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 3,758,871 | |
More than 3 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 670,081,198 | |
More than 3 years | SVS Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 30,694,229 | |
More than 3 years | SVS Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 35,710,378 | |
More than 3 years | SVS Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 110,263,160 | |
More than 3 years | SVS Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 82,697,378 | |
More than 3 years | CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 157,125,003 | |
More than 3 years | Bonds USA | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 253,591,050 |
OTHER CURRENT AND NON-CURREN_19
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bond restrictions (Details) in Thousands, $ in Millions | Dec. 31, 2018CLF ( ) | Oct. 31, 2018USD ($) | Dec. 31, 2018CLP ($)item | Dec. 31, 2017CLP ($) | Dec. 31, 2016CLP ($) | Dec. 31, 2018CLP ($) | Oct. 31, 2018CLF ( ) | Oct. 31, 2018USD ($) | Dec. 31, 2015CLP ($) | Sep. 26, 2013USD ($) |
Disclosure of detailed information about borrowings | ||||||||||
Borrowings | $ 75,000,000 | |||||||||
Other current financial liabilities | $ 67,981,405,000 | 56,114,977,000 | ||||||||
Other non-current financial liabilities | 675,767,201,000 | 716,563,778,000 | ||||||||
Cash and cash equivalents | (136,242,116,000) | $ (141,263,880,000) | (137,538,613,000) | $ (129,160,939,000) | ||||||
Other current financial assets | (14,138,161,000) | (683,567,000) | ||||||||
Other non-current financial assets | (74,259,085,000) | (97,362,295,000) | ||||||||
Equity. | 813,233,349,000 | 842,170,027,000 | 863,714,743,000 | $ 851,534,300,000 | ||||||
Percentage threshold adjusted consolidated operating cash flow | $ 40 | |||||||||
Liabilities | 1,301,626,118,000 | 1,356,939,720,000 | 1,350,789,946,000 | |||||||
Consolidated financial income between January 1 and December 31, 2016 | 3,940,244,000 | 11,194,375,000 | 9,661,692,000 | |||||||
Consolidated Ebitda between January 1 and December 31, 2016 | $ (55,014,660,000) | $ (55,220,369,000) | $ (51,374,971,000) | |||||||
Bonds USA | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | $ 365,000,000,000 | $ 575 | ||||||||
Nominal interest rate | 5.00% | 5.00% | 5.00% | |||||||
Prepayment amount | $ 210 | |||||||||
Borrowings | $ 365 | |||||||||
CMF Registration N254 CMF 06.13.2001 Series B | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | | 3,700 | |||||||||
Nominal interest rate | 6.50% | 6.50% | ||||||||
Indebtedness level | 0.78 | |||||||||
Other financial liabilities | | 2,228,000 | |||||||||
Percentage threshold adjusted consolidated operating cash flow | $ 40 | |||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.66 | |||||||||
CMF Registration N254 CMF 06.13.2001 Series B | Maximum | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | | 4,000 | |||||||||
Indebtedness level | 1.20 | |||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 | |||||||||
CMF Registration N641 08.23.2010 Series C | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | 1,500 | $ 1,500,000,000 | ||||||||
Nominal interest rate | 4.00% | 4.00% | ||||||||
Borrowings | | 1,500 | |||||||||
Net financial debt ratio | 1.5 | |||||||||
CMF Registration N640 CMF 08232010 Series A and CMF Registration N641 08232010 Series C and CMF Registration N759 08202013 Series C | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.66 | |||||||||
Net financial debt ratio | 0.62 | |||||||||
Net Financial Coverage | 6.08 | |||||||||
Number of consecutive quarters | item | 2 | |||||||||
CMF Registration N640 CMF 08232010 Series A and CMF Registration N641 08232010 Series C and CMF Registration N759 08202013 Series C | Minimum | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 | |||||||||
Net Financial Coverage | 3 | |||||||||
CMF Registration N759 08.20.2013 Series C | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | 1,000 | $ 500,000,000 | ||||||||
Nominal interest rate | 3.50% | 3.50% | ||||||||
Borrowings | | 500 | |||||||||
CMF Registration N759 08.20.2013 Series C | Maximum | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | | 3,000 | |||||||||
CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | | 8,000 | |||||||||
CMF Registration N760 08.20.2013 Series D | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | 4,000 | $ 4,000,000,000 | ||||||||
Nominal interest rate | 3.80% | 3.80% | ||||||||
Borrowings | | 7,000 | |||||||||
CMF Registration N760 04.02.2014 Series E | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | 3,000 | $ 3,000,000,000 | ||||||||
Nominal interest rate | 3.75% | 3.75% | ||||||||
CMF Registration N759 08202013 Series C and CMF Registration N759 08202013 Series C and CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Indebtedness level | 0.62 | |||||||||
Percentage threshold adjusted consolidated operating cash flow | $ 40 | |||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.66 | |||||||||
CMF Registration N759 08202013 Series C and CMF Registration N759 08202013 Series C and CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | Maximum | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Indebtedness level | 1.20 | |||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 | |||||||||
CMF Registration N912 10.10.2018 Series F | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Notional amount | $ 5,700,000,000 | 5,700 | ||||||||
Nominal interest rate | 2.83% | 2.83% | 2.83% | 2.83% | ||||||
Indebtedness level | 0.62 | |||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.66 | |||||||||
CMF Registration N912 10.10.2018 Series F | Maximum | ||||||||||
Disclosure of detailed information about borrowings | ||||||||||
Indebtedness level | 1.20 | |||||||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
OTHER CURRENT AND NON-CURREN_20
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Repurchases (Details) $ in Millions, $ in Millions | Dec. 31, 2018CLP ($) | Oct. 31, 2018USD ($) |
Disclosure of detailed information about borrowings | ||
Borrowings | $ 75 | |
Bonds USA | ||
Disclosure of detailed information about borrowings | ||
Borrowings | $ 365 |
OTHER CURRENT AND NON-CURREN_21
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Leasing (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 56,114,977 | $ 67,981,405 | |
Other non-current financial liabilities | 716,563,778 | 675,767,201 | |
Bank loans | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 21,542,736 | 31,470,003 | |
Other non-current financial liabilities | 2,439,253 | 13,057,542 | |
Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,534,467 | 2,060,325 | |
Other non-current financial liabilities | 13,797,468 | 14,481,105 | |
Rio De Janeiro Refrescos Ltda | Banco Itau 10.215% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 11,996 | 41,467 | |
Nominal interest rate | 10.227% | ||
Effective interest rate percentage | 10.215% | ||
Rio De Janeiro Refrescos Ltda | Banco Itau 10.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 11,764 | ||
Nominal interest rate | 10.22% | ||
Effective interest rate percentage | 10.21% | ||
Rio De Janeiro Refrescos Ltda | Banco Santander 9.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 75,260 | $ 504,815 | |
Other non-current financial liabilities | $ 73,799 | ||
Nominal interest rate | 9.47% | 9.47% | |
Effective interest rate percentage | 9.65% | 9.65% | |
Rio De Janeiro Refrescos Ltda | Banco Citibank 8.54% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 109,573 | $ 528,801 | |
Other non-current financial liabilities | $ 105,807 | ||
Nominal interest rate | 8.52% | 8.52% | |
Effective interest rate percentage | 8.54% | 8.54% | |
Rio De Janeiro Refrescos Ltda | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 716,978 | $ 657,610 | |
Other non-current financial liabilities | $ 13,396,228 | $ 14,289,735 | |
Nominal interest rate | 12.28% | 12.28% | 12.28% |
Effective interest rate percentage | 13.00% | 13.00% | 13.00% |
Rio De Janeiro Refrescos Ltda | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 401,240 | ||
Nominal interest rate | 7.39% | ||
Effective interest rate percentage | 7.65% | ||
Rio De Janeiro Refrescos Ltda | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 280,995 | $ 327,632 | |
Nominal interest rate | 12.00% | ||
