Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Ifrs Statement [line items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Entity File Number | 001-13142 |
Entity Registrant Name | Andina Bottling Co Inc |
Entity Incorporation, State or Country Code | F3 |
Entity Address, Address Line One | Miraflores 9153, 7th Floor |
Entity Address, Address Line Two | Renca |
Entity Address, City or Town | Santiago |
Entity Address, Country | CL |
Entity Address, Postal Zip Code | 00000 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0000925261 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Auditor Name | PricewaterhouseCoopers Consultores, Auditores y Compañía Limitada |
Auditor Firm ID | 1364 |
Auditor Location | Santiago, Chile |
Business Contact [Member] | |
Ifrs Statement [line items] | |
Contact Personnel Name | Paula Vicuña |
City Area Code | 56-2 |
Local Phone Number | 2338-0520 |
Contact Personnel Email Address | paula.vicuna@koandina.com |
Entity Address, Address Line One | Miraflores 9153, 7th Floor |
Entity Address, Address Line Two | Renca |
Entity Address, City or Town | Santiago |
Entity Address, Country | CL |
Entity Address, Postal Zip Code | 00000 |
Series A Shares | |
Ifrs Statement [line items] | |
Title of 12(b) Security | Series A Shares of Registrant represented by American Depositary Shares |
Trading Symbol | AKO.A |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 473,289,301 |
Series B Shares | |
Ifrs Statement [line items] | |
Title of 12(b) Security | Series B Shares of Registrant represented by American Depositary Shares |
Trading Symbol | AKO.B |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 473,281,303 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position CLF in Thousands, $ in Thousands | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) |
Current assets: | ||
Cash and cash equivalents | $ 291,681,987 | $ 304,312,020 |
Other financial assets | 263,044,869 | 195,470,749 |
Other non-financial assets | 26,957,000 | 14,719,104 |
Trade and other accounts receivable, net | 279,770,286 | 265,490,626 |
Accounts receivable from related companies | 15,062,167 | 9,419,050 |
Inventory | 245,886,656 | 191,350,206 |
Current tax assets | 39,326,427 | 10,224,368 |
Total Current Assets | 1,161,729,392 | 990,986,123 |
Non-Current Assets: | ||
Other financial assets | 94,852,711 | 296,632,012 |
Other non-financial assets | 59,672,266 | 70,861,616 |
Trade and other receivables | 539,920 | 126,464 |
Accounts receivable from related parties | 109,318 | 98,941 |
Investments accounted for under the equity method | 92,344,598 | 91,489,194 |
Intangible assets other than goodwill | 671,778,888 | 659,631,543 |
Goodwill | 129,023,922 | 118,042,900 |
Property, plant and equipment | 798,221,259 | 716,379,127 |
Deferred tax assets | 2,428,333 | 1,858,727 |
Total Non-Current Assets | 1,848,971,215 | 1,955,120,524 |
Total Assets | 3,010,700,607 | 2,946,106,647 |
Current Liabilities | ||
Other financial liabilities | 367,302,080 | 47,763,039 |
Trade and other accounts payable | 384,801,630 | 327,409,207 |
Accounts payable to related parties | 90,248,067 | 56,103,461 |
Other provisions | 1,591,644 | 1,528,879 |
Tax liabilities | 14,615,447 | 30,512,787 |
Employee benefits current provisions | 48,391,806 | 35,012,072 |
Other non-financial liabilities | 42,294,460 | 31,237,834 |
Total Current Liabilities | 949,245,134 | 529,567,279 |
Other financial liabilities | 904,802,058 | 1,041,048,972 |
Trade accounts and other accounts payable | 3,015,284 | 256,273 |
Accounts payable to related companies | 10,354,296 | 11,557,723 |
Other provisions | 47,103,783 | 55,883,527 |
Deferred tax liabilities | 165,778,556 | 168,454,827 |
Employee benefits non-current provisions | 17,409,793 | 14,139,670 |
Other non-financial liabilities | 29,589,051 | 23,784,817 |
Total Non-current liabilities | 1,178,052,821 | 1,315,125,809 |
EQUITY | ||
Issued capital | 270,737,574 | 270,737,574 |
Retained earnings | 716,975,127 | 768,116,920 |
Other reserves | (132,452,557) | 37,289,310 |
Equity attributable to owners of the parent | 855,260,144 | 1,076,143,804 |
Non-controlling interests | 28,142,508 | 25,269,755 |
Total Equity | 883,402,652 | 1,101,413,559 |
Total Liabilities and Equity | $ 3,010,700,607 | $ 2,946,106,647 |
Consolidated Statements of Inco
Consolidated Statements of Income by Function - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Income by Function | |||
Net sales | $ 2,656,878,395 | $ 2,216,732,593 | $ 1,698,281,237 |
Cost of sales | (1,628,701,823) | (1,375,392,773) | (1,022,498,659) |
Gross Profit | 1,028,176,572 | 841,339,820 | 675,782,578 |
Other income | 2,497,520 | 1,337,878 | 8,356,298 |
Distribution expenses | (253,514,676) | (199,952,373) | (152,532,018) |
Administrative expenses | (429,517,716) | (348,949,863) | (283,638,935) |
Other expenses | (886,331) | (15,211,790) | (17,430,256) |
Other (loss) gains | (24,983,899) | 287 | |
Financial income | 39,722,410 | 7,791,869 | 14,945,879 |
Financial expenses | (59,547,953) | (52,992,456) | (54,772,837) |
Share of profit of investments in associates and joint ventures accounted for using the equity method | 1,409,069 | 3,093,102 | 2,228,763 |
Foreign exchange differences | (11,607,728) | (5,508,311) | (3,088,278) |
Income by indexation units | (58,943,643) | (27,738,888) | (11,828,762) |
Net income before income taxes | 232,803,625 | 203,208,988 | 178,022,719 |
Income tax expense | (104,344,638) | (46,177,320) | (54,905,399) |
Net income | 128,458,987 | 157,031,668 | 123,117,320 |
Net income attributable to | |||
Owners of the parent | 125,497,642 | 154,698,150 | 121,999,805 |
Non-controlling interests | 2,961,345 | 2,333,518 | 1,117,515 |
Net income | $ 128,458,987 | $ 157,031,668 | $ 123,117,320 |
Series A Share | |||
Earnings per Share, basic and diluted in ongoing operations | |||
Earnings per share, basic | $ 126.27 | $ 155.65 | $ 122.75 |
Earnings per share, diluted | 126.27 | 155.65 | 122.75 |
Series B Share | |||
Earnings per Share, basic and diluted in ongoing operations | |||
Earnings per share, basic | 138.89 | 171.21 | 135.02 |
Earnings per share, diluted | $ 138.89 | $ 171.21 | $ 135.02 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive (Loss) Income | |||
Net Income | $ 128,458,987 | $ 157,031,668 | $ 123,117,320 |
Components of other comprehensive income that will not be reclassified to net income for the period, before taxes | |||
Actuarial Gains (losses) from defined benefit plans | (3,960,084) | (357,840) | (3,146,362) |
Components of other comprehensive income that will be reclassified to net income for the period, before taxes | |||
Gain (losses) from exchange rate translation differences | (78,009,918) | 98,973,862 | (264,119,093) |
Gain (losses) from cash flow hedges | (155,206,655) | 104,232,055 | (12,203,755) |
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 | 1,069,223 | 96,617 | 849,518 |
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 | 23,777,899 | (22,103,267) | 84,571,922 |
Income tax related to cash flow hedges | 42,276,806 | (28,944,992) | 2,334,037 |
Other comprehensive (loss)income, total | (170,052,729) | 151,896,435 | (191,713,733) |
Total comprehensive (loss) income | (41,593,742) | 308,928,103 | (68,596,413) |
Total comprehensive (loss) income attributable to: | |||
Owners of the parent | (44,244,225) | 305,715,046 | (68,721,632) |
Non-controlling interests | 2,650,483 | 3,213,057 | 125,219 |
Total comprehensive (loss) income | $ (41,593,742) | $ 308,928,103 | $ (68,596,413) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CLP ($) $ in Thousands | Issued Capital | Total other reserves | Reserves for exchange rate differences | Cash Flow hedge reserve | Actuarial gains or losses in employee benefits | Other reserves | Retained earnings | Equity attributable to owners of the parent | Non-Controlling interests | Total | |
Opening balance at Dec. 31, 2019 | $ 270,737,574 | $ 76,993,851 | $ (339,076,340) | $ (14,850,683) | $ (2,230,752) | $ 433,151,626 | $ 600,918,265 | $ 948,649,690 | $ 20,254,258 | $ 968,903,948 | |
Comprehensive income | |||||||||||
Net Income | 121,999,805 | 121,999,805 | 1,117,515 | 123,117,320 | |||||||
Other comprehensive (loss) income | (190,721,437) | (178,420,146) | (9,868,850) | (2,432,441) | (190,721,437) | (992,296) | (191,713,733) | ||||
Total comprehensive (loss) income | (190,721,437) | (178,420,146) | (9,868,850) | (2,432,441) | 121,999,805 | (68,721,632) | 125,219 | (68,596,413) | |||
Dividends | (103,365,468) | (103,365,468) | (103,365,468) | ||||||||
Increase (decrease) from other changes | [1] | 34,618,524 | 34,618,524 | 34,618,524 | |||||||
Total changes in equity | (190,721,437) | (178,420,146) | (9,868,850) | (2,432,441) | 53,252,861 | (137,468,576) | 125,219 | (137,343,357) | |||
Ending balance at Dec. 31, 2020 | 270,737,574 | (113,727,586) | (517,496,486) | (24,719,533) | (4,663,193) | 433,151,626 | 654,171,126 | 811,181,114 | 20,379,477 | 831,560,591 | |
Comprehensive income | |||||||||||
Net Income | 154,698,150 | 154,698,150 | 2,333,518 | 157,031,668 | |||||||
Other comprehensive (loss) income | 151,016,896 | 75,916,398 | 75,323,231 | (222,733) | 151,016,896 | 879,539 | 151,896,435 | ||||
Total comprehensive (loss) income | 151,016,896 | 75,916,398 | 75,323,231 | (222,733) | 154,698,150 | 305,715,046 | 3,213,057 | 308,928,103 | |||
Dividends | (109,328,860) | (109,328,860) | (1,386,857) | (110,715,717) | |||||||
Increase (decrease) from other changes | [1] | 68,576,504 | 68,576,504 | 3,064,078 | 71,640,582 | ||||||
Total changes in equity | 151,016,896 | 75,916,398 | 75,323,231 | (222,733) | 113,945,794 | 264,962,690 | 4,890,278 | 269,852,968 | |||
Ending balance at Dec. 31, 2021 | 270,737,574 | 37,289,310 | (441,580,088) | 50,603,698 | (4,885,926) | 433,151,626 | 768,116,920 | 1,076,143,804 | 25,269,755 | 1,101,413,559 | |
Comprehensive income | |||||||||||
Net Income | 125,497,642 | 125,497,642 | 2,961,345 | 128,458,987 | |||||||
Other comprehensive (loss) income | (169,741,867) | (53,903,278) | (112,948,199) | (2,890,390) | (169,741,867) | (310,862) | (170,052,729) | ||||
Total comprehensive (loss) income | (169,741,867) | (53,903,278) | (112,948,199) | (2,890,390) | 125,497,642 | (44,244,225) | 2,650,483 | (41,593,742) | |||
Dividends | (274,316,049) | (274,316,049) | (1,057,730) | (275,373,779) | |||||||
Increase (decrease) from other changes | [1] | 97,676,614 | 97,676,614 | 1,280,000 | 98,956,614 | ||||||
Total changes in equity | (169,741,867) | (53,903,278) | (112,948,199) | (2,890,390) | (51,141,793) | (220,883,660) | 2,872,753 | (218,010,907) | |||
Ending balance at Dec. 31, 2022 | $ 270,737,574 | $ (132,452,557) | $ (495,483,366) | $ (62,344,501) | $ (7,776,316) | $ 433,151,626 | $ 716,975,127 | $ 855,260,144 | $ 28,142,508 | $ 883,402,652 | |
[1]Corresponds mainly to inflation effects on the equity of our Subsidiaries in Argentina (see Note 2.5.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows provided by (used in) Operating Activities | |||
Receipts from the sale of goods and the rendering of services (including taxes) | $ 3,682,470,527 | $ 2,953,813,799 | $ 2,321,999,131 |
Payments for Operating Activities | |||
Payments to suppliers for goods and services (including taxes) | (2,551,652,407) | (2,048,185,735) | (1,517,256,079) |
Payments to and on behalf of employees | (258,202,599) | (216,192,088) | (189,758,823) |
Other payments for operating activities (value-added taxes on purchases, sales and others) | (363,740,268) | (278,367,683) | (266,228,165) |
Dividends received | 4,079,309 | 1,441,355 | 1,176,079 |
Interest payments | (44,822,402) | (55,497,167) | (44,299,001) |
Interest received | 24,649,593 | 5,373,494 | 7,538,364 |
Income tax payments | (87,757,706) | (46,100,050) | (29,474,900) |
Other cash movements (tax on bank debits Argentina and others) | (7,571,623) | (11,230,942) | (4,927,608) |
Cash flows provided by (used in) Operating Activities | 397,452,424 | 305,054,983 | 278,768,998 |
Cash flows provided by (used in) Investing Activities | |||
Proceeds from sale of Property, plant and equipment | 92,253 | 39,919 | 3,570 |
Purchase of Property, plant and equipment | (186,702,179) | (138,856,157) | (85,874,958) |
Purchase of intangible assets | (5,171,139) | (207,889) | |
Payments from futures, forwards, options and swaps agreements | (375,579) | (472,551) | |
Collection on forward, term, option and financial exchange agreements | 146,070 | 678,274 | 2,122,954 |
Other (payments) redemptions for (purchases) of financial instruments | 101,191,506 | (54,567,998) | (139,449,884) |
Other cash inflows (outflows) | 103,879 | ||
Net cash flows used in Investing Activities | (85,168,471) | (198,252,680) | (223,878,758) |
Cash Flows generated from (used in) Financing Activities | |||
Collection for changes in ownership interest in subsidiaries | 3,000,000 | ||
Proceeds (payments) from short term loans | 23,625,853 | 27,633,156 | |
Loan payments | (13,934,477) | (797,428) | (25,197,737) |
Lease liability payments | (5,385,167) | (4,008,924) | (3,974,086) |
Dividend payments by the reporting entity | (274,316,050) | (106,347,165) | (99,985,500) |
Other cash inflows (outflows) (placement and payment of public debt) | (16,953,541) | (7,165,997) | 214,565,128 |
Net cash flows (used in) generated by Financing Activities | (286,963,382) | (115,319,514) | 113,040,961 |
Net increase in cash and cash equivalents before exchange differences | 25,320,571 | (8,517,211) | 167,931,201 |
Effects of exchange differences on cash and cash equivalents | (21,352,255) | 9,501,803 | (13,574,854) |
Effects of inflation in cash and cash equivalents in Argentina | (16,598,349) | (6,203,271) | (2,393,634) |
Net increase (decrease) in cash and cash equivalents | (12,630,033) | (5,218,679) | 151,962,713 |
Cash and cash equivalents - beginning of period | 304,312,020 | 309,530,699 | 157,567,986 |
Cash and cash equivalents - end of period | $ 291,681,987 | $ 304,312,020 | $ 309,530,699 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
CORPORATE INFORMATION | |
CORPORATE INFORMATION | 1 . CORPORATE INFORMATION Embotelladora Andina S.A. RUT (Chilean Taxpayer Id. N°) 91.144.000-8 (hereinafter “Andina,” and together with its subsidiaries, the “Company”) is an open stock corporation, whose corporate address and principal offices are located at Miraflores 9153, borough of Renca, Santiago, Chile. The Company is registered under No. 00124 of the Securities Registry and is regulated by Chile’s Financial Market Commission (hereinafter “CMF”) and pursuant to Chile’s Law 18,046 is subject to the supervision of this entity. It is also registered with the U.S. Securities and Exchange Commission (hereinafter “SEC”) and its stock is traded on the New York Stock Exchange since 1994. The principal activity of Embotelladora Andina S.A. is to produce, bottle, commercialize and distribute the products under registered trademarks of The Coca-Cola Company (TCCC), as well as commercialize and distribute some brands of other companies such as Monster, AB InBev, Diageo and Capel, among others. The Company maintains operations and is licensed to produce, commercialize and distribute such products in certain territories in Chile, Brazil, Argentina and Paraguay In Chile, the territories in which it has such a franchise are the Metropolitan Region; the province of San Antonio, the V Region; the province of Cachapoal including the commune of San Vicente de Tagua-Tagua, the VI Region; the II Region of Antofagasta; the III Region of Atacama, the IV Region of Coquimbo XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanes and Chilean Antarctic. In Brazil, the aforementioned franchise covers much of the state of Rio de Janeiro, the entire state of Espirito Santo, and part of the states of Sao Paulo and Minas Gerais. In Argentina it includes the provinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos, as well as part of the provinces of Santa Fe and Buenos Aires, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa, Tierra del Fuego, Antarctica and South Atlantic Islands. Finally, in Paraguay the territory comprises the whole country. The bottling agreement for the territories in Argentina expires in September 2027; for the territories in Brazil, it expires in October 2027; for the territories in Chile, it is under the normal process of renewal; and for Paraguay it expires in March 2023. Said agreements are renewable upon the request of Embotelladora Andina S.A. and at the sole discretion of The Coca-Cola Company. As of the date of these consolidated financial statements, regarding Andina’s principal shareholders, the Controlling Group holds 55.25% of the outstanding shares with voting rights, corresponding to the Series A shares. The Controlling Group is composed of the Chadwick Claro, Garcés Silva, Said Handal and Said Somavía families, who control the Company in equal parts. These Consolidated Financial Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries, which were approved by the Board of Directors on April 25, 2023. |
BASIS OF PREPARATION OF CONSOLI
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | 12 Months Ended |
Dec. 31, 2022 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | 2 – BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA 2.1 Accounting principles and basis of preparation The Company’s Consolidated Financial Statements for the fiscal years ended December 31, 2022, 2021 and 2020, have been prepared in accordance with the International Financial Reporting Standards (hereinafter “IFRS”) issued by the International Accounting Standards Board (hereinafter “IASB”). These Consolidated Financial Statements have been prepared following the going concern principle by applying the historical cost method, with the exception, according to IFRS, of those assets and liabilities that are recorded at fair value. These Consolidated Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as of December 31, 2022 and 2021 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the periods between January 1 and December 31, 2022, 2021 and 2020 and the related notes. The Company’s 2022 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on January 30, 2023, 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, 2022 and 2021 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 20, 2023 meeting. Included in this 2022 consolidated financial statements are consolidated statement of financial position as of December 31, 2022 and 2021, along with consolidated income statement, consolidated statement of comprehensive (loss) income, consolidated statement of changes in equity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2022, 2021 and 2020. 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 25, 2023, with subsequent events considered through this later date. These Consolidated Financial Statements have been prepared based on the accounting records maintained by the Parent Company and by the other entities that are part of the Company and are presented in thousands of Chilean pesos (unless expressly stated) as this is the functional and presentation currency of the Company. Foreign operations are included in accordance with the accounting policies established in Notes 2.5. 2.2 Subsidiaries and consolidation Subsidiary entities are those companies directly or indirectly controlled by Embotelladora Andina. Control is obtained when the Company has power over the investee, when it has exposure or is entitled to variable returns from its involvement in the investee and when it has the ability to use its power to influence the amount of investor returns. They include assets and liabilities, results of operations, and cash flows for the periods reported. Income or losses from subsidiaries acquired or sold are included in the consolidated statements of income by function from the effective date of acquisition through the effective date of disposal, as applicable. The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated. When necessary, the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adopted by the Group. The interest of non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statement of income by function under “Non-Controlling Interest” and “Earnings attributable to non-controlling interests”, respectively. The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and transaction among the Group’s entities, the subsidiary companies included in the consolidation are the following: Ownership interest 12.31.2022 12.31.2021 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 96.842.970-1 Andina Bottling Investments S.A. 99.9 0.09 99.99 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.9 0.09 99.99 99.9 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 Foreign Embotelladora del Atlántico S.A. 0.92 99.07 99.99 0.92 99.07 99.99 96.705.990-0 Envases Central S.A. 59.27 — 59.27 59.27 — 59.27 Foreign Paraguay Refrescos S.A. 0.08 97.75 97.83 0.08 97.75 97.83 76.276.604-3 Red de Transportes Comerciales Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. 60.00 — 60.00 60.00 — 60.00 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k VJ S.A. 15.00 50.00 65.00 15.00 50.00 65.00 2.3 Investments in associates Ownership interest held by the Group in associates are recorded following the equity method. According to the equity method, the investment in an associate is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position is recorded by the proportion of its total assets, which represents the Group’s participation in its capital, once adjusted, where appropriate, the effect of the transactions made with the Group, plus capital gains that have been generated in the acquisition of the company. Dividends received from these companies are recorded by reducing the value of the investment and the results obtained by them, which correspond to the Group according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted for by the equity method.” Associates are all entities over which the Group exercises significant influence but does not have control. Significant influence is the power to intervene in the financial and operating policy decisions of the associate, without having control or joint control over it. The results of these associates are accounted for using the equity method. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Company and unrealized gains are eliminated. For associates located in Brazil, the financial statements accounted for using the equity method have a one-month lag because their reporting dates are different from those of Embotelladora Andina. 2.4 Financial reporting by operating segment “IFRS 8 Operating Segments” requires that entities disclose information on the results of operating segments. In general, this is information that Management and the Board of Directors use internally to assess performance of segments and allocate resources to them. Therefore, the following operating segments have been determined based on geographic location: ● Operation in Chile ● Operation in Brazil ● Operation in Argentina ● Operation in Paraguay 2.5 Functional currency and presentation currency 2.5.1 Functional currency Items included in the financial statements of each of the entities in the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional currency of each of the Operations is the following: Company Functional Currency Embotelladora del Atlántico Argentine Peso (ARS) Embotelladora Andina Chilean Peso (CLP) Paraguay Refrescos Paraguayan Guaraní (PYG) Rio de Janeiro Refrescos Brazil Real (BRL) Foreign currency-denominated monetary assets and liabilities are converted to the functional currency at the observed exchange rate of each central bank, in effect on the closing date. All differences arising from the liquidation or conversion of monetary items are recorded in the income statement, with the exception of the monetary items designated as part of the hedging of the Group’s net investment in a business abroad. These differences are recorded under other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income. Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences arising from items whose fair value gains or losses are recognized in another overall result or in results are also recognized under comprehensive income ). Functional currency in hyperinflationary economies Beginning July 2018, Argentina’s economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial position of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements, in accordance with IAS 21 “Effects of foreign currency exchange rate variations”, when dealing with a hyperinflationary economy. The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21 , as “Exchange rate differences in the conversion of foreign operations” under other comprehensive income. Inflation for the periods from January to December 2022, 2021 and 2020 was 96.95%, 50.21% and 36.01%, respectively. 2.5.2 Presentation currency The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of subsidiaries are translated from the functional currency to the presentation currency as indicated below: a. Translation of financial statements whose functional currency does not correspond to hyperinflationary economies (Brazil and Paraguay) Financial statements measured as indicated are translated to the presentation currency as follows: ● The statement of financial position is translated to the closing exchange rate at the financial statement date and the income statement is translated at the average monthly exchange rates, the differences that result are recognized in equity under other comprehensive income. ● Cash flow income statement are also translated at average exchange rates for each transaction. ● In the case of the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. b. Translation of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina) Financial statements of economies with a hyperinflationary economic environment, are recognized according to IAS 29 Financial Information in Hyperinflationary Economies, ● The statement of financial position sheet is translated at the closing exchange rate at the financial statements date. ● The income statement is translated at the closing exchange rate at the financial statements date. ● The statement of cash flows is converted to the closing exchange rate at the date of the financial statements. ● For the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. 2.5.3 Exchange rates Exchange rates regarding the Chilean peso in effect at the end of each period are as follows: Date USD BRL ARS PYG 12.31.2022 855.86 164.03 4.83 0.116 12.31.2021 844.69 151.36 8.22 0.123 12.31.2020 710.95 136.80 8.44 0.103 2.6 Property, plant, and equipment The elements of Property, plant and equipment, are valued for their acquisition cost, net of their corresponding accumulated depreciation, and of the impairment losses they have experienced. The cost of the items of Property, plant and equipment include in addition to the price paid for the acquisition: i) the financial expenses accrued during the construction period that are directly attributable to the acquisition, construction or production of qualified assets, which are those that require a substantial period of time before being ready for use, such as production facilities. The Group defines a substantial period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does not exist, the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to the construction in progress. Construction in progress is transferred to operating assets after the end of the trial period when they are available for use, from which moment depreciation begins. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance are charged to expense in the reporting period in which they are incurred. Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The estimated useful lives by asset category are: Assets Range in years Buildings 15-80 Plant and equipment 5-20 Warehouse installations and accessories 10-50 Furniture and supplies 4-5 Motor vehicles 4-10 IT equipment 3-5 Other Property, plant and equipment 3-10 Bottles and containers 1-8 The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate. The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment test is required for an asset. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate in the statement of comprehensive income. 2.7 Intangible assets and Goodwill 2.7.1 Goodwill Goodwill represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets of the subsidiary and the fair value of the non-controlling interest in the subsidiary on the acquisition date. Since goodwill is an intangible asset with indefinite useful life, it is recognized separately and tested annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed. Goodwill is carried at cost less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity. Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored for internal management purposes. 2.7.2 Distribution rights Distribution rights are contractual rights to produce and/or distribute Coca-Cola brand products and other brands in certain territories in Argentina, Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are historically permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis. 2.7.3 Software Carrying amounts correspond to internal and external software development costs, which are capitalized once the recognition criteria in IAS 38, Intangible Assets, have been met. Their accounting recognition is initially realized for their acquisition or production cost and, subsequently, they are valued at their net cost of their corresponding accumulated amortization and of the impairment losses that, if applicable, they have experienced. The aforementioned software is amortized within four years 2.8 Impairment of non-financial assets Assets that have an indefinite useful life, such as intangibles related to distribution rights and goodwill, are not amortized and are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are tested for impairment whenever there is an event or change in circumstances indicating that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value less costs to sell or its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units – CGU). Cash-generating unit’s recoverable amount has been determined on the basis of its value in use. Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets with an indefinite useful life have been assigned, the analysis of their recoverability is carried out systematically at the end of each fiscal year. These indications may include new legal provisions, change in the economic environment that affects business performance indicators, competition movements, or the disposal of an important part of a CGU. Management reviews business performance based on geographic segments. Goodwill is monitored at the operating segment level that includes the different cash generating units in operations in Chile, Brazil, Argentina and Paraguay. The impairment of distribution rights is monitored geographically in the CGU or group of cash generating units, which correspond to specific territories for which Coca-Cola distribution rights have been acquired. These cash generating units or groups of cash generating units are composed of the following segments: - Operation in Chile; - Operation in Argentina; - Operation in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in the Sorocaba associate and investment in the Leão Alimentos S.A. associate); - Operation in Paraguay To check if goodwill has suffered a loss due to impairment of value, the Company compares the book value thereof with its recoverable value, and recognizes an impairment loss, for the excess of the asset’s carrying amount over its recoverable amount. To determine the recoverable values of the CGU, management considers the discounted cash flow method as the most appropriate. The main assumptions used in the annual impairment test are: a) Discount rate The discount rate applied in the annual impairment test carried out in 2022 was estimated using the CAPM (Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount rate in local currency before tax is used according to the following table: 2022 Discount 2021 Discount rates rates Argentina 33.1 % 27.2 % Chile 9.3 % 7.1 % Brazil 10.5 % 9.0 % Paraguay 11.3 % 8.1 % b) Other assumptions The financial projections to determine the net present value of future cash flows of the CGUs are modeled based on the main historical variables and the respective budgets approved by management. In this regard, a conservative growth rate is used, taking into account the differences that exist in categories with high growth such as carbonated beverages, categories with medium growth such as waters and juices, and less developed categories such as alcohols. Additionally, the valuation model considers projections over 5 years based on perpetuity growth rates by operation, which range from 0.3% to 0.9% depending on the degree of maturity of the consumption of the products in each operation. In this sense, the variables with greatest sensitivity in these projections are the discount rates applied in the determination of the net present value of projected cash flows, growth perpetuities and EBITDA margins considered in each CGU. In order to sensitize the impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 200 bps as a value in the rate at which future cash flows are discounted to bring them to present value - Perpetuity : Increase / Decrease of up to 26 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 200 bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2023-2027 After modeling and valuing the different CGUs in the annual impairment process that the Company performs, as a result of the tests performed as of December 31, 2022, no impairment were identified in any of the CGUs listed above, assuming conservative EBITDA margin projections and in line with market history. In the 2021 annual review of other investments, it was identified that for the Verde Campo brand (producer of which is owned by Trop Frutas do Brasil Ltda.), the recoverable amount would be R$21.8 million, amount below the book value recorded in the financial statements of R$34.6 million in which Andina Brasil includes its participation proportionally. Given the difference, the losses of R$12.8 million were written down from their book value as of December 31, 2021, leaving a recoverable amount of R$21.8 million. The effects of impairment were included in the consolidated results under “Share of profit of investments in associates and joint ventures accounted for using the equity method”. The main reasons for the impairment are due to the lower cash flows expected for the dairy products segment for the local Brazilian market. Thus, despite the deterioration in macroeconomic conditions experienced by the economic conditions of the countries in which operations are carried out , the impairment test yielded recovery values higher than the book values of assets, including those for the sensitivity calculations in the stress test conducted on the model for the 3 previously mentioned variables. 2.9 Financial instruments A financial instrument is any contract that results in the recognition of a financial asset in one entity and a financial liability or equity instrument in another entity. 2.9.1 Financial assets Pursuant to IFRS 9 “Financial Instruments”, except for certain trade accounts receivable, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset that is not at fair value, reflecting changes in P&L. The classification is based on two criteria: (a) the Group’s business model for the purpose of managing financial assets to obtain contractual cash flows; and (b) if the contractual cash flows of financial instruments represent “solely payments of principal and interest” on the outstanding principal amount (the “SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i) fair value with changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI). The subsequent classification and measurement of the Group’s financial assets are as follows: ● Financial asset at amortized cost for financial instruments that are maintained within a business model with the objective of maintaining the financial assets to collect contractual cash flows that meet the SPPI criterion. This category includes the Group’s trade and other accounts receivable. Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains or losses recognized in P&L at the time of liquidation. Financial assets in this category correspond to the Group’s instruments that meet the SPPI criterion and are kept within a business model both to collect cash flows and to sell. Other financial assets are classified and subsequently measures as follows: Equity instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing earnings or losses in P&L at the time of liquidation. This category only includes equity instruments that the Group intends to keep in the foreseeable future and that the Group has irrevocably chosen to classify in this category in the initial recognition or transition. Financial assets at fair value with changes in P&L (FVPL) include derivative instruments and equity instruments quoted that the Group had not irrevocably chosen to classify at FVOCI in the initial recognition or transition. This category also includes debt instruments whose cash flow characteristics do not comply with the SPPI criterion or are not kept within a business model whose objective is to recognize contractual cash flows or sale. A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially disposed (for example, canceled in the Group’s consolidated financial statements) when: - The rights to receive cash flows from the asset have expired, - The Group has transferred the rights to receive the cash flows of the asset or has assumed the obligation to pay all cash flows received without delay to a third party under a transfer agreement; and the Group (a) has substantially transferred all risks and benefits of the asset, or (b) has not substantially transferred or retained all risks and benefits of the asset but has transferred control of the asset. 2.9.2 Financial Liabilities Financial liabilities are classified as a fair value financial liability at the date of their initial recognition, as appropriate, with changes in results, loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage. All financial liabilities are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accounts payable. The Group’s financial liabilities include trade and other accounts payable, loans and credits, including those discovered in current accounts, and derivative financial instruments. The classification and subsequent measurement of the Group’s financial liabilities are as follows: - Fair value financial liabilities with changes in results include financial liabilities held for trading and financial liabilities designated in their initial recognition at fair value with changes in results. The losses or gains of liabilities held for trading are recognized in the income statement. - Loans and credits are valued at cost or amortized using the effective interest rate method. Gains and losses are recognized in the income statement when liabilities are disposed, as well as interest accrued in accordance with the effective interest rate method. A financial liability is disposed of when the obligation is extinguished, cancelled or expires. Where an existing financial liability is replaced by another of the same lender under substantially different conditions, or where the conditions of an existing liability are substantially modified, such exchange or modification is treated as a disposal of the original liability and the recognition of the new obligation. The difference in the values in the respective books is recognized in the statement of income. 2.9.3 Offsetting financial instruments Financial assets and financial liabilities are offset with the corresponding net amount presenting the corresponding net amount in the statement of financial position, if: - There is currently a legally enforceable right to offset the amounts recognized, and - It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities simultaneously. 2.10 Derivatives financial instruments and hedging activities The Company and its subsidiaries use derivative financial instruments to mitigate risks relating to changes in foreign currency and exchange rates associated with raw materials, and loan obligations. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each closing date. Derivatives are accounted as fina |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL REPORTING BY SEGMENT | |