Effective interest rate percentage | 12.00% | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Banco Itau 10.215% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 11,996 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Banco Santander 9.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 51,766 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Banco Citibank 8.54% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 57,750 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 171,115 | ||
Rio De Janeiro Refrescos Ltda | 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 | 280,995 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Banco Santander 9.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 23,494 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Banco Citibank 8.54% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 51,823 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 545,863 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Banco Itau 10.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 11,764 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Banco Santander 9.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 73,799 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Banco Citibank 8.54% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 105,807 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 743,100 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 810,185 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 401,240 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 915,509 | 839,703 | |
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,034,525 | 948,864 | |
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,169,014 | 1,072,216 | |
Rio De Janeiro Refrescos Ltda | More than 5 years | Cogeracao Light Esco 13.00 Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 9,466,995 | $ 10,685,852 | |
Embotelladora del Atlantico S.A. | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 339,665 | ||
Nominal interest rate | 7.39% | ||
Effective interest rate percentage | 7.65% | ||
Embotelladora del Atlantico S.A. | Up to 90 days | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 57,561 | ||
Embotelladora del Atlantico S.A. | 90 days to 1 year | Tetra Pack 7.65% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 282,104 |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT | ||
Trade accounts payable | $ 174,486,806 | $ 187,872,116 |
Withholdings tax | 47,693,379 | 49,857,086 |
Accounts payable Inamar Ltda. | 356,221 | |
Others | 16,665,327 | 20,566,980 |
Current | 238,109,847 | 257,519,477 |
Non-current | 735,665 | 1,132,926 |
Total | $ 238,845,512 | $ 258,652,403 |
TRADE AND OTHER ACCOUNTS PAYA_4
TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT - Accruable liabilities pursuant to the Company's operating leasing agreements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018CLP ($) | |
Accruable liabilities pursuant to the Company's operating leasing agreements | |
Total | $ 8,564,214 |
Expense relating to variable lease payments not included in measurement of lease liabilities | 6,133,282 |
Maturity within one year | |
Accruable liabilities pursuant to the Company's operating leasing agreements | |
Total | 3,823,849 |
Maturity between one and five years | |
Accruable liabilities pursuant to the Company's operating leasing agreements | |
Total | 4,259,402 |
More than 5 years | |
Accruable liabilities pursuant to the Company's operating leasing agreements | |
Total | $ 480,963 |
Minimum | |
Accruable liabilities pursuant to the Company's operating leasing agreements | |
Term of lease agreement (in years) | 1 year |
Maximum | |
Accruable liabilities pursuant to the Company's operating leasing agreements | |
Term of lease agreement (in years) | 8 years |
OTHER PROVISIONS, CURRENT AND_3
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other provisions, Current and Non current | |||
Other provisions, current | $ 3,485,613 | $ 2,676,418 | |
Non-current | 58,966,913 | 62,947,748 | |
Total | 62,452,526 | 65,624,166 | $ 73,081,893 |
Litigation | |||
Other provisions, Current and Non current | |||
Total | $ 62,452,526 | $ 65,624,166 |
OTHER PROVISIONS, CURRENT AND_4
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Details of Contingencies provisions (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other provisions, Current and Non current | |||
Balances | $ 62,452,526 | $ 65,624,166 | $ 73,081,893 |
Litigation | |||
Other provisions, Current and Non current | |||
Balances | 62,452,526 | 65,624,166 | |
Tax Contingencies | |||
Other provisions, Current and Non current | |||
Balances | 47,991,514 | 49,185,234 | |
Labor Contingencies | |||
Other provisions, Current and Non current | |||
Balances | 10,376,830 | 10,468,704 | |
Civil Contingencies | |||
Other provisions, Current and Non current | |||
Balances | $ 4,084,182 | $ 5,970,228 |
OTHER PROVISIONS, CURRENT AND_5
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movements | ||
Balance at the beginning of the year | $ 65,624,166 | $ 73,081,893 |
Additional provisions | 46,657 | 2,493,968 |
Increase (decrease) in existing provisions | (4,998,530) | (19,083,499) |
Payments | 6,139,963 | 22,985,793 |
Reverse unused provision | (2,157,152) | (6,769,384) |
Increase (decrease) due to foreign exchange differences | (2,202,578) | (7,084,605) |
Balance at the end of the year | $ 62,452,526 | $ 65,624,166 |
OTHER CURRENT AND NON-CURREN_22
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL LIABILITIES | ||
Dividend payable | $ 21,584,314 | $ 21,679,922 |
Other | 12,189,900 | 5,328,055 |
Total | $ 33,774,214 | $ 27,007,977 |
EQUITY - Series of shares (Deta
EQUITY - Series of shares (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CLP ($)directorshares | Dec. 31, 2017CLP ($)shares | Dec. 31, 2016CLP ($)shares | |
EQUITY | |||
Subscribed Capital | $ | $ 270,737,574 | $ 270,737,574 | $ 270,737,574 |
Paid-in capital | $ | $ 270,737,574 | $ 270,737,574 | $ 270,737,574 |
Number of directors | director | 14 | ||
Series A | |||
EQUITY | |||
Number of shares subscribed | shares | 473,289,301 | 473,289,301 | 473,289,301 |
Number of shares paid in | shares | 473,289,301 | 473,289,301 | 473,289,301 |
Number of voting shares | shares | 473,289,301 | 473,289,301 | 473,289,301 |
Subscribed Capital | $ | $ 135,379,504 | $ 135,379,504 | $ 135,379,504 |
Paid-in capital | $ | $ 135,379,504 | $ 135,379,504 | $ 135,379,504 |
Number of directors elected | director | 12 | ||
Series B Share | |||
EQUITY | |||
Number of shares subscribed | shares | 473,281,303 | 473,281,303 | 473,281,303 |
Number of shares paid in | shares | 473,281,303 | 473,281,303 | 473,281,303 |
Number of voting shares | shares | 473,281,303 | 473,281,303 | 473,281,303 |
Subscribed Capital | $ | $ 135,358,070 | $ 135,358,070 | $ 135,358,070 |
Paid-in capital | $ | $ 135,358,070 | $ 135,358,070 | $ 135,358,070 |
Number of directors elected | director | 2 | ||
Additional dividend distribution as a percentage | 10.00% |
EQUITY - Dividend policy (Detai
EQUITY - Dividend policy (Details) - $ / shares | 1 Months Ended | ||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Aug. 31, 2018 | May 31, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Aug. 31, 2017 | May 31, 2017 | Jan. 31, 2017 | |
Series A | |||||||||
EQUITY | |||||||||
Interim dividend per share | $ 21.50 | $ 21.50 | $ 21.50 | $ 19 | $ 19 | ||||
Final dividend per share | $ 21.50 | $ 19 | |||||||
Additional dividend paid per share | $ 21.50 | $ 19 | |||||||
Series B Share | |||||||||
EQUITY | |||||||||
Interim dividend per share | $ 23.65 | $ 23.65 | $ 23.65 | $ 20.90 | $ 20.90 | ||||
Final dividend per share | $ 23.65 | $ 20.90 | |||||||
Additional dividend paid per share | $ 23.65 | $ 20.90 |
EQUITY - Reserves (Details)
EQUITY - Reserves (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2009 |
EQUITY | ||||
Polar acquisition | $ 421,701,520 | $ 421,701,520 | $ 421,701,520 | |
Foreign currency translation reserves | (306,674,528) | (237,077,572) | (168,744,355) | |
Cash flow hedge reserve | (13,668,932) | (3,094,671) | (2,448,175) | |
Reserve for employee benefit actuarial gains or losses | (1,954,077) | (1,915,587) | (1,785,032) | |
Legal and statutory reserves | 5,435,538 | 5,435,538 | 5,435,538 | $ 5,435,538 |
Other | 6,014,568 | |||
Total | $ 110,854,089 | $ 185,049,228 | $ 254,159,496 |
EQUITY - Foreign currency trans
EQUITY - Foreign currency translation reserves (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
EQUITY | |||
Reserve of exchange differences on translation | $ (306,674,528) | $ (237,077,572) | $ (168,744,355) |
Movement in foreign currency translation reserve | (69,596,956) | (68,333,217) | (1,297,198) |
Brazil | |||
EQUITY | |||
Reserve of exchange differences on translation | (99,990,343) | (90,156,924) | (58,306,230) |
Movement in foreign currency translation reserve | (10,313,069) | (32,963,533) | 30,138,065 |
Argentina | |||
EQUITY | |||
Reserve of exchange differences on translation | (201,118,180) | (128,348,112) | (108,386,213) |
Movement in foreign currency translation reserve | (72,770,068) | (19,961,899) | (23,472,215) |
Paraguay | |||
EQUITY | |||
Reserve of exchange differences on translation | 8,623,849 | (4,862,332) | 10,545,453 |
Movement in foreign currency translation reserve | 13,486,181 | (15,407,785) | (11,183,004) |
Chile | |||
EQUITY | |||
Reserve of exchange differences on translation | $ (14,189,854) | $ (13,710,204) | (12,597,365) |
Movement in foreign currency translation reserve | $ 3,219,956 |
EQUITY - Consolidated statement
EQUITY - Consolidated statements of comprehensive income (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flow for hedge | |||
Gross Balance | $ (13,151,841) | $ (813,844) | $ (42,836,575) |
Tax | 2,554,551 | 167,348 | 13,301,186 |
Net Balance | (10,597,290) | (646,496) | (29,535,389) |
Exchange rate translation differences | |||
Gross Balance | (72,455,525) | (68,831,435) | 148,686 |
Tax | 2,476,204 | 232,666 | (2,431,408) |
Net Balance | (69,979,321) | (68,598,769) | (2,282,722) |
Benefit related to defined benefit plans | |||
Gross Balance | (63,463) | (329,477) | (29,423) |
Tax | 16,184 | 84,017 | 7,060 |
Net Balance | (47,279) | (245,460) | (22,363) |
Total Comprehensive income | |||
Gross Balance | (85,670,829) | (69,974,756) | (42,717,312) |
Tax | 5,046,939 | 484,031 | 10,876,838 |
Total other comprehensive income | $ (80,623,890) | $ (69,490,725) | $ (31,840,474) |
EQUITY - Movement of comprehens
EQUITY - Movement of comprehensive income and expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement of comprehensive income and loss | |||
Total other comprehensive income | $ (80,623,890) | $ (69,490,725) | $ (31,840,474) |
Cash flow hedge reserve | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (63,699,788) | (14,172,572) | (119,668,724) |
Deferred taxes | 20,217,065 | 3,875,908 | 38,337,727 |
Reclassification to the result by function | 48,415,956 | 13,352,835 | 76,802,629 |
Reclassification of deferred taxes related to other reserves | (15,530,523) | (3,702,667) | (25,007,021) |
Total other comprehensive income | (10,597,290) | (646,496) | (29,535,389) |
Equity holders of the parent | (10,597,290) | (646,496) | (29,535,389) |
Reserves for exchange rate differences | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (72,455,525) | (68,831,435) | 148,686 |
Deferred taxes | 2,476,204 | 232,666 | (2,431,408) |
Total other comprehensive income | (69,979,321) | (68,598,769) | (2,282,722) |
Equity holders of the parent | (69,592,296) | (68,333,217) | (1,297,198) |
Non-Controlling interests | (387,025) | (265,552) | (985,524) |
Benefit related to defines benefit plans reserve | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (334,508) | (476,044) | (359,258) |
Deferred taxes | 89,366 | 121,390 | 86,222 |
Reclassification to the result by function | 271,045 | 146,564 | 313,341 |
Reclassification of deferred taxes related to other reserves | (73,182) | (37,370) | (62,668) |
Total other comprehensive income | (47,279) | (245,460) | (22,363) |
Equity holders of the parent | (43,150) | (130,555) | 11,253 |
Non-Controlling interests | $ (4,129) | $ (114,905) | $ (33,616) |
EQUITY - Non-controlling intere
EQUITY - Non-controlling interests (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-controlling interests | |||
Shareholders equity attributable to non controlling interests | $ 19,901,617 | $ 21,923,293 | $ 21,564,445 |
Income attributable to non controlling interests | 847,375 | 1,164,935 | 1,523,120 |
Total current assets | 481,586,454 | 484,010,050 | 552,742,397 |
Total non-current assets | 1,732,918,235 | 1,630,849,417 | 1,646,367,350 |
Total current liabilities | 419,862,101 | 428,287,322 | 419,534,854 |
Total non-current liabilities | 930,927,845 | 873,338,796 | 937,404,866 |
Net sales | 1,672,915,799 | 1,848,878,619 | 1,777,459,320 |
Net income | $ 97,450,746 | $ 119,000,725 | $ 92,049,111 |
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 | $ 23,260 | $ 13,765 | $ 12,209 |
Income attributable to non controlling interests | 3,633 | 5,590 | 5,502 |
Total current assets | 78,222,876 | 97,285,008 | 110,564,779 |
Total non-current assets | 156,224,157 | 94,369,129 | 98,518,204 |
Total current liabilities | 82,148,269 | 109,594,738 | 132,431,541 |
Total non-current liabilities | 15,897,476 | 1,339,723 | 1,621,792 |
Net sales | 406,216,738 | 544,585,291 | 507,946,578 |
Net income | $ 21,304,406 | $ 32,781,977 | $ 32,268,140 |
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 | $ 2,113 | $ 2,213 | $ 2,062 |
Income attributable to non controlling interests | 96 | 711 | 785 |
Total current assets | 4,329,932 | 7,143,561 | 6,680,394 |
Total non-current assets | 9,251,880 | 6,413,307 | 7,381,968 |
Total current liabilities | 2,309,810 | 2,944,499 | 4,061,713 |
Total non-current liabilities | 1,169,270 | 28,444 | 141,258 |
Net sales | 16,034,964 | 20,698,427 | 20,601,647 |
Net income | $ 458,980 | $ 3,398,080 | $ 3,754,831 |
Paraguay Refrescos S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 2.1697% | 2.1697% | 2.1697% |
Shareholders equity attributable to non controlling interests | $ 5,378,074 | $ 5,045,792 | $ 5,337,687 |
Income attributable to non controlling interests | 556,112 | 502,945 | 504,806 |
Total current assets | 37,309,706 | 30,419,844 | 35,283,479 |
Total non-current assets | 248,751,791 | 234,278,288 | 243,615,898 |
Total current liabilities | 21,870,719 | 17,297,339 | 17,192,489 |
Total non-current liabilities | 16,323,385 | 14,487,776 | 16,011,340 |
Net sales | 149,588,252 | 141,277,230 | 132,005,503 |
Net income | $ 25,630,364 | $ 23,179,968 | $ 23,045,844 |
Vital S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 35.00% | 35.00% | 35.00% |
Shareholders equity attributable to non controlling interests | $ 7,674,785 | $ 9,261,108 | $ 9,054,947 |
Income attributable to non controlling interests | 271,063 | 283,327 | 319,858 |
Vital Jugos S.A. | |||
Non-controlling interests | |||
Total current assets | 16,005,424 | 21,135,712 | 19,265,466 |
Total non-current assets | 16,969,708 | 19,691,418 | 22,297,712 |
Total current liabilities | 11,018,878 | 14,244,283 | 15,246,108 |
Total non-current liabilities | 28,298 | 128,071 | 445,794 |
Net sales | 56,724,318 | 68,884,622 | 75,788,427 |
Net income | $ 774,466 | $ 809,507 | $ 913,880 |
Vital Aguas S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 33.50% | 33.50% | 33.50% |
Shareholders equity attributable to non controlling interests | $ 1,986,493 | $ 2,117,098 | $ 2,027,879 |
Income attributable to non controlling interests | 36,696 | 151,647 | 23,744 |
Total current assets | 4,616,490 | 4,296,412 | 4,783,537 |
Total non-current assets | 5,287,639 | 5,876,875 | 6,298,423 |
Total current liabilities | 3,803,117 | 3,698,382 | 4,884,341 |
Total non-current liabilities | 171,184 | 157,558 | 144,250 |
Net sales | 15,859,403 | 14,642,493 | 14,437,818 |
Net income | $ 109,539 | $ 452,679 | $ 70,878 |
Envases Central S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 40.73% | 40.73% | 40.73% |
Shareholders equity attributable to non controlling interests | $ 4,836,892 | $ 5,483,317 | $ 5,129,661 |
Income attributable to non controlling interests | (20,225) | 220,715 | 668,425 |
Total current assets | 13,737,336 | 8,343,734 | 8,508,056 |
Total non-current assets | 1,223,933 | 14,243,627 | 12,034,286 |
Total current liabilities | 13,063,735 | 7,410,662 | 7,333,325 |
Total non-current liabilities | 1,041,400 | 1,710,709 | 614,711 |
Net sales | 59,433,099 | 39,205,943 | 40,342,848 |
Net income | $ (112,302) | $ 541,927 | $ 1,641,112 |
EQUITY - Earnings per share (De
EQUITY - Earnings per share (Details) - CLP ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share | |||
Earnings attributable to shareholders | $ 96,603,371 | $ 117,835,790 | $ 90,525,991 |
Average weighted number of shares | 946,570,604 | 946,570,604 | 946,570,604 |
Earnings per basic and diluted share (in Chilean pesos) | $ 102.06 | $ 124.49 | $ 95.64 |
Series A | |||
Earnings per share | |||