FINANCIAL REPORTING BY SEGMENT | 3 – FINANCIAL REPORTING BY SEGMENT The Company provides financial information by segments according to IFRS 8 “Operating Segments,” which establishes standards for reporting by operating segment and related disclosures for products and services, and geographic areas. The Company’s Board of Directors and Management measures and assesses performance of operating segments based on the operating income of each of the countries where there are Coca-Cola franchises. The operating segments are determined based on the presentation of internal reports to the Company´s chief strategic decision-maker. The chief operating decision-maker has been identified as the Company´s Board of Directors who makes the Company’s strategic decisions. The following operating segments have been determined for strategic decision making based on geographic location: ● Operation in Chile ● Operation in Brazil ● Operation in Argentina ● Operation in Paraguay The four operating segments conduct their businesses through the production and sale of soft drinks and other beverages, as well as packaging materials. Expenses and revenue associated with the Corporate Officer were assigned to the operation in Chile in the soft drinks segment because Chile is the country that manages and pays the corporate expenses, which would also be substantially incurred, regardless of the existence of subsidiaries abroad. Total revenues by segment include sales to unrelated customers and inter-segments, as indicated in the consolidated statement of income of the Company. A summary of the Company’s operations by segment according to IFRS is as follows: Inter- Operation in Operation in Operation in Operation segment Consolidated, For the period ended December 31, 2022 Chile Argentina Brazil in Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 539.333.772 523.908.152 472.403.987 166.489.111 (1.055.254) 1.701.079.768 Other beverages 584.331.424 140.094.880 164.455.895 45.850.020 (639) 934.731.580 Packaging — 24.701.879 — — (3.634.832) 21.067.047 Revenues from ordinary activities 1,123,665,196 688,704,911 636,859,882 212,339,131 (4,690,725) 2,656,878,395 Cost of sales (743,226,587) (367,879,756) (403,695,516) (118,590,689) 4,690,725 (1,628,701,823) Distribution expenses (94,155,809) (98,238,512) (48,572,718) (12,547,637) — (253,514,676) Administrative expenses (165,139,607) (133,696,312) (100,060,355) (30,621,442) — (429,517,716) Financial income 18,783,930 9,853,565 10,307,344 777,571 — 39,722,410 Financial costs (28,065,600) (1,628,221) (29,854,132) — — (59,547,953) Net financial costs (9,281,670) 8,225,344 (19,546,788) 777,571 — (19,825,543) Share of entity in income of associates accounted for using the equity method, total 1,743,656 — (334,587) — — 1,409,069 Income tax expense (38,497,541) (38,651,371) (21,342,331) (5,853,395) — (104,344,638) Oher income (expenses) (*) (83,536,145) (20,652,710) 10,213,711 51,063 — (93,924,081) Net income of the segment reported (8,428,507) 37,811,594 53,521,298 45,554,602 — 128,458,987 Depreciation and amortization 40,714,017 33,442,921 31,888,435 13,320,058 — 119,365,431 Current assets 564,695,230 141,715,280 383,021,238 72,297,644 — 1,161,729,392 Non-current assets 762,292,569 251,248,261 566,116,288 269,314,097 — 1,848,971,215 Segment assets, total 1,326,987,799 392,963,541 949,137,526 341,611,741 — 3,010,700,607 Carrying amount in associates accounted for using the equity method, total 53,869,983 — 38,474,615 — — 92,344,598 Segment disbursements of non-monetary assets 85,998,605 40,479,269 42,173,211 18,051,094 — 186,702,179 Current liabilities 629,575,497 138,572,190 140,642,493 40,454,954 — 949,245,134 Non-current liabilities 600,735,999 24,584,021 536,281,288 16,451,513 — 1,178,052,821 Segment liabilities, total 1,230,311,496 163,156,211 676,923,781 56,906,467 — 2,127,297,955 Cash flows (used in) provided by in Operating Activities 255,357,664 59,379,474 58,391,224 24,324,062 — 397,452,424 Cash flows (used in) provided by Investing Activities 15,619,565 (40,479,269) (42,173,211) (18,135,556) — (85,168,471) Cash flows (used in) provided by Financing Activities (283,394,600) (41,768) (3,064,412) (462,602) — (286,963,382) (*) Other income (expenses) is the sum of the other income, other expenses, other (loss) gains, foreign exchange differences and income by indexation units. Inter- Operation in Operation in Operation in Operation segment Consolidated, For the period ended December 31, 2021 Chile Argentina Brazil Paraguay in eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 480,157,607 419,724,122 313,147,740 134,284,020 (904,603) 1,346,408,886 Other beverages 495,138,445 97,742,388 226,109,683 34,932,160 (587) 853,922,089 Packaging — 19,488,958 — — (3,087,340) 16,401,618 Revenues from ordinary activities 975,296,052 536,955,468 539,257,423 169,216,180 (3,992,530) 2,216,732,593 Cost of sales (630,862,197) (296,090,157) (361,323,450) (91,109,499) 3,992,530 (1,375,392,773) Distribution expenses (78,995,679) (78,019,531) (33,458,924) (9,478,239) — (199,952,373) Administrative expenses (142,762,661) (110,329,089) (71,995,712) (23,862,401) — (348,949,863) Financial income (2,936,819) 5,011,888 5,327,527 389,273 — 7,791,869 Financial costs (27,669,541) (577,941) (24,744,974) — — (52,992,456) Net financial costs (30,606,360) 4,433,947 (19,417,447) 389,273 — (45,200,587) Share of entity in income of associates accounted for using the equity method, total 2,799,437 — 293,665 — — 3,093,102 Income tax expense (15,756,620) (25,697,558) 82,395 (4,805,537) — (46,177,320) Oher income (expenses) (*) (29,072,689) (10,652,582) (7,834,863) 439,023 — (47,121,111) Net income of the segment reported 50,039,283 20,600,498 45,603,087 40,788,800 — 157,031,668 Depreciation and amortization 38,189,190 32,863,821 23,647,789 10,074,503 — 104,775,303 Current assets 626,277,188 117,319,226 183,268,173 64,121,536 — 990,986,123 Non-current assets 739,113,114 216,757,538 720,101,674 279,148,198 1,955,120,524 Segment assets, total 1,365,390,302 334,076,764 903,369,847 343,269,734 — 2,946,106,647 Carrying amount in associates accounted for using the equity method, total 52,519,831 — 38,969,363 — — 91,489,194 Segment disbursements of non-monetary assets 53,513,835 33,789,235 30,171,387 21,381,700 — 138,856,157 Current liabilities 283,835,866 101,832,549 109,691,047 34,207,817 — 529,567,279 Non-current liabilities 743,108,008 20,388,886 534,386,761 17,242,154 — 1,315,125,809 Segment liabilities, total 1,026,943,874 122,221,435 644,077,808 51,449,971 — 1,844,693,088 Cash flows (used in) provided by in Operating Activities 181,679,320 55,490,096 36,121,074 31,764,493 — 305,054,983 Cash flows (used in) provided by Investing Activities (108,283,362) (33,789,408) (32,875,359) (23,304,551) — (198,252,680) Cash flows (used in) provided by Financing Activities (111,533,388) (940,318) (2,455,073) (390,735) — (115,319,514) (*) Other income (expenses) is the sum of the other income, other expenses, other (loss) gains, foreign exchange differences and income by indexation units Inter- Operation in Operation in Operation in Operation segment Consolidated, For the period ended December 31, 2020 Chile Argentina Brazil Paraguay in eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 407,191,500 260,118,269 317,712,571 126,057,797 (578,764) 1,110,501,373 Other beverages 237,570,385 49,817,791 262,350,736 31,094,787 (359,666) 580,474,033 Packaging — 8,891,560 — — (1,585,729) 7,305,831 Revenues from ordinary activities 644,761,885 318,827,620 580,063,307 157,152,584 (2,524,159) 1,698,281,237 Cost of sales (392,720,439) (172,065,726) (373,444,835) (86,791,818) 2,524,159 (1,022,498,659) Distribution expenses (59,897,972) (49,112,014) (34,784,528) (8,737,504) — (152,532,018) Administrative expenses (112,306,460) (69,668,104) (79,674,089) (21,990,282) — (283,638,935) Financial income 6,437,945 1,169,193 7,068,396 270,345 — 14,945,879 Financial costs (23,938,992) (729,164) (30,104,681) — — (54,772,837) Net financial costs (17,501,047) 440,029 (23,036,285) 270,345 — (39,826,958) Share of entity in income of associates accounted for using the equity method, total 1,248,478 — 980,285 — — 2,228,763 Income tax expense (23,057,195) (7,668,059) (20,536,914) (3,643,231) — (54,905,399) Oher income (expenses) (*) (21,231,223) (6,046,069) 3,064,104 222,477 — (23,990,711) Net income of the segment reported 19,296,027 14,707,677 52,631,045 36,482,571 — 123,117,320 Depreciation and amortization 50,271,626 22,895,329 27,339,714 10,413,848 — 110,920,517 Current assets 532,713,969 70,215,594 149,709,603 44,658,550 — 797,297,716 Non-current assets 636,275,547 144,802,176 643,447,811 226,241,150 — 1,650,766,684 Segment assets, total 1,168,989,516 215,017,770 793,157,414 270,899,700 — 2,448,064,400 Carrying amount in associates accounted for using the equity method, total 50,628,307 — 37,328,047 — — 87,956,354 Segment disbursements of non-monetary assets 41,114,189 15,803,061 17,075,672 11,882,036 — 85,874,958 Current liabilities 198,669,957 58,904,281 96,144,933 24,337,015 — 378,056,186 Non-current liabilities 748,105,248 10,717,606 465,225,175 14,399,594 — 1,238,447,623 Segment liabilities, total 946,775,205 69,621,887 561,370,108 38,736,609 — 1,616,503,809 Cash flows (used in) provided by in Operating Activities 191,911,595 24,603,123 36,409,227 25,845,053 — 278,768,998 Cash flows (used in) provided by Investing Activities (178,910,100) (16,010,950) (17,075,672) (11,882,036) — (223,878,758) Cash flows (used in) provided by Financing Activities 117,081,470 (167,606) (3,443,826) (429,077) — 113,040,961 (*) Other income (expenses) is the sum of the other income, other expenses, other (loss) gains, foreign exchange differences and income by indexation units. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2022 | |
CASH AND CASH EQUIVALENTS. | |
CASH AND CASH EQUIVALENTS | 4 – CASH AND CASH EQUIVALENTS The composition of cash and cash equivalents is as follows: By item 12.31.2022 12.31.2021 ThCh$ ThCh$ Cash 203,931 503,687 Bank balances 108,486,568 94,472,637 Other fixed rate instruments 182,991,488 209,335,696 Cash and cash equivalents 291,681,987 304,312,020 Other fixed income instruments correspond primarily to investments in short-term instruments with good credit ratings, such as Time Deposits and Mutual Funds, which are highly liquid, with insignificant risk of change in value and easily converted into known amounts of cash. There are no restrictions for significant amounts available to cash. By currency 12.31.2022 12.31.2021 ThCh$ ThCh$ USD 14,266,343 13,640,823 EUR 870,613 2,838,102 ARS 29,215,288 22,425,407 CLP 138,205,025 176,278,025 PYG 39,201,097 32,856,836 BRL 69,923,621 56,272,827 Cash and cash equivalents 291,681,987 304,312,020 |
OTHER CURRENT AND NON-CURRENT F
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | 5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS The composition of other financial assets is as follows: Balance Current Non-current Other financial assets 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets (1) 92,838,315 194,509,044 3,317,778 1,216,865 Financial assets at fair value (2) 170,206,554 961,705 75,297,737 281,337,127 Other financial assets measured at amortized cost (3) — — 16,237,196 14,078,020 Total 263,044,869 195,470,749 94,852,711 296,632,012 (1) Financial instrument that does not meet the definition of cash equivalents as defined in Note 2.13. (2) Market value of hedging instruments. See details in Note 22. (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products, which are framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016 . |
OTHER CURRENT AND NON-CURRENT N
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | 6 – OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS The composition of other non-financial assets is as follows: Balance Current Non-current Other non-financial assets 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 6,059,201 7,860,112 1,074,940 1,254,775 Tax credit remainder (1) 905,826 2,022,493 40,922,425 52,746,937 Judicial deposits — — 15,723,829 15,259,876 Others (2) 19,991,973 4,836,499 1,951,072 1,600,028 Total 26,957,000 14,719,104 59,672,266 70,861,616 (1) (a) In November 2006, Rio de Janeiro Refrescos Ltda. (“RJR”) filed a court order No. 0021799-23.2006.4.02.5101 seeking recognition of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement of amounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base. The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts were recorded as of December 31, 2019. In addition, the company acknowledged the indirect costs (attorneys’ fees, consulting, auditing, indirect taxes and other obligations) resulting from the recognition of the right acquired in court, totaling BRL 175 million. The payment of income tax occurs when liquidating the credit, therefore the respective deferred tax liability recorded was CLP 24,276 million (BRL 148 million). Amounts already offset until December 31, 2022 were CLP 92,841 million (BRL 566 million). Companhia de Bebidas Ipiranga (“CBI”) acquired in September 2013, also filed a court order No. 0014022-71.2000.4.03.6102 in order to recognize the same issue as the one previously described for RJR. In September 2019, the ruling favoring CBI became final, allowing the recovery of the amounts overpaid from September 12, 1989 to December 1, 2013 (date when CBI was incorporated by RJR). CBI’s credit will be generated in the name of RJR, however, pursuant to the contractual clause (“Subscription Agreement for Shares and Exhibits”), as soon as collected by RJR, this payment should be immediately paid to former CBI shareholders (supervention favoring former CBI shareholders). Based on supporting documents found, for the August 1993-November 2013 period, the amount of credits related to this process have been calculated and totaled CLP 27,229 million (BRL 166 million, of which BRL 86 million corresponds to capital and BRL 84 million correspond to interest and monetary restatement), from this amount, CLP 1,148 million (BRL 7 million) must be deducted from indirect taxes, thus generating an account payable to former shareholders for CLP 27,229 million (CLP 25,125 million at December 2021) (BRL 156 billion) and a government receivables related to credits for that same amount. It is worth mentioning that for the September 1989-July 1993 period, the Company did not account the credit due to the lack of supporting documents. (2) Other non-financial assets are mainly composed of advances to suppliers. |
TRADE ACCOUNTS AND OTHER ACCOUN
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | |
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | 7 – TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE The composition of trade and other accounts receivable is as follows: Current Non-current Trade debtors and other accounts receivable, Net 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 238,146,331 205,466,469 56,781 42,726 Other debtors 39,798,245 55,281,501 483,139 83,738 Other accounts receivable 1,825,710 4,742,656 — — Total 279,770,286 265,490,626 539,920 126,464 Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 242,638,974 210,175,775 56,781 42,726 Other debtors 40,206,431 55,281,501 483,139 83,738 Other accounts receivable 1,921,211 4,744,721 — — Total 284,766,616 270,201,997 539,920 126,464 The stratification of the portfolio for current and non-current trade debtors without impairment impact, is as follows: 12.31.2022 12.31.2021 ThCh$ ThCh$ Less than one month 229,587,868 195,325,587 Between one and three months 4,577,833 6,843,836 Between three and six months 2,418,252 1,808,425 Between six and eight months 5,392,862 2,235,866 Older than eight months 718,940 4,004,787 Total 242,695,755 210,218,501 The Company has approximately 292,153 clients, which may have balances in the different sections of the stratification. The number of clients is distributed geographically with 70,000 in Chile, 84,153 in Brazil, 67,580 in Argentina and 70,420 in Paraguay. The provision for expected credit losses associated with each tranche of the portfolio for current and non-current trade receivables is as follows: 12.31.2022 Impairment Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 229,587,868 (701,701) 0.31 % Between one and three months 4,577,833 (431,630) 9.43 % Between three and six months 2,418,252 (786,856) 32.54 % Between six and eight months 5,392,862 (2,402,146) 44.54 % Older than eight months 718,940 (170,310) 23.69 % Total 242,695,755 (4,492,643) The movement in the allowance for expected credit losses is presented below: 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 4,711,371 6,795,663 Increase (decrease) (150,671) 1,697,887 Provision reversal (654,381) (3,832,220) Increase (decrease) for changes of foreign currency 586,324 50,041 Sub – total movements (218,728) (2,084,292) Ending balance 4,492,643 4,711,371 The provision for expected credit losses is recorded as an administrative expense in the statements of income by function. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
INVENTORIES | |
INVENTORIES | 8 – INVENTORIES The composition of inventories is detailed as follows: Details 12.31.2022 12.31.2021 ThCh$ ThCh$ Raw materials (1) 104,833,902 86,914,422 Finished goods 114,164,680 81,461,680 Spare parts and supplies 27,109,494 23,063,797 Work in progress 216,164 109,467 Other inventories 4,020,372 3,358,474 Obsolescence provision (2) (4,457,956) (3,557,634) Total 245,886,656 191,350,206 The cost of inventory recognized as cost of sales amounts to CLP 1,388,536,599 thousand and CLP 1,192,363,804 thousand as of December 31, 2022 and 2021, respectively. (1) Approximately 80% is composed of concentrate and sweeteners used in the preparation of beverages, as well as caps and PET supplies used in the packaging of the product. (2) The obsolescence provision is related mainly with the obsolescence of spare parts classified as inventories and to a lesser extent to finished products and raw materials. The general standard is to provision all those multi-functional spare parts without utility in rotation in the last four years prior to the technical analysis technical to adjust the provision. In the case of raw materials and finished products, the obsolescence provision is determined according to maturity . |
TAX ASSETS AND LIABILITIES
TAX ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
TAX ASSETS AND LIABILITIES | |
TAX ASSETS AND LIABILITIES | 9 – TAX ASSETS AND LIABILITIES The composition of current tax accounts receivable is the following: Tax assets 12.31.2022 12.31.2021 ThCh$ ThCh$ Monthly provisional payments 25,428,344 915,864 Tax credits 6,640,888 5,367,115 Recoverable taxes from prior years 473,424 — Surplus Tax Credit 6,387,530 3,941,279 Other Recoverable Taxes 396,241 110 Total 39,326,427 10,224,368 The composition of current tax accounts payable is the following: Current Tax liabilities 12.31.2022 12.31.2021 ThCh$ ThCh$ Income tax expense 14,615,447 30,512,787 Total 14,615,447 30,512,787 |
INCOME TAX EXPENSE AND DEFERRED
INCOME TAX EXPENSE AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |
INCOME TAX EXPENSE AND DEFERRED TAXES | 10 – INCOME TAX EXPENSE AND DEFERRED TAXES 10.1 Income tax expense The current and deferred income tax expenses are detailed as follows: Details 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Current income tax expense (63,245,293) (45,614,890) (55,522,189) Current tax adjustment previous period 311,931 2,284,477 735,907 Foreign dividends tax withholding expense (11,129,734) (2,877,817) (6,987,142) Other current tax expense (income) — 114,130 47,569 Current income tax expense (74,063,096) (46,094,100) (61,725,855) Expense (income) for the creation and reversal of temporary differences of deferred tax and others (30,281,542) (83,220) 6,820,456 Expense (income) for deferred taxes (30,281,542) (83,220) 6,820,456 Total income tax expense (104,344,638) (46,177,320) (54,905,399) The distribution of national and foreign tax expenditure is as follows: Income taxes 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Current taxes Foreign (61,250,403) (37,363,624) (39,128,690) National (12,812,693) (8,730,476) (22,597,165) Current tax expense (74,063,096) (46,094,100) (61,725,855) Deferred taxes Foreign (4,596,695) 6,942,925 7,280,487 National (25,684,847) (7,026,145) (460,031) Deferred tax expense (30,281,542) (83,220) 6,820,456 Income Tax expense (104,344,638) (46,177,320) (54,905,399) The reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate is as follows: Reconciliation of effective rate 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Net income before taxes 232,803,625 203,208,988 178,022,719 Tax expense at legal rate (27.0%) (62,856,979) (54,866,427) (48,066,134) Effect of tax rate in other jurisdictions (2,820,546) 860,745 1,032,950 Permanent differences: Withholding and other non-taxable income (11,536,654) (10,868,055) (2,417,582) Non-deductible expenses (3,622,958) (2,935,310) (6,007,898) Tax effect on excess tax provision in previous periods (81,258) 13,250,594 113,747 Tax effect of price-level restatement for Chilean companies (33,196,408) (15,794,098) (5,936,464) Subsidiaries tax withholding expense and other legal tax debits and credits 9,770,165 24,175,231 6,375,982 Adjustments to tax expense (38,667,113) 7,828,362 (7,872,215) Tax expense at effective rate (104,344,638) (46,177,320) (54,905,399) Effective rate 44.8 % 22.7 % 30.8 % The applicable income tax rates in each of the jurisdictions where the Company operates are the following: Rate Country 2022 2021 2020 Chile 27.00 % 27.00 % 27.00 % Brazil 34.00 % 34.00 % 34.00 % Argentina 35.00 % 35.00 % 30.00 % Paraguay 10.00 % 10.00 % 10.00 % The entry into force of Argentine Law No. 27.630 amended the Income Tax Law and established corporate income tax rates. The Law replaces the fixed tax rate of 30% applicable for 2021 and 25% for 2022 onwards with a progressive tax scale according to the following scheme: earnings up to ARS 5,000,000 are taxed at 25%, earnings between ARS 5,000,000 and ARS 50,000,000 are taxed at 30% and earnings above ARS 50,000,000 are taxed at 35%. 10.2 Deferred taxes The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows: 12.31.2022 12.31.2021 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,351,293 (58,230,728) 5,944,185 (52,435,301) Obsolescence provision 1,871,168 — 1,696,051 — ICMS exclusion credit(1) 2,686,693 — — (4,925,230) Employee benefits 5,033,868 (3,348) 3,163,172 (115,828) Provision for severance indemnity 2,789,893 (42,264) 271,789 (271,367) Tax loss carry forwards (2) 5,569,124 — 4,292,863 (698) Tax goodwill Brazil — (9,081,512) — (3,126,125) Contingency provision 27,145,591 — 30,216,275 — Foreign Exchange differences (3) 11,478,538 — 7,165,844 — Allowance for doubtful accounts 803,608 — 638,484 — Coca-Cola incentives (Argentina) 633,919 — — — Assets and liabilities for placement of bonds — (610,594) — (2,081,271) Financial expense — (1,894,010) — — Lease liabilities 1,874,166 — 1,781,922 — Inventories 1,312,833 — 652,669 — Distribution rights — (154,669,995) — (151,228,739) Hedge derivatives — — — — Prepaid income 5,339,265 (8,287) 1,711,461 — Spare parts — (4,142,782) — (3,374,376) Intangibles 69,395 (7,388,202) 130 (5,440,229) Others 5,282,818 (4,520,673) 4,194,697 (5,326,478) Subtotal 77,242,172 (240,592,395) 61,729,542 (228,325,642) Offsetting of deferred tax assets/(liabilities) (74,813,839) 74,813,839 (59,870,815) 59,870,815 Total assets and liabilities net 2,428,333 (165,778,556) 1,858,727 (168,454,827) (1) See Note 6 for more information about ICMS exclusion credit. (2) Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile. (3) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency that for tax purposes are recognized when incurred. Deferred tax account movements are as follows: Movement 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 166,596,100 151,743,678 Increase (decrease) in deferred tax (8,090,171) 4,507,688 Increase (decrease) due to foreign currency translation(*) 4,844,294 10,344,734 Total movements (3,245,877) 14,852,422 Ending balance 163,350,223 166,596,100 (*) Includes IAS 29 effects due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | 11 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment at the close of each period is detailed as follows: Property, plant and equipment, gross 12.31.2022 12.31.2021 ThCh$ ThCh$ Construction in progress 49,169,567 56,280,594 Land 104,906,878 101,286,107 Buildings 337,689,681 306,300,748 Plant and equipment 693,153,093 613,537,377 Information technology equipment 34,992,575 29,470,242 Fixed installations and accessories 69,798,556 61,264,172 Vehicles 75,759,020 56,346,552 Leasehold improvements 362,243 322,036 Rights of use (1) 73,946,435 69,616,828 Other properties, plant and equipment (2) 448,561,681 383,403,363 Total Property, plant and equipment, gross 1,888,339,729 1,677,828,019 Accumulated depreciation of Property, plant and equipment 12.31.2022 12.31.2021 ThCh$ ThCh$ Buildings (117,237,092) (102,957,623) Plant and equipment (499,070,234) (443,885,822) Information technology equipment (27,257,028) (23,857,025) Fixed installations and accessories (44,057,493) (38,165,051) Vehicles (44,600,066) (37,161,952) Leasehold improvements (282,057) (208,747) Rights of use (53,350,442) (45,962,853) Other properties, plant and equipment (2) (304,264,058) (269,249,819) Total accumulated depreciation (1,090,118,470) (961,448,892) Total Property, plant and equipment, net 798,221,259 716,379,127 (2) The net balance of each of these categories is presented below: Other Property, plant and equipment, net 12.31.2022 12.31.2021 ThCh$ ThCh$ Bottles 46,351,209 36,546,377 Marketing and promotional assets (market assets) 70,149,875 55,210,620 Other Property, plant and equipment 27,796,539 22,396,547 Total 144,297,623 114,153,544 11.1 Movements Movements in Property, plant and equipment are detailed as follows: Fixed installations IT and Leasehold Property, plant Construction in Plant and equipment accessories, improvements, Rights-of-use, and equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2022 56,280,594 101,286,107 203,343,125 169,651,555 5,613,217 23,099,121 19,184,600 113,289 114,153,544 23,653,975 716.379.127 Additions 75,269,957 — 867,990 21,280,010 922,233 74,995 636,420 10,275 68,730,337 — 167.792.217 Right-of use additions — — — — — — — — — 5,883,061 5.883.061 Disposals (32,456) — (16,174) (538,429) (15,105) — (4,522) — (2,249,837) (67,398) (2,923,921) Transfers between items of Property, plant and equipment (84,598,804) 159,232 10,014,587 33,485,897 3,487,406 3,384,472 16,037,695 51,403 17,940,342 37,770 — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (8,477,029) (35,372,214) (2,641,086) (3,365,827) (5,524,208) (68,741) (49,526,391) — (104,975,496) Amortization — — — — — — — — — (9,993,249) (9,993,249) Increase (decrease) due to foreign currency translation differences 4,263,117 3,461,539 11,105,445 7,324,221 43,790 1,282,713 852,241 10,324 6,450,271 1,235,657 36,029,318 Other increase (decrease) (2) (2,012,841) — 3,614,645 (1,748,181) 325,092 1,265,589 (23,272) (36,364) (11,200,643) (153,823) (9,969,798) Total movements (7,111,027) 3,620,771 17,109,464 24,431,304 2,122,330 2,641,942 11,974,354 (33,103) 30,144,079 (3,057,982) 81,842,132 Ending balance al 12.31.2022 49,169,567 104,906,878 220,452,589 194,082,859 7,735,547 25,741,063 31,158,954 80,186 144,297,623 20,595,993 798,221,259 (1) Right of use assets is composed as follows: Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 6,694,251 (3,452,700) 3,241,551 Plant and Equipment 47,377,683 (33,624,676) 13,753,007 IT Equipment 1,214,851 (1,081,741) 133,110 Motor vehicles 9,395,320 (6,066,615) 3,328,705 Others 9,264,330 (9,124,710) 139,620 Total 73,946,435 (53,350,442) 20,595,993 Lease liabilities interest expense for the year ended December 31, 2022 reached CLP 2,092,868 thousand. (2) Corresponds mainly to the effect of adopting IAS 29 in Argentina. Fixed Plant and IT facilities and Leasehold Property, plant Construction equipment, equipment, accessories, improvements, Rights-of-use, and equipment, in progress Land Buildings, net net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2021 34,194,083 94,321,726 180,916,878 145,790,203 4,878,307 17,647,892 16,410,784 59,142 90,020,253 21,337,277 605,576,545 Additions 61,100,226 — 3,708,881 19,025,057 1,428,080 12,068 171,420 8,738 47,426,736 — 132,881,206 Right-of use additions — — — — — — — — — 9,070,997 9,070,997 Disposals (74,476) — (276,312) (277,845) (3,896) (11) (9,573) — (3,156,795) — (3,798,908) Transfers between items of Property, plant and equipment (39,845,790) — 4,370,826 21,182,049 751,603 606,279 4,771,885 88,345 8,074,803 — — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (7,862,888) (32,058,439) (2,219,235) (3,700,948) (4,054,092) (51,774) (43,651,397) — (93,598,773) Amortization — — — — — — — — — (8,386,063) (8,386,063) Increase (decrease) due to foreign currency translation differences 6,513,216 6,964,382 21,941,520 23,364,406 658,167 3,080,061 2,264,353 8,840 16,399,966 1,759,346 82,954,257 Other increase (decrease) (2) (5,606,665) (1) 544,220 (7,373,876) 120,191 5,453,780 (370,177) (2) (960,022) (127,582) (8,320,134) Total movements 22,086,511 6,964,381 22,426,247 23,861,352 734,910 5,451,229 2,773,816 54,147 24,133,291 2,316,698 110,802,582 Ending balance al 12.31.2021 56,280,594 101,286,107 203,343,125 169,651,555 5,613,217 23,099,121 19,184,600 113,289 114,153,544 23,653,975 716,379,127 (1) Right of use assets is composed as follows: Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 4,042,921 (2,140,590) 1,902,331 Plant and Equipment 43,450,544 (27,325,328) 16,125,216 IT Equipment 997,458 (750,993) 246,465 Motor vehicles 12,171,762 (7,065,299) 5,106,463 Others 8,954,143 (8,680,643) 273,500 Total 69,616,828 (45,962,853) 23,653,975 Lease liabilities interest expense for the year ended December 31, 2021reached CLP 1,816,506 thousand. (2) Corresponds mainly to the effect of adopting IAS 29 in Argentina. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2022 | |
RELATED PARTIES | |
RELATED PARTIES | 12 – RELATED PARTIES Balances and main transactions with related parties are detailed as follows: 12. 12.31.2022 12.31.2021 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile CLP 10,852,709 — 3,870,800 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 15,444 109,318 62,756 98,941 Foreign Coca-Cola de Argentina Director related Argentina ARS — — 2,490,194 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 237,439 — 166,813 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 745,048 — 155,264 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 925,189 — 1,266,871 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 2,048,054 — 934,350 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 143,002 — 371,907 — 76.140.057-6 Monster Associate Chile CLP 86,492 — 87,865 — 79.826.410-9 Guallarauco Associate Chile CLP 8,790 — 12,230 — Total 15,062,167 109,318 9,419,050 98,941 12.2 Accounts payable: 12.31.2022 12.31.2021 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 32,205,880 — 19,134,864 — Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 30,998,682 10,354,296 13,770,200 11,557,723 86.881.400-4 Envases CMF S.A. Associate Chile CLP 8,186,248 — 7,609,951 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 8,587,487 — 9,893,495 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 232,216 — 577,723 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 3,811,908 — 2,173,901 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 1,089,592 — 367,186 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 589,127 — 378,718 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 628,842 — 277,708 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 2,198,317 — 1,858,682 — Foreign Monster Energy Argentina S.A. Shareholder related Argentina PYG — — 2,365 — Foreign Monster Energy Company – USA Shareholder related Argentina PYG 28,910 — 58,668 — Foreign Coca-Cola Company Shareholder Paraguay PYG 1,690,858 — — — Total 90,248,067 10,354,296 56,103,461 11,557,723 12.3 Transactions: Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction Description Currency at 12.31.2022 at 12.31.2021 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Concentrate purchase CLP 198,045,624 174,892,744 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of advertising services CLP — 3,290,184 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Water source lease CLP 5,958,076 4,727,676 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Sale of raw materials and others CLP 9,980,390 1,720,061 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Minimum dividend CLP 47,262 35,474 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 24,441,192 17,713,063 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials CLP 33,637,921 24,883,194 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps CLP — 153,142 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 2,270,006 1,325,941 86.881.400-4 Envases CMF S.A. Associate Chile Sale of services and others CLP 13,914 1,430 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of packaging CLP 9,391,000 7,625,273 86.881.400-4 Envases CMF S.A. Associate Chile Sale of packaging/raw materials CLP 13,360,534 11,939,711 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of finished products CLP 79,205,926 59,018,653 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of services and others CLP 585,448 359,739 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of inputs and materials CLP 956,036 523,958 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 589,127 339,562 96.891.720-K Embonor S.A. Shareholder related Chile Sale of fixed asset CLP — 357,000 96.891.720-K Embonor S.A. Shareholder related Chile Dividend distribution CLP — 541,188 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 5,807,466 4,220,323 89.996.200-1 Envases del Pacífico S.A. Director related Chile Purchase of inputs and materials CLP 204,933 265,503 94.627.000-8 Parque Arauco S.A Director related Chile Lease of space CLP 101,981 69,151 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Purchase of concentrate BRL 100,199,500 69,785,833 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Reimbursement and other purchases BRL — 100,072 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Purchase of concentrate ARS 159,807,006 129,275,444 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising rights, prizes and others ARS 3,002,061 3,230,351 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising participation ARS — 5,201,881 Foreign KAIK Participações Associate Brazil Reimbursement and other purchases BRL 96,511 21,180 Foreign Leao Alimentos e Bebidas Ltda. Associate Brazil Purchase of products BRL 636,938 293,677 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products BRL 419,515 2,667,326 89.862.200-2 Latam Airlines Group S.A. Director related Chile Sale of products CLP 93,320 269,688 89.862.200-2 Latam Airlines Group S.A. Director related Chile Purchase of products CLP — 18,695 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 288,264 442,566 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Purchase of services and others CLP 4,306,419 4,436,600 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Payment of commissions and services ARS 4,128,865 2,973,907 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Purchase of products ARS 2,107,354 11,658 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Marketing services ARS 286,488 — Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products BRL 368,127 2,736,529 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of raw materials CLP 781,901 6,210 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of finished products CLP 12,867,822 8,937,506 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of services and others CLP 4,512,714 11,183 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of finished products CLP 25,440,668 — 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Advertising CLP 2,367,626 — 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Cold equipment maintenance CLP 619,419 — 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of raw materials CLP 952,699 4,519,948 96.633.550-5 Sinea S.A. Director related Chile Purchase of raw materials CLP -- 2,294,594 97.036.000-K Banco Santander Chile. Director/Manager/Executive Chile Purchase of services CLP 6,776,225 1,852,076 Foreign Monster Energy Brasil Comercio de Bebidas Ltda Affiliated company Brazil Purchase of products BRL 2,352,550 1,571,632 12.4 Salaries and benefits received by key management Salaries and benefits paid to the Company’s key management personnel including directors and managers are detailed as follows: Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Executive wages, salaries and benefits 8,536,107 7,253,863 Director allowances 1,560,000 1,512,500 Benefits accrued in the last five years and payments made during the period 269,952 254,240 Total 10,366,059 9,020,603 |
CURRENT AND NON-CURRENT EMPLOYE
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | 13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS Employee benefits are detailed as follows: Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Accrued vacation 25,773,244 18,630,043 Participation in profits and bonuses 22,618,562 15,538,771 Severance indemnity 17,409,793 14,982,928 Total 65,801,599 49,151,742 ThCh$ ThCh$ Current 48,391,806 35,012,072 Non-current 17,409,793 14,139,670 Total 65,801,599 49,151,742 13.1 Severance indemnities The movements of employee benefits, valued pursuant to Note 2 are detailed as follows: Movements 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 14,982,928 14,086,575 Service costs 1,018,080 (8,917) Interest costs 737,566 1,672,491 Actuarial variations 2,905,020 1,216,808 Benefits paid (2,233,801) (1,984,029) Total 17,409,793 14,982,928 13.1.1 Assumptions The actuarial assumptions used are detailed as follows: Assumptions 12.31.2022 12.31.2021 Discount rate 1.71 % 2.30 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 7.68 % 7.68 % Mortality rate RV-2014 RV-2014 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years The result of the changes in severance indemnities arising from the sensitization of the actuarial assumptions at the valuation date is presented below: Sensitivity to discount rate ThCh$ Variation in the provision for an increase of up to 100 bps (1,084,387) Variation in the provision for a decrease of up to 100 bps 1,088,927 Sensitivity to salary increase ThCh$ Variation in the provision for an increase of up to 100 bps 1,133,083 Variation in the provision for a decrease of up to 100 bps (1,164,934) 13.2 Personnel expenses Personnel expenses included in the consolidated statement of income are as follows: Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Wages and salaries 277,271,540 225,883,645 Employee benefits 71,566,763 53,340,673 Severance benefits 6,052,239 4,163,608 Other personnel expenses 21,305,979 18,134,494 Total 376,196,521 301,522,420 |
INVESTMENTS IN ASSOCIATES ACCOU
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 14 – 14.1 Description Investments in associates are accounted for using the equity method. Investments in associates are detailed as follows: Ownership Functional Investment value interest TAXPAYER ID Name Country currency 12.31.2022 12.31.2021 12.31.2022 12.31.2021 86.881.400-4 Envases CMF S.A. (1) Chile CLP 23,519,277 21,863,790 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 8,460,307 11,359,597 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,293,219 1,107,007 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 55,072 51,615 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 26,694,836 24,258,224 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 1,971,055 2,192,920 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 30,350,832 30,656,041 35.00 % 35.00 % Total 92,344,598 91,489,194 (1) In Envases CMF S.A., regardless of the percentage of ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions. (2) In these companies, regardless of the ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors. Envases CMF S.A. Chilean entity whose corporate purpose is to manufacture and sell plastic material products and beverage bottling and packaging services. The business relationship is to supply plastic bottles, preforms and caps to Coca-Cola bottlers in Chile. Leão Alimentos e Bebidas Ltda. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates. Invest in other companies. The business relationship is to produce non-carbonated products for Coca-Cola bottlers in Brazil. Kaik Participações Ltda. Brazilian entity whose corporate purpose is to invest in other companies with its own resources. SRSA Participações Ltda. Brazilian entity whose corporate purpose is the purchase and sale of real estate investments and property management, supporting the business of Rio De Janeiro Refrescos Ltda. (Andina Brazil). Sorocaba Refrescos S.A. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates, in addition to investing in other companies. It has commercial relationship with Rio de Janeiro Refrescos Ltda. (Andina Brazil). Trop Frutas do Brasil Ltda. Brazilian entity whose corporate purpose is to manufacture, commercialize and export natural fruit pulp and coconut water. The business relationship is to produce products for Coca-Cola bottlers in Brazil. Coca-Cola del Valle New Ventures S.A. Chilean entity whose corporate purpose is to manufacture, distribute and commercialize all kinds of juices, waters and beverages in general. The business relationship is to produce waters and juices for Coca-Cola bottlers in Chile. 14.2 Movements The movement of investments in other entities accounted for using the equity method is shown below: Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 91,489,194 87,956,354 Dividends received (4,383,645) (3,236,541) Share in operating income 2,118,728 4,041,118 Amortization unrealized income in associates — (435,884) Other increase (decrease) in investments in associates+ 3,120,321 3,164,147 Ending balance 92,344,598 91,489,194 *Mainly due to foreign exchange rates The main movements are explained below: ● Dividends declared in 2022 correspond to Envases CMF S.A. ● Dividends declared in 2021 correspond to Sorocaba Refrescos S.A., Envases CMF S.A. and Coca-Cola del Valle New Ventures S.A. ● In 2021 it was identified that for the brand Verde Campo (Trop Frutas do Brasil Ltda.) the recoverable value would be R$ 21.8 million, an amount below the book value recorded, proportionally impacting the result of Andina Brazil according to its participation (for more information see Note 2.8). 14.3 Reconciliation of share of profit in investments in associates: Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Share in operating income 2,118,728 4,041,118 3,248,680 Unrealized earnings from product inventory acquired from associates and not sold at the end of the period, which is presented as a discount in the respective asset account (containers and / or inventory) (568,767) (512,131) (528,122) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. — 42,633 85,266 Amortization goodwill preferred rights CCDV S.A. (140,892) (478,518) (523,061) Income statement balance 1,409,069 3,093,102 2,228,763 14.4 Summary financial information of associates: The tables below reflects the amounts presented in the financial statements of the relevant associates and not the Company’s share of those amounts. At December 31, 2022 Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca-Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S,A, ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 63,615,517 41,997,646 — 22,376 77,547,906 22,235,713 26,927,496 Long term assets 52,964,004 89,524,823 11,424,515 317,159 54,195,351 27,128,282 75,247,746 Total assets 116,579,521 131,522,469 11,424,515 339,535 131,743,257 49,363,995 102,175,242 Short term liabilities 45,222,022 21,366,336 — 201,853 16,269,385 14,693,964 9,038,769 Long term liabilities 24,318,944 45,013,681 31 — 11,698,126 12,270,207 5,480,067 Total liabilities 69,540,966 66,380,017 31 201,853 27,967,511 26,964,171 14,518,836 Total Equity 47,038,555 65,142,452 11,424,484 137,682 103,775,746 22,630,444 87,656,406 Total revenue from ordinary activities 97,834,148 -741 782,772 134,401 65,797,238 45,104,125 25,249,336 Net income before taxes 6,640,224 478,458 782,772 134,401 3,804,172 (5,105,685) (896,914) Net income after taxes 5,517,062 243,170 782,772 134,401 1,427,601 (5,067,707) 163,561 Other comprehensive income — 9,680,320 — — 1,522 275,534 — Total comprehensive income 5,517,062 9,923,490 782,772 134,401 1,429,123 (4,792,173) 163,561 Reporting date (See Note 2.3) 12.31.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 12.31.2022 At December 31, 2021: Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca-Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 72,400,404 19,468,334 — 20,648 68,192,154 16,765,435 29,227,758 Long term assets 42,875,230 92,639,217 9,779,486 294,662 50,034,496 33,021,014 75,706,352 Total assets 115,275,634 112,107,551 9,779,486 315,310 118,226,650 49,786,449 104,934,110 Short term liabilities 57,080,891 21,255,566 — 186,266 12,991,480 10,009,915 10,181,664 Long term liabilities 14,467,165 34,960,269 28 — 6,489,944 18,294,787 7,164,058 Total liabilities 71,548,056 56,215,834 28 186,266 19,481,425 28,304,702 17,345,722 Total Equity 43,727,578 55,891,716 9,779,458 129,043 98,745,226 21,481,747 87,588,388 Total revenue from ordinary activities 77,805,312 (25,164,499) 204,624 126,016 94,169,579 35,224,230 46,509,329 Earnings before taxes 7,347,219 4,518,371 204,624 126,016 2,876,850 (31,042,731) 2,306,620 Earnings after taxes 5,509,658 2,573,415 204,624 126,016 1,556,223 (37,324,877) 2,869,945 Other comprehensive income — 2,363,061 — — 49,784 30,547,925 — Total comprehensive income 5,509,658 4,936,476 204,624 126,016 1,606,007 (6,776,952) 2,869,945 Reporting date (See Note 2.3) 12.31.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 12.31.2021 |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | 15 – Intangible assets other than goodwill are detailed as follows: December 31, 2022 December 31, 2021 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Description Value /Impairment Value Value /Impairment Value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) (2) 653,200,644 (2,237,359) 650,963,285 650,411,156 (3,896,827) 646,514,329 Software 56,968,738 (36,205,387) 20,763,351 44,084,900 (31,019,938) 13,064,962 Others 509,957 (457,705) 52,252 509,957 (457,705) 52,252 Total 710,679,339 (38,900,451) 671,778,888 695,006,013 (35,374,470) 659,631,543 (1) Correspond to brands, water rights and distribution rights. Distribution rights are contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these rights, allow qualifying them as indefinite contracts. (2) Defense). In September, 2021 Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an indefinite useful life. Distribution rights together with the assets that are part of the cash-generating units, are annually subjected to the impairment test. Such distribution rights have an indefinite useful life, are not subject to amortization. Rights in Chile related to AdeS were provisioned for impairment pursuant to the annual tests performed. 12.31.2022 12.31.2021 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 303,802,964 303,973,971 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and Investments in Sorocaba and Leão Alimentos y Bebidas Ltda.) 171,411,484 158,175,979 Paraguay 172,548,023 181,675,993 Argentina (North and South) 3,200,814 2,688,386 Total 650,963,285 646,514,329 The movement and balances of identifiable intangible assets are detailed as follows: January 1 to December 31, 2022 January 1 to December 31, 2021 Distribution Distribution Description rights Others Software Total rights Others Software Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 646,514,329 52,252 13,064,962 659,631,543 596,365,737 975 8,147,453 604,514,165 Additions 16,881 — 12,020,412 12,037,293 5,773,560 — 6,998,593 12,772,153 Amortization /Impairment (187,888) — (4,208,798) (4,396,686) (152,644) — (2,637,823) (2,790,467) Other increases (decreases) (1) 4,619,963 — (113,225) 4,506,738 44,527,676 51,277 556,739 45,135,692 Total 650,963,285 52,252 20,763,351 671,778,888 646,514,329 52,252 13,064,962 659,631,543 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL | |
GOODWILL | 16 – Movement in Goodwill is detailed as follows: Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2022 presentation currency 12.31.2022 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 61,851,449 5,090,059 66,941,508 Argentine operation 39,976,392 6,278,439 46,254,831 Paraguayan operation 7,712,036 (387,476) 7,324,560 Total 118,042,900 10,981,022 129,023,922 Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2021 presentation currency 12.31.2021 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 56,001,413 5,850,036 61,851,449 Argentine operation 27,343,642 12,632,750 39,976,392 Paraguayan operation 6,477,515 1,234,521 7,712,036 Total 98,325,593 19,717,307 118,042,900 Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2020 presentation currency 12.31.2020 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 75,674,072 (19,672,659) 56,001,413 Argentine operation 29,750,238 (2,406,596) 27,343,642 Paraguayan operation 7,294,328 (816,813) 6,477,515 Total 121,221,661 (22,896,068) 98,325,593 |
OTHER CURRENT AND NON-CURRENT_2
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | 17 – Liabilities are detailed as follows: Balance Current Non-current 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (Note 17.1.1 - 3) 688,800 26,617 13,366,211 4,000,000 Bonds payable, net (1) (Note 17.2) 340,767,980 25,383,339 763,368,160 1,020,661,942 Bottle guaranty deposits 16,427,144 13,402,885 — — Derivative contract liabilities (Note 17.3) 2,317,577 758,663 112,175,058 — Lease liabilities (Note 17.4.1 - 2) 7,100,579 8,191,535 15,892,629 16,387,030 Total 367,302,080 47,763,039 904,802,058 1,041,048,972 (1) The fair value of financial assets and liabilities is presented below: Book value Fair value Book value Fair value Current 12.31.2022 12.31.2022 12.31.2021 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalent (2) 291,681,987 291,681,987 304,312,020 304,312,020 Financial assets at fair value (1) 170,206,554 170,206,554 961,705 961,705 Trade debtors and other accounts receivable (2) 279,770,286 279,770,286 265,490,626 265,490,626 Accounts receivable related companies (2) 15,062,167 15,062,167 9,419,050 9,419,050 Bank liabilities (2) 688,800 107,114 26,617 111,992 Bonds payable (2) 340,767,980 339,666,507 25,383,339 26,774,799 Bottle guaranty deposits (2) 16,427,144 16,427,144 13,402,885 13,402,885 Forward contracts liabilities (see Note 22) (1) 2,317,577 2,317,577 758,663 758,663 Leasing agreements (2) 7,100,579 7,100,579 8,191,535 8,191,535 Accounts payable (2) 384,801,630 384,801,630 327,409,207 327,409,207 Accounts payable related companies (2) 90,248,067 90,248,067 56,103,461 56,103,461 Non-current 12.31.2022 12.31.2022 12.31.2021 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets at fair value (1) 75,297,737 75,297,737 281,337,127 281,337,127 Non-current accounts receivable (2) 539,920 539,920 126,464 126,464 Accounts receivable related companies (2) 109,318 109,318 98,940 98,940 Bank liabilities (2) 13,366,211 13,921,569 4,000,000 4,056,753 Bonds payable (2) 763,368,160 729,602,210 1,020,661,942 1,041,841,338 Leasing agreements (2) 15,892,629 15,892,629 16,387,030 16,387,030 Non-current accounts payable (2) 3,015,284 3,015,284 256,273 256,273 Derivative contracts liabilities (see Note 22) (1) 112,175,058 112,175,058 — — Accounts payable related companies (2) 10,354,296 10,354,296 11,557,723 11,557,723 (1) Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and are classified as Level 2 of the fair value measurement hierarchies. (2) Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. 17.1 Bank liabilities 17.1.1 Bank liabilities, current Maturity Total Indebted Entity Creditor Entity Type of Nominal Up to 90 days to At At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % 28,683 — 28,683 26,617 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 53,350 53,350 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 21,207 — 21,207 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 585,560 — 585,560 — Total 688,800 26,617 17.1.2 Bank liabilities, non-current Maturity Indebted entity Creditor entity Type of Nominal 1 year up to More than 2 More than 3 More than 4 More than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 4,500,000 — — — 4,500,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 4,866,211 — — — 4,866,211 Total 13,366,211 17.1.3 Bank liabilities, non-current previous year Maturity Indebted entity Creditor entity Type of Nominal 1 year up to More than 2 More than 3 More than 4 More than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 Total 4,000,000 17.1.4 Current and non-current bank obligations “Restrictions” Bank obligations are not subject to restrictions for the reported periods. 17.2 Bond obligations Current Non-current Total Composition of bonds payable 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds face value 1 341,478,129 26,103,215 769,765,783 1,027,864,462 1,104,136,139 1,053,970,677 17.2.1 Current and non-current balances Bonds payable correspond to bonds in UF issued by the parent company on the Chilean market and bonds in U.S. dollars issued by the Parent Company on the international market. A detail of these instruments is presented below: Current nominal Adjustment Interest Final Interest Current Non-current Bonds Series amount unit rate maturity payment 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 1,253,683 UF 6.50 % 12.01.2026 Semiannually 10,513,470 8,769,787 28,795,438 34,515,188 CMF Registration 641 08.23.2010 C 1,227,273 UF 4.00 % 08.15.2031 Semiannually 5,427,888 4,853,856 38,302,888 38,035,317 CMF Registration 760 08.20.2013 D 4,000,000 UF 3.80 % 08.16.2034 Semiannually 1,967,995 1,737,109 140,443,920 123,966,960 CMF Registration 760 04.02.2014 E 3,000,000 UF 3.75 % 03.01.2035 Semiannually 1,304,513 1,151,467 105,332,951 92,975,229 CMF Registration 912 10.10.2018 F 5,700,000 UF 2.83 % 09.25.2039 Semiannually 1,491,144 1,316,202 200,132,586 176,652,918 Bonds USA 2023 10.01.2013 — 365,000,000 USD 5.00 % 10.01.2023 Semiannually 316,293,761 3,853,898 — 308,311,850 Bonds USA 2050 01.01.2020 — 300,000,000 USD 3.95 % 01.21.2050 Semiannually 4,479,358 4,420,896 256,758,000 253,407,000 Total 341,478,129 26,103,215 769,765,783 1,027,864,462 17.2.2 Non-current maturities Year of maturity Total Non- More than 1 More than 2 More than 3 current Series up to 2 up to 3 up to 4 More than 5 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 10,977,281 11,690,803 6,127,354 — 28,795,438 CMF Registration 641 08.23.2010 C 4,787,861 4,787,861 4,787,861 23,939,305 38,302,888 CMF Registration 760 08.20.2013 D — — — 140,443,920 140,443,920 CMF Registration 760 04.02.2014 E — — — 105,332,951 105,332,951 CMF Registration 912 10.10.2018 F — — — 200,132,586 200,132,586 Bonds USA 2050 — — — — 256,758,000 256,758,000 Total 15,765,142 16,478,664 10,915,215 726,606,762 769,765,783 17.2.3 Market rating The bonds issued on the Chilean market had the following rating: AA+ : ICR Compañía Clasificadora de Riesgo Ltda. rating AA+ : Fitch Chile Clasificadora de Riesgo Limitada rating The rating of bonds issued on the international market had the following rating: BBB : Standard&Poors Global Ratings BBB+ : Fitch Ratings Inc. 17.2.4 Restrictions 17.2.4.1 Restrictions regarding bonds placed abroad. Obligations with bonds placed abroad are not affected by financial restrictions for the periods reported. 17.2.4.2 Restrictions regarding bonds placed in the local market. The following financial information was used for calculating restrictions: 12.31.2022 ThCh$ Average net financial debt last 4 quarters 566.228.101 Net financial debt 642.079.544 Unencumbered assets 2.739.790.315 Total unsecured liabilities 1.881.793.665 EBITDA LTM 463.623.280 Net financial expenses LTM 23.350.639 Restrictions on the issuance of bonds for a fixed amount registered under number 254, series B1 and B2. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Income by Function”. Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2022 , this ratio was 1.20 times. ● Maintain, and in no manner lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” (Región Metropolitana) as a territory in Chile in which we have been authorized by The Coca-Cola Company for the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler or license agreement, renewable from time to time. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this date is franchised by TCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of December 31, 2022, this ratio is 1.46 times. Restrictions to bond lines registered in the Securities Registered under number 641, series C ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Income by Function”. Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2022, this ratio was 1.20 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities. Unencumbered assets refer to the assets that are the property of the issuer; classified under Total Assets of the Issuer’s Financial Statements; and that are free of any pledge, mortgage or other liens constituted in favor of third parties, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities). Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’s Financial Statement which do not benefit from preferences or privileges, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities). As of December 31, 2022, this ratio was 1.46 times. ● Maintain a level of “Net Financial Coverage” greater than 3 times in its quarterly financial statements. Net financial coverage means the ratio between the issuer’s EBITDA of the last 12 months and the issuer’s Net Financial Expenses in the last 12 months. Net Financial Expenses will be regarded as the difference between the absolute value of interest expense associated with the issuer’s financial debt account accounted for under “Financial Costs”; and interest income associated with the issuer’s cash accounted for under the Financial Income account. However, this restriction shall be deemed to have been breached where the mentioned level of net financial coverage is lower than the level previously indicated during two consecutive quarters. As of December 31, 2022, Net Financial Coverage was 19.85 times. Restrictions to bond lines registered in the Securities Registrar under number 760, series D and E. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Results by Function”. Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2022, this ratio was 1.20 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, 2022, this ratio was 1.46 times. ● Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as “TCCC” or the “Licensor” for the development, production, sale and distribution of products and brands of said licensor, in accordance to the respective bottler or license agreement, renewable from time to time. Losing said territory, means the non-renewal, early termination or cancellation of this license agreement by TCCC, for the geographical area today called “Metropolitan Region”. This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired by a subsidiary or an entity that consolidates in terms of accounting with the Issuer. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of these instruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) ”Depreciation”; plus (vi) ”Intangibles Amortization”. Restrictions to bond lines registered in the Securities Registrar under number 912, series F. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Results by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the sum of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2022, this ratio was 1.20 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, 2022, this ratio was 1.46 times. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of local bonds Series C, D and E is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”. As of December 31, 2022 and 2021 the Company complies with all financial covenants. 17.3 Derivative contract obligations Please see details in Note 22. 17.4 Liabilities for leasing agreements 17.4.1 Current liabilities for leasing agreements Maturity Total Indebted entity Creditor entity Amortization Nominal Up to 90 days up to at at Name Country Taxpayer ID Name Country Currency Type Rate 90 days 1 year 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 255,231 814,197 1,069,428 873,321 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 29,490 91,801 121,291 180,136 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.10 % 67,708 87,905 155,613 267,752 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 74,841 224,521 299,362 289,409 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 61,435 435,873 497,308 148,347 Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % — — — 24,779 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % 206,444 416,130 622,574 486,793 Embotelladora del Atlántico S.A. Argentina Foreign Systems Argentina USD Monthly 12.00 % 43,225 80,028 123,253 138,103 VJ S.A. Chile 93.899.000-k De Lage Landen Chile S.A. Chile USD Linear 12.16 % 145,000 443,820 588,820 558,872 Vital Aguas S.A. Chile 76.389.720-6 Coca-Cola del Valle New Ventures S.A. Chile CLP Linear 7.50 % 262,042 736,459 998,501 1,107,139 Envases Central S.A. Chile 96.705.990-0 Coca-Cola del Valle New Ventures S.A. Chile CLP Linear 5.56 % 602,887 — 602,887 2,364,977 Paraguay Refrescos S.A. Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 1.00 % — — — 185,345 Transportes Polar S.A. Chile 96.928.520-7 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 118,883 118,883 101,950 Embotelladora Andina S.A. Chile 91.144.000-8 Central de Restaurante Aramark Ltda. Chile CLP Monthly 1.30 % — — — 13,997 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % 77,216 232,224 309,440 274,063 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.08 % 106,674 71,128 177,802 376,446 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % 230,716 702,187 932,903 800,106 Red de Transportes Comerciales S.A. Chile 76.276.604-3 Inmobiliaria Ilog Avanza Park Chile UF Monthly 0.21 % 119,510 363,004 482,514 — Total 7,100,579 8,191,535 The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one 17.4.2 Non-current liabilities for leasing agreements Maturity Indebted entity Creditor entity Amortization Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than at Name Country Taxpayer ID Name Country Currency Type Rate 2 years 3 years 4 years 5 years 5 years 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brasil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 1,208,453 1,365,552 1,543,074 1,743,674 2,501,730 8,362,483 Rio de Janeiro Refrescos Ltda. Brasil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 130,569 140,558 151,311 162,886 409,959 995,283 Rio de Janeiro Refrescos Ltda. Brasil Foreign Real estate Brazil BRL Monthly 8.10 % 57,105 8,702 — — — 65,807 Rio de Janeiro Refrescos Ltda. Brasil Foreign Leao Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 292,445 270,586 31,538 29,618 — 624,187 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % — 842,297 — 513,737 335,293 1,691,327 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % — 136,139 — — — 136,139 VJ S.A. Chile Foreign De Lage Landen Chile S.A Chile USD Monthly 12.16 % 769,982 — — — 769,982 Transportes Andina Refrescos Ltda Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % — 355,952 — — — 355,952 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 195,393 — — — 195,393 Red de Transportes Comerciales S.A. Chile 76.276.604-3 Inmobiliaria Ilog Avanza Park Chile UF Monthly 0.21 % — 831,235 — — — 831,235 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % — 1,864,841 — — — 1,864,841 Total 15,892,629 17.4.3 Non-current liabilities for leasing agreements (previous year) Maturity Indebted entity Creditor entity Type of Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than at Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years 3 years 4 years 5 years 5 years 12.31.2021 |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
TRADE AND OTHER ACCOUNTS PAYABLE | 18 – Trade and other accounts payable are detailed as follows: Classification 12.31.2022 12.31.2021 ThCh$ ThCh$ Current 384,801,630 327,409,207 Non-current 3,015,284 256,273 Total 387,816,914 327,665,480 Item 12.31.2022 12.31.2021 ThCh$ ThCh$ Trade accounts payable 298,298,731 248,163,428 Withholding tax 60,738,656 54,812,365 Others 28,779,527 24,689,687 Total 387,816,914 327,665,480 |
OTHER PROVISIONS, CURRENT AND N
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 12 Months Ended |
Dec. 31, 2022 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | 19 – 19.1 Balances The composition of provisions is as follows: Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Litigation (1) 48,695,427 57,412,406 Total 48,695,427 57,412,406 Current 1,591,644 1,528,879 Non-current 47,103,783 55,883,527 Total 48,695,427 57,412,406 (1) Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, based on the opinion of Management and our legal advisors, according to the following detail: Description (see note 23.1) 12.31.2022 12.31.2021 ThCh$ ThCh$ Tax contingencies 27,339,444 28,673,105 Labor contingencies 11,374,753 9,502,630 Civil contingencies 9,981,230 19,236,671 Total 48,695,427 57,412,406 19.2 Movements The movement of principal provisions over litigation is detailed as follows: Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance at January 1 st 57,412,406 50,070,273 Additional provisions 48,639 948,632 Increase (decrease) in existing provisions 6,359,467 5,903,714 Used provision (payments made charged to the provision) (3,108,988) (3,717,687) Reversal of unused provision* (15,654,522) (788,215) Increase (decrease) due to foreign exchange rate differences 3,638,425 4,995,689 Total 48,695,427 57,412,406 (*) During 2022, the provision constituted by a defendant of the Government of the State of Rio de Janeiro related to the Advertising Contract was reversed. This is due to a review of the balances involved where the amounts claimed are reduced in favor of Rio de Janeiro Refrescos Ltda. |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
OTHER NON-FINANCIAL LIABILITIES | |
OTHER NON-FINANCIAL LIABILITIES | 20 – Other current and non-current non-financial liabilities at each reporting period end are detailed as follows: Current Non-current Description 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Dividends payable 29,042,469 29,020,899 — — Other 13,251,991 (1) 2,216,935 29,589,051 (2) 23,784,817 Total 42,294,460 31,237,834 29,589,051 23,784,817 (1) Corresponds to an advance payment from Coca-Cola de Chile S.A. for a marketing co-participation plan for the penetration of market equipment, which will be developed between 2022 and until 2024. (2) Other non-current corresponds mainly to accounts payable to former shareholders of Companhia de Bebidas Ipiranga (“CBI”). See Note 6 for further information. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
EQUITY | |
EQUITY | 21 – 21.1 Number of shares: Number of subscribed, paid-in and voting shares Series 2022 2021 A 473,289,301 473,289,301 B 473,281,303 473,281,303 21.1.1 Capital: Paid-in and subscribed capital Series 2022 2021 ThCh$ ThCh$ A 135,379,504 135,379,504 B 135,358,070 135,358,070 Total 270,737,574 270,737,574 21.1.2 Rights of each series: ● Series A: Elects 12 of the 14 Directors. ● Series B: Receives an additional 10% of dividends distributed to Series A and elects 2 of the 14 Directors. 21.2 Dividend policy Under Chilean law, we must distribute cash dividends equivalent to at least 30% of our annual net profit, barring an unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company shall not be legally obligated to distribute dividends from accumulated earnings, unless approved by the General Shareholders Meeting. At the General Shareholders’ Meeting held in April 2022, shareholders agreed to pay out of the 2021 earnings a final dividend additional to the 30% required by Chile’s Law on Corporations and an eventual final dividend, which were paid on April 26, 2022. The dividends declared and/or paid per share are presented below: Approval-Payment Dividend Profits imputable CLP CLP Periods type to dividends Series A Series B 02-25-2020 05-29-2020 Final 2019 Earnings 26.00 28.60 02-25-2020 08-28-2020 Additional Accumulated Earnings 26.60 28.60 10-27-2020 11-24-2020 Interim 2020 Earnings 26.60 28.60 12-22-2020 01-29-2021 Interim 2020 Earnings 26.00 28.60 04-15-2021 05-28-2021 Final 2020 Earnings 26.00 28.60 04-15-2021 08-27-2021 Additional 2020 Earnings 26.00 28.60 09-28-2021 10-29-2021 Interim 2021 Earnings 29.00 31.90 12.21.2021 01.28.2022 Interim 2021 Earnings 29.00 31.90 04.13.2022 04.26.2022 Final Accumulated Earnings 189.00 207.9 07.27.2022 08.26.2022 Interim 2022 Earnings 29.00 31.90 09.28.2022 10.28.2022 Interim 2022 Earnings 29.00 31.90 12.27.2022 01.27.2023 Interim 2022 Earnings 29.00 31.90 21.3 Other reserves The balance of other reserves includes the following: Concept 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (495,483,366) (441,580,088) (517,496,486) Cash flow hedge reserve (62,344,501) 50,603,698 (24,719,533) Reserve for employee benefit actuarial gains or losses (7,776,316) (4,885,926) (4,663,193) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 6,014,568 Total (132,452,557) 37,289,310 (113,727,586) 21.3.1 Polar acquisition This amount corresponds to the difference between the valuation at fair value of the issuance of shares of Embotelladora Andina S.A. and the book value of the paid capital of Embotelladoras Coca-Cola Polar S.A., which was finally the value of the capital increase notarized in legal terms. 21.3.2 Cash flow hedge reserve They arise from the fair value of the existing derivative contracts that have been qualified for hedge accounting at the end of each financial period. When contracts are expired, these reserves are adjusted and recognized in the income statement in the corresponding period (see Note 22). 21.3.3 Reserve for employee benefit actuarial gains or losses Corresponds to the restatement effect of employee benefits actuarial losses that according to IAS 19 amendments must be carried to other comprehensive income. 21.3.4 Legal and statutory reserves In accordance with Official Circular N° 456 issued by the Chilean Financial Market Commission (CMF), the legally required price-level restatement of paid-in capital for 2009 is presented as part of other equity reserves and is accounted for as a capitalization from Other Reserves with no impact on net income or retained earnings under IFRS. This amount totaled CLP 5,435,538 thousand as of December 31, 2009. 21.3.5 Foreign currency translation reserves This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment accounted for using the equity method, Translation reserves are detailed as follows: Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Brazil (140,762,397) (167,447,389) (203,657,392) Argentina (360,988,849) (294,696,228) (291,332,402) Paraguay 6,267,880 20,563,529 (22,506,692) Total (495,483,366) (441,580,088) (517,496,486) The movement of this reserve for the periods ended on the dates indicated below, is detailed as follows: Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Brazil 26,684,992 36,210,003 (104,863,274) Argentina (66,292,621) (3,363,826) (44,916,480) Paraguay (14,295,649) 43,070,221 (28,640,392) Total (53,903,278) 75,916,398 (178,420,146) 21.3.6 Consolidated statements of comprehensive income The detail of the comprehensive income and expense for the periods ended on the dates indicated below, is detailed as follows: Gross Balance as of 2022 Balance Tax Net Balance Cash Flow for hedge (1) (155.206.655) 42.276.806 (112.929.849) Exchange rate translation differences (1) (78.009.918) 23.777.899 (54.232.019) Benefit related to defined benefit plans (3.960.084) 1.069.223 (2.890.861) Total Comprehensive income as of December 31, 2022 (237.176.657) 67.123.928 (170.052.729) Gross Balance as of 2021 Balance Tax Net Balance Cash Flow for hedge (1) 104,232,055 (28,944,992) 75,287,063 Exchange rate translation differences (1) 98,973,862 (22,103,267) 76,870,595 Benefit related to defined benefit plans (357,840) 96,617 (261,223) Total Comprehensive income as of December 31, 2021 202,848,077 (50,951,642) 151,896,435 Gross Balance as of 2020 Balance Tax Net Balance Cash Flow for hedge (1) (12,203,755) 2,334,037 (9.869.718) Exchange rate translation differences (1) (264,119,093) 84,571,922 (179.547.171) Benefit related to defined benefit plans (3,146,362) 849,518 (2.296.844) Total Comprehensive income as of December 31, 2020 (279.469.210) 87.755.477 (191.713.733) (1) The movement of comprehensive income and expense is as follows: Benefit related Cash Flow Exchange rate to defines As of December 31, 2022: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (155,007,121) (78,009,918) (3,617,931) Deferred taxes 43,070,637 23,777,899 976,841 Reclassification to the result by function (993,365) — (249,771) Total Changes in Equity (112,929,849) (54,232,019) (2,890,861) Majority Equity holders (112,948,199) (53,903,278) (2,890,390) Non-Controlling interests 18,350 (328,741) (471) Total Changes in equity as of December 31, 2022 (112,929,849) (54,232,019) (2,890,861) Benefit related Cash Flow Exchange rate to defines As of December 31, 2021: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) 102,529,128 98,973,862 3,026,996 Deferred taxes (28,469,748) (22,103,267) (817,289) Reclassification to the result by function 1,227,683 — (2,470,930) Total Changes in Equity 75,287,063 76,870,595 (261,223) Majority Equity holders 75,323,231 75,916,398 (222,733) Non-Controlling interests (36,168) 954,197 (38,490) Total Changes in equity as of December 31, 2021 75,287,063 76,870,595 (261,223) Benefit related Cash Flow Exchange rate to defines As of December 31, 2020: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (11,029,171) (264,119,093) (3,338,354) Deferred taxes 2,029,363 84,571,923 901,356 Reclassification to the result by function (869,910) — 140,153 Total Changes in Equity (9,869,718) (179,547,170) (2,296,845) Major Equity holders (9,686,850) (178,420,146) (2,432,441) Non-Controlling interests (868) (1,127,024) 135,596 Total Changes in equity as of December 31, 2020 (9,869,718) (179,547,170) (2,296,845) 21.4 Non-controlling interests This is the recognition of the portion of equity and income from subsidiaries owned by third parties. This account is detailed as follows: Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2022 2021 2020 2022 2021 2020 2022 2021 2020 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 36,451 33,794 23,662 6,410 3,463 2,312 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 4,346 3,761 2,349 (5) 326 244 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 6,177,360 6,331,726 5,037,332 988,416 885,010 791,576 Vital S.A. 35.0000 35.0000 35.0000 8,848,927 8,056,551 8,176,999 923,228 499,923 285,269 Vital Aguas S.A. 33.5000 33.5000 33.5000 2,216,115 2,041,837 1,912,023 198,195 130,522 109,110 Envases Central S.A. 40.7300 40.7300 40.7300 6,669,936 5,738,008 5,227,112 999,807 750,192 (70,996) Re-Ciclar S.A.* 60.0000 40.0000 — 4,189,373 3,064,078 — (154,706) 64,082 — Total 28,142,508 25,269,755 20,379,477 2,961,345 2,333,518 1,117,515 (*) Re-Ciclar is a company incorporated in September 2021 whose purpose is to produce recycled resin for the Coca-Cola system and third parties. The following tables presents summarized information regarding the Company´s subsidiaries that have non-controlling interest: Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar December 31,2022 S.A. S.A. S.A. S.A S.A. Central S.A. S.A. Total current assets 132,214,927 16,481,794 72,297,644 27,190,771 7,326,742 22,918,372 14,595,558 Total non-current assets 243,866,619 11,897,459 269,314,097 19,346,711 5,516,881 22,057,335 5,626,492 Total current liabilities 138,653,369 6,679,478 40,454,954 20,026,609 6,073,685 21,712,326 382,408 Total non-current liabilities 23,668,595 915,427 16,451,513 1,228,226 154,669 6,887,495 9,366,211 Net sales 664,003,032 37,915,166 212,339,131 85,067,864 22,026,721 100,227,739 — Net Income 37,589,788 (25,095) 45,554,603 2,637,795 591,626 2,454,710 (386,764) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar December 31,2021 S.A. S.A. S.A. S.A S.A. Central S.A. S.A. Total current assets 107,589,399 13,197,912 64,121,536 25,441,586 5,575,990 17,976,170 4,135,677 Total non-current assets 209,051,488 11,865,984 279,148,198 16,832,859 5,789,335 20,945,892 3,560,269 Total current liabilities 98,942,717 6,210,788 34,207,817 17,498,997 4,934,841 20,091,524 35,751 Total non-current liabilities 19,520,634 868,253 17,242,154 1,756,730 335,449 4,742,707 — Net sales 517,466,510 30,750,914 169,216,180 64,513,412 16,005,176 77,475,816 — Net Income 20,307,709 1,558,476 40,788,801 1,428,350 389,619 1,841,867 160,195 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases December 31,2020 S.A. S.A. S.A. S.A S.A. Central S.A. Total current assets 65,077,621 6,212,726 44,658,550 21,175,722 3,798,228 15,600,566 Total non-current assets 140,891,069 8,247,288 226,241,150 14,306,662 7,297,306 18,205,899 Total current liabilities 56,982,545 2,733,092 24,337,015 11,812,384 3,897,100 13,908,411 Total non-current liabilities 10,226,241 491,364 14,399,594 307,146 1,490,904 7,064,568 Net sales 309,936,060 15,148,572 157,152,584 42,955,659 12,929,160 62,267,424 Net Income 13,386,097 1,168,507 36,482,572 815,053 325,700 (174,313) 21.5 Earnings per share The basic earnings per share presented in the statement of comprehensive income is calculated as the quotient between income for the period and the weighted average number of shares outstanding during the same period. Earnings per share used to calculate basic and diluted earnings per share is detailed as follows: Earnings per share 12.31.2022 SERIES A SERIES B TOTAL Earnings attributable to shareholders (CLP 000’s) 59,761,287 65,736,355 125,497,642 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 126.27 138.89 132.58 Earnings per share 12.31.2021 SERIES A SERIES B TOTAL Earnings attributable to shareholders (CLP 000’s) 73,666,409 81,031,741 154,698,150 Weighted average number of shares 473,289,301 473,281,303 946,570,604 Earnings per basic and diluted share (CLP) 155.65 171.21 163.43 |