Earnings attributable to shareholders | $ 46,001,994 | $ 56,112,755 | $ 43,107,979 |
Average weighted number of shares | 473,289,301 | 473,289,301 | 473,289,301 |
Earnings per basic and diluted share (in Chilean pesos) | $ 97.20 | $ 118.56 | $ 91.08 |
Series B Share | |||
Earnings per share | |||
Earnings attributable to shareholders | $ 50,601,377 | $ 61,723,035 | $ 47,418,012 |
Average weighted number of shares | 473,281,303 | 473,281,303 | 473,281,303 |
Earnings per basic and diluted share (in Chilean pesos) | $ 106.92 | $ 130.42 | $ 100.19 |
DERIVATIVE ASSETS AND LIABILI_3
DERIVATIVE ASSETS AND LIABILITIES (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) | Dec. 31, 2016CLP ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
DERIVATIVE ASSETS AND LIABILITIES | |||||
Gain (losses) from cash flow hedges | $ (13,151,841) | $ (813,844) | $ (42,836,575) | ||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | |||||
DERIVATIVE ASSETS AND LIABILITIES | |||||
Hedged item, liabilities | $ 360 | ||||
Derivative financial assets held for hedging | 87,446,662 | ||||
Gains on hedging instrument in other equity reserves | 14,089,111 | ||||
Gain (losses) from cash flow hedges | 25,302,080 | ||||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | (207,802) | ||||
Derivative Instrument Raw Material Purchases | Forward contract | Fair value hedges | |||||
DERIVATIVE ASSETS AND LIABILITIES | |||||
Derivative financial assets held for hedging | 669,527 | ||||
Gain (losses) from cash flow hedges | 7,583,354 | ||||
Notional amount | $ 56.8 | $ 62.8 | |||
Derivative financial liabilities held for hedging | 130,829 | ||||
Accumulated gain loss on derivative financial instruments | $ 397,151 |
DERIVATIVE ASSETS AND LIABILI_4
DERIVATIVE ASSETS AND LIABILITIES - Fair Value (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value of financial assets and liabilities | ||
Transfers into out of Level 1 assets and liabilities | $ 0 | |
Transfers into out of level 2 assets and liabilities | 0 | |
Transfers into Level 3 of fair value hierarchy, assets | 0 | |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | |
Transfers out of Level 3 of fair value hierarchy, liabilities | 0 | |
Financial assets, at fair value | 88,116,189 | $ 62,367,852 |
Financial liabilities, at fair value | 130,829 | 445,278 |
Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 88,116,189 | 62,367,852 |
Financial liabilities, at fair value | 130,829 | 445,278 |
Other current financial liabilities | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 130,829 | 445,278 |
Other current financial liabilities | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 130,829 | 445,278 |
Other financial assets | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 669,527 | 469,019 |
Other financial assets | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 669,527 | 469,019 |
Other non-current financial assets | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 87,446,662 | 61,898,833 |
Other non-current financial assets | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | $ 87,446,662 | $ 61,898,833 |
CONTINGENCIES AND COMMITMENTS -
CONTINGENCIES AND COMMITMENTS - Lawsuits and other legal actions (Details) $ in Thousands | Sep. 30, 2013BRL (R$) | Oct. 31, 2013BRL (R$) | Dec. 31, 2018BRL (R$) | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) | Sep. 30, 2014BRL (R$) |
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | R$ 203070206 | $ 36,411,450 | ||||
Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | 5,970,453 | |||||
Embotelladora del Atlantico S.A. | Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | 948,042 | |||||
Time deposits to guaranty judicial liabilities | 656,817 | |||||
Rio De Janeiro Refrescos Ltda | Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | 55,518,871 | |||||
Time deposits to guaranty judicial liabilities | 31,143,415 | $ 31,953,725 | ||||
Warranty insurance and bail letters | R$ | R$ 986396119 | |||||
Warranty insurance and bail letters commission percentage | 0.44% | |||||
Rio De Janeiro Refrescos Ltda | Tax contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | R$ 76883016 | 13,785,489 | ||||
ex-Companhia De Bebidas Ipiranga | Tax contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Loss contingency damages sought | R$ | R$ 1330473161 | R$ 346232541 | 1,138,749,846 | |||
Litigation settlement amount released from liability | R$ | R$ 135282155 | R$ 598745218 | ||||
Paraguay Refrescos S.A. | Legal proceedings contingent liability | ||||||
CONTINGENCIES AND COMMITMENTS | ||||||
Contingent liability | $ 15,160 |
CONTINGENCIES AND COMMITMENTS_2
CONTINGENCIES AND COMMITMENTS - Guarantees (Details) $ in Thousands | Dec. 31, 2018BRL (R$) | Dec. 31, 2018CLP ($) | Dec. 31, 2017CLP ($) |
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | R$ 203070206 | $ 36,411,450 | |
Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 31,816,784 | $ 50,651,324 | |
Industria Metalurgical Inamar Ltda | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 17,991,202 | ||
Gas Licuado Lipigas SA | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,140 | 1,140 | |
Hospital Militar | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,727 | ||
Parque Arauco | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 5,345 | ||
Aeropuerto Nuevo Pudahuel | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 10,129 | ||
Hospital FACH | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 697 | ||
Inmob. e Invers. Supetar Ltda | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,579 | 4,579 | |
Bodegas San Francisco Ltda. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 6,483 | ||
Maria Lobos Jamet | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,565 | 2,565 | |
Reclamaciones Trabajadores | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 5,336,644 | 4,626,086 | |
Reclamaciones Civiles y Tributarias | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 12,597,136 | 13,104,186 | |
Instituciones Gubernamentales | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 13,209,635 | 14,223,453 | |
Distribuidora Baraldo S.H. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 369 | 659 | |
Acuna Gomez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 553 | 989 | |
Nicanor Lopez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 395 | 707 | |
Labarda | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 7 | 12 | |
Municipalidad Bariloche | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 21,420 | 38,315 | |
Municipalidad San Antonio Oeste | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 40,682 | 72,768 | |
Municipalidad Carlos Casares | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,645 | 2,943 | |
Municipalidad Chivilcoy | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 254,430 | 455,104 | |
Others | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 78 | 140 | |
Granada Maximiliano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,317 | 5,934 | |
Cicsa | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,612 | 8,249 | |
Locadores Varios | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 46,169 | 53,900 | |
Aduana De EZEIZA | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,013 | 6,608 | |
Municipalidad De Junin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,592 | 5,755 | |
Almada Jorge | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,949 | 8,853 | |
Municipalidad De Picun Leufu | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 72 | 128 | |
Migoni Marano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 112 | ||
Farias Matias Luis | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 309 | 1,226 | |
Temas Industriales SA - Embargo General de Fondos | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 231,077 | ||
Gomez Alejandra Raquel | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 35 | 62 | |
Lopez Gustavo Gerardo C/Inti Saic Y Otros | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 226 | 403 | |
Fondo Fima Ahorro Plus C | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 519 | ||
Tribunal Superior De Justicia De La Provincia De Cordoba | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 290 | ||
DBC SA C CERVECERIA ARGENTINA SA ISEMBECK | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 41,465 | ||
Marcus A. Pena | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,164 | 3,782 | |
Mauricio J Cordero C | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 904 | 800 | |