DERIVATIVE ASSETS AND LIABILITI
DERIVATIVE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVE ASSETS AND LIABILITIES | |
DERIVATIVE ASSETS AND LIABILITIES | 22 – Embotelladora Andina currently maintains “Cross Currency Swaps” and “Currency Forward” agreements as derivative financial instruments. Cross Currency Swaps (“CCS”), also known as interest rate and currency swaps are valued by the method of discounted future cash flows at a market rate corresponding to the currencies and rates of the transaction. On the other hand, the fair value of forward currency contracts is calculated in reference to current forward exchange rates for contracts with similar maturity profiles. As of December 31, 2022, the Company holds the following derivative instruments: 22.1 Accounting recognition of cross currency and rate swaps Cross Currency Swaps, associated with local Bonds (Chile) As of December 31, 2022, the Company maintains derivative contracts to secure some of its bond debt issued in Unidades de Fomento totaling UF 9,340,963 (UF 9,752,973 as of December 31, 2021), to convert those obligations to CLP. These contracts were valued at fair value, yielding a net asset as of December 31, 2022 of CLP 75,297,737 thousand (CLP 34,239,224 thousand as of December 31, 2021) which is presented in Other non-current financial assets. Maturity dates of derivative contracts are distributed throughout 2026, 2031, 2034 and 2035. Cross Currency Swaps, associated with international Bonds (U.S.A.) As of December 31, 2022, the Company maintains derivative contracts to secure US Dollar public bond obligations of USD 360 million due in 2023, to convert such obligations into Brazilian Real. In addition, derivative contracts amounting to USD 300 million are held to convert such obligation into Unidades de Fomento (UF - CLP re-adjustable by the Consumer Price Index) due in 2050. The valuation of the first contract at its fair value generates an asset of CLP 170,143,055 thousand as of December 31, 2022 (CLP 192,844,908 thousand as of December 31, 2021), while the valuation of the second contract at its fair value generates a liability of CLP 112,175,058 thousand as of December 31, 2022 (CLP 54,252,995 thousand asset at December 31, 2021). The amount of exchange differences recognized in the statement of income related to financial liabilities in U.S. dollars are absorbed by the amounts recognized under comprehensive income. 22.2 Forward currency transactions expected to be very likely During 2022 and 2021, Embotelladora Andina entered into forward contracts to ensure the exchange rate on future commodity purchasing needs for its 4 operations, i.e., closing forward instruments in USD/ARS, USD/BRL, USD/CLP and USD/GYP. As of December 31, 2022, outstanding contracts amount to USD 80.2 million (USD 70.2 million as of December 31, 2021). Futures contracts that ensure prices of future raw materials have not been designated as hedge agreements, since they do not fulfill IFRS documentation requirements, whereby its effects on variations in fair value are accounted for directly under other comprehensive income. Fair value hierarchy As of December 31, 2022, the Company held assets for derivative contracts for CLP 245,504,291 thousand (CLP 282,298,832 thousand as of December 31, 2021) and held liabilities for derivative contracts for CLP 114,492,635 thousand (CLP 758,663 thousand as of December 31, 2021). Those contracts covering existing items have been classified in the same category of hedged, the net amount of derivative contracts by concepts covering forecasted items have been classified in current and non-current financial assets and financial liabilities. All the derivative contracts are carried at fair value in the consolidated statement of financial position. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: Inputs other than quoted prices included in level 1 that are observable for the assets and liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices) Level 3: Inputs for assets and liabilities that are not based on observable market data. During the reporting period, there were no transfers of items between fair value measurement categories; all of which were valued during the period using level 2. Fair Value Measurement at December 31, 2022 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets — 170,206,554 — 170,206,554 Other non-current financial assets — 75,297,737 — 75,297,737 Total assets — 245,504,291 — 245,504,291 Liabilities Other current financial liabilities — 2,317,577 — 2,317,577 Other non-current financial liabilities — 112,175,058 — 112,175,058 Total Liabilities — 114,492,635 — 114,492,635 Fair Value Measurement at December 31, 2021 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current and non-current assets Other current financial assets — 961,705 — 961,705 Other non-current financial assets — 281,337,127 — 281,337,127 Total assets — 282,298,832 — 282,298,832 Liabilities Current and non-current liabilities Other current financial liabilities — 758,663 — 758,663 Other non-current financial liabilities — — — Total liabilities — 758,663 — 758,663 |
LITIGATION AND CONTINGENCIES
LITIGATION AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
LITIGATION AND CONTINGENCIES | |
LITIGATION AND CONTINGENCIES | 23 – 23.1 Lawsuits and other legal actions: In the opinion of the Company’s legal counsel, the Parent Company and its subsidiaries do not face legal or extrajudicial contingencies that might result in material or significant losses or gains, except for the following: 1) Embotelladora del Atlántico S.A. and Andina Empaques Argentina S.A. face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 1,397,149 thousand (CLP 1,917,657 thousand as of December 31, 2021). Management considers it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of its legal counsel. Additionally, Embotelladora del Atlántico S.A. maintains time deposits for an amount of CLP 288,399 thousand to guaranty judicial liabilities. 2) Rio de Janeiro Refrescos Ltda. faces labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 45,706,634 thousand (CLP 53,965,870 thousand as of December 31, 2021). Management considers it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of its legal counsel. As it is customary in Brazil, Rio de Janeiro Refrescos Ltda. maintains Deposit in courts and assets given in pledge to secure the compliance of certain processes, irrespective of whether these have been classified as a possible, probable or remote. The amounts deposited or pledged as legal guarantees amounted to CLP 23,260,412 thousand (CLP 23,502,962 thousand as of December 31, 2021). Part of the assets held under warranty by Rio de Janeiro Refrescos Ltda. as of December 31, 2014, are in the process of being released and others have already been released in exchange for guarantee insurance and bond letters for BRL 1,950,203,388, with different Financial Institutions and Insurance Companies in Brazil, these entities receive an annual commission fee of 0.55%. and become responsible of fulfilling obligations with the Brazilian tax authorities should any trial result against Rio de Janeiro Refrescos Ltda. Additionally, if the warranty and bond letters are executed, Rio de Janeiro Refrescos Ltda. promises to reimburse to the financial institutions and Insurance Companies any amounts disbursed by them to the Brazilian government. Main contingencies faced by Rio de Janeiro Refrescos are as follows: a) Tax contingencies resulting from credits on tax on industrialized products (IPI). Rio de Janeiro Refrescos is a party to a series of proceedings under way, in which the Brazilian federal tax authorities demand payment of value-added tax on industrialized products (Imposto sobre Produtos Industrializados, or IPI) totaling BRL 2,867,475,111 as of December 31, 2022. The Company does not share the position of the Brazilian tax authority in these procedures and considers that it was entitled to claim IPI tax credits in connection with purchases of certain exempt raw materials from suppliers located in the Manaus free trade zone. Based on the opinion of its advisers, and legal outcomes to date, Management estimates that these procedures do not represent probable losses and has not recorded a provision on these matters. Notwithstanding the above, the IFRS related to business combination in terms of distribution of the purchase price establish that contingencies must be measured one by one according to their probability of occurrence and discounted at fair value from the date on which it is deemed the loss can be generated. As a result of the acquisition of Companhia de Bebidas Ipiranga in 2013 and pursuant to this criterion and although there are contingencies listed only as possible for BRL 552,722,424 (amount includes adjustments for current lawsuits) a start provision has been generated in the accounting of the business combination for BRL 125,421,068. b) Other tax contingencies. They refer to ICMS-SP tax administrative processes that challenge the credits derived from the acquisition of tax-exempt products acquired by the Company from a supplier located in the Manaus Free Zone. The total amount is BRL 464,269,491 being assessed by external attorneys as a remote loss, so it has no accounting provision. The company was challenged by the federal tax authority for tax deductibility of a portion of goodwill in the 2014-2016 period arising from the acquisition of Companhia de Bebidas Ipiranga. The tax authority understands that the entity that acquired Companhia de Bebidas Ipiranga is Embotelladora Andina and not Rio de Janeiro Refrescos Ltda. In the view of external lawyers, such a statement is erroneous, classifying it as a possible loss. The value of this process is BRL 546,082,453, as of the date of these financial statements. 3) Embotelladora Andina S.A. and its Chilean subsidiaries face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling CLP 1,552,353 thousand (CLP 1,487,509 thousand as of December 31, 2021). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors. 4) Paraguay Refrescos S.A. faces tax, trade, labor and other lawsuits. Accounting provisions have been made for the contingency of any loss because of these lawsuits amounting to CLP 39,291 thousand (CLP 41,370, thousand as of December 31, 2021). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors. 23.2 Direct guarantees and restricted assets: Guarantees and restricted assets are detailed as follows: Guarantees that commit assets recognized in the financial statements: Committed assets Accounting value Guaranty Creditor Debtor name Relationship Guaranty Type 12.31.2022 12.31.2021 ThCh$ ThCh$ Administradora Plaza Vespucio S.A. Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 98,170 86,416 Cooperativa Agricola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Cash Other non-current financial assets 1,056,320 1,216,865 Mall Plaza Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 330,298 290,890 Serv. Nacional Aduanas Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 18,583 Metro S.A. Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 21,207 24,335 Parque Arauco S.A. Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 142,901 126,136 Lease agreement Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 103,711 — Others Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 14,183 — Several retail Vending Subsidiary Cash Trade accounts and other accounts receivable 61,395 63,792 Several retail Transportes Refrescos Subsidiary Cash Trade accounts and other accounts receivable 693 628 Several retail Transportes Polar Subsidiary Cash Trade accounts and other accounts receivable 22,235 69,745 Workers’ claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,605,781 6,057,282 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,457,702 6,562,747 Governmental entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant and equipment Property, plant and equipment 10,196,929 10,882,933 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 97 164 Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 145 247 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 104 176 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,428 2,230 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 10,664 18,153 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 431 734 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 66,697 113,530 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 870 1,480 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 139 237 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,180 2,009 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 541 922 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 60,575 103,110 DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 10,870 18,502 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,932 3,289 Cencosud Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,208 2,056 Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 4,784 8,143 Bariloche Case Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 1,902 Vicentin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 125,683 — Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, plant and equipment 4,965 5,692 Mauricio J Cordero C Paraguay Refrescos Subsidiary Real estate Property, plant and equipment — 987 José Ruoti Maltese Paraguay Refrescos Subsidiary Real estate Property, plant and equipment — 712 Alejandro Galeano Paraguay Refrescos Subsidiary Real estate Property, plant and equipment — 1,365 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, plant and equipment 1,113 1,300 Guarantees that do not commit assets recognized in the Financial Statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2022 12.31.2021 ThCh$ ThCh$ Labor procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 1,936,493 1,593,498 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 7,616,498 4,717,824 Federal government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 186,607,491 153,491,717 State government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 117,027,313 64,725,638 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Guarantor 3,280,603 3,027,291 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 3,423,715 3,390,177 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 3,791 637,631 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL RISK MANAGEMENT | |
FINANCIAL RISK MANAGEMENT | 24 – The Company’s businesses are exposed to a variety of financial and market risks (including foreign exchange risk, interest rate risk and price risk). The Company’s global risk management program focuses on the uncertainty of financial markets and seeks to minimize potential adverse effects on the performance of the Company. The Company uses derivatives to hedge certain risks. A description of the primary policies established by the Company to manage financial risks are provided below: Interest Rate Risk As of December 31, 2022, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of Ch$1,104,136 million (collectively the “Notes”), with Ch$340.768 million payable within 12 months. Future interest payments associated with the Notes total Ch$495,574 million, with Ch$25,874 million payable within 12 months. The Company’s greatest indebtedness corresponds to six contracts for own issued Chilean local bonds at a fixed rate, which currently have an outstanding balance of UF 15.45 million denominated in UF (“UF”), debt indexed to inflation in Chile (Company sales are correlated with the UF variation), of which five of these Local Bonds have been redenominated through Cross Currency Swaps to Chilean Pesos (CLP). On the other hand, there is also the Company’s indebtedness on the international market through two 144A/RegS Bonds at a fixed rate, one for USD 365 million, denominated in dollars, and practically 100% of which has been re-denominated to BRL through Cross Currency Swaps, and another one for USD 300 million denominated in USD, and practically 100% of which has been re-denominated to Unidades de Fomento (UF) through Cross Currency Swaps. Credit risk The credit risk to which the Company is exposed comes mainly from trade accounts receivable maintained with retailers, wholesalers and supermarket chains in domestic markets; and the financial investments held with banks and financial institutions, such as time deposits, mutual funds and derivative financial instruments. a) Trade accounts receivable and other current accounts receivable Credit risk related to trade accounts receivable is managed and monitored by the area of Finance and Administration of each business unit. The Company has a wide base of more than 283 thousand clients implying a high level of atomization of accounts receivable, which are subject to policies, procedures and controls established by the Company. In accordance with such policies, credits must be based objectively, non-discretionary and uniformly granted to all clients of a same segment and channel, provided these will allow generating economic benefits to the Company. The credit limit is checked periodically considering payment behavior. Trade accounts receivable pending of payment are monitored on a monthly basis, i. Sale Interruption In accordance with Corporate Credit Policy, the interruption of sale must be within the following framework: when a customer has outstanding debts for an amount greater than USD 250,000, and over 60 ii. Impairment The impairment recognition policy establishes the following criteria for provisions: 30% is provisioned for 31 to 60 days overdue, 60% between 60 and 91 days, 90% between 91 and 120 days overdue and 100% for more than 120 days. Exemption of the calculation of global impairment is given to credits whose delays in the payment correspond to accounts disputed with the customer whose nature is known and where all necessary documentation for collection is available, therefore, there is no uncertainty on recovering them. However, these accounts also have an impairment provision as follows: 40% for 91 to 120 days overdue, 80% between 120 and 170, and 100% for more than 170 days. iii. Prepayment to suppliers The Policy establishes that USD 25,000 prepayments can only be granted to suppliers if its value is properly and fully provisioned. The Treasurer of each subsidiary must approve supplier warranties that the Company receives for prepayments before signing the respective service contract, In the case of domestic suppliers, a warranty ballot (or the instrument existing in the country) shall be required, in favor of Andina executable in the respective country, non-endorsable, payable on demand or upon presentation and its validity will depend on the term of the contract. In the case of foreign suppliers, a stand-by credit letter will be required which shall be issued by a first line bank; in the event that this document is not issued in the country where the transaction is done, a direct bank warranty will be required. Subsidiaries can define the best way of safeguarding the Company’s assets for prepayments under USD 25,000. iv. Guarantees In Chile, we have insurance with Compañía de Seguros de Crédito Continental S.A (AA rating -according to Fitch Chile and Humphreys rating agencies) covering the credit risk regarding trade debtors in Chile. The rest of the operations do not have credit insurance, instead mortgage guarantees are required for volume operations of wholesalers and distributors in the case of trade accounts receivables. In the case of other debtors, different types of guarantees are required according to the nature of the credit granted. Historically, uncollectible trade accounts have been lower than 0.5% of the Company’s total sales, b) Financial investment. The Company has a Policy that is applicable to all the companies of the group in order to cover credit risks for financial investments, restricting both the types of instruments as well as the institutions and degree of concentration. The companies of the group can invest in: i. Time deposits: only in banks or financial institutions that have a risk rating equal or higher than Level 1 (Fitch) or equivalent for deposits of less than 1 year and rated A or higher (S&P) or equivalent for deposits of more than 1 year . ii. Mutual funds: investments with immediate liquidity and no risk of capital (funds composed of investments at a fixed-term, current account, fixed rate Tit BCRA, negotiable obligations, Over Night, etc.,) in all those counter-parties that have a rating greater than or equal to AA-(S&P) or equivalent, Type 1 Pacts and Mutual Funds, with a rating greater than or equal to AA+ (S&P) or equivalent. iii. Other investment alternatives must be evaluated and authorized by the office of the Chief Financial Officer. Exchange Rate Risk The company is exposed to three types of risk caused by exchange rate volatility: a) Exposure of foreign investment This risk originates from the translation of net investment from the functional currency of each country (Brazilian Real, Paraguayan Guaraní, and Argentine Peso) to the Parent Company’s reporting currency (Chilean Peso). Appreciation or devaluation of the Chilean Peso with respect to the functional currencies of each country, originates decreases and increases in equity, respectively. The Company does not hedge this risk. BRL/CLP ARS/CLP PGY/CLP Parity variation at December 31, 2022 +8.4% -41.3% -5.0% Brazil Argentina Paraguay ThCh$ ThCh$ ThCh$ Total assets 949,137,527 392,963,540 341,611,741 Total liabilities 676,923,781 163,156,211 56,906,467 Net investment 272,213,746 229,807,329 284,705,274 Share on income 24.0 % 25.7 % 8.0 % -5% variation impact on currency translation Impact on results for the period (2,548,633) (1,800,552) (2,169,267) Impact on equity at closing (12,962,559) (10,943,206) (13,557,394) Net exposure of assets and liabilities in foreign currency This risk stems mostly from carrying liabilities in US dollar, so the volatility of the US dollar with respect to the functional currency of each country generates a variation in the valuation of these obligations, with consequent effect on results. In order to protect the Company from the effects on income resulting from the volatility of the Brazilian Real and the Chilean Peso against the U,S, dollar, the Company maintains derivative contracts (cross currency swaps) to cover almost 100% of US dollar-denominated financial liabilities. By designating such contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange rates. b) Exposure of assets purchased or indexed to foreign currency This risk originates from purchases of raw materials and investments in Property, plant and equipment, whose values are expressed in a currency other than the functional currency of the subsidiary. Changes in the value of costs or investments can be generated through time, depending on the volatility of the exchange rate. In order to minimize this risk, the Company maintains a currency hedging policy stipulating that it is necessary to enter into foreign currency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US dollars, corresponding mainly to payment to suppliers of raw materials in each of the operations. This policy stipulates up to 12-month forward horizon. Commodities risk The Company is subject to a risk of price fluctuations in the international markets mainly for sugar, PET resin and aluminum, which are inputs used to produce beverages and containers, which together, account for 35% to 40% of operating costs. Procurement and anticipated purchase contracts are made frequently to minimize and/or stabilize this risk. To minimize this risk or stabilize often supply contracts and anticipated purchases are made when market conditions warrant. Liquidity risk The products we sell are mainly paid for in cash and short-term credit; therefore, the Company´s main source of financing comes from the cash flow of our operations. This cash flow has historically been sufficient to cover the investments necessary for the normal course of our business, as well as the distribution of dividends approved by the General Shareholders’ Meeting. Should additional funding be required for future geographic expansion or other needs, the main sources of financing to consider are: (i) debt offerings in the Chilean and foreign capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where the Company operates; and (iii) public equity offerings. The following table presents an analysis of the Company’s committed maturities for liability payments throughout the coming years, with interest calculated for each period: As of December 31, 2022 Payments on the year of maturity More than 1 More than 2 More than 3 Item 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 741,228 — 4,081,333 — — Bonds payable 340,767,980 15,765,142 16,478,664 10,915,215 720,209,139 Lease obligations 7,100,579 2,854,106 5,615,704 6,887,353 535,465 Contractual obligations (1) 127,611,501 39,242,308 5,973,129 5,339,005 4,950,895 Total 476,221,288 57,861,556 32,148,830 23,141,573 725,695,499 As of December 31, 2021 Payments on the year of maturity More than 1 More than 2 More than 3 Item 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 26,617 — — 4,000,000 — Bonds payable 25,383,339 321,636,043 13,915,567 14,545,378 670,564,954 Lease obligations 8,191,535 4,949,066 2,975,353 2,641,096 5,821,515 Contractual obligations (1) 85,354,594 31,678,743 9,036,380 8,992,060 4,950,895 Total 118,956,085 358,263,852 25,927,300 30,178,534 681,337,364 (1) Agreements that the Andina Group has with collaborating entities for its operation, which are mainly related to contracts entered into to supply products and/or support services in information technology services, commitments of the company with its franchisor to make investments or expenses related to the development of the franchise, support services to personnel, security services, maintenance services of fixed assets, purchase of inputs for production, among others. |
EXPENSES BY NATURE
EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2022 | |
EXPENSES BY NATURE | |
EXPENSES BY NATURE | 25 – Other expenses by nature are: 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Direct production costs (1,388,536,599) (1,192,363,804) (862,383,664) Payroll and employee benefits (376,196,521) (301,522,420) (252,337,262) Transportation and distribution (224,190,549) (174,253,526) (126,683,586) Advertisement (26,575,951) (28,475,957) (6,917,300) Depreciation and amortization (119,365,431) (104,775,303) (110,920,517) Repairs and maintenance (43,847,581) (38,631,914) (25,971,485) Other expenses (133,021,583) (84,272,085) (73,455,798) Total (1) (2,311,734,215) (1,924,295,009) (1,458,669,612) (1) Corresponds to the addition of cost of sales, administrative expenses and distribution costs. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2022 | |
OTHER INCOME | |
OTHER INCOME | 26 – Other income by function is detailed as follows: 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Gain due to disposal of Property, plant and equipment 79,650 480,401 16,005 Recovery of PIS credit and COFINS (1) — — 6,744,341 Credit recovery in Brazil (2) 1,856,762 — — Others 561,108 857,477 1,595,952 Total 2,497,520 1,337,878 8,356,298 (1) See Note 6 for more information on recovery. (2) restitution of credits for the payment of coffee quota (cota café). |
OTHER EXPENSES BY FUNCTION
OTHER EXPENSES BY FUNCTION | 12 Months Ended |
Dec. 31, 2022 | |
OTHER EXPENSES BY FUNCTION | |
OTHER EXPENSES BY FUNCTION | 27 – Other expenses by function are detailed as follows: 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Contingencies and non-operating fees 6,316,102 (7,950,093) (1,081,812) Tax on bank debits and other bank expenses (7,150,739) (5,270,040) (3,367,615) Write-offs, disposals and loss of property, plant and equipment — (417,623) (7,972,976) Others (51,694) (1,574,034) (5,007,853) Total (886,331) (15,211,790) (17,430,256) |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL INCOME AND EXPENSES | |
FINANCIAL INCOME AND EXPENSES | 28 – Financial income and costs are detailed as follows: a) Financial income 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Interest income 32,388,801 2,196,886 7,931,055 Ipiranga purchase warranty restatement 39,509 11,290 7,674 From PIS credit and COFINS (1) 2,054,586 1,312,930 5,124,810 Other financial income 5,239,514 4,270,763 1,882,340 Total 39,722,410 7,791,869 14,945,879 (1) See Note 6 for more information on recovery. b) Financial expenses 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Bond interest (51,863,601) (48,624,062) (45,927,500) Bank loan interest (1,782,972) (267,012) (1,186,731) Lease interest (2,092,868) (1,816,506) (1,873,571) Other financial costs (3,808,512) (2,284,876) (5,785,035) Total (59,547,953) (52,992,456) (54,772,837) |
OTHER (LOSSES) GAINS
OTHER (LOSSES) GAINS | 12 Months Ended |
Dec. 31, 2022 | |
OTHER (LOSSES) GAINS | |
OTHER (LOSSES) GAINS | 29 – Other (losses) gains are detailed as follows: 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Other gains and losses* (24,983,899) — 287 Total (24,983,899) — 287 * During the first half of 2022, losses of CLP |
LOCAL AND FOREIGN CURRENCY
LOCAL AND FOREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2022 | |
LOCAL AND FOREIGN CURRENCY | |
LOCAL AND FOREIGN CURRENCY | 30 – Local and foreign currency balances are the following: CURRENT ASSETS 12.31.2022 12.31.2021 ThCh$ ThCh$ Cash and cash equivalent 291,681,987 304,312,020 USD 14,266,343 13,640,823 EUR 870,613 2,838,102 CLP 138,205,025 176,278,025 BRL 69,923,621 56,272,827 ARS 29,215,288 22,425,407 PGY 39,201,097 32,856,836 Other current financial assets 263,044,869 195,470,749 CLP 92,826,375 194,834,125 BRL 170,154,995 140,544 ARS — 481,148 PGY 63,499 14,932 Other non-current financial assets 26,957,000 14,719,104 USD 847,149 1,141,780 EUR 329,535 77,526 UF 517,748 256,912 CLP 12,478,839 6,282,535 BRL 2,382,575 1,183,076 ARS 8,596,540 3,831,513 PGY 1,804,614 1,945,762 Trade debtors and other accounts payable 279,770,286 265,490,626 USD 1,467,851 2,347,439 EUR 6,770 — UF 49,469 69,142 CLP 155,443,395 147,478,959 BRL 74,851,690 76,173,944 ARS 39,795,968 32,330,010 PGY 8,155,143 7,091,132 Accounts receivable related entities 15,062,167 9,419,050 CLP 14,738,236 6,674,178 BRL 86,492 87,865 ARS 237,439 2,657,007 Inventory 245,886,656 191,350,206 CLP 103,719,764 77,225,374 BRL 60,074,387 44,848,239 ARS 62,655,300 54,376,217 PGY 19,437,205 14,900,376 Current tax assets 39,326,427 10,224,368 CLP 33,296,214 5,574,826 BRL 5,633,971 4,649,542 ARS 396,242 — Total current assets 1,161,729,392 990,986,123 USD 16,581,343 17,130,042 EUR 1,206,918 2,915,628 UF 567,217 326,054 CLP 550,707,848 614,348,022 BRL 383,107,731 183,356,037 ARS 140,896,777 116,101,302 PGY 68,661,558 56,809,038 NON-CURRENT ASSETS 12.31.2022 12.31.2021 CLP (000’s) ThCh$ Other non-current assets 94,852,711 296,632,012 UF 75,297,737 34,239,224 CLP 3,317,778 55,469,858 BRL — 192,844,909 ARS 16,237,196 14,078,021 Other non-current, non-financial assets 59,672,266 70,861,616 USD 91,220 673,524 CLP 483,530 419,910 BRL 55,060,849 66,621,741 ARS 2,367,042 1,836,280 PGY 1,669,625 1,310,161 Non-current accounts receivable 539,920 126,464 UF 249,366 7,089 CLP 233,773 76,649 ARS 56,781 — PGY — 42,726 Non-current accounts receivable related entities 109,318 98,941 CLP 109,318 98,941 Investments accounted for using the equity method 92,344,598 91,489,194 CLP 53,869,966 52,519,699 BRL 38,474,632 38,969,495 Intangible assets other than goodwill 671,778,888 659,631,543 CLP 312,981,971 311,086,862 BRL 177,173,694 159,307,806 ARS 9,075,200 7,560,882 PGY 172,548,023 181,675,993 Goodwill 129,023,922 118,042,900 CLP 9,523,768 9,523,767 BRL 65,920,764 60,830,705 ARS 46,254,831 39,976,392 PGY 7,324,559 7,712,036 Property, plant and equipment 798,221,259 716,379,127 EUR 3,146 404,450 CLP 303,797,013 273,812,253 BRL 229,486,365 201,527,151 ARS 177,219,624 152,227,991 PGY 87,715,111 88,407,282 Deferred tax assets 2,428,333 1,858,727 CLP 2,428,333 1,858,727 Total non-current assets 1,848,971,215 1,955,120,524 USD 91,220 673,524 EUR 3,146 404,450 UF 75,547,103 34,246,313 CLP 686,745,450 704,866,666 BRL 566,116,304 720,101,807 ARS 251,153,893 215,679,566 PGY 269,314,099 279,148,198 12.31.2022 12.31.2021 CURRENT LIABILITIES Up to 90 days 90 days up to 1 year Total Up to 90 days 90 days up to 1 year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other current financial liabilities 13,431,339 353,870,741 367,302,080 10,887,752 36,875,287 47,763,039 USD 249,660 321,143,849 321,393,509 233,993 8,329,598 8,563,591 UF 11,047,586 11,557,808 22,605,394 9,155,688 10,086,725 19,242,413 CLP 893,612 14,216,358 15,109,970 923,663 13,491,768 14,415,431 BRL 427,270 1,703,193 2,130,463 413,835 1,381,397 1,795,232 ARS 813,211 3,910,926 4,724,137 94,094 2,272,643 2,366,737 PGY — 1,338,607 1,338,607 66,479 1,313,156 1,379,635 Current trade accounts and other accounts payable 369,548,991 15,252,639 384,801,630 312,643,627 14,765,580 327,409,207 USD 34,223,389 33,046 34,256,435 20,438,936 1,309,678 21,748,614 EUR 3,148,088 899,198 4,047,286 6,093,006 — 6,093,006 UF 2,263,175 — 2,263,175 2,359,381 — 2,359,381 CLP 166,847,281 14,320,395 181,167,676 142,370,837 13,455,902 155,826,739 BRL 78,514,701 — 78,514,701 74,142,872 — 74,142,872 ARS 69,945,679 — 69,945,679 52,030,144 — 52,030,144 PGY 14,606,678 — 14,606,678 15,208,451 — 15,208,451 Other currencies Current accounts payable to related entities 90,248,067 — 90,248,067 56,103,461 — 56,103,461 CLP 44,298,074 — 44,298,074 29,349,401 — 29,349,401 BRL 35,671,648 — 35,671,648 16,799,532 — 16,799,532 ARS 8,587,487 — 8,587,487 9,893,495 — 9,893,495 PGY 1,690,858 — 1,690,858 61,033 — 61,033 Other current provisions 1,319,935 271,709 1,591,644 1,082,929 445,950 1,528,879 CLP 1,319,935 232,418 1,552,353 1,082,929 404,580 1,487,509 PGY — 39,291 39,291 — 41,370 41,370 Current tax liabilities 627,257 13,988,190 14,615,447 20,733,623 9,779,164 30,512,787 CLP 627,257 7,301 634,558 20,038,643 8,452 20,047,095 ARS — 13,479,571 13,479,571 694,980 8,524,083 9,219,063 PGY — 501,318 501,318 — 1,246,629 1,246,629 Current employee benefit provisions 45,482,776 2,909,030 48,391,806 13,434,697 21,577,375 35,012,072 CLP 8,115,837 1,052,395 9,168,232 1,181,717 7,327,637 8,509,354 BRL 19,586,150 — 19,586,150 11,649,154 — 11,649,154 ARS 17,780,789 — 17,780,789 603,826 12,529,323 13,133,149 PGY — 1,856,635 1,856,635 — 1,720,415 1,720,415 Other current non-financial liabilities 1,054,187 41,240,273 42,294,460 612,391 30,625,443 31,237,834 CLP 1,043,048 41,072,576 42,115,624 612,391 30,472,381 31,084,772 ARS 11,139 — 11,139 — 18,234 18,234 PGY — 167,697 167,697 — 134,828 134,828 Total current liabilities 521,712,552 427,532,582 949,245,134 415,498,480 114,068,799 529,567,279 USD 34,473,049 321,176,895 355,649,944 20,672,929 9,639,276 30,312,205 EUR 3,148,088 899,198 4,047,286 6,093,006 — 6,093,006 UF 13,310,761 11,557,808 24,868,569 11,515,069 10,086,725 21,601,794 CLP 223,145,044 70,901,442 294,046,486 195,559,581 65,160,720 260,720,301 BRL 134,199,769 1,703,193 135,902,962 103,005,393 1,381,397 104,386,790 ARS 97,138,305 17,390,497 114,528,802 63,316,539 23,344,283 86,660,822 PGY 16,297,536 3,903,548 20,201,084 15,335,963 4,456,398 19,792,361 31.12.2021 31.12.2020 More than 1 year More than 3 and More than 1 year More than 3 and More than NON-CURRENT LIABILITIES up to 3 up to 5 More than 5 years Total up to 3 up to 5 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 40,713,614 28,457,265 835,631,179 904,802,058 35,164,178 331,118,858 674,765,936 1,041,048,972 USD 1,612,279 513,738 251,617,079 253,743,096 1,726,426 308,546,732 247,094,136 557,367,294 UF 35,491,226 15,781,426 468,927,353 520,200,005 29,821,850 15,453,105 423,470,818 468,745,773 CLP — 8,500,000 112,175,058 120,675,058 602,887 4,000,000 — 4,602,887 BRL 3,473,970 3,662,101 2,911,689 10,047,760 2,926,876 3,119,021 4,200,982 10,246,879 ARS 136,139 — — 136,139 86,139 — — 86,139 Non-current accounts payable 3,015,284 — — 3,015,284 256,273 — — 256,273 CLP 3,015,284 — — 3,015,284 256,273 — — 256,273 Accounts payable related entities 10,354,296 — — 10,354,296 11,557,723 — — 11,557,723 BRL 10,354,296 — — 10,354,296 11,557,723 — — 11,557,723 Other non-current provisions 1,397,148 45,706,635 — 47,103,783 1,917,655 53,965,872 — 55,883,527 BRL — 45,706,635 45,706,635 — 53,965,872 — 53,965,872 ARS 1,397,148 — — 1,397,148 1,917,655 — — 1,917,655 Deferred tax liabilities 26,966,210 34,088,989 104,723,357 165,778,556 21,365,277 35,470,702 111,618,848 168,454,827 CLP 5,617,287 38,945 88,895,598 94,551,830 3,619,149 1,845,868 95,076,888 100,541,905 BRL — 34,050,044 — 34,050,044 — 33,624,834 — 33,624,834 ARS 21,348,923 — — 21,348,923 17,746,128 — — 17,746,128 PGY — — 15,827,759 15,827,759 — — 16,541,960 16,541,960 Non-current employee benefit provisions 1.299.511 60,560 16,049,722 17,409,793 1,329,992 62,456 12,747,222 14,139,670 CLP 665,274 60,560 16,049,722 16,775,556 629,798 62,456 12,747,222 13,439,476 ARS 10,484 — — 10,484 PGY 623,753 — — 623,753 700,194 — — 700,194 Other non-financial liabilities — 29,589,051 — 29,589,051 21,113 23,763,704 — 23,784,817 BRL — 29,589,051 , 29,589,051 — 23,763,704 — 23,763,704 ARS 21,113 — — 21,113 Total non-current liabilities 83,746,063 137,902,500 956,404,258 1,178,052,821 71,612,211 444,381,592 799,132,006 1,315,125,809 USD 1,612,279 513,738 251,617,079 253,743,096 1,726,426 308,546,732 247,094,136 557,367,294 UF 35,491,226 15,781,426 468,927,353 520,200,005 29,821,850 15,453,105 423,470,818 468,745,773 CLP 9,297,845 8,599,505 217,120,378 235,017,728 5,108,107 5,908,324 107,824,110 118,840,541 BRL 13,828,266 113,007,831 2,911,689 129,747,786 14,484,599 114,473,431 4,200,982 133,159,012 ARS 22,892,694 — — 22,892,694 19,771,035 — — 19,771,035 PGY 623,753 — 15,827,759 16,451,512 700,194 — 16,541,960 17,242,154 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 31 – No other events have occurred subsequent to December 31, 2022 that may significantly affect the Company’s consolidated financial position. |
BASIS OF PREPARATION OF CONSO_2
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
Accounting principles and basis of preparation | 2.1 Accounting principles and basis of preparation The Company’s Consolidated Financial Statements for the fiscal years ended December 31, 2022, 2021 and 2020, have been prepared in accordance with the International Financial Reporting Standards (hereinafter “IFRS”) issued by the International Accounting Standards Board (hereinafter “IASB”). These Consolidated Financial Statements have been prepared following the going concern principle by applying the historical cost method, with the exception, according to IFRS, of those assets and liabilities that are recorded at fair value. These Consolidated Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as of December 31, 2022 and 2021 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the periods between January 1 and December 31, 2022, 2021 and 2020 and the related notes. The Company’s 2022 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on January 30, 2023, 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, 2022 and 2021 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 20, 2023 meeting. Included in this 2022 consolidated financial statements are consolidated statement of financial position as of December 31, 2022 and 2021, along with consolidated income statement, consolidated statement of comprehensive (loss) income, consolidated statement of changes in equity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2022, 2021 and 2020. 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 25, 2023, with subsequent events considered through this later date. These Consolidated Financial Statements have been prepared based on the accounting records maintained by the Parent Company and by the other entities that are part of the Company and are presented in thousands of Chilean pesos (unless expressly stated) as this is the functional and presentation currency of the Company. Foreign operations are included in accordance with the accounting policies established in Notes 2.5. |
Subsidiaries and consolidation | 2.2 Subsidiaries and consolidation Subsidiary entities are those companies directly or indirectly controlled by Embotelladora Andina. Control is obtained when the Company has power over the investee, when it has exposure or is entitled to variable returns from its involvement in the investee and when it has the ability to use its power to influence the amount of investor returns. They include assets and liabilities, results of operations, and cash flows for the periods reported. Income or losses from subsidiaries acquired or sold are included in the consolidated statements of income by function from the effective date of acquisition through the effective date of disposal, as applicable. The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated. When necessary, the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adopted by the Group. The interest of non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statement of income by function under “Non-Controlling Interest” and “Earnings attributable to non-controlling interests”, respectively. The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and transaction among the Group’s entities, the subsidiary companies included in the consolidation are the following: Ownership interest 12.31.2022 12.31.2021 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 96.842.970-1 Andina Bottling Investments S.A. 99.9 0.09 99.99 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.9 0.09 99.99 99.9 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 Foreign Embotelladora del Atlántico S.A. 0.92 99.07 99.99 0.92 99.07 99.99 96.705.990-0 Envases Central S.A. 59.27 — 59.27 59.27 — 59.27 Foreign Paraguay Refrescos S.A. 0.08 97.75 97.83 0.08 97.75 97.83 76.276.604-3 Red de Transportes Comerciales Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. 60.00 — 60.00 60.00 — 60.00 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k VJ S.A. 15.00 50.00 65.00 15.00 50.00 65.00 |
Investments in associates | 2.3 Investments in associates Ownership interest held by the Group in associates are recorded following the equity method. According to the equity method, the investment in an associate is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position is recorded by the proportion of its total assets, which represents the Group’s participation in its capital, once adjusted, where appropriate, the effect of the transactions made with the Group, plus capital gains that have been generated in the acquisition of the company. Dividends received from these companies are recorded by reducing the value of the investment and the results obtained by them, which correspond to the Group according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted for by the equity method.” Associates are all entities over which the Group exercises significant influence but does not have control. Significant influence is the power to intervene in the financial and operating policy decisions of the associate, without having control or joint control over it. The results of these associates are accounted for using the equity method. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Company and unrealized gains are eliminated. For associates located in Brazil, the financial statements accounted for using the equity method have a one-month lag because their reporting dates are different from those of Embotelladora Andina. |
Financial reporting by operating segment | 2.4 Financial reporting by operating segment “IFRS 8 Operating Segments” requires that entities disclose information on the results of operating segments. In general, this is information that Management and the Board of Directors use internally to assess performance of segments and allocate resources to them. Therefore, the following operating segments have been determined based on geographic location: ● Operation in Chile ● Operation in Brazil ● Operation in Argentina ● Operation in Paraguay |
Functional currency and presentation currency | 2.5 Functional currency and presentation currency 2.5.1 Functional currency Items included in the financial statements of each of the entities in the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional currency of each of the Operations is the following: Company Functional Currency Embotelladora del Atlántico Argentine Peso (ARS) Embotelladora Andina Chilean Peso (CLP) Paraguay Refrescos Paraguayan Guaraní (PYG) Rio de Janeiro Refrescos Brazil Real (BRL) Foreign currency-denominated monetary assets and liabilities are converted to the functional currency at the observed exchange rate of each central bank, in effect on the closing date. All differences arising from the liquidation or conversion of monetary items are recorded in the income statement, with the exception of the monetary items designated as part of the hedging of the Group’s net investment in a business abroad. These differences are recorded under other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income. Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences arising from items whose fair value gains or losses are recognized in another overall result or in results are also recognized under comprehensive income ). Functional currency in hyperinflationary economies Beginning July 2018, Argentina’s economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these financial statements. Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial position of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements, in accordance with IAS 21 “Effects of foreign currency exchange rate variations”, when dealing with a hyperinflationary economy. The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21 , as “Exchange rate differences in the conversion of foreign operations” under other comprehensive income. Inflation for the periods from January to December 2022, 2021 and 2020 was 96.95%, 50.21% and 36.01%, respectively. 2.5.2 Presentation currency The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of subsidiaries are translated from the functional currency to the presentation currency as indicated below: a. Translation of financial statements whose functional currency does not correspond to hyperinflationary economies (Brazil and Paraguay) Financial statements measured as indicated are translated to the presentation currency as follows: ● The statement of financial position is translated to the closing exchange rate at the financial statement date and the income statement is translated at the average monthly exchange rates, the differences that result are recognized in equity under other comprehensive income. ● Cash flow income statement are also translated at average exchange rates for each transaction. ● In the case of the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. b. Translation of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina) Financial statements of economies with a hyperinflationary economic environment, are recognized according to IAS 29 Financial Information in Hyperinflationary Economies, ● The statement of financial position sheet is translated at the closing exchange rate at the financial statements date. ● The income statement is translated at the closing exchange rate at the financial statements date. ● The statement of cash flows is converted to the closing exchange rate at the date of the financial statements. ● For the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement. 2.5.3 Exchange rates Exchange rates regarding the Chilean peso in effect at the end of each period are as follows: Date USD BRL ARS PYG 12.31.2022 855.86 164.03 4.83 0.116 12.31.2021 844.69 151.36 8.22 0.123 12.31.2020 710.95 136.80 8.44 0.103 |
Property, plant, and equipment | 2.6 Property, plant, and equipment The elements of Property, plant and equipment, are valued for their acquisition cost, net of their corresponding accumulated depreciation, and of the impairment losses they have experienced. The cost of the items of Property, plant and equipment include in addition to the price paid for the acquisition: i) the financial expenses accrued during the construction period that are directly attributable to the acquisition, construction or production of qualified assets, which are those that require a substantial period of time before being ready for use, such as production facilities. The Group defines a substantial period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does not exist, the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to the construction in progress. Construction in progress is transferred to operating assets after the end of the trial period when they are available for use, from which moment depreciation begins. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance are charged to expense in the reporting period in which they are incurred. Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The estimated useful lives by asset category are: Assets Range in years Buildings 15-80 Plant and equipment 5-20 Warehouse installations and accessories 10-50 Furniture and supplies 4-5 Motor vehicles 4-10 IT equipment 3-5 Other Property, plant and equipment 3-10 Bottles and containers 1-8 The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate. The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment test is required for an asset. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate in the statement of comprehensive income. |
Intangible assets and Goodwill | 2.7 Intangible assets and Goodwill 2.7.1 Goodwill Goodwill represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets of the subsidiary and the fair value of the non-controlling interest in the subsidiary on the acquisition date. Since goodwill is an intangible asset with indefinite useful life, it is recognized separately and tested annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed. Goodwill is carried at cost less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity. Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored for internal management purposes. 2.7.2 Distribution rights Distribution rights are contractual rights to produce and/or distribute Coca-Cola brand products and other brands in certain territories in Argentina, Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are historically permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis. 2.7.3 Software Carrying amounts correspond to internal and external software development costs, which are capitalized once the recognition criteria in IAS 38, Intangible Assets, have been met. Their accounting recognition is initially realized for their acquisition or production cost and, subsequently, they are valued at their net cost of their corresponding accumulated amortization and of the impairment losses that, if applicable, they have experienced. The aforementioned software is amortized within four years |
Impairment of non-financial assets | 2.8 Impairment of non-financial assets Assets that have an indefinite useful life, such as intangibles related to distribution rights and goodwill, are not amortized and are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are tested for impairment whenever there is an event or change in circumstances indicating that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value less costs to sell or its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units – CGU). Cash-generating unit’s recoverable amount has been determined on the basis of its value in use. Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets with an indefinite useful life have been assigned, the analysis of their recoverability is carried out systematically at the end of each fiscal year. These indications may include new legal provisions, change in the economic environment that affects business performance indicators, competition movements, or the disposal of an important part of a CGU. Management reviews business performance based on geographic segments. Goodwill is monitored at the operating segment level that includes the different cash generating units in operations in Chile, Brazil, Argentina and Paraguay. The impairment of distribution rights is monitored geographically in the CGU or group of cash generating units, which correspond to specific territories for which Coca-Cola distribution rights have been acquired. These cash generating units or groups of cash generating units are composed of the following segments: - Operation in Chile; - Operation in Argentina; - Operation in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in the Sorocaba associate and investment in the Leão Alimentos S.A. associate); - Operation in Paraguay To check if goodwill has suffered a loss due to impairment of value, the Company compares the book value thereof with its recoverable value, and recognizes an impairment loss, for the excess of the asset’s carrying amount over its recoverable amount. To determine the recoverable values of the CGU, management considers the discounted cash flow method as the most appropriate. The main assumptions used in the annual impairment test are: a) Discount rate The discount rate applied in the annual impairment test carried out in 2022 was estimated using the CAPM (Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount rate in local currency before tax is used according to the following table: 2022 Discount 2021 Discount rates rates Argentina 33.1 % 27.2 % Chile 9.3 % 7.1 % Brazil 10.5 % 9.0 % Paraguay 11.3 % 8.1 % b) Other assumptions The financial projections to determine the net present value of future cash flows of the CGUs are modeled based on the main historical variables and the respective budgets approved by management. In this regard, a conservative growth rate is used, taking into account the differences that exist in categories with high growth such as carbonated beverages, categories with medium growth such as waters and juices, and less developed categories such as alcohols. Additionally, the valuation model considers projections over 5 years based on perpetuity growth rates by operation, which range from 0.3% to 0.9% depending on the degree of maturity of the consumption of the products in each operation. In this sense, the variables with greatest sensitivity in these projections are the discount rates applied in the determination of the net present value of projected cash flows, growth perpetuities and EBITDA margins considered in each CGU. In order to sensitize the impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified variables are: - Discount Rate : Increase / Decrease of up to 200 bps as a value in the rate at which future cash flows are discounted to bring them to present value - Perpetuity : Increase / Decrease of up to 26 bps in the rate to calculate the perpetual growth of future cash flows - EBITDA margin : Increase / Decrease of 200 bps of EBITDA margin of operations, which is applied per year for the projected periods, that is, for the years 2023-2027 After modeling and valuing the different CGUs in the annual impairment process that the Company performs, as a result of the tests performed as of December 31, 2022, no impairment were identified in any of the CGUs listed above, assuming conservative EBITDA margin projections and in line with market history. In the 2021 annual review of other investments, it was identified that for the Verde Campo brand (producer of which is owned by Trop Frutas do Brasil Ltda.), the recoverable amount would be R$21.8 million, amount below the book value recorded in the financial statements of R$34.6 million in which Andina Brasil includes its participation proportionally. Given the difference, the losses of R$12.8 million were written down from their book value as of December 31, 2021, leaving a recoverable amount of R$21.8 million. The effects of impairment were included in the consolidated results under “Share of profit of investments in associates and joint ventures accounted for using the equity method”. The main reasons for the impairment are due to the lower cash flows expected for the dairy products segment for the local Brazilian market. Thus, despite the deterioration in macroeconomic conditions experienced by the economic conditions of the countries in which operations are carried out , the impairment test yielded recovery values higher than the book values of assets, including those for the sensitivity calculations in the stress test conducted on the model for the 3 previously mentioned variables. |
Financial instruments | 2.9 Financial instruments A financial instrument is any contract that results in the recognition of a financial asset in one entity and a financial liability or equity instrument in another entity. 2.9.1 Financial assets Pursuant to IFRS 9 “Financial Instruments”, except for certain trade accounts receivable, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset that is not at fair value, reflecting changes in P&L. The classification is based on two criteria: (a) the Group’s business model for the purpose of managing financial assets to obtain contractual cash flows; and (b) if the contractual cash flows of financial instruments represent “solely payments of principal and interest” on the outstanding principal amount (the “SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i) fair value with changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI). The subsequent classification and measurement of the Group’s financial assets are as follows: ● Financial asset at amortized cost for financial instruments that are maintained within a business model with the objective of maintaining the financial assets to collect contractual cash flows that meet the SPPI criterion. This category includes the Group’s trade and other accounts receivable. Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains or losses recognized in P&L at the time of liquidation. Financial assets in this category correspond to the Group’s instruments that meet the SPPI criterion and are kept within a business model both to collect cash flows and to sell. Other financial assets are classified and subsequently measures as follows: Equity instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing earnings or losses in P&L at the time of liquidation. This category only includes equity instruments that the Group intends to keep in the foreseeable future and that the Group has irrevocably chosen to classify in this category in the initial recognition or transition. Financial assets at fair value with changes in P&L (FVPL) include derivative instruments and equity instruments quoted that the Group had not irrevocably chosen to classify at FVOCI in the initial recognition or transition. This category also includes debt instruments whose cash flow characteristics do not comply with the SPPI criterion or are not kept within a business model whose objective is to recognize contractual cash flows or sale. A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially disposed (for example, canceled in the Group’s consolidated financial statements) when: - The rights to receive cash flows from the asset have expired, - The Group has transferred the rights to receive the cash flows of the asset or has assumed the obligation to pay all cash flows received without delay to a third party under a transfer agreement; and the Group (a) has substantially transferred all risks and benefits of the asset, or (b) has not substantially transferred or retained all risks and benefits of the asset but has transferred control of the asset. 2.9.2 Financial Liabilities Financial liabilities are classified as a fair value financial liability at the date of their initial recognition, as appropriate, with changes in results, loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage. All financial liabilities are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accounts payable. The Group’s financial liabilities include trade and other accounts payable, loans and credits, including those discovered in current accounts, and derivative financial instruments. The classification and subsequent measurement of the Group’s financial liabilities are as follows: - Fair value financial liabilities with changes in results include financial liabilities held for trading and financial liabilities designated in their initial recognition at fair value with changes in results. The losses or gains of liabilities held for trading are recognized in the income statement. - Loans and credits are valued at cost or amortized using the effective interest rate method. Gains and losses are recognized in the income statement when liabilities are disposed, as well as interest accrued in accordance with the effective interest rate method. A financial liability is disposed of when the obligation is extinguished, cancelled or expires. Where an existing financial liability is replaced by another of the same lender under substantially different conditions, or where the conditions of an existing liability are substantially modified, such exchange or modification is treated as a disposal of the original liability and the recognition of the new obligation. The difference in the values in the respective books is recognized in the statement of income. 2.9.3 Offsetting financial instruments Financial assets and financial liabilities are offset with the corresponding net amount presenting the corresponding net amount in the statement of financial position, if: - There is currently a legally enforceable right to offset the amounts recognized, and - It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities simultaneously. |
Derivatives financial instruments and hedging activities | 2.10 Derivatives financial instruments and hedging activities The Company and its subsidiaries use derivative financial instruments to mitigate risks relating to changes in foreign currency and exchange rates associated with raw materials, and loan obligations. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each closing date. Derivatives are accounted as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. 2.10.1 Derivative financial instruments designated as cash flow hedges At the inception of the transaction, the group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement within “other gains (losses)”. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when foreign currency denominated financial liabilities are translated into their functional currencies). The gain or loss relating to the effective portion of cross currency swaps hedging the effects of changes in foreign exchange rates are recognized in the consolidated income statement within “foreign exchange differences.” When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the consolidated income statement. 2.10.2 Derivative financial instruments not designated for hedging The fair value of derivative financial instruments that do not qualify for hedge accounting pursuant to IFRS are immediately recognized in the income statement under “Other income and losses”. The fair value of these derivatives is recorded under “other current financial assets” or “other current financial liabilities” in the statement of financial position.” The Company does not use hedge accounting for its foreign investments. The Company also evaluates the existence of embedded derivativesin 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, 2022 and 2021, the Company had no embedded derivatives. 2.10.3 Fair value hierarchy Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the date of the transaction. Fair value is based on the presumption that the transaction to sell the asset or to transfer the liability takes place; - In the asset or liability main market, or - In the absence of a main market, in the most advantageous market for the transaction of those assets or liabilities. The Company maintains assets related to foreign currency derivative contracts which were classified as Other current and non-current financial assets and Other current and non-current financial liabilities, respectively, and are accounted at fair value within the statement of financial position. The Company uses the following hierarchy to determine and disclose the fair value of financial instruments with assessment techniques: Level 1: Quote values (unadjusted) in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level variable used, which is significant for the calculation, is directly or indirectly observable Level 3: Valuation techniques for which the lowest level variable used, which is significant for the calculation, is not observable. During the reporting periods there were no transfers of items between fair value measurement categories. All of which were valued during the periods using Level 2. |
Inventories | 2.11 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress includes raw materials, direct labor, other direct costs and manufacturing overhead (based on operating capacity) to bring the goods to marketable condition, but it excludes interest expense. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Spare parts and production materials are stated at the lower of cost or net realizable value. The initial cost of inventories includes the transfer of losses and gains from cash flow hedges, related to the purchase of raw materials. Estimates are also made for obsolescence of raw materials and finished products based on turnover and age of the related goods. |
Trade accounts receivable and other accounts receivable | 2.12 Trade accounts receivable and other accounts receivable Trade accounts receivable and other accounts receivable are measured and recognized at the transaction price at the time they are generated less the provision for expected credit losses, pursuant to the requirements of IFRS 15, since they do not have a significant financial component, less the provision of expected credit losses. The provision for expected credit losses is made applying a value impairment model based on expected credit losses for the following 12 months. The Group applies a simplified focus for trade receivables, thereby impairment is always recorded referring to expected losses during the whole life of the asset. The carrying amount of the asset is reduced by the provision of expected credit losses, and the loss is recognized in administrative expenses in the consolidated income statement by function. |
Cash and cash equivalents | 2.13 Cash and cash equivalents Cash and cash equivalents include cash on hand, bank balances, time deposits and other short-term highly liquid and low risk of change in value investments. |
Other financial liabilities | 2.14 Other financial liabilities Resources obtained from financial institutions as well as the issuance of debt securities are initially recognized at fair value, net of costs incurred during the transaction. Then, liabilities are valued by accruing interests in order to equal the current value with the future value of liabilities payable, using the effective interest rate method. General and specific borrowing costs directly attributable to the acquisition, construction or production of qualified assets, considered as those that require a substantial period of time in order to get ready for their forecasted use or sale, are added to the cost of those assets until the period in which the assets are substantially ready to be used or sold. |
Income tax | 2.15 Income tax The Company and its subsidiaries in Chile account for income tax according to the net taxable income calculated based on the rules in the Income Tax Law. Subsidiaries in other countries account for income taxes according to the tax regulations of the country in which they operate. Deferred income taxes are calculated using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements, using the tax rates that have been enacted or substantively enacted on the balance sheet date and are expected to apply when the deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. The Company does not recognize deferred income taxes for temporary differences from investments in subsidiaries in which the Company can control the timing of the reversal of the temporary differences and it is probable that they will not be reversed in the near future. The Group offsets deferred tax assets and liabilities if and only if it has legally recognized a right to offset against the tax authority the amounts recognized in those items; and intends to settle the resulting net debts, or to realize the assets and simultaneously settle the debts that have been offset by them. |
Provisions | Provisions are recognized when the Company has a present legal or constructive obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. |
Leases | 2.17 Leases In accordance with IFRS 16 “Leases” Embotelladora Andina analyzes, at the beginning of the contract, the economic background of the agreement, to determine if the contract is, or contains, a lease, evaluating whether the agreement transfers the right to control the use of an identified asset for a period of time in exchange for a consideration. Control is considered to exist if the client has i) the right to obtain substantially all the economic benefits from the use of an identified asset; and ii) the right to direct the use of the asset. The Company when operating as a lessee, at the beginning of the lease (on the date the underlying asset is available for use) records an asset for the right-of-use in the statement of financial position (under Property, plant and equipment) and a lease liability (under Other financial liabilities). This asset is initially recognized at cost, which includes: i) value of the initial measurement of the lease liability; ii) lease payments made up to the start date less lease incentives received; iii) the initial direct costs incurred; and iv) the estimation of costs for dismantling or restoration. Subsequently, the right-of-use asset is measured at cost, adjusted by any new measurement of the lease liability, less accumulated depreciation and accumulated losses due to impairment of value. The right-of-use asset is depreciated in the same terms as the rest of similar depreciable assets, if there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. If such certainty does not exist, the asset depreciates at the shortest period between the useful life of the asset or the lease term. On the other hand, the lease liability is initially measured at the present value of the lease payments, discounted at the incremental loan rate of the Company, if the interest rate implicit in the lease could not be easily determined. Lease payments included in the measurement of the liability include: i) fixed payments, less any lease incentive receivable; ii) variable lease payments; iii) residual value guarantees; iv) exercise price of a purchase option; and v) penalties for lease termination. The lease liability is increased to reflect the accumulation of interest and is reduced by the lease payments made. In addition, the carrying amount of the liability is measured again if there is a modification in the terms of the lease (changes in the term, in the amount of payments or in the evaluation of an option to buy or change in the amounts to be paid). Interest expense is recognized as an expense and is distributed among the periods that constitute the lease period, so that a constant interest rate is obtained in each year on the outstanding balance of the lease liability. Short-term leases, equal to or less than one year, or lease of low-value assets are excepted from the application of the recognition criteria described above, recording the payments associated with the lease as an expense in a linear manner throughout the lease term. The Company does not act as lessor, nor does it have variable payments as lessee. |
Deposits for returnable containers | 2.18 Deposits for returnable containers This liability comprises cash collateral, or deposit, received from customers for bottles and other returnable containers made available to them. This liability pertains to the deposit amount that would be reimbursed when the customer or distributor returns the bottles and containers in good condition, together with the original invoice. This liability is presented under Other current financial liabilities since the Company does not have legal rights to defer settlement for a period in excess of one year. However, the Company does not anticipate any material cash settlements for such amounts during the upcoming year. |
Revenue recognition | 2.19 Revenue recognition The Company recognizes revenue when control over a good or service is transferred to the client. Control refers to the ability of the client to direct the use and obtain substantially all the benefits of the goods and services exchanged. Revenue is measured based on the consideration to which it is expected to be entitled for such transfer of control, excluding amounts collected on behalf of third parties. Management has defined the following indicators for revenue recognition, applying the five-step model established by IFRS 15 “Revenue from contracts with customers”: 1) Identification of the contract with the customer; 2) Identification of performance obligations; 3) Determination of the transaction price; 4) Assignment of the transaction price; and 5) Recognition of revenue. All the above conditions are met at the time the products are delivered to the customer. Net sales reflect the units delivered at list price, net of promotions, discounts and taxes. The revenue recognition criteria of the good provided by Embotelladora Andina corresponds to a single performance obligation that transfers the product to be received to the customer. |
Contributions of The Coca-Cola Company | 2.20 Contributions of The Coca-Cola Company The Company receives certain discretionary contributions from The Coca-Cola Company (TCCC) mainly related to the financing of advertising and promotional programs for its products in the territories where the Company has distribution licenses. The contribution received from TCCC are recognized in net income after the conditions agreed with TCCC in order to become a creditor to such incentive have been fulfilled, they are recorded as a reduction in the marketing expenses included in the Administration Expenses account. Given its discretionary nature, the portion of contributions received in one period does not imply it will be repeated in the following period. |
Dividend distribution | 2.21 Dividend distribution The minimum mandatory dividend established by the Chilean Corporations Law is 30% of net income for the year, which must be ratified unanimously by the General Shareholders’ Meeting. Net income is determined as of December 31 of each year, at which time the liability is recognized in the Company’s consolidated financial statements. Interim and final dividends are recorded at the time of their approval by the competent body, which in the first case is normally the Board of Directors of the Company, while in the second case it is the responsibility of General Shareholders’ Meeting. |