Jose Ruoti Maltese | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 758 | 715 | |
Alejandro Galeano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,251 | 1,107 | |
Ana Maria Mazo | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,191 | 1,054 | |
Importadora Casa Y Regalos | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,050 | ||
Inmobiliaria E Inversiones Gestion Activa Ltda | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,585 | ||
Inmobiliaria Portofino | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 900 | ||
Telfonica Chile S.a. | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,000 | ||
Inmobiliaria San Martin Logista S.a. | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,461 | ||
Employee procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,601,353 | 1,496,862 | |
Administrative procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 8,233,853 | 7,185,511 | |
Gobierno Federal | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 116,192,877 | 91,903,312 | |
Gobierno Estadual | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 43,015,207 | 20,527,817 | |
Hsbc | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,586,095 | 3,716,747 | |
Otros | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,236,092 | 2,449,103 | |
Aduana De Ezeiza One | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 699,502 | 63,777 | |
Aduana De Ezeiza Two | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 182,459 | $ 347,990 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) - Interest rate risk - Fixed interest rate in Thousands, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018CLP ($) | Dec. 31, 2018CLF ( ) | Dec. 31, 2018CLP ($) | Dec. 31, 2018USD ($) | |
Domestic | ||||
Interest Rate Risk | ||||
Financial liabilities | | 16,928,000 | |||
Foreign | ||||
Interest Rate Risk | ||||
Financial liabilities | $ 365 | |||
Principal | $ 575 | |||
Prepayment amount | $ 210 | |||
Percentage of foreign bonds re-denominated to domestic currencies | 100.00% |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) client in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)client | |
Credit risk | |
Credit risk | |
Accounts receivable threshold amount for sales suspension | $ 250,000 |
Accounts receivable threshold period for sales suspension (In Days) | 60 days |
Outstanding accounts receivable balance at which CFO approval is required | $ 1,000,000 |
Credit risk | Minimum | |
Credit risk | |
Number of customers | client | 100 |
31 and 60 days | |
Credit risk | |
Accounts receivable provision percentage | 30.00% |
61 and 90 days | |
Credit risk | |
Accounts receivable provision percentage | 60.00% |
91 and 120 days | |
Credit risk | |
Accounts receivable provision percentage | 90.00% |
Accounts receivable disputed balance provision percentage | 40.00% |
121 days and over | |
Credit risk | |
Accounts receivable provision percentage | 100.00% |
121 and 170 days | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 80.00% |
171 days and over | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 100.00% |
FINANCIAL RISK MANAGEMENT - Pre
FINANCIAL RISK MANAGEMENT - Prepayments, Guarantees and Financial Investments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CLP ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017CLP ($) | Dec. 31, 2016CLP ($) | |
Credit risk | ||||
Trade receivables covered by insurance percentage | 91.00% | |||
Other provisions | $ 62,452,526 | $ 65,624,166 | $ 73,081,893 | |
Maximum | ||||
Credit risk | ||||
Trade receivables uncollectible percentage | 0.50% | |||
Credit risk | ||||
Credit risk | ||||
Prepayment to suppliers threshold | $ 25,000 | |||
Credit risk | Domestic | ||||
Credit risk | ||||
Trade receivables | $ 63,322,758 | |||
Credit risk | Domestic | Provision for credit commitments | ||||
Credit risk | ||||
Other provisions | $ 1,343,691 | |||
Credit risk | Minimum | ||||
Credit risk | ||||
Time deposits with institutions with risk ratings of A S&P or equivalent | 1 year | |||
Credit risk | Maximum | ||||
Credit risk | ||||
Time deposits with institutions with risk ratings of Level 1 Fitch or equivalent | 1 year | |||
Currency risk | ||||
Credit risk | ||||
Number of risks exposed to that are caused by exchange rate volatility | item | 3 |
FINANCIAL RISK MANAGEMENT - Inv
FINANCIAL RISK MANAGEMENT - Investment Risk by Country (Details) - CLP ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Exchange Rate Risk | ||||
Total Equity | $ 863,714,743 | $ 813,233,349 | $ 842,170,027 | $ 851,534,300 |
Total assets | 2,214,504,689 | 2,114,859,467 | 2,199,109,747 | |
Total liabilities | 1,350,789,946 | $ 1,301,626,118 | $ 1,356,939,720 | |
Currency risk | Argentina | ||||
Exchange Rate Risk | ||||
Total Equity | 141,415,980 | |||
Total assets | 241,496,143 | |||
Total liabilities | $ 100,080,163 | |||
Percentage of entity's revenue | 24.60% | |||
Appreciation (devaluation) of foreign currency against the domestic currency | (44.10%) | |||
Percentage of reasonably possible risk increase | (5.00%) | |||
Increase (decrease) in income due to a reasonably possible increase in risk component | $ (1,008,205) | |||
Increase (decrease) in equity due to a reasonably possible risk increase | (4,547,092) | |||
Increase (decrease) in assets due to a reasonably possible risk increase | (8,049,598) | |||
Increase (decrease) in liabilities due to a reasonably possible risk increase | (3,502,506) | |||
Currency risk | Brazil | ||||
Exchange Rate Risk | ||||
Total Equity | 266,078,105 | |||
Total assets | 814,443,115 | |||
Total liabilities | $ 548,365,009 | |||
Percentage of entity's revenue | 32.30% | |||
Appreciation (devaluation) of foreign currency against the domestic currency | (3.50%) | |||
Percentage of reasonably possible risk increase | (5.00%) | |||
Increase (decrease) in income due to a reasonably possible increase in risk component | $ (1,755,781) | |||
Increase (decrease) in equity due to a reasonably possible risk increase | (12,297,287) | |||
Increase (decrease) in assets due to a reasonably possible risk increase | (36,589,434) | |||
Increase (decrease) in liabilities due to a reasonably possible risk increase | (24,292,147) | |||
Currency risk | Paraguay | ||||
Exchange Rate Risk | ||||
Total Equity | 247,867,392 | |||
Total assets | 286,061,496 | |||
Total liabilities | $ 38,194,104 | |||
Percentage of entity's revenue | 8.90% | |||
Appreciation (devaluation) of foreign currency against the domestic currency | 6.00% | |||
Percentage of reasonably possible risk increase | (5.00%) | |||
Increase (decrease) in income due to a reasonably possible increase in risk component | $ (1,220,490) | |||
Increase (decrease) in equity due to a reasonably possible risk increase | (11,738,373) | |||
Increase (decrease) in assets due to a reasonably possible risk increase | (13,360,934) | |||
Increase (decrease) in liabilities due to a reasonably possible risk increase | $ (1,622,561) |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) - Currency risk $ in Thousands | 12 Months Ended |
Dec. 31, 2018CLP ($) | |
Net exposure of assets and liabilities in foreign currency | |
Derivative financial liabilities | $ 251,124,893 |
Financial liabilities net of assets and net of derivative contracts | 2,466,157 |
Dollar | |
Net exposure of assets and liabilities in foreign currency | |
Gross financial assets subject to offsetting | $ 5,917,041 |
Percentage of US denominated financial liabilities with derivative cross currency swaps | 100.00% |
Public and Bank liabilities | |
Net exposure of assets and liabilities in foreign currency | |
Gross financial liabilities subject to offsetting | $ 257,041,934 |
Argentina | Public and Bank liabilities | |
Net exposure of assets and liabilities in foreign currency | |
Gross financial liabilities subject to offsetting | $ 257,041,934 |
FINANCIAL RISK MANAGEMENT - F_2
FINANCIAL RISK MANAGEMENT - Foreign Currency Exposure (Details) - 12 months ended Dec. 31, 2018 $ in Thousands, $ in Millions | CLP ($)country | USD ($) |
Commodity price risk | ||
Assets purchased or indexed to foreign currency exposure | ||
Percentage of reasonably possible risk increase | 5.00% | |
Decrease in income due to a reasonably possible increase in risk component | $ (7,762,189) | |
Purchase Type Risk | ||
Assets purchased or indexed to foreign currency exposure | ||
Number of countries with operations | country | 4 | |
Percentage of reasonably possible risk increase | 5.00% | |
Decrease in income due to a reasonably possible increase in risk component | $ (5,861,388) | |
Purchase Type Risk | Dollar | ||
Assets purchased or indexed to foreign currency exposure | ||
Amount of risk exposure | $ 340 | |
Amount of risk exposure percentage | 19.00% | |
Purchase Type Risk | Forward contract | ||
Assets purchased or indexed to foreign currency exposure | ||
Derivative financial assets held for hedging | $ 56.8 | |
Derivative forward horizon period | 12 months | |
Minimum | Commodity price risk | ||
Assets purchased or indexed to foreign currency exposure | ||
Amount of risk exposure percentage | 35.00% | |
Maximum | Commodity price risk | ||
Assets purchased or indexed to foreign currency exposure | ||
Amount of risk exposure percentage | 40.00% |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) - Liquidity risk $ in Thousands | Dec. 31, 2018CLP ($) |
Maturity within one year | |
Committed maturities for liability payments | |
Bank debt | $ 21,579,550 |
Bond payable | 42,991,809 |
Operating lease obligations | 7,305,508 |
Purchase obligations | 64,406,811 |
Total | 136,283,678 |
More than 1 year up to 2 years | |
Committed maturities for liability payments | |
Bank debt | 1,597,027 |
Bond payable | 42,909,590 |
Operating lease obligations | 9,516,692 |
Purchase obligations | 9,126,536 |
Total | 63,149,845 |
More than 2 years up to 3 years | |
Committed maturities for liability payments | |
Bank debt | 787,777 |
Bond payable | 39,560,554 |
Operating lease obligations | 9,072,970 |
Purchase obligations | 9,338,111 |
Total | 58,759,412 |
More than 3 years up to 4 years | |
Committed maturities for liability payments | |
Bank debt | 772,051 |
Bond payable | 39,411,666 |
Operating lease obligations | 9,032,343 |
Purchase obligations | 233,004 |
Total | 49,449,064 |
More 4 years | |
Committed maturities for liability payments | |
Bank debt | 81,286 |
Bond payable | 844,765,446 |
Operating lease obligations | 22,059,516 |
Purchase obligations | 240,600 |
Total | $ 867,146,848 |
EXPENSES BY NATURE (Details)
EXPENSES BY NATURE (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
EXPENSES BY NATURE | |||
Direct production costs | $ 759,229,954 | $ 815,455,280 | $ 776,824,622 |
Payroll and employee benefits | 266,966,841 | 287,458,526 | 288,293,137 |
Transportation and distribution | 137,428,173 | 163,361,088 | 153,675,961 |
Marketing | 17,345,951 | 29,209,904 | 39,981,813 |
Depreciation and amortization | 99,594,446 | 99,163,891 | 97,334,452 |
Repairs and maintenance | 28,120,097 | 34,253,824 | 34,511,508 |
Other expenses | 138,860,649 | 181,249,647 | 173,168,224 |
Total | $ 1,447,546,111 | $ 1,610,152,160 | $ 1,563,789,717 |
OTHER INCOME (Details)
OTHER INCOME (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OTHER INCOME | |||
Gain on disposal of Property, plant and equipment | $ 1,984,547 | $ 312,470 | $ 318,771 |
Recovery AFIP claim | 232,617 | 1,034,040 | |
Others | 392,004 | 238,364 | 408,088 |
Total | $ 2,609,168 | $ 550,834 | $ 1,760,899 |
OTHER EXPENSES (Details)
OTHER EXPENSES (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OTHER EXPENSES | |||
Contingencies and Non-operating fees | $ 10,192,495 | $ 5,377,190 | $ 9,959,181 |
Tax on bank debits | 4,653,929 | 7,669,234 | 7,006,261 |
Disposal and write-off of Property, plant and equipment | 262,366 | 3,025,497 | 4,800,278 |
Others | 948,973 | 629,550 | 999,447 |
Total other expenses | $ 16,057,763 | $ 16,701,471 | $ 22,765,167 |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finance income | |||
Interest income | $ 1,046,580 | $ 8,370,338 | $ 8,466,177 |
Other interest income | 2,893,664 | 2,824,037 | 1,195,515 |
Total | 3,940,244 | 11,194,375 | 9,661,692 |
Finance expenses | |||
Bond interest | 38,547,682 | 42,178,816 | 41,652,154 |
Bank loan interest | 1,828,588 | 5,553,485 | 3,990,853 |
Other interest costs | 14,638,390 | 7,488,068 | 5,731,964 |
Total | $ 55,014,660 | $ 55,220,369 | $ 51,374,971 |
OTHER (LOSSES) AND GAIN (Detail
OTHER (LOSSES) AND GAIN (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OTHER (LOSSES) AND GAIN | |||
Gains (loss) on derivative transactions | $ (1,466) | ||
(Losses) gains on ineffective portion of hedge derivatives | $ (2,707,802) | $ (2,536,079) | (3,378,484) |
Other income and (expenses) | (57) | (1,190) | (7,427) |
Total | $ (2,707,859) | $ (2,537,269) | $ (3,387,377) |
LOCAL AND FOREIGN CURRENCY - Cu
LOCAL AND FOREIGN CURRENCY - Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 137,538,613 | $ 136,242,116 | $ 141,263,880 | $ 129,160,939 |
Other financial assets | 683,567 | 14,138,161 | ||
Other non-financial assets | 5,948,923 | 5,611,861 | ||
Trade and other accounts receivable, net | 174,113,323 | 191,284,680 | ||
Accounts receivable from related companies | 9,450,263 | 5,370,232 | ||
Inventory | 151,319,709 | 131,363,000 | ||
Current tax assets | 2,532,056 | |||
Total Current Assets | 481,586,454 | 484,010,050 | $ 552,742,397 | |
Dollar | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 5,917,041 | 6,973,298 | ||
Other non-financial assets | 45,053 | 70,975 | ||
Trade and other accounts receivable, net | 863,794 | 541,579 | ||
Accounts receivable from related companies | 26,557 | 16,674 | ||
Inventory | 2,197,382 | 3,046,600 | ||
Total Current Assets | 9,049,827 | 10,649,126 | ||
Euros | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 51,401 | 17,245 | ||
Trade and other accounts receivable, net | 52,332 | 112,763 | ||
Inventory | 12,522 | 262,204 | ||
Total Current Assets | 116,255 | 392,212 | ||
Unidad de fomento | ||||
CURRENT ASSETS | ||||
Other financial assets | 13,647,997 | |||
Other non-financial assets | 78,623 | 9,790 | ||
Trade and other accounts receivable, net | 1,414,800 | 1,673,147 | ||
Total Current Assets | 1,493,423 | 15,330,934 | ||
Chilean pesos | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 86,121,695 | 80,985,719 | ||
Other financial assets | 355,126 | |||
Other non-financial assets | 3,589,253 | 3,049,402 | ||
Trade and other accounts receivable, net | 73,028,244 | 75,797,942 | ||
Accounts receivable from related companies | 6,911,814 | 5,172,144 | ||
Inventory | 50,130,341 | 39,750,597 | ||
Total Current Assets | 220,136,473 | 204,755,804 | ||
Brazilian Real | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 28,040,970 | 21,779,408 | ||
Other financial assets | 14,040 | 366,595 | ||
Other non-financial assets | 1,275,073 | 1,447,790 | ||
Trade and other accounts receivable, net | 66,585,089 | 75,387,122 | ||
Inventory | 36,797,523 | 33,834,631 | ||
Current tax assets | 2,532,056 | |||
Total Current Assets | 135,244,751 | 132,815,546 | ||
Argentine Pesos | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 6,726,906 | 19,681,449 | ||
Other financial assets | 300,359 | 123,569 | ||
Other non-financial assets | 460,125 | 632,428 | ||
Trade and other accounts receivable, net | 25,000,141 | 30,870,192 | ||
Accounts receivable from related companies | 2,511,892 | 181,414 | ||
Inventory | 46,394,230 | 43,857,361 | ||
Total Current Assets | 81,393,653 | 95,346,413 | ||
Paraguayan Guaran | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 10,680,600 | 6,804,997 | ||
Other financial assets | 14,042 | |||
Other non-financial assets | 500,796 | 401,476 | ||
Trade and other accounts receivable, net | 7,168,923 | 6,901,935 | ||
Inventory | 15,787,711 | 10,611,607 | ||
Total Current Assets | $ 34,152,072 | $ 24,720,015 |
LOCAL AND FOREIGN CURRENCY - No
LOCAL AND FOREIGN CURRENCY - Non-Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
NON-CURRENT ASSETS | ||||
Other financial assets | $ 97,362,295 | $ 74,259,085 | ||
Other non-financial assets | 34,977,264 | 47,394,345 | ||
Trade and other receivables | 1,270,697 | 2,395,851 | ||
Accounts receivable from related parties | 74,340 | 156,492 | ||
Investments accounted for under the equity method | 102,410,945 | 86,809,069 | $ 77,197,781 | $ 54,190,546 |
Intangible assets other than goodwill | 668,822,553 | 663,272,878 | 680,996,062 | |
Goodwill | 117,229,173 | 93,598,217 | 102,919,505 | 95,835,936 |
Property, plant and equipment | 710,770,968 | 659,750,499 | 666,150,885 | $ 640,529,872 |
Deferred income tax assets | 3,212,981 | |||
Total Non-Current Assets | 1,732,918,235 | 1,630,849,417 | $ 1,646,367,350 | |
Dollar | ||||
NON-CURRENT ASSETS | ||||
Other non-financial assets | 22,917 | |||
Intangible assets other than goodwill | 4,960,399 | 3,959,421 | ||
Property, plant and equipment | 190,365 | |||