Critical accounting estimates and judgments | 2.22 Critical accounting estimates and judgments In preparing the Consolidated Financial Statements, the Company has used certain judgments and estimates made to quantify some of the assets, liabilities, income, expenses and commitments. Following is an explanation of the estimates and judgments that might have a material impact on future financial statements. 2.22.1 Impairment of goodwill and intangible assets with indefinite useful lives The Company tests annually whether goodwill and intangible assets with indefinite useful life (such as distribution rights) have suffered any impairment. The recoverable amounts of cash generating units are determined based on value in use calculations. The significant judgments and assumptions used in the calculations include sales volumes and prices, discount rates, marketing expenses and other economic factors. The estimation of these variables requires a use of estimates and judgments as they are subject to inherent uncertainties; however, the assumptions are consistent with the Company’s internal planning and past results. Therefore, management evaluates, and updates estimates according to the conditions affecting the variables. If these assets are considered to have been impaired, they will be written off at their estimated fair value or future recovery value according to the lowest discounted cash flows analysis. On an annual basis and close to each fiscal year end discounted cash flows in the Company’s cash generating units in Chile, Brazil, Argentina and Paraguay generated a higher value than the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and Paraguayan subsidiaries. 2.22.2 Fair Value of Assets and Liabilities IFRS require in certain cases that assets and liabilities be recorded at their fair value. Fair value is the price that would be received for selling an asset or paid to transfer a liability in a transaction ordered between market participants at the date of measurement. The basis for measuring assets and liabilities at fair value are their current prices in an active market. For those that are not traded in an active market, the Company determines fair value based on the best information available by using valuation techniques. In the case of the valuation of intangibles recognized as a result of acquisitions from business combinations, the Company estimates the fair value based on the “multi-period excess earning method”, which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash flows that do not come from these, but from other assets. The Company also applies estimations over the period during which the intangible assets will generate cash flows, cash flows from other assets, and a discount rate. Other assets acquired, and liabilities assumed in a business combination are carried at fair value using valuation methods that are considered appropriate under the circumstances. Assumptions include the depreciated cost of recovery and recent transaction values for comparable assets, among others. These valuation techniques require certain inputs to be estimated, including the estimation of future cash flows. 2.22.3 Allowances for doubtful accounts The Group uses a provision matrix to calculate expected credit losses for trade receivables. Provisions are based on due days for various groups of customer segments that have similar loss patterns (i.e., by geography region, product type, customer type and rating, and credit letter coverage and other forms of credit insurance). The provision matrix is initially based on the historically observed non-compliance rates for the Group. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For example, if expected economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year, which can lead to more non-compliances in the industry, historical default rates are adjusted. At each closing date, the observed historical default rates are updated and changes in prospective estimates are analyzed. The assessment of the correlation between observed historical default rates, expected economic conditions and expected credit losses are significant estimates. 2.22.4 Useful life, residual value and impairment of property, plant, and equipment Property, plant, and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of those assets. Changes in circumstances, such as technological advances, changes to the Company’s business model, or changes in its capital strategy might modify the effective useful lives as compared to our estimates. Whenever the Company determines that the useful life of Property, plant and equipment might be shortened, it depreciates the excess between the net book value and the estimated recoverable amount according to the revised remaining useful life. Factors such as changes in the planned usage of manufacturing equipment, dispensers, transportation equipment and computer software could make the useful lives of assets shorter. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of any of those assets may not be recovered. The estimate of future cash flows is based, among other factors, on certain assumptions about the expected operating profits in the future. The Company’s estimation of discounted cash flows may differ from actual cash flows because of, among other reasons, technological changes, economic conditions, changes in the business model, or changes in operating profit. If the sum of the projected discounted cash flows (excluding interest) is less than the carrying amount of the asset, the asset shall be written-off to its estimated recoverable value. 2.22.5 Contingent liabilities Provisions for litigation and other contingencies are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the current obligation at the date of issuance of the financial statements, considering the risks and uncertainties surrounding the obligation. When a provision is measured using estimated cash flows to settle the current obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The accrual of the discount is recognized as a finance cost. Incremental legal costs expected to be incurred in settling the legal claim are included in the measurement of the provision. If management is unable to reliably estimate the obligation or conclude no loss is probable but it is reasonably possible that a loss may be incurred, no provision is recorded but the contingency is disclosed in the notes to the consolidated financial statements. Provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic benefits will be required to settle the obligation, the provision is reversed. A contingent liability does not imply the recognition of a provision. Legal costs expected to be incurred in defending the legal claim are recognized in profit or loss when incurred. 2.22.6. Employee benefits The Company records a liability regarding indemnities for years of service that will be paid to employees in accordance with individual and collective agreements subscribed with employees, which is recorded at actuarial value in accordance with IAS 19 “Employee Benefits”. At year-end there have been no modifications to the agreements. 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. |
New Standards, Interpretations and Amendments to IFRS | 2.23 New Standards, Interpretations and Amendments to IFRS 2.23.1 New Standards, Interpretations and Amendments for annual periods beginning on January 1, 2022. Amendments to IFRS which have been issued and are effective from January 1, 2022, are detailed below. Amendments Date of application IFRS 3 Reference to the Conceptual Framework January 1, 2022 IAS 16 Property, Plant and Equipment — Proceeds before Intended Use January 1, 2022 IAS 37 Onerous Contracts—Cost of Fulfilling a Contract January 1, 2022 IFRS 3 Reference to the Conceptual Framework Amendment to IFRS 3, “Business Combinations” minor amendments were made to IFRS 3 to update the references to the Conceptual Framework for Financial Reporting, without changing the requirements for business combinations. IAS 16 Property, Plant and Equipment — Proceeds before Intended Use Amendment to IAS 16, “Property, plant and equipment” prohibits companies from deducting from the cost of property, plant and equipment the proceeds received from the sale of items produced while the company is preparing the asset for its intended use. The company must recognize such sales revenue and related costs in the respective annual profit or loss statement. IAS 37 Onerous Contracts—Cost of Fulfilling a Contract In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities, and Contingent Assets to specify the costs an entity needs to include when assessing whether a contract is onerous, or it generates losses. The amendment shall be effective for periods beginning on or after January 1, 2022. The amendment should be applied retrospectively to existing contracts at the beginning of the annual reporting period in which the entity first applies the amendment (date of initial application). Early application is permitted and must be disclosed. The amendments are intended to provide clarity and help ensure consistent implementation of the standard. Entities that previously applied the incremental cost approach will see an increase in provisions to reflect the inclusion of costs directly related to contract activities, while entities that previously recognized contractual loss provisions using the guidance to the previous standard, IAS 11 Construction Contracts, should exclude the allocation of indirect costs from their provisions. The adoption of the standards, amendments and interpretations described above do not have a significant impact on the Company’s consolidated financial statements. 2.223.2 New Accounting Standards, Interpretations and Amendments with effective application for annual periods beginning on or after January 1, 2023. Standards and interpretations, as well as IFRS amendments, which have been issued, but have still not become effective as of the date of these financial statements are set forth below. The Company has not made an early adoption of these standards. Standards and Interpretations Mandatory application date IFRS 17 Insurance Contracts January 1, 2023 IFRS 17 - Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a new accounting standard IFRS 17 “Insurance Contracts”. Issued in May 2017, it replaces the current IFRS 4. IFRS 17 will primarily change the accounting for all entities that issue insurance contracts and investment contracts with discretionary participation features. The standard applies to annual periods beginning on or after January 1, 2023, with early application permitted provided IFRS 9, “Financial Instruments”, is applied. Amendments to IFRS that have been issued to become effective in the near future are detailed below. Amendments and improvements Date of application IAS 1 Classification of liabilities as current or non-current January 1, 2024 IAS 1 Non-current liabilities with covenants January 1, 2024 IAS 12 Deferred taxes regarding assets and liabilities that arise from a single transaction January 1, 2023 IAS 8 Definition of Accounting estimate January 1, 2023 IFRS 16 Lease Liability in a Sale and Leaseback January 1, 2024 IAS 1 Presentation of Financial Statements Classification of liabilities as current or non-current Amendment to IAS 1 “Presentation of Financial Statements” on classification of liabilities. This amendment clarifies that liabilities are classified as current or non-current depending on the rights that exist at the end of the reporting period. The classification is not affected by the entity’s expectations or events after the reporting date (e.g., receipt of a waiver or covenant breach). The amendment also clarifies what IAS 1 means when it refers to the “settlement” of a liability. The amendment should be applied retrospectively in accordance with IAS 8. Effective date of initial application January 1, 2022, however, this date was deferred to January 1, 2024. IAS 1 Presentation of Financial Statements – Non-Current Liabilities with Covenants Amendment to IAS 1 “Non-current liabilities with covenants”, the amendment aims to improve the information that an entity provides when the payment terms of its liabilities may be deferred depending on the fulfillment of covenants within twelve months after the date of issuance of the financial statements. IAS 12 Deferred tax related to assets and liabilities arising from a single transaction Amendment to IAS 12 - Deferred Tax Relating to Assets and Liabilities Arising from a Single Transaction. These amendments require companies to recognize deferred taxes on transactions that, on initial recognition, result in equal amounts of taxable and deductible temporary differences. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Accounting Estimates Amendments to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”, issued in February 2021. The amendments are intended to improve disclosures of accounting policies and help users of financial statements to distinguish between changes in accounting estimates and changes in accounting policies. IFRS 16 - Lease Liability in a Sale and Leaseback Amendments to IFRS 16 “Leases” on sale and leaseback, which explains how an entity should recognize the rights to use the asset and how gains or losses arising from the sale and leaseback should be recognized in the financial statements. The Company’s management estimates that the adoption of the standards, interpretations and amendments described above will not have a significant impact on the consolidated financial statements of the Company during the first period of their application. |
BASIS OF PREPARATION OF CONSO_3
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | |
Schedule of the list of subsidiaries included in the consolidation | Ownership interest 12.31.2022 12.31.2021 Taxpayer ID Company Name Direct Indirect Total Direct Indirect Total 96.842.970-1 Andina Bottling Investments S.A. 99.9 0.09 99.99 99.9 0.09 99.99 96.972.760-9 Andina Bottling Investments Dos S.A. 99.9 0.09 99.99 99.9 0.09 99.99 Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.98 96.836.750-1 Andina Inversiones Societarias S.A. 99.98 0.01 99.99 99.98 0.01 99.99 76.070.406-7 Embotelladora Andina Chile S.A. 99.99 — 99.99 99.99 — 99.99 Foreign Embotelladora del Atlántico S.A. 0.92 99.07 99.99 0.92 99.07 99.99 96.705.990-0 Envases Central S.A. 59.27 — 59.27 59.27 — 59.27 Foreign Paraguay Refrescos S.A. 0.08 97.75 97.83 0.08 97.75 97.83 76.276.604-3 Red de Transportes Comerciales Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 77.427.659-9 Re-Ciclar S.A. 60.00 — 60.00 60.00 — 60.00 Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.99 78.536.950-5 Servicios Multivending Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 78.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.09 99.99 99.9 0.09 99.99 96.928.520-7 Transportes Polar S.A. 99.99 — 99.99 99.99 — 99.99 76.389.720-6 Vital Aguas S.A. 66.50 — 66.50 66.50 — 66.50 93.899.000-k VJ S.A. 15.00 50.00 65.00 15.00 50.00 65.00 |
Schedule of companies that have a functional currency different from the presentation currency of the parent company | Company Functional Currency Embotelladora del Atlántico Argentine Peso (ARS) Embotelladora Andina Chilean Peso (CLP) Paraguay Refrescos Paraguayan Guaraní (PYG) Rio de Janeiro Refrescos Brazil Real (BRL) |
Schedule of exchange rates regarding the Chilean peso in effect at the end of each period | Exchange rates regarding the Chilean peso in effect at the end of each period are as follows: Date USD BRL ARS PYG 12.31.2022 855.86 164.03 4.83 0.116 12.31.2021 844.69 151.36 8.22 0.123 12.31.2020 710.95 136.80 8.44 0.103 |
Schedule of estimated useful lives by asset category | Assets Range in years Buildings 15-80 Plant and equipment 5-20 Warehouse installations and accessories 10-50 Furniture and supplies 4-5 Motor vehicles 4-10 IT equipment 3-5 Other Property, plant and equipment 3-10 Bottles and containers 1-8 |
Schedule of discount rates applied in annual test to the level of risk of the CGU | 2022 Discount 2021 Discount rates rates Argentina 33.1 % 27.2 % Chile 9.3 % 7.1 % Brazil 10.5 % 9.0 % Paraguay 11.3 % 8.1 % |
Schedule of amendments to IFRS that have been issued effective as of the date of these financial statements | Amendments Date of application IFRS 3 Reference to the Conceptual Framework January 1, 2022 IAS 16 Property, Plant and Equipment — Proceeds before Intended Use January 1, 2022 IAS 37 Onerous Contracts—Cost of Fulfilling a Contract January 1, 2022 |
Schedule of New Accounting Standards, Interpretations and Amendments with effective application for annual periods beginning on or after January 1, 2023 | Standards and Interpretations Mandatory application date IFRS 17 Insurance Contracts January 1, 2023 |
Summary of Amendments to IFRS which have been issued and will become in effect on January 1, 2023 | Amendments and improvements Date of application IAS 1 Classification of liabilities as current or non-current January 1, 2024 IAS 1 Non-current liabilities with covenants January 1, 2024 IAS 12 Deferred taxes regarding assets and liabilities that arise from a single transaction January 1, 2023 IAS 8 Definition of Accounting estimate January 1, 2023 IFRS 16 Lease Liability in a Sale and Leaseback January 1, 2024 |
FINANCIAL REPORTING BY SEGMENT
FINANCIAL REPORTING BY SEGMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL REPORTING BY SEGMENT | |
Summary of company's operating segments | Inter- Operation in Operation in Operation in Operation segment Consolidated, For the period ended December 31, 2022 Chile Argentina Brazil in Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 539.333.772 523.908.152 472.403.987 166.489.111 (1.055.254) 1.701.079.768 Other beverages 584.331.424 140.094.880 164.455.895 45.850.020 (639) 934.731.580 Packaging — 24.701.879 — — (3.634.832) 21.067.047 Revenues from ordinary activities 1,123,665,196 688,704,911 636,859,882 212,339,131 (4,690,725) 2,656,878,395 Cost of sales (743,226,587) (367,879,756) (403,695,516) (118,590,689) 4,690,725 (1,628,701,823) Distribution expenses (94,155,809) (98,238,512) (48,572,718) (12,547,637) — (253,514,676) Administrative expenses (165,139,607) (133,696,312) (100,060,355) (30,621,442) — (429,517,716) Financial income 18,783,930 9,853,565 10,307,344 777,571 — 39,722,410 Financial costs (28,065,600) (1,628,221) (29,854,132) — — (59,547,953) Net financial costs (9,281,670) 8,225,344 (19,546,788) 777,571 — (19,825,543) Share of entity in income of associates accounted for using the equity method, total 1,743,656 — (334,587) — — 1,409,069 Income tax expense (38,497,541) (38,651,371) (21,342,331) (5,853,395) — (104,344,638) Oher income (expenses) (*) (83,536,145) (20,652,710) 10,213,711 51,063 — (93,924,081) Net income of the segment reported (8,428,507) 37,811,594 53,521,298 45,554,602 — 128,458,987 Depreciation and amortization 40,714,017 33,442,921 31,888,435 13,320,058 — 119,365,431 Current assets 564,695,230 141,715,280 383,021,238 72,297,644 — 1,161,729,392 Non-current assets 762,292,569 251,248,261 566,116,288 269,314,097 — 1,848,971,215 Segment assets, total 1,326,987,799 392,963,541 949,137,526 341,611,741 — 3,010,700,607 Carrying amount in associates accounted for using the equity method, total 53,869,983 — 38,474,615 — — 92,344,598 Segment disbursements of non-monetary assets 85,998,605 40,479,269 42,173,211 18,051,094 — 186,702,179 Current liabilities 629,575,497 138,572,190 140,642,493 40,454,954 — 949,245,134 Non-current liabilities 600,735,999 24,584,021 536,281,288 16,451,513 — 1,178,052,821 Segment liabilities, total 1,230,311,496 163,156,211 676,923,781 56,906,467 — 2,127,297,955 Cash flows (used in) provided by in Operating Activities 255,357,664 59,379,474 58,391,224 24,324,062 — 397,452,424 Cash flows (used in) provided by Investing Activities 15,619,565 (40,479,269) (42,173,211) (18,135,556) — (85,168,471) Cash flows (used in) provided by Financing Activities (283,394,600) (41,768) (3,064,412) (462,602) — (286,963,382) (*) Other income (expenses) is the sum of the other income, other expenses, other (loss) gains, foreign exchange differences and income by indexation units. Inter- Operation in Operation in Operation in Operation segment Consolidated, For the period ended December 31, 2021 Chile Argentina Brazil Paraguay in eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 480,157,607 419,724,122 313,147,740 134,284,020 (904,603) 1,346,408,886 Other beverages 495,138,445 97,742,388 226,109,683 34,932,160 (587) 853,922,089 Packaging — 19,488,958 — — (3,087,340) 16,401,618 Revenues from ordinary activities 975,296,052 536,955,468 539,257,423 169,216,180 (3,992,530) 2,216,732,593 Cost of sales (630,862,197) (296,090,157) (361,323,450) (91,109,499) 3,992,530 (1,375,392,773) Distribution expenses (78,995,679) (78,019,531) (33,458,924) (9,478,239) — (199,952,373) Administrative expenses (142,762,661) (110,329,089) (71,995,712) (23,862,401) — (348,949,863) Financial income (2,936,819) 5,011,888 5,327,527 389,273 — 7,791,869 Financial costs (27,669,541) (577,941) (24,744,974) — — (52,992,456) Net financial costs (30,606,360) 4,433,947 (19,417,447) 389,273 — (45,200,587) Share of entity in income of associates accounted for using the equity method, total 2,799,437 — 293,665 — — 3,093,102 Income tax expense (15,756,620) (25,697,558) 82,395 (4,805,537) — (46,177,320) Oher income (expenses) (*) (29,072,689) (10,652,582) (7,834,863) 439,023 — (47,121,111) Net income of the segment reported 50,039,283 20,600,498 45,603,087 40,788,800 — 157,031,668 Depreciation and amortization 38,189,190 32,863,821 23,647,789 10,074,503 — 104,775,303 Current assets 626,277,188 117,319,226 183,268,173 64,121,536 — 990,986,123 Non-current assets 739,113,114 216,757,538 720,101,674 279,148,198 1,955,120,524 Segment assets, total 1,365,390,302 334,076,764 903,369,847 343,269,734 — 2,946,106,647 Carrying amount in associates accounted for using the equity method, total 52,519,831 — 38,969,363 — — 91,489,194 Segment disbursements of non-monetary assets 53,513,835 33,789,235 30,171,387 21,381,700 — 138,856,157 Current liabilities 283,835,866 101,832,549 109,691,047 34,207,817 — 529,567,279 Non-current liabilities 743,108,008 20,388,886 534,386,761 17,242,154 — 1,315,125,809 Segment liabilities, total 1,026,943,874 122,221,435 644,077,808 51,449,971 — 1,844,693,088 Cash flows (used in) provided by in Operating Activities 181,679,320 55,490,096 36,121,074 31,764,493 — 305,054,983 Cash flows (used in) provided by Investing Activities (108,283,362) (33,789,408) (32,875,359) (23,304,551) — (198,252,680) Cash flows (used in) provided by Financing Activities (111,533,388) (940,318) (2,455,073) (390,735) — (115,319,514) (*) Other income (expenses) is the sum of the other income, other expenses, other (loss) gains, foreign exchange differences and income by indexation units Inter- Operation in Operation in Operation in Operation segment Consolidated, For the period ended December 31, 2020 Chile Argentina Brazil Paraguay in eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Softdrinks 407,191,500 260,118,269 317,712,571 126,057,797 (578,764) 1,110,501,373 Other beverages 237,570,385 49,817,791 262,350,736 31,094,787 (359,666) 580,474,033 Packaging — 8,891,560 — — (1,585,729) 7,305,831 Revenues from ordinary activities 644,761,885 318,827,620 580,063,307 157,152,584 (2,524,159) 1,698,281,237 Cost of sales (392,720,439) (172,065,726) (373,444,835) (86,791,818) 2,524,159 (1,022,498,659) Distribution expenses (59,897,972) (49,112,014) (34,784,528) (8,737,504) — (152,532,018) Administrative expenses (112,306,460) (69,668,104) (79,674,089) (21,990,282) — (283,638,935) Financial income 6,437,945 1,169,193 7,068,396 270,345 — 14,945,879 Financial costs (23,938,992) (729,164) (30,104,681) — — (54,772,837) Net financial costs (17,501,047) 440,029 (23,036,285) 270,345 — (39,826,958) Share of entity in income of associates accounted for using the equity method, total 1,248,478 — 980,285 — — 2,228,763 Income tax expense (23,057,195) (7,668,059) (20,536,914) (3,643,231) — (54,905,399) Oher income (expenses) (*) (21,231,223) (6,046,069) 3,064,104 222,477 — (23,990,711) Net income of the segment reported 19,296,027 14,707,677 52,631,045 36,482,571 — 123,117,320 Depreciation and amortization 50,271,626 22,895,329 27,339,714 10,413,848 — 110,920,517 Current assets 532,713,969 70,215,594 149,709,603 44,658,550 — 797,297,716 Non-current assets 636,275,547 144,802,176 643,447,811 226,241,150 — 1,650,766,684 Segment assets, total 1,168,989,516 215,017,770 793,157,414 270,899,700 — 2,448,064,400 Carrying amount in associates accounted for using the equity method, total 50,628,307 — 37,328,047 — — 87,956,354 Segment disbursements of non-monetary assets 41,114,189 15,803,061 17,075,672 11,882,036 — 85,874,958 Current liabilities 198,669,957 58,904,281 96,144,933 24,337,015 — 378,056,186 Non-current liabilities 748,105,248 10,717,606 465,225,175 14,399,594 — 1,238,447,623 Segment liabilities, total 946,775,205 69,621,887 561,370,108 38,736,609 — 1,616,503,809 Cash flows (used in) provided by in Operating Activities 191,911,595 24,603,123 36,409,227 25,845,053 — 278,768,998 Cash flows (used in) provided by Investing Activities (178,910,100) (16,010,950) (17,075,672) (11,882,036) — (223,878,758) Cash flows (used in) provided by Financing Activities 117,081,470 (167,606) (3,443,826) (429,077) — 113,040,961 (*) Other income (expenses) is the sum of the other income, other expenses, other (loss) gains, foreign exchange differences and income by indexation units. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
CASH AND CASH EQUIVALENTS. | |
Schedule of cash and cash equivalents | By item 12.31.2022 12.31.2021 ThCh$ ThCh$ Cash 203,931 503,687 Bank balances 108,486,568 94,472,637 Other fixed rate instruments 182,991,488 209,335,696 Cash and cash equivalents 291,681,987 304,312,020 By currency 12.31.2022 12.31.2021 ThCh$ ThCh$ USD 14,266,343 13,640,823 EUR 870,613 2,838,102 ARS 29,215,288 22,425,407 CLP 138,205,025 176,278,025 PYG 39,201,097 32,856,836 BRL 69,923,621 56,272,827 Cash and cash equivalents 291,681,987 304,312,020 |
OTHER CURRENT AND NON-CURRENT_3
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | |
Schedule of other current and non-current financial assets | Balance Current Non-current Other financial assets 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets (1) 92,838,315 194,509,044 3,317,778 1,216,865 Financial assets at fair value (2) 170,206,554 961,705 75,297,737 281,337,127 Other financial assets measured at amortized cost (3) — — 16,237,196 14,078,020 Total 263,044,869 195,470,749 94,852,711 296,632,012 (1) Financial instrument that does not meet the definition of cash equivalents as defined in Note 2.13. (2) Market value of hedging instruments. See details in Note 22. (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products, which are framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016 . |
OTHER CURRENT AND NON-CURRENT_4
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |
Schedule of composition of non-financial assets | Balance Current Non-current Other non-financial assets 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 6,059,201 7,860,112 1,074,940 1,254,775 Tax credit remainder (1) 905,826 2,022,493 40,922,425 52,746,937 Judicial deposits — — 15,723,829 15,259,876 Others (2) 19,991,973 4,836,499 1,951,072 1,600,028 Total 26,957,000 14,719,104 59,672,266 70,861,616 (1) (a) In November 2006, Rio de Janeiro Refrescos Ltda. (“RJR”) filed a court order No. 0021799-23.2006.4.02.5101 seeking recognition of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement of amounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base. The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts were recorded as of December 31, 2019. In addition, the company acknowledged the indirect costs (attorneys’ fees, consulting, auditing, indirect taxes and other obligations) resulting from the recognition of the right acquired in court, totaling BRL 175 million. The payment of income tax occurs when liquidating the credit, therefore the respective deferred tax liability recorded was CLP 24,276 million (BRL 148 million). Amounts already offset until December 31, 2022 were CLP 92,841 million (BRL 566 million). Companhia de Bebidas Ipiranga (“CBI”) acquired in September 2013, also filed a court order No. 0014022-71.2000.4.03.6102 in order to recognize the same issue as the one previously described for RJR. In September 2019, the ruling favoring CBI became final, allowing the recovery of the amounts overpaid from September 12, 1989 to December 1, 2013 (date when CBI was incorporated by RJR). CBI’s credit will be generated in the name of RJR, however, pursuant to the contractual clause (“Subscription Agreement for Shares and Exhibits”), as soon as collected by RJR, this payment should be immediately paid to former CBI shareholders (supervention favoring former CBI shareholders). Based on supporting documents found, for the August 1993-November 2013 period, the amount of credits related to this process have been calculated and totaled CLP 27,229 million (BRL 166 million, of which BRL 86 million corresponds to capital and BRL 84 million correspond to interest and monetary restatement), from this amount, CLP 1,148 million (BRL 7 million) must be deducted from indirect taxes, thus generating an account payable to former shareholders for CLP 27,229 million (CLP 25,125 million at December 2021) (BRL 156 billion) and a government receivables related to credits for that same amount. It is worth mentioning that for the September 1989-July 1993 period, the Company did not account the credit due to the lack of supporting documents. (2) Other non-financial assets are mainly composed of advances to suppliers. |
TRADE ACCOUNTS AND OTHER ACCO_2
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE | |
Schedule of composition of trade and other receivables | Current Non-current Trade debtors and other accounts receivable, Net 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 238,146,331 205,466,469 56,781 42,726 Other debtors 39,798,245 55,281,501 483,139 83,738 Other accounts receivable 1,825,710 4,742,656 — — Total 279,770,286 265,490,626 539,920 126,464 Current Non-current Trade debtors and other accounts receivable, Gross 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 242,638,974 210,175,775 56,781 42,726 Other debtors 40,206,431 55,281,501 483,139 83,738 Other accounts receivable 1,921,211 4,744,721 — — Total 284,766,616 270,201,997 539,920 126,464 |
Schedule of stratification of the portfolio | 12.31.2022 12.31.2021 ThCh$ ThCh$ Less than one month 229,587,868 195,325,587 Between one and three months 4,577,833 6,843,836 Between three and six months 2,418,252 1,808,425 Between six and eight months 5,392,862 2,235,866 Older than eight months 718,940 4,004,787 Total 242,695,755 210,218,501 |
Schedule of provision for expected credit losses | 12.31.2022 Impairment Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 229,587,868 (701,701) 0.31 % Between one and three months 4,577,833 (431,630) 9.43 % Between three and six months 2,418,252 (786,856) 32.54 % Between six and eight months 5,392,862 (2,402,146) 44.54 % Older than eight months 718,940 (170,310) 23.69 % Total 242,695,755 (4,492,643) |
Schedule of movement in the allowance for expected credit losses | 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 4,711,371 6,795,663 Increase (decrease) (150,671) 1,697,887 Provision reversal (654,381) (3,832,220) Increase (decrease) for changes of foreign currency 586,324 50,041 Sub – total movements (218,728) (2,084,292) Ending balance 4,492,643 4,711,371 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INVENTORIES | |
Schedule of composition of inventories | Details 12.31.2022 12.31.2021 ThCh$ ThCh$ Raw materials (1) 104,833,902 86,914,422 Finished goods 114,164,680 81,461,680 Spare parts and supplies 27,109,494 23,063,797 Work in progress 216,164 109,467 Other inventories 4,020,372 3,358,474 Obsolescence provision (2) (4,457,956) (3,557,634) Total 245,886,656 191,350,206 The cost of inventory recognized as cost of sales amounts to CLP 1,388,536,599 thousand and CLP 1,192,363,804 thousand as of December 31, 2022 and 2021, respectively. (1) Approximately 80% is composed of concentrate and sweeteners used in the preparation of beverages, as well as caps and PET supplies used in the packaging of the product. (2) The obsolescence provision is related mainly with the obsolescence of spare parts classified as inventories and to a lesser extent to finished products and raw materials. The general standard is to provision all those multi-functional spare parts without utility in rotation in the last four years prior to the technical analysis technical to adjust the provision. In the case of raw materials and finished products, the obsolescence provision is determined according to maturity . |
TAX ASSETS AND LIABILITIES (Tab
TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
TAX ASSETS AND LIABILITIES | |
Schedule of composition of current tax accounts receivable | Tax assets 12.31.2022 12.31.2021 ThCh$ ThCh$ Monthly provisional payments 25,428,344 915,864 Tax credits 6,640,888 5,367,115 Recoverable taxes from prior years 473,424 — Surplus Tax Credit 6,387,530 3,941,279 Other Recoverable Taxes 396,241 110 Total 39,326,427 10,224,368 |
Schedule of composition of current tax accounts payable | Current Tax liabilities 12.31.2022 12.31.2021 ThCh$ ThCh$ Income tax expense 14,615,447 30,512,787 Total 14,615,447 30,512,787 |
INCOME TAX EXPENSE AND DEFERR_2
INCOME TAX EXPENSE AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |
Schedule of current and deferred income tax expenses | Details 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Current income tax expense (63,245,293) (45,614,890) (55,522,189) Current tax adjustment previous period 311,931 2,284,477 735,907 Foreign dividends tax withholding expense (11,129,734) (2,877,817) (6,987,142) Other current tax expense (income) — 114,130 47,569 Current income tax expense (74,063,096) (46,094,100) (61,725,855) Expense (income) for the creation and reversal of temporary differences of deferred tax and others (30,281,542) (83,220) 6,820,456 Expense (income) for deferred taxes (30,281,542) (83,220) 6,820,456 Total income tax expense (104,344,638) (46,177,320) (54,905,399) |
Schedule of distribution of national and foreign tax expenditure | Income taxes 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Current taxes Foreign (61,250,403) (37,363,624) (39,128,690) National (12,812,693) (8,730,476) (22,597,165) Current tax expense (74,063,096) (46,094,100) (61,725,855) Deferred taxes Foreign (4,596,695) 6,942,925 7,280,487 National (25,684,847) (7,026,145) (460,031) Deferred tax expense (30,281,542) (83,220) 6,820,456 Income Tax expense (104,344,638) (46,177,320) (54,905,399) |
Schedule of reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | Reconciliation of effective rate 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Net income before taxes 232,803,625 203,208,988 178,022,719 Tax expense at legal rate (27.0%) (62,856,979) (54,866,427) (48,066,134) Effect of tax rate in other jurisdictions (2,820,546) 860,745 1,032,950 Permanent differences: Withholding and other non-taxable income (11,536,654) (10,868,055) (2,417,582) Non-deductible expenses (3,622,958) (2,935,310) (6,007,898) Tax effect on excess tax provision in previous periods (81,258) 13,250,594 113,747 Tax effect of price-level restatement for Chilean companies (33,196,408) (15,794,098) (5,936,464) Subsidiaries tax withholding expense and other legal tax debits and credits 9,770,165 24,175,231 6,375,982 Adjustments to tax expense (38,667,113) 7,828,362 (7,872,215) Tax expense at effective rate (104,344,638) (46,177,320) (54,905,399) Effective rate 44.8 % 22.7 % 30.8 % |
Schedule of income tax rates applicable in each jurisdiction | Rate Country 2022 2021 2020 Chile 27.00 % 27.00 % 27.00 % Brazil 34.00 % 34.00 % 34.00 % Argentina 35.00 % 35.00 % 30.00 % Paraguay 10.00 % 10.00 % 10.00 % |
Schedule of the net cumulative balances of temporary differences that give rise to deferred tax assets and liabilities | 12.31.2022 12.31.2021 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 5,351,293 (58,230,728) 5,944,185 (52,435,301) Obsolescence provision 1,871,168 — 1,696,051 — ICMS exclusion credit(1) 2,686,693 — — (4,925,230) Employee benefits 5,033,868 (3,348) 3,163,172 (115,828) Provision for severance indemnity 2,789,893 (42,264) 271,789 (271,367) Tax loss carry forwards (2) 5,569,124 — 4,292,863 (698) Tax goodwill Brazil — (9,081,512) — (3,126,125) Contingency provision 27,145,591 — 30,216,275 — Foreign Exchange differences (3) 11,478,538 — 7,165,844 — Allowance for doubtful accounts 803,608 — 638,484 — Coca-Cola incentives (Argentina) 633,919 — — — Assets and liabilities for placement of bonds — (610,594) — (2,081,271) Financial expense — (1,894,010) — — Lease liabilities 1,874,166 — 1,781,922 — Inventories 1,312,833 — 652,669 — Distribution rights — (154,669,995) — (151,228,739) Hedge derivatives — — — — Prepaid income 5,339,265 (8,287) 1,711,461 — Spare parts — (4,142,782) — (3,374,376) Intangibles 69,395 (7,388,202) 130 (5,440,229) Others 5,282,818 (4,520,673) 4,194,697 (5,326,478) Subtotal 77,242,172 (240,592,395) 61,729,542 (228,325,642) Offsetting of deferred tax assets/(liabilities) (74,813,839) 74,813,839 (59,870,815) 59,870,815 Total assets and liabilities net 2,428,333 (165,778,556) 1,858,727 (168,454,827) (1) See Note 6 for more information about ICMS exclusion credit. (2) Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile. (3) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency that for tax purposes are recognized when incurred. |
Schedule of movement in deferred income tax accounts | Movement 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 166,596,100 151,743,678 Increase (decrease) in deferred tax (8,090,171) 4,507,688 Increase (decrease) due to foreign currency translation(*) 4,844,294 10,344,734 Total movements (3,245,877) 14,852,422 Ending balance 163,350,223 166,596,100 (*) Includes IAS 29 effects due to inflation in Argentina |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY PLANT AND EQUIPMENT | |
Schedule of property, plant and equipment, net | Property, plant and equipment, gross 12.31.2022 12.31.2021 ThCh$ ThCh$ Construction in progress 49,169,567 56,280,594 Land 104,906,878 101,286,107 Buildings 337,689,681 306,300,748 Plant and equipment 693,153,093 613,537,377 Information technology equipment 34,992,575 29,470,242 Fixed installations and accessories 69,798,556 61,264,172 Vehicles 75,759,020 56,346,552 Leasehold improvements 362,243 322,036 Rights of use (1) 73,946,435 69,616,828 Other properties, plant and equipment (2) 448,561,681 383,403,363 Total Property, plant and equipment, gross 1,888,339,729 1,677,828,019 Accumulated depreciation of Property, plant and equipment 12.31.2022 12.31.2021 ThCh$ ThCh$ Buildings (117,237,092) (102,957,623) Plant and equipment (499,070,234) (443,885,822) Information technology equipment (27,257,028) (23,857,025) Fixed installations and accessories (44,057,493) (38,165,051) Vehicles (44,600,066) (37,161,952) Leasehold improvements (282,057) (208,747) Rights of use (53,350,442) (45,962,853) Other properties, plant and equipment (2) (304,264,058) (269,249,819) Total accumulated depreciation (1,090,118,470) (961,448,892) Total Property, plant and equipment, net 798,221,259 716,379,127 (2) The net balance of each of these categories is presented below: |