Total Non-Current Assets | 4,983,316 | 4,149,786 | ||
Euros | ||||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 381,732 | 5,362,096 | ||
Total Non-Current Assets | 381,732 | 5,362,096 | ||
Unidad de fomento | ||||
NON-CURRENT ASSETS | ||||
Other non-financial assets | 314,283 | |||
Trade and other receivables | 1,204,097 | 2,335,322 | ||
Total Non-Current Assets | 1,518,380 | 2,335,322 | ||
Chilean pesos | ||||
NON-CURRENT ASSETS | ||||
Other financial assets | 2,212,688 | |||
Other non-financial assets | 47,532 | 395,857 | ||
Accounts receivable from related parties | 74,340 | 156,492 | ||
Investments accounted for under the equity method | 50,136,221 | 33,789,538 | ||
Intangible assets other than goodwill | 306,508,710 | 307,165,028 | ||
Goodwill | 9,523,767 | 9,523,767 | ||
Property, plant and equipment | 271,625,978 | 271,391,436 | ||
Total Non-Current Assets | 637,916,548 | 624,634,806 | ||
Brazilian Real | ||||
NON-CURRENT ASSETS | ||||
Other financial assets | 87,446,661 | 63,531,839 | ||
Other non-financial assets | 32,070,120 | 45,334,405 | ||
Investments accounted for under the equity method | 52,274,724 | 53,019,531 | ||
Intangible assets other than goodwill | 182,657,545 | 188,401,129 | ||
Goodwill | 72,059,356 | 72,488,336 | ||
Property, plant and equipment | 252,674,783 | 240,781,729 | ||
Total Non-Current Assets | 679,183,189 | 663,556,969 | ||
Argentine Pesos | ||||
NON-CURRENT ASSETS | ||||
Other financial assets | 9,915,634 | 8,514,558 | ||
Other non-financial assets | 2,315,682 | 1,626,255 | ||
Trade and other receivables | 90 | 2,193 | ||
Intangible assets other than goodwill | 2,101,571 | 922,226 | ||
Goodwill | 28,318,129 | 4,672,971 | ||
Property, plant and equipment | 117,532,176 | 77,580,966 | ||
Deferred income tax assets | 3,212,981 | |||
Total Non-Current Assets | 160,183,282 | 96,532,150 | ||
Paraguayan Guaran | ||||
NON-CURRENT ASSETS | ||||
Other non-financial assets | 206,730 | 37,828 | ||
Trade and other receivables | 66,510 | 58,336 | ||
Intangible assets other than goodwill | 172,594,328 | 162,825,074 | ||
Goodwill | 7,327,921 | 6,913,143 | ||
Property, plant and equipment | 68,556,299 | 64,443,907 | ||
Total Non-Current Assets | $ 248,751,788 | $ 234,278,288 |
LOCAL AND FOREIGN CURRENCY - _2
LOCAL AND FOREIGN CURRENCY - Current Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT LIABILITIES | |||
Other financial liabilities, current | $ 56,114,977 | $ 67,981,405 | |
Trade and other accounts payable, current | 238,109,847 | 257,519,477 | |
Accounts payable to related companies, current | 45,827,859 | 33,961,437 | |
Other provisions, current | 3,485,613 | 2,676,418 | |
Tax liabilities, current | 9,338,612 | 3,184,965 | |
Employee benefits current provisions | 33,210,979 | 35,955,643 | |
Other non-financial liabilities, current | 33,774,214 | 27,007,977 | |
Total current liabilities | 419,862,101 | 428,287,322 | $ 419,534,854 |
Until 90 days | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 9,377,421 | 13,536,530 | |
Trade and other accounts payable, current | 234,715,484 | 251,516,304 | |
Accounts payable to related companies, current | 45,687,476 | 33,728,629 | |
Other provisions, current | 1,789,275 | 2,616,340 | |
Tax liabilities, current | 4,302,370 | 543,874 | |
Employee benefits current provisions | 10,189,264 | ||
Other non-financial liabilities, current | 1,346,839 | 648,171 | |
Total current liabilities | 307,408,129 | 302,589,848 | |
More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 46,737,556 | 54,444,875 | |
Trade and other accounts payable, current | 3,394,363 | 6,003,173 | |
Accounts payable to related companies, current | 140,383 | 232,808 | |
Other provisions, current | 1,696,338 | 60,078 | |
Tax liabilities, current | 5,036,242 | 2,641,091 | |
Employee benefits current provisions | 23,021,715 | 35,955,643 | |
Other non-financial liabilities, current | 32,427,375 | 26,359,806 | |
Total current liabilities | 112,453,972 | 125,697,474 | |
Dollar | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 3,434,840 | 4,588,671 | |
Trade and other accounts payable, current | 14,514,082 | 11,745,990 | |
Total current liabilities | 17,948,922 | 16,334,661 | |
Dollar | Until 90 days | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 130,829 | 25,540 | |
Trade and other accounts payable, current | 14,514,082 | 11,716,262 | |
Total current liabilities | 14,644,911 | 11,741,802 | |
Dollar | More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 3,304,011 | 4,563,131 | |
Trade and other accounts payable, current | 29,728 | ||
Total current liabilities | 3,304,011 | 4,592,859 | |
Euros | |||
CURRENT LIABILITIES | |||
Trade and other accounts payable, current | 4,371,675 | 2,282,651 | |
Total current liabilities | 4,371,675 | 2,282,651 | |
Euros | Until 90 days | |||
CURRENT LIABILITIES | |||
Trade and other accounts payable, current | 4,311,724 | 2,202,581 | |
Total current liabilities | 4,311,724 | 2,202,581 | |
Euros | More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Trade and other accounts payable, current | 59,951 | 80,070 | |
Total current liabilities | 59,951 | 80,070 | |
Unidad de fomento | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 18,368,408 | 16,627,299 | |
Trade and other accounts payable, current | 192,055 | 2,198,131 | |
Total current liabilities | 18,560,463 | 18,825,430 | |
Unidad de fomento | Until 90 days | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 7,831,899 | 6,735,155 | |
Trade and other accounts payable, current | 192,055 | 2,198,131 | |
Total current liabilities | 8,023,954 | 8,933,286 | |
Unidad de fomento | More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 10,536,509 | 9,892,144 | |
Total current liabilities | 10,536,509 | 9,892,144 | |
Chilean pesos | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 9,681,676 | 10,342,404 | |
Trade and other accounts payable, current | 84,433,658 | 88,400,091 | |
Accounts payable to related companies, current | 27,869,966 | 15,530,588 | |
Other provisions, current | 3,470,453 | 2,616,340 | |
Tax liabilities, current | 5,487,212 | 184,406 | |
Employee benefits current provisions | 6,031,277 | 6,365,543 | |
Other non-financial liabilities, current | 33,146,341 | 26,301,925 | |
Total current liabilities | 170,120,583 | 149,741,297 | |
Chilean pesos | Until 90 days | |||
CURRENT LIABILITIES | |||
Trade and other accounts payable, current | 81,099,246 | 82,576,800 | |
Accounts payable to related companies, current | 27,729,583 | 15,297,780 | |
Other provisions, current | 1,789,275 | 2,616,340 | |
Tax liabilities, current | 4,302,370 | 184,406 | |
Employee benefits current provisions | 1,177,114 | ||
Other non-financial liabilities, current | 869,964 | 190,529 | |
Total current liabilities | 116,967,552 | 100,865,855 | |
Chilean pesos | More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 9,681,676 | 10,342,404 | |
Trade and other accounts payable, current | 3,334,412 | 5,823,291 | |
Accounts payable to related companies, current | 140,383 | 232,808 | |
Other provisions, current | 1,681,178 | ||
Tax liabilities, current | 1,184,842 | ||
Employee benefits current provisions | 4,854,163 | 6,365,543 | |
Other non-financial liabilities, current | 32,276,377 | 26,111,396 | |
Total current liabilities | 53,153,031 | 48,875,442 | |
Brazilian Real | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 22,247,499 | 20,674,416 | |
Trade and other accounts payable, current | 68,940,973 | 74,524,169 | |
Accounts payable to related companies, current | 12,478,179 | 18,430,849 | |
Tax liabilities, current | 718,936 | ||
Employee benefits current provisions | 17,180,455 | 16,412,363 | |
Total current liabilities | 120,847,106 | 130,760,733 | |
Brazilian Real | Until 90 days | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 1,413,622 | 5,084,725 | |
Trade and other accounts payable, current | 68,940,973 | 74,524,169 | |
Accounts payable to related companies, current | 12,478,179 | 18,430,849 | |
Tax liabilities, current | 359,468 | ||
Total current liabilities | 82,832,774 | 98,399,211 | |
Brazilian Real | More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 20,833,877 | 15,589,691 | |
Tax liabilities, current | 359,468 | ||
Employee benefits current provisions | 17,180,455 | 16,412,363 | |
Total current liabilities | 38,014,332 | 32,361,522 | |
Argentine Pesos | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 1,358,356 | 14,876,804 | |
Trade and other accounts payable, current | 54,846,437 | 69,911,911 | |