Schedule of net balance of other property, plant and equipment, net | Other Property, plant and equipment, net 12.31.2022 12.31.2021 ThCh$ ThCh$ Bottles 46,351,209 36,546,377 Marketing and promotional assets (market assets) 70,149,875 55,210,620 Other Property, plant and equipment 27,796,539 22,396,547 Total 144,297,623 114,153,544 |
Schedule of movements in property, plant and equipment | Fixed installations IT and Leasehold Property, plant Construction in Plant and equipment accessories, improvements, Rights-of-use, and equipment, progress Land Buildings, net equipment, net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2022 56,280,594 101,286,107 203,343,125 169,651,555 5,613,217 23,099,121 19,184,600 113,289 114,153,544 23,653,975 716.379.127 Additions 75,269,957 — 867,990 21,280,010 922,233 74,995 636,420 10,275 68,730,337 — 167.792.217 Right-of use additions — — — — — — — — — 5,883,061 5.883.061 Disposals (32,456) — (16,174) (538,429) (15,105) — (4,522) — (2,249,837) (67,398) (2,923,921) Transfers between items of Property, plant and equipment (84,598,804) 159,232 10,014,587 33,485,897 3,487,406 3,384,472 16,037,695 51,403 17,940,342 37,770 — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (8,477,029) (35,372,214) (2,641,086) (3,365,827) (5,524,208) (68,741) (49,526,391) — (104,975,496) Amortization — — — — — — — — — (9,993,249) (9,993,249) Increase (decrease) due to foreign currency translation differences 4,263,117 3,461,539 11,105,445 7,324,221 43,790 1,282,713 852,241 10,324 6,450,271 1,235,657 36,029,318 Other increase (decrease) (2) (2,012,841) — 3,614,645 (1,748,181) 325,092 1,265,589 (23,272) (36,364) (11,200,643) (153,823) (9,969,798) Total movements (7,111,027) 3,620,771 17,109,464 24,431,304 2,122,330 2,641,942 11,974,354 (33,103) 30,144,079 (3,057,982) 81,842,132 Ending balance al 12.31.2022 49,169,567 104,906,878 220,452,589 194,082,859 7,735,547 25,741,063 31,158,954 80,186 144,297,623 20,595,993 798,221,259 Fixed Plant and IT facilities and Leasehold Property, plant Construction equipment, equipment, accessories, improvements, Rights-of-use, and equipment, in progress Land Buildings, net net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2021 34,194,083 94,321,726 180,916,878 145,790,203 4,878,307 17,647,892 16,410,784 59,142 90,020,253 21,337,277 605,576,545 Additions 61,100,226 — 3,708,881 19,025,057 1,428,080 12,068 171,420 8,738 47,426,736 — 132,881,206 Right-of use additions — — — — — — — — — 9,070,997 9,070,997 Disposals (74,476) — (276,312) (277,845) (3,896) (11) (9,573) — (3,156,795) — (3,798,908) Transfers between items of Property, plant and equipment (39,845,790) — 4,370,826 21,182,049 751,603 606,279 4,771,885 88,345 8,074,803 — — Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (7,862,888) (32,058,439) (2,219,235) (3,700,948) (4,054,092) (51,774) (43,651,397) — (93,598,773) Amortization — — — — — — — — — (8,386,063) (8,386,063) Increase (decrease) due to foreign currency translation differences 6,513,216 6,964,382 21,941,520 23,364,406 658,167 3,080,061 2,264,353 8,840 16,399,966 1,759,346 82,954,257 Other increase (decrease) (2) (5,606,665) (1) 544,220 (7,373,876) 120,191 5,453,780 (370,177) (2) (960,022) (127,582) (8,320,134) Total movements 22,086,511 6,964,381 22,426,247 23,861,352 734,910 5,451,229 2,773,816 54,147 24,133,291 2,316,698 110,802,582 Ending balance al 12.31.2021 56,280,594 101,286,107 203,343,125 169,651,555 5,613,217 23,099,121 19,184,600 113,289 114,153,544 23,653,975 716,379,127 |
Schedule of Right-of-use assets | Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 6,694,251 (3,452,700) 3,241,551 Plant and Equipment 47,377,683 (33,624,676) 13,753,007 IT Equipment 1,214,851 (1,081,741) 133,110 Motor vehicles 9,395,320 (6,066,615) 3,328,705 Others 9,264,330 (9,124,710) 139,620 Total 73,946,435 (53,350,442) 20,595,993 Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 4,042,921 (2,140,590) 1,902,331 Plant and Equipment 43,450,544 (27,325,328) 16,125,216 IT Equipment 997,458 (750,993) 246,465 Motor vehicles 12,171,762 (7,065,299) 5,106,463 Others 8,954,143 (8,680,643) 273,500 Total 69,616,828 (45,962,853) 23,653,975 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
RELATED PARTIES | |
Schedule of current accounts receivable between related parties | 12.31.2022 12.31.2021 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.891.720-K Embonor S.A. Shareholder related Chile CLP 10,852,709 — 3,870,800 — 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 15,444 109,318 62,756 98,941 Foreign Coca-Cola de Argentina Director related Argentina ARS — — 2,490,194 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 237,439 — 166,813 — 96.517.210-2 Embotelladora Iquique S.A. Shareholder related Chile CLP 745,048 — 155,264 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 925,189 — 1,266,871 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 2,048,054 — 934,350 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 143,002 — 371,907 — 76.140.057-6 Monster Associate Chile CLP 86,492 — 87,865 — 79.826.410-9 Guallarauco Associate Chile CLP 8,790 — 12,230 — Total 15,062,167 109,318 9,419,050 98,941 |
Schedule of current accounts payable between related parties | 12.31.2022 12.31.2021 Taxpayer ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 32,205,880 — 19,134,864 — Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil BRL 30,998,682 10,354,296 13,770,200 11,557,723 86.881.400-4 Envases CMF S.A. Associate Chile CLP 8,186,248 — 7,609,951 — Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 8,587,487 — 9,893,495 — Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 232,216 — 577,723 — Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 3,811,908 — 2,173,901 — 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 1,089,592 — 367,186 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 589,127 — 378,718 — Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 628,842 — 277,708 — 77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 2,198,317 — 1,858,682 — Foreign Monster Energy Argentina S.A. Shareholder related Argentina PYG — — 2,365 — Foreign Monster Energy Company – USA Shareholder related Argentina PYG 28,910 — 58,668 — Foreign Coca-Cola Company Shareholder Paraguay PYG 1,690,858 — — — Total 90,248,067 10,354,296 56,103,461 11,557,723 |
Schedule of transactions between related parties | Accumulated Accumulated Taxpayer ID Company Relationship Country Transaction Description Currency at 12.31.2022 at 12.31.2021 ThCh$ ThCh$ 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Concentrate purchase CLP 198,045,624 174,892,744 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of advertising services CLP — 3,290,184 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Water source lease CLP 5,958,076 4,727,676 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Sale of raw materials and others CLP 9,980,390 1,720,061 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Minimum dividend CLP 47,262 35,474 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 24,441,192 17,713,063 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials CLP 33,637,921 24,883,194 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of caps CLP — 153,142 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and others CLP 2,270,006 1,325,941 86.881.400-4 Envases CMF S.A. Associate Chile Sale of services and others CLP 13,914 1,430 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of packaging CLP 9,391,000 7,625,273 86.881.400-4 Envases CMF S.A. Associate Chile Sale of packaging/raw materials CLP 13,360,534 11,939,711 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of finished products CLP 79,205,926 59,018,653 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of services and others CLP 585,448 359,739 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of inputs and materials CLP 956,036 523,958 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 589,127 339,562 96.891.720-K Embonor S.A. Shareholder related Chile Sale of fixed asset CLP — 357,000 96.891.720-K Embonor S.A. Shareholder related Chile Dividend distribution CLP — 541,188 96.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 5,807,466 4,220,323 89.996.200-1 Envases del Pacífico S.A. Director related Chile Purchase of inputs and materials CLP 204,933 265,503 94.627.000-8 Parque Arauco S.A Director related Chile Lease of space CLP 101,981 69,151 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Purchase of concentrate BRL 100,199,500 69,785,833 Foreign Recofarma do Indústrias Amazonas Ltda. Shareholder related Brazil Reimbursement and other purchases BRL — 100,072 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Purchase of concentrate ARS 159,807,006 129,275,444 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising rights, prizes and others ARS 3,002,061 3,230,351 Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L. Shareholder related Argentina Advertising participation ARS — 5,201,881 Foreign KAIK Participações Associate Brazil Reimbursement and other purchases BRL 96,511 21,180 Foreign Leao Alimentos e Bebidas Ltda. Associate Brazil Purchase of products BRL 636,938 293,677 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products BRL 419,515 2,667,326 89.862.200-2 Latam Airlines Group S.A. Director related Chile Sale of products CLP 93,320 269,688 89.862.200-2 Latam Airlines Group S.A. Director related Chile Purchase of products CLP — 18,695 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 288,264 442,566 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Purchase of services and others CLP 4,306,419 4,436,600 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Payment of commissions and services ARS 4,128,865 2,973,907 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Purchase of products ARS 2,107,354 11,658 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Marketing services ARS 286,488 — Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products BRL 368,127 2,736,529 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of raw materials CLP 781,901 6,210 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of finished products CLP 12,867,822 8,937,506 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Sale of services and others CLP 4,512,714 11,183 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of finished products CLP 25,440,668 — 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Advertising CLP 2,367,626 — 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Cold equipment maintenance CLP 619,419 — 77526480-2 Comercializadora Novaverde S.A. Common shareholder Chile Purchase of raw materials CLP 952,699 4,519,948 96.633.550-5 Sinea S.A. Director related Chile Purchase of raw materials CLP -- 2,294,594 97.036.000-K Banco Santander Chile. Director/Manager/Executive Chile Purchase of services CLP 6,776,225 1,852,076 Foreign Monster Energy Brasil Comercio de Bebidas Ltda Affiliated company Brazil Purchase of products BRL 2,352,550 1,571,632 |
Schedule of Key management compensation | Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Executive wages, salaries and benefits 8,536,107 7,253,863 Director allowances 1,560,000 1,512,500 Benefits accrued in the last five years and payments made during the period 269,952 254,240 Total 10,366,059 9,020,603 |
CURRENT AND NON-CURRENT EMPLO_2
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee benefits | |
Schedule of employee benefits | Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Accrued vacation 25,773,244 18,630,043 Participation in profits and bonuses 22,618,562 15,538,771 Severance indemnity 17,409,793 14,982,928 Total 65,801,599 49,151,742 ThCh$ ThCh$ Current 48,391,806 35,012,072 Non-current 17,409,793 14,139,670 Total 65,801,599 49,151,742 |
Schedule of movements of employee benefits | Movements 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 14,982,928 14,086,575 Service costs 1,018,080 (8,917) Interest costs 737,566 1,672,491 Actuarial variations 2,905,020 1,216,808 Benefits paid (2,233,801) (1,984,029) Total 17,409,793 14,982,928 |
Schedule of actuarial assumptions | Assumptions 12.31.2022 12.31.2021 Discount rate 1.71 % 2.30 % Expected salary increase rate 2.0 % 2.0 % Turnover rate 7.68 % 7.68 % Mortality rate RV-2014 RV-2014 Retirement age of women 60 years 60 years Retirement age of men 65 years 65 years |
Schedule of personnel expenses | Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Wages and salaries 277,271,540 225,883,645 Employee benefits 71,566,763 53,340,673 Severance benefits 6,052,239 4,163,608 Other personnel expenses 21,305,979 18,134,494 Total 376,196,521 301,522,420 |
Severance indemnity | |
Employee benefits | |
Schedule of actuarial assumptions | Sensitivity to discount rate ThCh$ Variation in the provision for an increase of up to 100 bps (1,084,387) Variation in the provision for a decrease of up to 100 bps 1,088,927 Sensitivity to salary increase ThCh$ Variation in the provision for an increase of up to 100 bps 1,133,083 Variation in the provision for a decrease of up to 100 bps (1,164,934) |
INVESTMENTS IN ASSOCIATES ACC_2
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
Schedule of investments in associates using equity method of accounting | Investments in associates are accounted for using the equity method. Investments in associates are detailed as follows: Ownership Functional Investment value interest TAXPAYER ID Name Country currency 12.31.2022 12.31.2021 12.31.2022 12.31.2021 86.881.400-4 Envases CMF S.A. (1) Chile CLP 23,519,277 21,863,790 50.00 % 50.00 % Foreign Leão Alimentos e Bebidas Ltda. (2) Brazil BRL 8,460,307 11,359,597 10.26 % 10.26 % Foreign Kaik Participações Ltda. (2) Brazil BRL 1,293,219 1,107,007 11.32 % 11.32 % Foreign SRSA Participações Ltda. Brazil BRL 55,072 51,615 40.00 % 40.00 % Foreign Sorocaba Refrescos S.A. Brazil BRL 26,694,836 24,258,224 40.00 % 40.00 % Foreign Trop Frutas do Brasil Ltda. (2) Brazil BRL 1,971,055 2,192,920 7.52 % 7.52 % 76.572.588.7 Coca-Cola del Valle New Ventures S.A. Chile CLP 30,350,832 30,656,041 35.00 % 35.00 % Total 92,344,598 91,489,194 (1) In Envases CMF S.A., regardless of the percentage of ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions. (2) In these companies, regardless of the ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors. |
Schedule of movement of investments in associates accounted for using the equity method | Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance 91,489,194 87,956,354 Dividends received (4,383,645) (3,236,541) Share in operating income 2,118,728 4,041,118 Amortization unrealized income in associates — (435,884) Other increase (decrease) in investments in associates+ 3,120,321 3,164,147 Ending balance 92,344,598 91,489,194 *Mainly due to foreign exchange rates |
Schedule of reconciliation of share of profit in investments in associates | Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Share in operating income 2,118,728 4,041,118 3,248,680 Unrealized earnings from product inventory acquired from associates and not sold at the end of the period, which is presented as a discount in the respective asset account (containers and / or inventory) (568,767) (512,131) (528,122) Amortization goodwill in the sale of fixed assets of Envases CMF S.A. — 42,633 85,266 Amortization goodwill preferred rights CCDV S.A. (140,892) (478,518) (523,061) Income statement balance 1,409,069 3,093,102 2,228,763 |
Summary of financial information by associates | At December 31, 2022 Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca-Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S,A, ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 63,615,517 41,997,646 — 22,376 77,547,906 22,235,713 26,927,496 Long term assets 52,964,004 89,524,823 11,424,515 317,159 54,195,351 27,128,282 75,247,746 Total assets 116,579,521 131,522,469 11,424,515 339,535 131,743,257 49,363,995 102,175,242 Short term liabilities 45,222,022 21,366,336 — 201,853 16,269,385 14,693,964 9,038,769 Long term liabilities 24,318,944 45,013,681 31 — 11,698,126 12,270,207 5,480,067 Total liabilities 69,540,966 66,380,017 31 201,853 27,967,511 26,964,171 14,518,836 Total Equity 47,038,555 65,142,452 11,424,484 137,682 103,775,746 22,630,444 87,656,406 Total revenue from ordinary activities 97,834,148 -741 782,772 134,401 65,797,238 45,104,125 25,249,336 Net income before taxes 6,640,224 478,458 782,772 134,401 3,804,172 (5,105,685) (896,914) Net income after taxes 5,517,062 243,170 782,772 134,401 1,427,601 (5,067,707) 163,561 Other comprehensive income — 9,680,320 — — 1,522 275,534 — Total comprehensive income 5,517,062 9,923,490 782,772 134,401 1,429,123 (4,792,173) 163,561 Reporting date (See Note 2.3) 12.31.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 11.30.2022 12.31.2022 At December 31, 2021: Envases CMF Sorocaba Refrescos Kaik Participaçōes SRSA Participaçōes Leão Alimentos e Trop Frutas do Brasil Coca-Cola del Valle New S.A. S.A. Ltda. Ltda. Bebidas Ltda. Ltda. Ventures S.A. ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Short term assets 72,400,404 19,468,334 — 20,648 68,192,154 16,765,435 29,227,758 Long term assets 42,875,230 92,639,217 9,779,486 294,662 50,034,496 33,021,014 75,706,352 Total assets 115,275,634 112,107,551 9,779,486 315,310 118,226,650 49,786,449 104,934,110 Short term liabilities 57,080,891 21,255,566 — 186,266 12,991,480 10,009,915 10,181,664 Long term liabilities 14,467,165 34,960,269 28 — 6,489,944 18,294,787 7,164,058 Total liabilities 71,548,056 56,215,834 28 186,266 19,481,425 28,304,702 17,345,722 Total Equity 43,727,578 55,891,716 9,779,458 129,043 98,745,226 21,481,747 87,588,388 Total revenue from ordinary activities 77,805,312 (25,164,499) 204,624 126,016 94,169,579 35,224,230 46,509,329 Earnings before taxes 7,347,219 4,518,371 204,624 126,016 2,876,850 (31,042,731) 2,306,620 Earnings after taxes 5,509,658 2,573,415 204,624 126,016 1,556,223 (37,324,877) 2,869,945 Other comprehensive income — 2,363,061 — — 49,784 30,547,925 — Total comprehensive income 5,509,658 4,936,476 204,624 126,016 1,606,007 (6,776,952) 2,869,945 Reporting date (See Note 2.3) 12.31.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 11.30.2021 12.31.2021 |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |
Schedule of intangible assets other than goodwill | December 31, 2022 December 31, 2021 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Description Value /Impairment Value Value /Impairment Value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) (2) 653,200,644 (2,237,359) 650,963,285 650,411,156 (3,896,827) 646,514,329 Software 56,968,738 (36,205,387) 20,763,351 44,084,900 (31,019,938) 13,064,962 Others 509,957 (457,705) 52,252 509,957 (457,705) 52,252 Total 710,679,339 (38,900,451) 671,778,888 695,006,013 (35,374,470) 659,631,543 (1) Correspond to brands, water rights and distribution rights. Distribution rights are contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these rights, allow qualifying them as indefinite contracts. (2) Defense). In September, 2021 Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an indefinite useful life. |
Schedule of distribution rights | 12.31.2022 12.31.2021 Distribution rights ThCh$ ThCh$ Chile (excluding Metropolitan Region, Rancagua and San Antonio) 303,802,964 303,973,971 Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and Investments in Sorocaba and Leão Alimentos y Bebidas Ltda.) 171,411,484 158,175,979 Paraguay 172,548,023 181,675,993 Argentina (North and South) 3,200,814 2,688,386 Total 650,963,285 646,514,329 |
Schedule of the movement and balances of identifiable intangible assets | January 1 to December 31, 2022 January 1 to December 31, 2021 Distribution Distribution Description rights Others Software Total rights Others Software Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 646,514,329 52,252 13,064,962 659,631,543 596,365,737 975 8,147,453 604,514,165 Additions 16,881 — 12,020,412 12,037,293 5,773,560 — 6,998,593 12,772,153 Amortization /Impairment (187,888) — (4,208,798) (4,396,686) (152,644) — (2,637,823) (2,790,467) Other increases (decreases) (1) 4,619,963 — (113,225) 4,506,738 44,527,676 51,277 556,739 45,135,692 Total 650,963,285 52,252 20,763,351 671,778,888 646,514,329 52,252 13,064,962 659,631,543 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL | |
Schedule of movement in goodwill | Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2022 presentation currency 12.31.2022 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 61,851,449 5,090,059 66,941,508 Argentine operation 39,976,392 6,278,439 46,254,831 Paraguayan operation 7,712,036 (387,476) 7,324,560 Total 118,042,900 10,981,022 129,023,922 Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2021 presentation currency 12.31.2021 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 56,001,413 5,850,036 61,851,449 Argentine operation 27,343,642 12,632,750 39,976,392 Paraguayan operation 6,477,515 1,234,521 7,712,036 Total 98,325,593 19,717,307 118,042,900 Foreign currency translation differences where functional currency is different from Cash Generating Unit 01.01.2020 presentation currency 12.31.2020 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023 Brazilian operation 75,674,072 (19,672,659) 56,001,413 Argentine operation 29,750,238 (2,406,596) 27,343,642 Paraguayan operation 7,294,328 (816,813) 6,477,515 Total 121,221,661 (22,896,068) 98,325,593 |
OTHER CURRENT AND NON-CURRENT_5
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | |
Schedule of financial liabilities | Balance Current Non-current 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (Note 17.1.1 - 3) 688,800 26,617 13,366,211 4,000,000 Bonds payable, net (1) (Note 17.2) 340,767,980 25,383,339 763,368,160 1,020,661,942 Bottle guaranty deposits 16,427,144 13,402,885 — — Derivative contract liabilities (Note 17.3) 2,317,577 758,663 112,175,058 — Lease liabilities (Note 17.4.1 - 2) 7,100,579 8,191,535 15,892,629 16,387,030 Total 367,302,080 47,763,039 904,802,058 1,041,048,972 (1) |
Schedule of the fair value of financial assets and liabilities | Book value Fair value Book value Fair value Current 12.31.2022 12.31.2022 12.31.2021 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalent (2) 291,681,987 291,681,987 304,312,020 304,312,020 Financial assets at fair value (1) 170,206,554 170,206,554 961,705 961,705 Trade debtors and other accounts receivable (2) 279,770,286 279,770,286 265,490,626 265,490,626 Accounts receivable related companies (2) 15,062,167 15,062,167 9,419,050 9,419,050 Bank liabilities (2) 688,800 107,114 26,617 111,992 Bonds payable (2) 340,767,980 339,666,507 25,383,339 26,774,799 Bottle guaranty deposits (2) 16,427,144 16,427,144 13,402,885 13,402,885 Forward contracts liabilities (see Note 22) (1) 2,317,577 2,317,577 758,663 758,663 Leasing agreements (2) 7,100,579 7,100,579 8,191,535 8,191,535 Accounts payable (2) 384,801,630 384,801,630 327,409,207 327,409,207 Accounts payable related companies (2) 90,248,067 90,248,067 56,103,461 56,103,461 Non-current 12.31.2022 12.31.2022 12.31.2021 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets at fair value (1) 75,297,737 75,297,737 281,337,127 281,337,127 Non-current accounts receivable (2) 539,920 539,920 126,464 126,464 Accounts receivable related companies (2) 109,318 109,318 98,940 98,940 Bank liabilities (2) 13,366,211 13,921,569 4,000,000 4,056,753 Bonds payable (2) 763,368,160 729,602,210 1,020,661,942 1,041,841,338 Leasing agreements (2) 15,892,629 15,892,629 16,387,030 16,387,030 Non-current accounts payable (2) 3,015,284 3,015,284 256,273 256,273 Derivative contracts liabilities (see Note 22) (1) 112,175,058 112,175,058 — — Accounts payable related companies (2) 10,354,296 10,354,296 11,557,723 11,557,723 (1) Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and are classified as Level 2 of the fair value measurement hierarchies. (2) Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
Schedule of bank obligations, current | Maturity Total Indebted Entity Creditor Entity Type of Nominal Up to 90 days to At At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 90 days 1 year 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % 28,683 — 28,683 26,617 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 53,350 53,350 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 21,207 — 21,207 — 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9 Itaú Corpbanca Chile UF At maturity 0.18 % 585,560 — 585,560 — Total 688,800 26,617 |
Schedule of bank obligations, non-current | Maturity Indebted entity Creditor entity Type of Nominal 1 year up to More than 2 More than 3 More than 4 More than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile CLP Semiannually 9.49 % — 4,500,000 — — — 4,500,000 77.427.659-9 Re-Ciclar S.A. Chile 97.018.000-1 Scotiabank Chile S.A. Chile UF Semiannually 3.32 % — 4,866,211 — — — 4,866,211 Total 13,366,211 Maturity Indebted entity Creditor entity Type of Nominal 1 year up to More than 2 More than 3 More than 4 More than 5 At Taxpayer ID Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 96.705.990-0 Envases Central S.A. Chile 97.006.000-6 Banco Estado Chile CLP Semiannually 2.00 % — — 4,000,000 — — 4,000,000 Total 4,000,000 |
Schedule of bonds payable | Current Non-current Total Composition of bonds payable 12.31.2022 12.31.2021 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds face value 1 341,478,129 26,103,215 769,765,783 1,027,864,462 1,104,136,139 1,053,970,677 |
Schedule of current and noncurrent balances | Current nominal Adjustment Interest Final Interest Current Non-current Bonds Series amount unit rate maturity payment 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 1,253,683 UF 6.50 % 12.01.2026 Semiannually 10,513,470 8,769,787 28,795,438 34,515,188 CMF Registration 641 08.23.2010 C 1,227,273 UF 4.00 % 08.15.2031 Semiannually 5,427,888 4,853,856 38,302,888 38,035,317 CMF Registration 760 08.20.2013 D 4,000,000 UF 3.80 % 08.16.2034 Semiannually 1,967,995 1,737,109 140,443,920 123,966,960 CMF Registration 760 04.02.2014 E 3,000,000 UF 3.75 % 03.01.2035 Semiannually 1,304,513 1,151,467 105,332,951 92,975,229 CMF Registration 912 10.10.2018 F 5,700,000 UF 2.83 % 09.25.2039 Semiannually 1,491,144 1,316,202 200,132,586 176,652,918 Bonds USA 2023 10.01.2013 — 365,000,000 USD 5.00 % 10.01.2023 Semiannually 316,293,761 3,853,898 — 308,311,850 Bonds USA 2050 01.01.2020 — 300,000,000 USD 3.95 % 01.21.2050 Semiannually 4,479,358 4,420,896 256,758,000 253,407,000 Total 341,478,129 26,103,215 769,765,783 1,027,864,462 |
Schedule of non-current maturities | Year of maturity Total Non- More than 1 More than 2 More than 3 current Series up to 2 up to 3 up to 4 More than 5 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 254 06.13.2001 B 10,977,281 11,690,803 6,127,354 — 28,795,438 CMF Registration 641 08.23.2010 C 4,787,861 4,787,861 4,787,861 23,939,305 38,302,888 CMF Registration 760 08.20.2013 D — — — 140,443,920 140,443,920 CMF Registration 760 04.02.2014 E — — — 105,332,951 105,332,951 CMF Registration 912 10.10.2018 F — — — 200,132,586 200,132,586 Bonds USA 2050 — — — — 256,758,000 256,758,000 Total 15,765,142 16,478,664 10,915,215 726,606,762 769,765,783 |
Schedule of restrictions regarding bonds placed in the local market | 12.31.2022 ThCh$ Average net financial debt last 4 quarters 566.228.101 Net financial debt 642.079.544 Unencumbered assets 2.739.790.315 Total unsecured liabilities 1.881.793.665 EBITDA LTM 463.623.280 Net financial expenses LTM 23.350.639 |
Schedule of current liabilities for leasing agreements | Maturity Total Indebted entity Creditor entity Amortization Nominal Up to 90 days up to at at Name Country Taxpayer ID Name Country Currency Type Rate 90 days 1 year 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 255,231 814,197 1,069,428 873,321 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 29,490 91,801 121,291 180,136 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.10 % 67,708 87,905 155,613 267,752 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 74,841 224,521 299,362 289,409 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % 61,435 435,873 497,308 148,347 Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % — — — 24,779 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % 206,444 416,130 622,574 486,793 Embotelladora del Atlántico S.A. Argentina Foreign Systems Argentina USD Monthly 12.00 % 43,225 80,028 123,253 138,103 VJ S.A. Chile 93.899.000-k De Lage Landen Chile S.A. Chile USD Linear 12.16 % 145,000 443,820 588,820 558,872 Vital Aguas S.A. Chile 76.389.720-6 Coca-Cola del Valle New Ventures S.A. Chile CLP Linear 7.50 % 262,042 736,459 998,501 1,107,139 Envases Central S.A. Chile 96.705.990-0 Coca-Cola del Valle New Ventures S.A. Chile CLP Linear 5.56 % 602,887 — 602,887 2,364,977 Paraguay Refrescos S.A. Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 1.00 % — — — 185,345 Transportes Polar S.A. Chile 96.928.520-7 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 118,883 118,883 101,950 Embotelladora Andina S.A. Chile 91.144.000-8 Central de Restaurante Aramark Ltda. Chile CLP Monthly 1.30 % — — — 13,997 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % 77,216 232,224 309,440 274,063 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Comercializadora Novaverde Limitada Chile UF Monthly 0.08 % 106,674 71,128 177,802 376,446 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % 230,716 702,187 932,903 800,106 Red de Transportes Comerciales S.A. Chile 76.276.604-3 Inmobiliaria Ilog Avanza Park Chile UF Monthly 0.21 % 119,510 363,004 482,514 — Total 7,100,579 8,191,535 |
Schedule of noncurrent liabilities for leasing agreements | Maturity Indebted entity Creditor entity Amortization Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than at Name Country Taxpayer ID Name Country Currency Type Rate 2 years 3 years 4 years 5 years 5 years 12.31.2022 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda. Brasil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 1,208,453 1,365,552 1,543,074 1,743,674 2,501,730 8,362,483 Rio de Janeiro Refrescos Ltda. Brasil Foreign Tetra Pack Brazil BRL Monthly 7.39 % 130,569 140,558 151,311 162,886 409,959 995,283 Rio de Janeiro Refrescos Ltda. Brasil Foreign Real estate Brazil BRL Monthly 8.10 % 57,105 8,702 — — — 65,807 Rio de Janeiro Refrescos Ltda. Brasil Foreign Leao Alimentos e Bebidas Ltda. Brazil BRL Monthly 3.50 % 292,445 270,586 31,538 29,618 — 624,187 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % — 842,297 — 513,737 335,293 1,691,327 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % — 136,139 — — — 136,139 VJ S.A. Chile Foreign De Lage Landen Chile S.A Chile USD Monthly 12.16 % 769,982 — — — 769,982 Transportes Andina Refrescos Ltda Chile 85.275.700-0 Arrendamiento De Maquinaria SPA Chile UF Monthly 1.00 % — 355,952 — — — 355,952 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 195,393 — — — 195,393 Red de Transportes Comerciales S.A. Chile 76.276.604-3 Inmobiliaria Ilog Avanza Park Chile UF Monthly 0.21 % — 831,235 — — — 831,235 Transportes Andina Refrescos Ltda Chile 78.861.790-9 Jungheinrich Rentalift SPA Chile UF Monthly 0.24 % — 1,864,841 — — — 1,864,841 Total 15,892,629 Maturity Indebted entity Creditor entity Type of Nominal 1 year up to 2 years up to 3 years up to 4 years up to More than at Name Country Taxpayer ID Name Country Currency Amortization Rate 2 years 3 years 4 years 5 years 5 years 12.31.2021 THCH$ THCH$ THCH$ THCH$ THCH$ THCH$ Rio de Janeiro Refrescos Ltda. Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 12.28 % 986,852 1,115,143 1,260,112 1,423,926 3,917,596 8,703,629 Rio de Janeiro Refrescos Ltda. Brazil Foreign Tetra Pack| Brazil BRL Monthly 7.39 % 64,906 69,872 75,217 80,971 256,055 547,021 Rio de Janeiro Refrescos Ltda. Brazil Foreign Real estate Brazil BRL Monthly 8.20 % 115,321 28,670 — — — 143,991 Rio de Janeiro Refrescos Ltda. Brazil Foreign Leão Alimentos e Bebidas Ltda. Brazil BRL Monthly 6.56 % 276,248 269,864 249,693 29,102 27,331 852,238 Embotelladora del Atlántico S.A. Argentina Foreign Banco Comafi Argentina USD Monthly 12.00 % — 86,276 — — — 86,276 Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00 % — 296,693 — 234,882 — 531,575 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % — 86,139 — — — 86,139 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00 % 1,343,457 — — — — 1,343,457 Vital Aguas S.A. Chile 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Chile CLP Monthly 8.20 % 602,887 — — — — 602,887 Envases Central S.A. Chile 76.572.588-7 Coca-Cola del Valle New Ventures S.A. Chile CLP Monthly 9.00 % — 541,264 — 44,696 — 585,960 Paraguay Refrescos S.A. Paraguay 80.003.400-7 Tetra Pack Ltda. Suc. Py Paraguay PGY Monthly 1.00 % — 212,945 — 64,460 — 277,405 Transportes Polar S.A. Chile 76.413.243-2 Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.89 % — 156,942 — — — 156,942 Embotelladora Andina S.A. Chile 76.178.360-2 Central de Restaurante Aramark Ltda. Chile CLP Monthly 1.30 % — 1,670,939 — 798,571 — 2,469,510 Total 16,387,030 |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
TRADE AND OTHER ACCOUNTS PAYABLE | |
Schedule of trade and other current accounts payable | Classification 12.31.2022 12.31.2021 ThCh$ ThCh$ Current 384,801,630 327,409,207 Non-current 3,015,284 256,273 Total 387,816,914 327,665,480 Item 12.31.2022 12.31.2021 ThCh$ ThCh$ Trade accounts payable 298,298,731 248,163,428 Withholding tax 60,738,656 54,812,365 Others 28,779,527 24,689,687 Total 387,816,914 327,665,480 |
OTHER PROVISIONS, CURRENT AND_2
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER PROVISIONS, CURRENT AND NON-CURRENT | |
Schedule of composition of provisions | Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Litigation (1) 48,695,427 57,412,406 Total 48,695,427 57,412,406 Current 1,591,644 1,528,879 Non-current 47,103,783 55,883,527 Total 48,695,427 57,412,406 (1) Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, based on the opinion of Management and our legal advisors, according to the following detail: Description (see note 23.1) 12.31.2022 12.31.2021 ThCh$ ThCh$ Tax contingencies 27,339,444 28,673,105 Labor contingencies 11,374,753 9,502,630 Civil contingencies 9,981,230 19,236,671 Total 48,695,427 57,412,406 |
Schedule of movement of provisions | Description 12.31.2022 12.31.2021 ThCh$ ThCh$ Opening balance at January 1 st 57,412,406 50,070,273 Additional provisions 48,639 948,632 Increase (decrease) in existing provisions 6,359,467 5,903,714 Used provision (payments made charged to the provision) (3,108,988) (3,717,687) Reversal of unused provision* (15,654,522) (788,215) Increase (decrease) due to foreign exchange rate differences 3,638,425 4,995,689 Total 48,695,427 57,412,406 (*) During 2022, the provision constituted by a defendant of the Government of the State of Rio de Janeiro related to the Advertising Contract was reversed. This is due to a review of the balances involved where the amounts claimed are reduced in favor of Rio de Janeiro Refrescos Ltda. |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER NON-FINANCIAL LIABILITIES | |
Schedule of other current and non-current liabilities | Current Non-current Description 12.31.2022 12.31.2021 12.31.2022 12.31.2021 ThCh$ ThCh$ ThCh$ ThCh$ Dividends payable 29,042,469 29,020,899 — — Other 13,251,991 (1) 2,216,935 29,589,051 (2) 23,784,817 Total 42,294,460 31,237,834 29,589,051 23,784,817 (1) Corresponds to an advance payment from Coca-Cola de Chile S.A. for a marketing co-participation plan for the penetration of market equipment, which will be developed between 2022 and until 2024. (2) Other non-current corresponds mainly to accounts payable to former shareholders of Companhia de Bebidas Ipiranga (“CBI”). See Note 6 for further information. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
EQUITY | |
Schedule of number of shares | Number of subscribed, paid-in and voting shares Series 2022 2021 A 473,289,301 473,289,301 B 473,281,303 473,281,303 |
Schedule of equity | Paid-in and subscribed capital Series 2022 2021 ThCh$ ThCh$ A 135,379,504 135,379,504 B 135,358,070 135,358,070 Total 270,737,574 270,737,574 |
Schedule of dividends declared and paid | Approval-Payment Dividend Profits imputable CLP CLP Periods type to dividends Series A Series B 02-25-2020 05-29-2020 Final 2019 Earnings 26.00 28.60 02-25-2020 08-28-2020 Additional Accumulated Earnings 26.60 28.60 10-27-2020 11-24-2020 Interim 2020 Earnings 26.60 28.60 12-22-2020 01-29-2021 Interim 2020 Earnings 26.00 28.60 04-15-2021 05-28-2021 Final 2020 Earnings 26.00 28.60 04-15-2021 08-27-2021 Additional 2020 Earnings 26.00 28.60 09-28-2021 10-29-2021 Interim 2021 Earnings 29.00 31.90 12.21.2021 01.28.2022 Interim 2021 Earnings 29.00 31.90 04.13.2022 04.26.2022 Final Accumulated Earnings 189.00 207.9 07.27.2022 08.26.2022 Interim 2022 Earnings 29.00 31.90 09.28.2022 10.28.2022 Interim 2022 Earnings 29.00 31.90 12.27.2022 01.27.2023 Interim 2022 Earnings 29.00 31.90 |
Schedule of other reserves | Concept 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Polar acquisition 421,701,520 421,701,520 421,701,520 Foreign currency translation reserves (495,483,366) (441,580,088) (517,496,486) Cash flow hedge reserve (62,344,501) 50,603,698 (24,719,533) Reserve for employee benefit actuarial gains or losses (7,776,316) (4,885,926) (4,663,193) Legal and statutory reserves 5,435,538 5,435,538 5,435,538 Other 6,014,568 6,014,568 6,014,568 Total (132,452,557) 37,289,310 (113,727,586) |
Schedule of foreign currency translation reserves | Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Brazil (140,762,397) (167,447,389) (203,657,392) Argentina (360,988,849) (294,696,228) (291,332,402) Paraguay 6,267,880 20,563,529 (22,506,692) Total (495,483,366) (441,580,088) (517,496,486) |
Schedule of movement in foreign currency translation reserves | Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Brazil 26,684,992 36,210,003 (104,863,274) Argentina (66,292,621) (3,363,826) (44,916,480) Paraguay (14,295,649) 43,070,221 (28,640,392) Total (53,903,278) 75,916,398 (178,420,146) |
Schedule of consolidated statements of comprehensive income | Gross Balance as of 2022 Balance Tax Net Balance Cash Flow for hedge (1) (155.206.655) 42.276.806 (112.929.849) Exchange rate translation differences (1) (78.009.918) 23.777.899 (54.232.019) Benefit related to defined benefit plans (3.960.084) 1.069.223 (2.890.861) Total Comprehensive income as of December 31, 2022 (237.176.657) 67.123.928 (170.052.729) Gross Balance as of 2021 Balance Tax Net Balance Cash Flow for hedge (1) 104,232,055 (28,944,992) 75,287,063 Exchange rate translation differences (1) 98,973,862 (22,103,267) 76,870,595 Benefit related to defined benefit plans (357,840) 96,617 (261,223) Total Comprehensive income as of December 31, 2021 202,848,077 (50,951,642) 151,896,435 Gross Balance as of 2020 Balance Tax Net Balance Cash Flow for hedge (1) (12,203,755) 2,334,037 (9.869.718) Exchange rate translation differences (1) (264,119,093) 84,571,922 (179.547.171) Benefit related to defined benefit plans (3,146,362) 849,518 (2.296.844) Total Comprehensive income as of December 31, 2020 (279.469.210) 87.755.477 (191.713.733) (1) |