Accounts payable to related companies, current | 5,479,714 | ||
Tax liabilities, current | 2,980,634 | 2,155,680 | |
Employee benefits current provisions | 9,012,150 | 12,371,827 | |
Other non-financial liabilities, current | 476,875 | 457,642 | |
Total current liabilities | 74,154,166 | 99,773,864 | |
Argentine Pesos | Until 90 days | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 1,071 | 1,691,110 | |
Trade and other accounts payable, current | 54,846,437 | 69,859,508 | |
Accounts payable to related companies, current | 5,479,714 | ||
Employee benefits current provisions | 9,012,150 | ||
Other non-financial liabilities, current | 476,875 | 457,642 | |
Total current liabilities | 69,816,247 | 72,008,260 | |
Argentine Pesos | More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 1,357,285 | 13,185,694 | |
Trade and other accounts payable, current | 52,403 | ||
Tax liabilities, current | 2,980,634 | 2,155,680 | |
Employee benefits current provisions | 12,371,827 | ||
Total current liabilities | 4,337,919 | 27,765,604 | |
Paraguayan Guaran | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 1,024,198 | 871,811 | |
Trade and other accounts payable, current | 10,805,605 | 8,454,869 | |
Other provisions, current | 15,160 | 60,078 | |
Tax liabilities, current | 870,766 | 125,943 | |
Employee benefits current provisions | 987,097 | 805,910 | |
Other non-financial liabilities, current | 150,998 | 248,410 | |
Total current liabilities | 13,853,824 | 10,567,021 | |
Paraguayan Guaran | Until 90 days | |||
CURRENT LIABILITIES | |||
Trade and other accounts payable, current | 10,805,605 | 8,437,188 | |
Total current liabilities | 10,805,605 | 8,437,188 | |
Paraguayan Guaran | More 90 days until 1 year | |||
CURRENT LIABILITIES | |||
Other financial liabilities, current | 1,024,198 | 871,811 | |
Trade and other accounts payable, current | 17,681 | ||
Other provisions, current | 15,160 | 60,078 | |
Tax liabilities, current | 870,766 | 125,943 | |
Employee benefits current provisions | 987,097 | 805,910 | |
Other non-financial liabilities, current | 150,998 | 248,410 | |
Total current liabilities | 3,048,219 | 2,129,833 | |
Other Currency | |||
CURRENT LIABILITIES | |||
Trade and other accounts payable, current | 5,362 | 1,665 | |
Total current liabilities | 5,362 | 1,665 | |
Other Currency | Until 90 days | |||
CURRENT LIABILITIES | |||
Trade and other accounts payable, current | 5,362 | 1,665 | |
Total current liabilities | $ 5,362 | $ 1,665 |
LOCAL AND FOREIGN CURRENCY - _3
LOCAL AND FOREIGN CURRENCY - Non-Current Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | $ 716,563,778 | $ 675,767,201 | |
Non-current accounts payable | 735,665 | 1,132,926 | |
Other provisions, non-current | 58,966,913 | 62,947,748 | |
Deferred tax liabilities | 145,245,948 | 125,204,566 | |
Post employment benefit liabilities | 9,415,541 | 8,286,355 | |
Total non-current liabilities | 930,927,845 | 873,338,796 | $ 937,404,866 |
More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 28,642,101 | 8,185,760 | |
Non-current accounts payable | 735,665 | 1,132,926 | |
Other provisions, non-current | 3,448,042 | 62,947,748 | |
Deferred tax liabilities | 16,607,605 | 19,317,808 | |
Post employment benefit liabilities | 742,297 | 359,760 | |
Total non-current liabilities | 50,175,710 | 91,944,002 | |
More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 276,409,074 | 8,153,247 | |
Other provisions, non-current | 55,518,871 | ||
Deferred tax liabilities | 101,512,040 | 91,769 | |
Post employment benefit liabilities | 240,148 | 62,742 | |
Total non-current liabilities | 433,680,133 | 8,307,758 | |
More than 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 411,512,603 | 659,428,194 | |
Deferred tax liabilities | 27,126,303 | 105,794,989 | |
Post employment benefit liabilities | 8,433,096 | 7,863,853 | |
Total non-current liabilities | 447,072,002 | 773,087,036 | |
Dollar | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 250,976,154 | 350,530,538 | |
Non-current accounts payable | 585,289 | 748,565 | |
Total non-current liabilities | 251,561,443 | 351,279,103 | |
Dollar | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 513,788 | ||
Non-current accounts payable | 585,289 | 748,565 | |
Total non-current liabilities | 585,289 | 1,262,353 | |
Dollar | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 250,976,154 | ||
Total non-current liabilities | 250,976,154 | ||
Dollar | More than 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 350,016,750 | ||
Total non-current liabilities | 350,016,750 | ||
Unidad de fomento | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 450,785,690 | 300,817,837 | |
Total non-current liabilities | 450,785,690 | 300,817,837 | |
Unidad de fomento | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 25,634,958 | ||
Total non-current liabilities | 25,634,958 | ||
Unidad de fomento | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 23,105,123 | 2,092,245 | |
Total non-current liabilities | 23,105,123 | 2,092,245 | |
Unidad de fomento | More than 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 402,045,609 | 298,725,592 | |
Total non-current liabilities | 402,045,609 | 298,725,592 | |
Chilean pesos | |||
NON-CURRENT LIABILITIES | |||
Non-current accounts payable | 148,680 | 356,221 | |
Other provisions, non-current | 2,500,000 | 5,000,000 | |
Deferred tax liabilities | 94,027,680 | 92,663,879 | |
Post employment benefit liabilities | 8,903,772 | 8,090,351 | |
Total non-current liabilities | 105,580,132 | 106,110,451 | |
Chilean pesos | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Non-current accounts payable | 148,680 | 356,221 | |
Other provisions, non-current | 2,500,000 | 5,000,000 | |
Deferred tax liabilities | 497,175 | 252,448 | |
Post employment benefit liabilities | 230,528 | 163,756 | |
Total non-current liabilities | 3,376,383 | 5,772,425 | |
Chilean pesos | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 81,630,530 | 91,769 | |
Post employment benefit liabilities | 240,148 | 62,742 | |
Total non-current liabilities | 81,870,678 | 154,511 | |
Chilean pesos | More than 5 years | |||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 11,899,975 | 92,319,662 | |
Post employment benefit liabilities | 8,433,096 | 7,863,853 | |
Total non-current liabilities | 20,333,071 | 100,183,515 | |
Brazilian Real | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 14,801,934 | 24,418,826 | |
Other provisions, non-current | 55,518,871 | 56,607,720 | |
Deferred tax liabilities | 19,881,510 | 19,065,360 | |
Total non-current liabilities | 90,202,315 | 100,091,906 | |
Brazilian Real | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 3,007,143 | 7,671,972 | |
Other provisions, non-current | 56,607,720 | ||
Deferred tax liabilities | 19,065,360 | ||
Total non-current liabilities | 3,007,143 | 83,345,052 | |
Brazilian Real | More than 3 years until 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 2,327,797 | 6,061,002 | |
Other provisions, non-current | 55,518,871 | ||
Deferred tax liabilities | 19,881,510 | ||
Total non-current liabilities | 77,728,178 | 6,061,002 | |
Brazilian Real | More than 5 years | |||
NON-CURRENT LIABILITIES | |||
Other non-current financial liabilities | 9,466,994 | 10,685,852 | |
Total non-current liabilities | 9,466,994 | 10,685,852 | |
Argentine Pesos | |||
NON-CURRENT LIABILITIES | |||
Non-current accounts payable | 1,696 | 28,140 | |
Other provisions, non-current | 948,042 | 1,340,028 | |
Deferred tax liabilities | 16,110,430 | ||
Total non-current liabilities | 17,060,168 | 1,368,168 | |
Argentine Pesos | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Non-current accounts payable | 1,696 | 28,140 | |
Other provisions, non-current | 948,042 | 1,340,028 | |
Deferred tax liabilities | 16,110,430 | ||
Total non-current liabilities | 17,060,168 | 1,368,168 | |
Paraguayan Guaran | |||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 15,226,328 | 13,475,327 | |
Post employment benefit liabilities | 511,769 | 196,004 | |
Total non-current liabilities | 15,738,097 | 13,671,331 | |
Paraguayan Guaran | More than 1 until 3 years | |||
NON-CURRENT LIABILITIES | |||
Post employment benefit liabilities | 511,769 | 196,004 | |
Total non-current liabilities | 511,769 | 196,004 | |
Paraguayan Guaran | More than 5 years | |||
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 15,226,328 | 13,475,327 | |
Total non-current liabilities | $ 15,226,328 | $ 13,475,327 |