Schedule of movement in comprehensive income | Benefit related Cash Flow Exchange rate to defines As of December 31, 2022: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (155,007,121) (78,009,918) (3,617,931) Deferred taxes 43,070,637 23,777,899 976,841 Reclassification to the result by function (993,365) — (249,771) Total Changes in Equity (112,929,849) (54,232,019) (2,890,861) Majority Equity holders (112,948,199) (53,903,278) (2,890,390) Non-Controlling interests 18,350 (328,741) (471) Total Changes in equity as of December 31, 2022 (112,929,849) (54,232,019) (2,890,861) Benefit related Cash Flow Exchange rate to defines As of December 31, 2021: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) 102,529,128 98,973,862 3,026,996 Deferred taxes (28,469,748) (22,103,267) (817,289) Reclassification to the result by function 1,227,683 — (2,470,930) Total Changes in Equity 75,287,063 76,870,595 (261,223) Majority Equity holders 75,323,231 75,916,398 (222,733) Non-Controlling interests (36,168) 954,197 (38,490) Total Changes in equity as of December 31, 2021 75,287,063 76,870,595 (261,223) Benefit related Cash Flow Exchange rate to defines As of December 31, 2020: Hedge Differences benefit plans M$ M$ M$ Increase (decrease) (11,029,171) (264,119,093) (3,338,354) Deferred taxes 2,029,363 84,571,923 901,356 Reclassification to the result by function (869,910) — 140,153 Total Changes in Equity (9,869,718) (179,547,170) (2,296,845) Major Equity holders (9,686,850) (178,420,146) (2,432,441) Non-Controlling interests (868) (1,127,024) 135,596 Total Changes in equity as of December 31, 2020 (9,869,718) (179,547,170) (2,296,845) |
Schedule of non-controlling interests | Non-controlling Interests Ownership % Shareholders’ Equity Income December December December December December December Details 2022 2021 2020 2022 2021 2020 2022 2021 2020 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Embotelladora del Atlántico S.A. 0.0171 0.0171 0.0171 36,451 33,794 23,662 6,410 3,463 2,312 Andina Empaques Argentina S.A. 0.0209 0.0209 0.0209 4,346 3,761 2,349 (5) 326 244 Paraguay Refrescos S.A. 2.1697 2.1697 2.1697 6,177,360 6,331,726 5,037,332 988,416 885,010 791,576 Vital S.A. 35.0000 35.0000 35.0000 8,848,927 8,056,551 8,176,999 923,228 499,923 285,269 Vital Aguas S.A. 33.5000 33.5000 33.5000 2,216,115 2,041,837 1,912,023 198,195 130,522 109,110 Envases Central S.A. 40.7300 40.7300 40.7300 6,669,936 5,738,008 5,227,112 999,807 750,192 (70,996) Re-Ciclar S.A.* 60.0000 40.0000 — 4,189,373 3,064,078 — (154,706) 64,082 — Total 28,142,508 25,269,755 20,379,477 2,961,345 2,333,518 1,117,515 (*) Re-Ciclar is a company incorporated in September 2021 whose purpose is to produce recycled resin for the Coca-Cola system and third parties. |
Schedule of subsidiaries financial information | Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar December 31,2022 S.A. S.A. S.A. S.A S.A. Central S.A. S.A. Total current assets 132,214,927 16,481,794 72,297,644 27,190,771 7,326,742 22,918,372 14,595,558 Total non-current assets 243,866,619 11,897,459 269,314,097 19,346,711 5,516,881 22,057,335 5,626,492 Total current liabilities 138,653,369 6,679,478 40,454,954 20,026,609 6,073,685 21,712,326 382,408 Total non-current liabilities 23,668,595 915,427 16,451,513 1,228,226 154,669 6,887,495 9,366,211 Net sales 664,003,032 37,915,166 212,339,131 85,067,864 22,026,721 100,227,739 — Net Income 37,589,788 (25,095) 45,554,603 2,637,795 591,626 2,454,710 (386,764) Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases Re-Ciclar December 31,2021 S.A. S.A. S.A. S.A S.A. Central S.A. S.A. Total current assets 107,589,399 13,197,912 64,121,536 25,441,586 5,575,990 17,976,170 4,135,677 Total non-current assets 209,051,488 11,865,984 279,148,198 16,832,859 5,789,335 20,945,892 3,560,269 Total current liabilities 98,942,717 6,210,788 34,207,817 17,498,997 4,934,841 20,091,524 35,751 Total non-current liabilities 19,520,634 868,253 17,242,154 1,756,730 335,449 4,742,707 — Net sales 517,466,510 30,750,914 169,216,180 64,513,412 16,005,176 77,475,816 — Net Income 20,307,709 1,558,476 40,788,801 1,428,350 389,619 1,841,867 160,195 Andina Embotelladora Empaques Paraguay Del Atlantico Argentina Refrescos VJ Vital Aguas Envases December 31,2020 S.A. S.A. S.A. S.A S.A. Central S.A. Total current assets 65,077,621 6,212,726 44,658,550 21,175,722 3,798,228 15,600,566 Total non-current assets 140,891,069 8,247,288 226,241,150 14,306,662 7,297,306 18,205,899 Total current liabilities 56,982,545 2,733,092 24,337,015 11,812,384 3,897,100 13,908,411 Total non-current liabilities 10,226,241 491,364 14,399,594 307,146 1,490,904 7,064,568 Net sales 309,936,060 15,148,572 157,152,584 42,955,659 12,929,160 62,267,424 Net Income 13,386,097 1,168,507 36,482,572 815,053 325,700 (174,313) |
DERIVATIVE ASSETS AND LIABILI_2
DERIVATIVE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVE ASSETS AND LIABILITIES | |
Schedule of fair value of assets and liabilities | Fair Value Measurement at December 31, 2022 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current assets Other current financial assets — 170,206,554 — 170,206,554 Other non-current financial assets — 75,297,737 — 75,297,737 Total assets — 245,504,291 — 245,504,291 Liabilities Other current financial liabilities — 2,317,577 — 2,317,577 Other non-current financial liabilities — 112,175,058 — 112,175,058 Total Liabilities — 114,492,635 — 114,492,635 Fair Value Measurement at December 31, 2021 Quoted prices in active markets for identical assets or Observable Unobservable liabilities market data market data (Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Current and non-current assets Other current financial assets — 961,705 — 961,705 Other non-current financial assets — 281,337,127 — 281,337,127 Total assets — 282,298,832 — 282,298,832 Liabilities Current and non-current liabilities Other current financial liabilities — 758,663 — 758,663 Other non-current financial liabilities — — — Total liabilities — 758,663 — 758,663 |
LITIGATION AND CONTINGENCIES (T
LITIGATION AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LITIGATION AND CONTINGENCIES | |
Schedule of guarantees and restricted assets | Guarantees that commit assets recognized in the financial statements: Committed assets Accounting value Guaranty Creditor Debtor name Relationship Guaranty Type 12.31.2022 12.31.2021 ThCh$ ThCh$ Administradora Plaza Vespucio S.A. Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 98,170 86,416 Cooperativa Agricola Pisquera Elqui Limitada Embotelladora Andina S.A. Parent company Cash Other non-current financial assets 1,056,320 1,216,865 Mall Plaza Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 330,298 290,890 Serv. Nacional Aduanas Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 18,583 Metro S.A. Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 21,207 24,335 Parque Arauco S.A. Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 142,901 126,136 Lease agreement Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 103,711 — Others Embotelladora Andina S.A. Parent company Cash Trade accounts and other accounts receivable 14,183 — Several retail Vending Subsidiary Cash Trade accounts and other accounts receivable 61,395 63,792 Several retail Transportes Refrescos Subsidiary Cash Trade accounts and other accounts receivable 693 628 Several retail Transportes Polar Subsidiary Cash Trade accounts and other accounts receivable 22,235 69,745 Workers’ claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,605,781 6,057,282 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets 6,457,702 6,562,747 Governmental entities Rio de Janeiro Refrescos Ltda. Subsidiary Plant and equipment Property, plant and equipment 10,196,929 10,882,933 Distribuidora Baraldo S.H. Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 97 164 Acuña Gomez Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 145 247 Nicanor López Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 104 176 Municipalidad Bariloche Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 2,428 2,230 Municipalidad San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 10,664 18,153 Municipalidad Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 431 734 Municipalidad Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 66,697 113,530 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 870 1,480 Municipalidad de Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 139 237 Almada Jorge Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,180 2,009 Farias Matias Luis Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 541 922 Temas Industriales SA - Embargo General de Fondos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 60,575 103,110 DBC SA C CERVECERIA ARGENTINA SA ISEMBECK Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 10,870 18,502 Coto Cicsa Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,932 3,289 Cencosud Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,208 2,056 Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 4,784 8,143 Bariloche Case Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 1,902 Vicentin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 125,683 — Marcus A.Peña Paraguay Refrescos Subsidiary Real estate Property, plant and equipment 4,965 5,692 Mauricio J Cordero C Paraguay Refrescos Subsidiary Real estate Property, plant and equipment — 987 José Ruoti Maltese Paraguay Refrescos Subsidiary Real estate Property, plant and equipment — 712 Alejandro Galeano Paraguay Refrescos Subsidiary Real estate Property, plant and equipment — 1,365 Ana Maria Mazó Paraguay Refrescos Subsidiary Real estate Property, plant and equipment 1,113 1,300 Guarantees that do not commit assets recognized in the Financial Statements: Committed assets Amounts involved Guaranty creditor Debtor name Relationship Guaranty Type 12.31.2022 12.31.2021 ThCh$ ThCh$ Labor procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 1,936,493 1,593,498 Administrative procedures Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 7,616,498 4,717,824 Federal government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 186,607,491 153,491,717 State government Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 117,027,313 64,725,638 Sorocaba Refrescos Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Guarantor 3,280,603 3,027,291 Others Rio de Janeiro Refrescos Ltda. Subsidiary Guaranty receipt Legal proceeding 3,423,715 3,390,177 Aduana de EZEIZA Andina Empaques Argentina S.A. Subsidiary Surety insurance Faithful compliance of contract 3,791 637,631 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL RISK MANAGEMENT | |
Schedule of foreign investment | BRL/CLP ARS/CLP PGY/CLP Parity variation at December 31, 2022 +8.4% -41.3% -5.0% Brazil Argentina Paraguay ThCh$ ThCh$ ThCh$ Total assets 949,137,527 392,963,540 341,611,741 Total liabilities 676,923,781 163,156,211 56,906,467 Net investment 272,213,746 229,807,329 284,705,274 Share on income 24.0 % 25.7 % 8.0 % -5% variation impact on currency translation Impact on results for the period (2,548,633) (1,800,552) (2,169,267) Impact on equity at closing (12,962,559) (10,943,206) (13,557,394) |
Schedule of committed maturities for liability payments | As of December 31, 2022 Payments on the year of maturity More than 1 More than 2 More than 3 Item 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 741,228 — 4,081,333 — — Bonds payable 340,767,980 15,765,142 16,478,664 10,915,215 720,209,139 Lease obligations 7,100,579 2,854,106 5,615,704 6,887,353 535,465 Contractual obligations (1) 127,611,501 39,242,308 5,973,129 5,339,005 4,950,895 Total 476,221,288 57,861,556 32,148,830 23,141,573 725,695,499 As of December 31, 2021 Payments on the year of maturity More than 1 More than 2 More than 3 Item 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 26,617 — — 4,000,000 — Bonds payable 25,383,339 321,636,043 13,915,567 14,545,378 670,564,954 Lease obligations 8,191,535 4,949,066 2,975,353 2,641,096 5,821,515 Contractual obligations (1) 85,354,594 31,678,743 9,036,380 8,992,060 4,950,895 Total 118,956,085 358,263,852 25,927,300 30,178,534 681,337,364 (1) Agreements that the Andina Group has with collaborating entities for its operation, which are mainly related to contracts entered into to supply products and/or support services in information technology services, commitments of the company with its franchisor to make investments or expenses related to the development of the franchise, support services to personnel, security services, maintenance services of fixed assets, purchase of inputs for production, among others. |
EXPENSES BY NATURE (Tables)
EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
EXPENSES BY NATURE | |
Schedule of other expenses by nature | 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Direct production costs (1,388,536,599) (1,192,363,804) (862,383,664) Payroll and employee benefits (376,196,521) (301,522,420) (252,337,262) Transportation and distribution (224,190,549) (174,253,526) (126,683,586) Advertisement (26,575,951) (28,475,957) (6,917,300) Depreciation and amortization (119,365,431) (104,775,303) (110,920,517) Repairs and maintenance (43,847,581) (38,631,914) (25,971,485) Other expenses (133,021,583) (84,272,085) (73,455,798) Total (1) (2,311,734,215) (1,924,295,009) (1,458,669,612) (1) Corresponds to the addition of cost of sales, administrative expenses and distribution costs. |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER INCOME | |
Schedule of other income by function | 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Gain due to disposal of Property, plant and equipment 79,650 480,401 16,005 Recovery of PIS credit and COFINS (1) — — 6,744,341 Credit recovery in Brazil (2) 1,856,762 — — Others 561,108 857,477 1,595,952 Total 2,497,520 1,337,878 8,356,298 (1) See Note 6 for more information on recovery. (2) restitution of credits for the payment of coffee quota (cota café). |
OTHER EXPENSES BY FUNCTION (Tab
OTHER EXPENSES BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER EXPENSES BY FUNCTION | |
Schedule of other expenses by function | 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Contingencies and non-operating fees 6,316,102 (7,950,093) (1,081,812) Tax on bank debits and other bank expenses (7,150,739) (5,270,040) (3,367,615) Write-offs, disposals and loss of property, plant and equipment — (417,623) (7,972,976) Others (51,694) (1,574,034) (5,007,853) Total (886,331) (15,211,790) (17,430,256) |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL INCOME AND EXPENSES | |
Schedule of financial income and costs | a) Financial income 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Interest income 32,388,801 2,196,886 7,931,055 Ipiranga purchase warranty restatement 39,509 11,290 7,674 From PIS credit and COFINS (1) 2,054,586 1,312,930 5,124,810 Other financial income 5,239,514 4,270,763 1,882,340 Total 39,722,410 7,791,869 14,945,879 (1) See Note 6 for more information on recovery. b) Financial expenses 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Bond interest (51,863,601) (48,624,062) (45,927,500) Bank loan interest (1,782,972) (267,012) (1,186,731) Lease interest (2,092,868) (1,816,506) (1,873,571) Other financial costs (3,808,512) (2,284,876) (5,785,035) Total (59,547,953) (52,992,456) (54,772,837) |
OTHER (LOSSES) GAINS (Tables)
OTHER (LOSSES) GAINS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER (LOSSES) GAINS | |
Schedule of other (losses) and gains | 01.01.2022 01.01.2021 01.01.2020 Description 12.31.2022 12.31.2021 12.31.2020 ThCh$ ThCh$ ThCh$ Other gains and losses* (24,983,899) — 287 Total (24,983,899) — 287 * During the first half of 2022, losses of CLP |
LOCAL AND FOREIGN CURRENCY (Tab
LOCAL AND FOREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LOCAL AND FOREIGN CURRENCY | |
Schedule of local and foreign currency - Current Assets | CURRENT ASSETS 12.31.2022 12.31.2021 ThCh$ ThCh$ Cash and cash equivalent 291,681,987 304,312,020 USD 14,266,343 13,640,823 EUR 870,613 2,838,102 CLP 138,205,025 176,278,025 BRL 69,923,621 56,272,827 ARS 29,215,288 22,425,407 PGY 39,201,097 32,856,836 Other current financial assets 263,044,869 195,470,749 CLP 92,826,375 194,834,125 BRL 170,154,995 140,544 ARS — 481,148 PGY 63,499 14,932 Other non-current financial assets 26,957,000 14,719,104 USD 847,149 1,141,780 EUR 329,535 77,526 UF 517,748 256,912 CLP 12,478,839 6,282,535 BRL 2,382,575 1,183,076 ARS 8,596,540 3,831,513 PGY 1,804,614 1,945,762 Trade debtors and other accounts payable 279,770,286 265,490,626 USD 1,467,851 2,347,439 EUR 6,770 — UF 49,469 69,142 CLP 155,443,395 147,478,959 BRL 74,851,690 76,173,944 ARS 39,795,968 32,330,010 PGY 8,155,143 7,091,132 Accounts receivable related entities 15,062,167 9,419,050 CLP 14,738,236 6,674,178 BRL 86,492 87,865 ARS 237,439 2,657,007 Inventory 245,886,656 191,350,206 CLP 103,719,764 77,225,374 BRL 60,074,387 44,848,239 ARS 62,655,300 54,376,217 PGY 19,437,205 14,900,376 Current tax assets 39,326,427 10,224,368 CLP 33,296,214 5,574,826 BRL 5,633,971 4,649,542 ARS 396,242 — Total current assets 1,161,729,392 990,986,123 USD 16,581,343 17,130,042 EUR 1,206,918 2,915,628 UF 567,217 326,054 CLP 550,707,848 614,348,022 BRL 383,107,731 183,356,037 ARS 140,896,777 116,101,302 PGY 68,661,558 56,809,038 |
Schedule of local and foreign currency - Non-Current Assets | NON-CURRENT ASSETS 12.31.2022 12.31.2021 CLP (000’s) ThCh$ Other non-current assets 94,852,711 296,632,012 UF 75,297,737 34,239,224 CLP 3,317,778 55,469,858 BRL — 192,844,909 ARS 16,237,196 14,078,021 Other non-current, non-financial assets 59,672,266 70,861,616 USD 91,220 673,524 CLP 483,530 419,910 BRL 55,060,849 66,621,741 ARS 2,367,042 1,836,280 PGY 1,669,625 1,310,161 Non-current accounts receivable 539,920 126,464 UF 249,366 7,089 CLP 233,773 76,649 ARS 56,781 — PGY — 42,726 Non-current accounts receivable related entities 109,318 98,941 CLP 109,318 98,941 Investments accounted for using the equity method 92,344,598 91,489,194 CLP 53,869,966 52,519,699 BRL 38,474,632 38,969,495 Intangible assets other than goodwill 671,778,888 659,631,543 CLP 312,981,971 311,086,862 BRL 177,173,694 159,307,806 ARS 9,075,200 7,560,882 PGY 172,548,023 181,675,993 Goodwill 129,023,922 118,042,900 CLP 9,523,768 9,523,767 BRL 65,920,764 60,830,705 ARS 46,254,831 39,976,392 PGY 7,324,559 7,712,036 Property, plant and equipment 798,221,259 716,379,127 EUR 3,146 404,450 CLP 303,797,013 273,812,253 BRL 229,486,365 201,527,151 ARS 177,219,624 152,227,991 PGY 87,715,111 88,407,282 Deferred tax assets 2,428,333 1,858,727 CLP 2,428,333 1,858,727 Total non-current assets 1,848,971,215 1,955,120,524 USD 91,220 673,524 EUR 3,146 404,450 UF 75,547,103 34,246,313 CLP 686,745,450 704,866,666 BRL 566,116,304 720,101,807 ARS 251,153,893 215,679,566 PGY 269,314,099 279,148,198 |
Schedule of local and foreign currency - Current Liabilities | 12.31.2022 12.31.2021 CURRENT LIABILITIES Up to 90 days 90 days up to 1 year Total Up to 90 days 90 days up to 1 year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other current financial liabilities 13,431,339 353,870,741 367,302,080 10,887,752 36,875,287 47,763,039 USD 249,660 321,143,849 321,393,509 233,993 8,329,598 8,563,591 UF 11,047,586 11,557,808 22,605,394 9,155,688 10,086,725 19,242,413 CLP 893,612 14,216,358 15,109,970 923,663 13,491,768 14,415,431 BRL 427,270 1,703,193 2,130,463 413,835 1,381,397 1,795,232 ARS 813,211 3,910,926 4,724,137 94,094 2,272,643 2,366,737 PGY — 1,338,607 1,338,607 66,479 1,313,156 1,379,635 Current trade accounts and other accounts payable 369,548,991 15,252,639 384,801,630 312,643,627 14,765,580 327,409,207 USD 34,223,389 33,046 34,256,435 20,438,936 1,309,678 21,748,614 EUR 3,148,088 899,198 4,047,286 6,093,006 — 6,093,006 UF 2,263,175 — 2,263,175 2,359,381 — 2,359,381 CLP 166,847,281 14,320,395 181,167,676 142,370,837 13,455,902 155,826,739 BRL 78,514,701 — 78,514,701 74,142,872 — 74,142,872 ARS 69,945,679 — 69,945,679 52,030,144 — 52,030,144 PGY 14,606,678 — 14,606,678 15,208,451 — 15,208,451 Other currencies Current accounts payable to related entities 90,248,067 — 90,248,067 56,103,461 — 56,103,461 CLP 44,298,074 — 44,298,074 29,349,401 — 29,349,401 BRL 35,671,648 — 35,671,648 16,799,532 — 16,799,532 ARS 8,587,487 — 8,587,487 9,893,495 — 9,893,495 PGY 1,690,858 — 1,690,858 61,033 — 61,033 Other current provisions 1,319,935 271,709 1,591,644 1,082,929 445,950 1,528,879 CLP 1,319,935 232,418 1,552,353 1,082,929 404,580 1,487,509 PGY — 39,291 39,291 — 41,370 41,370 Current tax liabilities 627,257 13,988,190 14,615,447 20,733,623 9,779,164 30,512,787 CLP 627,257 7,301 634,558 20,038,643 8,452 20,047,095 ARS — 13,479,571 13,479,571 694,980 8,524,083 9,219,063 PGY — 501,318 501,318 — 1,246,629 1,246,629 Current employee benefit provisions 45,482,776 2,909,030 48,391,806 13,434,697 21,577,375 35,012,072 CLP 8,115,837 1,052,395 9,168,232 1,181,717 7,327,637 8,509,354 BRL 19,586,150 — 19,586,150 11,649,154 — 11,649,154 ARS 17,780,789 — 17,780,789 603,826 12,529,323 13,133,149 PGY — 1,856,635 1,856,635 — 1,720,415 1,720,415 Other current non-financial liabilities 1,054,187 41,240,273 42,294,460 612,391 30,625,443 31,237,834 CLP 1,043,048 41,072,576 42,115,624 612,391 30,472,381 31,084,772 ARS 11,139 — 11,139 — 18,234 18,234 PGY — 167,697 167,697 — 134,828 134,828 Total current liabilities 521,712,552 427,532,582 949,245,134 415,498,480 114,068,799 529,567,279 USD 34,473,049 321,176,895 355,649,944 20,672,929 9,639,276 30,312,205 EUR 3,148,088 899,198 4,047,286 6,093,006 — 6,093,006 UF 13,310,761 11,557,808 24,868,569 11,515,069 10,086,725 21,601,794 CLP 223,145,044 70,901,442 294,046,486 195,559,581 65,160,720 260,720,301 BRL 134,199,769 1,703,193 135,902,962 103,005,393 1,381,397 104,386,790 ARS 97,138,305 17,390,497 114,528,802 63,316,539 23,344,283 86,660,822 PGY 16,297,536 3,903,548 20,201,084 15,335,963 4,456,398 19,792,361 |
Schedule of local and foreign currency - Non-Current Liabilities | 31.12.2021 31.12.2020 More than 1 year More than 3 and More than 1 year More than 3 and More than NON-CURRENT LIABILITIES up to 3 up to 5 More than 5 years Total up to 3 up to 5 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other non-current financial liabilities 40,713,614 28,457,265 835,631,179 904,802,058 35,164,178 331,118,858 674,765,936 1,041,048,972 USD 1,612,279 513,738 251,617,079 253,743,096 1,726,426 308,546,732 247,094,136 557,367,294 UF 35,491,226 15,781,426 468,927,353 520,200,005 29,821,850 15,453,105 423,470,818 468,745,773 CLP — 8,500,000 112,175,058 120,675,058 602,887 4,000,000 — 4,602,887 BRL 3,473,970 3,662,101 2,911,689 10,047,760 2,926,876 3,119,021 4,200,982 10,246,879 ARS 136,139 — — 136,139 86,139 — — 86,139 Non-current accounts payable 3,015,284 — — 3,015,284 256,273 — — 256,273 CLP 3,015,284 — — 3,015,284 256,273 — — 256,273 Accounts payable related entities 10,354,296 — — 10,354,296 11,557,723 — — 11,557,723 BRL 10,354,296 — — 10,354,296 11,557,723 — — 11,557,723 Other non-current provisions 1,397,148 45,706,635 — 47,103,783 1,917,655 53,965,872 — 55,883,527 BRL — 45,706,635 45,706,635 — 53,965,872 — 53,965,872 ARS 1,397,148 — — 1,397,148 1,917,655 — — 1,917,655 Deferred tax liabilities 26,966,210 34,088,989 104,723,357 165,778,556 21,365,277 35,470,702 111,618,848 168,454,827 CLP 5,617,287 38,945 88,895,598 94,551,830 3,619,149 1,845,868 95,076,888 100,541,905 BRL — 34,050,044 — 34,050,044 — 33,624,834 — 33,624,834 ARS 21,348,923 — — 21,348,923 17,746,128 — — 17,746,128 PGY — — 15,827,759 15,827,759 — — 16,541,960 16,541,960 Non-current employee benefit provisions 1.299.511 60,560 16,049,722 17,409,793 1,329,992 62,456 12,747,222 14,139,670 CLP 665,274 60,560 16,049,722 16,775,556 629,798 62,456 12,747,222 13,439,476 ARS 10,484 — — 10,484 PGY 623,753 — — 623,753 700,194 — — 700,194 Other non-financial liabilities — 29,589,051 — 29,589,051 21,113 23,763,704 — 23,784,817 BRL — 29,589,051 , 29,589,051 — 23,763,704 — 23,763,704 ARS 21,113 — — 21,113 Total non-current liabilities 83,746,063 137,902,500 956,404,258 1,178,052,821 71,612,211 444,381,592 799,132,006 1,315,125,809 USD 1,612,279 513,738 251,617,079 253,743,096 1,726,426 308,546,732 247,094,136 557,367,294 UF 35,491,226 15,781,426 468,927,353 520,200,005 29,821,850 15,453,105 423,470,818 468,745,773 CLP 9,297,845 8,599,505 217,120,378 235,017,728 5,108,107 5,908,324 107,824,110 118,840,541 BRL 13,828,266 113,007,831 2,911,689 129,747,786 14,484,599 114,473,431 4,200,982 133,159,012 ARS 22,892,694 — — 22,892,694 19,771,035 — — 19,771,035 PGY 623,753 — 15,827,759 16,451,512 700,194 — 16,541,960 17,242,154 |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) | Dec. 31, 2022 |
Series A | Chadwick Claro And Garces Silva And Said Handal and Said Somava Families [Member] | |
Disclosure of transactions between related parties [line items] | |
Ownership percentage with voting right | 55.25% |
BASIS OF PREPARATION OF CONSO_4
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Subsidiaries (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Andina Bottling Investments S.A | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Andina Bottling Investments Dos S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Andina Empaques Argentina S.A. | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.98% | 99.98% |
Holding control percentage | 99.98% | 99.98% |
Andina Inversiones Societarias S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.98% | 99.98% |
Indirect holding control percentage | 0.01% | 0.01% |
Holding control percentage | 99.99% | 99.99% |
Embotelladora Andina Chile S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Embotelladora del Altantico S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.92% | 0.92% |
Indirect holding control percentage | 99.07% | 99.07% |
Holding control percentage | 99.99% | 99.99% |
Envases Central S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 59.27% | 59.27% |
Holding control percentage | 59.27% | 59.27% |
Paraguay Refrescos S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 0.08% | 0.08% |
Indirect holding control percentage | 97.75% | 97.75% |
Holding control percentage | 97.83% | 97.83% |
Red de Transportes Comerciales Ltda. | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 0.09% |
Holding control percentage | 99.99% | 99.99% |
Re-Ciclar S.A. | ||
List of subsidiaries | ||
Direct holding control percentage | 60% | 60% |
Holding control percentage | 60% | 60% |
Rio De Janeiro Refrescos Ltda | ||
List of subsidiaries | ||
Indirect holding control percentage | 99.99% | 99.99% |
Holding control percentage | 99.99% | 99.99% |
Servicios Multivending Ltda | ||
List of subsidiaries | ||
Direct holding control percentage | 99.90% | 99.90% |
Indirect holding control percentage | 0.09% | 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% | 15% |
Indirect holding control percentage | 50% | 50% |
Holding control percentage | 65% | 65% |
BASIS OF PREPARATION OF CONSO_5
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Functional currency and presentation currency (Details) | 12 Months Ended | |||||||||||
Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / R$ | Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / CLF | Dec. 31, 2021 $ / $ | Dec. 31, 2021 $ / R$ | Dec. 31, 2021 $ / $ | Dec. 31, 2021 $ / CLF | Dec. 31, 2020 $ / $ | Dec. 31, 2020 $ / R$ | Dec. 31, 2020 $ / $ | Dec. 31, 2020 $ / CLF | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | ||||||||||||
Minimum accumulated inflation rate for three year stands out | 100% | |||||||||||
Exchange rates and value of the UF at the close | 855.86 | 164.03 | 4.83 | 0.116 | 844.69 | 151.36 | 8.22 | 0.123 | 710.95 | 136.80 | 8.44 | 0.103 |
BASIS OF PREPARATION OF CONSO_6
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Property, plant, and equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Constructions and buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 15 years |
Constructions and buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 80 years |
Plant and Equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Plant and Equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Warehouse installations and accessories | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Warehouse installations and accessories | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 50 years |
Furniture and supplies | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
Furniture and supplies | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Motor vehicles | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
Motor vehicles | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
IT Equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
IT Equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Other Property Plant And Equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Other Property Plant And Equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Bottles and containers | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 1 year |
Bottles and containers | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 8 years |
Software | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
BASIS OF PREPARATION OF CONSO_7
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Impairment of non-financial assets (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Impairment of non-financial assets | |||
Investments accounted for under the equity method | $ 91,489,194 | $ 92,344,598 | $ 87,956,354 |
Verde Campo brand | |||
Impairment of non-financial assets | |||
Recoverable amount | 21,800 | ||
Investments accounted for under the equity method | 34,600 | ||
Book value of investments | 12,800 | ||
Investments written down | $ 21,800 | ||
Argentina | |||
Impairment of non-financial assets | |||
Discount rates | 27.20% | 33.10% | |
Chile | |||
Impairment of non-financial assets | |||
Discount rates | 7.10% | 9.30% | |
Brazil | |||
Impairment of non-financial assets | |||
Discount rates | 9% | 10.50% | |
Paraguay | |||
Impairment of non-financial assets | |||
Discount rates | 8.10% | 11.30% | |
Maximum | More than 5 years | |||
Impairment of non-financial assets | |||
Growth rate used to extrapolate cash flow projections | 0.90% | ||
Minimum | More than 5 years | |||
Impairment of non-financial assets | |||
Growth rate used to extrapolate cash flow projections | 0.30% |
BASIS OF PREPARATION OF CONSO_8
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA - Fair value hierarchy and dividends payable (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA | ||
Transfers into out of Level 1 assets and liabilities | $ 0 | $ 0 |
Transfers into out of level 2 assets and liabilities | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 |
FINANCIAL REPORTING BY SEGMEN_2
FINANCIAL REPORTING BY SEGMENT (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CLP ($) segment | Dec. 31, 2021 CLP ($) | Dec. 31, 2020 CLP ($) | |
Operating segment | |||
Number of operating segments | segment | 4 | ||
Softdrinks | $ 1,346,408,886 | $ 1,110,501,373 | |
Other beverages | 853,922,089 | 580,474,033 | |
Packaging | 16,401,618 | 7,305,831 | |
Revenues from ordinary activities | $ 2,656,878,395 | 2,216,732,593 | 1,698,281,237 |
Cost of sales | (1,628,701,823) | (1,375,392,773) | (1,022,498,659) |
Distribution expenses | (253,514,676) | (199,952,373) | (152,532,018) |
Administrative expenses | (429,517,716) | (348,949,863) | (283,638,935) |
Financial income | 39,722,410 | 7,791,869 | 14,945,879 |
Financial expenses | (59,547,953) | (52,992,456) | (54,772,837) |
Net financial costs | (19,825,543) | (45,200,587) | (39,826,958) |
Share of entity in income of associates accounted for using the equity method, total | 1,409,069 | 3,093,102 | 2,228,763 |
Income tax expense | (104,344,638) | (46,177,320) | (54,905,399) |
Oher income (expenses) | (93,924,081) | (47,121,111) | (23,990,711) |
Net Income | 128,458,987 | 157,031,668 | 123,117,320 |
Depreciation and amortization | 119,365,431 | 104,775,303 | 110,920,517 |
Current assets | 1,161,729,392 | 990,986,123 | 797,297,716 |
Non-current assets | 1,848,971,215 | 1,955,120,524 | 1,650,766,684 |
Total assets | 3,010,700,607 | 2,946,106,647 | 2,448,064,400 |
Carrying amount in associates accounted for using the equity method, total | 92,344,598 | 91,489,194 | 87,956,354 |
Segment disbursements of non-monetary assets | 186,702,179 | 138,856,157 | 85,874,958 |
Current liabilities | 949,245,134 | 529,567,279 | 378,056,186 |
Non-current liabilities | 1,178,052,821 | 1,315,125,809 | 1,238,447,623 |
Segment liabilities, total | 2,127,297,955 | 1,844,693,088 | 1,616,503,809 |
Cash flows (used in) provided by in Operating Activities | 397,452,424 | 305,054,983 | 278,768,998 |
Cash flows (used in) provided by Investing Activities | (85,168,471) | (198,252,680) | (223,878,758) |
Cash flows (used in) provided by Financing Activities | (286,963,382) | (115,319,514) | 113,040,961 |
Geography Eliminations | |||
Operating segment | |||
Softdrinks | (904,603) | (578,764) | |
Other beverages | (639) | (587) | (359,666) |
Packaging | (3,087,340) | (1,585,729) | |
Revenues from ordinary activities | (4,690,725) | (3,992,530) | (2,524,159) |
Cost of sales | 4,690,725 | 3,992,530 | 2,524,159 |
Chile operation | Operating segments | |||
Operating segment | |||
Softdrinks | 480,157,607 | 407,191,500 | |
Other beverages | 495,138,445 | 237,570,385 | |
Revenues from ordinary activities | 1,123,665,196 | 975,296,052 | 644,761,885 |
Cost of sales | (743,226,587) | (630,862,197) | (392,720,439) |
Distribution expenses | (94,155,809) | (78,995,679) | (59,897,972) |
Administrative expenses | (165,139,607) | (142,762,661) | (112,306,460) |
Financial income | 18,783,930 | (2,936,819) | 6,437,945 |
Financial expenses | (28,065,600) | (27,669,541) | (23,938,992) |
Net financial costs | (9,281,670) | (30,606,360) | (17,501,047) |
Share of entity in income of associates accounted for using the equity method, total | 1,743,656 | 2,799,437 | 1,248,478 |
Income tax expense | (38,497,541) | (15,756,620) | (23,057,195) |
Oher income (expenses) | (83,536,145) | (29,072,689) | (21,231,223) |
Net Income | (8,428,507) | 50,039,283 | 19,296,027 |
Depreciation and amortization | 40,714,017 | 38,189,190 | 50,271,626 |
Current assets | 564,695,230 | 626,277,188 | 532,713,969 |
Non-current assets | 762,292,569 | 739,113,114 | 636,275,547 |
Total assets | 1,326,987,799 | 1,365,390,302 | 1,168,989,516 |
Carrying amount in associates accounted for using the equity method, total | 53,869,983 | 52,519,831 | 50,628,307 |
Segment disbursements of non-monetary assets | 85,998,605 | 53,513,835 | 41,114,189 |
Current liabilities | 629,575,497 | 283,835,866 | 198,669,957 |
Non-current liabilities | 600,735,999 | 743,108,008 | 748,105,248 |
Segment liabilities, total | 1,230,311,496 | 1,026,943,874 | 946,775,205 |
Cash flows (used in) provided by in Operating Activities | 255,357,664 | 181,679,320 | 191,911,595 |
Cash flows (used in) provided by Investing Activities | 15,619,565 | (108,283,362) | (178,910,100) |
Cash flows (used in) provided by Financing Activities | (283,394,600) | (111,533,388) | 117,081,470 |
Argentina operation | Operating segments | |||
Operating segment | |||
Softdrinks | 419,724,122 | 260,118,269 | |
Other beverages | 97,742,388 | 49,817,791 | |
Packaging | 19,488,958 | 8,891,560 | |
Revenues from ordinary activities | 688,704,911 | 536,955,468 | 318,827,620 |
Cost of sales | (367,879,756) | (296,090,157) | (172,065,726) |
Distribution expenses | (98,238,512) | (78,019,531) | (49,112,014) |
Administrative expenses | (133,696,312) | (110,329,089) | (69,668,104) |
Financial income | 9,853,565 | 5,011,888 | 1,169,193 |
Financial expenses | (1,628,221) | (577,941) | (729,164) |
Net financial costs | 8,225,344 | 4,433,947 | 440,029 |
Income tax expense | (38,651,371) | (25,697,558) | (7,668,059) |
Oher income (expenses) | (20,652,710) | (10,652,582) | (6,046,069) |
Net Income | 37,811,594 | 20,600,498 | 14,707,677 |
Depreciation and amortization | 33,442,921 | 32,863,821 | 22,895,329 |
Current assets | 141,715,280 | 117,319,226 | 70,215,594 |
Non-current assets | 251,248,261 | 216,757,538 | 144,802,176 |
Total assets | 392,963,541 | 334,076,764 | 215,017,770 |
Segment disbursements of non-monetary assets | 40,479,269 | 33,789,235 | 15,803,061 |
Current liabilities | 138,572,190 | 101,832,549 | |
Non-current liabilities | 24,584,021 | 20,388,886 | 10,717,606 |
Non current liabilities allocated | 58,904,281 | ||
Segment liabilities, total | 163,156,211 | 122,221,435 | 69,621,887 |
Cash flows (used in) provided by in Operating Activities | 59,379,474 | 55,490,096 | 24,603,123 |
Cash flows (used in) provided by Investing Activities | (40,479,269) | (33,789,408) | (16,010,950) |
Cash flows (used in) provided by Financing Activities | (41,768) | (940,318) | (167,606) |
Brazil operation | Operating segments | |||
Operating segment | |||
Softdrinks | 313,147,740 | 317,712,571 | |
Other beverages | 226,109,683 | 262,350,736 | |
Revenues from ordinary activities | 636,859,882 | 539,257,423 | 580,063,307 |
Cost of sales | (403,695,516) | (361,323,450) | (373,444,835) |
Distribution expenses | (48,572,718) | (33,458,924) | (34,784,528) |
Administrative expenses | (100,060,355) | (71,995,712) | (79,674,089) |
Financial income | 10,307,344 | 5,327,527 | 7,068,396 |
Financial expenses | (29,854,132) | (24,744,974) | (30,104,681) |
Net financial costs | (19,546,788) | (19,417,447) | (23,036,285) |
Share of entity in income of associates accounted for using the equity method, total | (334,587) | 293,665 | 980,285 |
Income tax expense | (21,342,331) | 82,395 | (20,536,914) |
Oher income (expenses) | 10,213,711 | (7,834,863) | 3,064,104 |
Net Income | 53,521,298 | 45,603,087 | 52,631,045 |
Depreciation and amortization | 31,888,435 | 23,647,789 | 27,339,714 |
Current assets | 383,021,238 | 183,268,173 | 149,709,603 |
Non-current assets | 566,116,288 | 720,101,674 | 643,447,811 |
Total assets | 949,137,526 | 903,369,847 | 793,157,414 |
Carrying amount in associates accounted for using the equity method, total | 38,474,615 | 38,969,363 | 37,328,047 |
Segment disbursements of non-monetary assets | 42,173,211 | 30,171,387 | 17,075,672 |
Current liabilities | 140,642,493 | 109,691,047 | 96,144,933 |
Non-current liabilities | 536,281,288 | 534,386,761 | 465,225,175 |
Segment liabilities, total | 676,923,781 | 644,077,808 | 561,370,108 |
Cash flows (used in) provided by in Operating Activities | 58,391,224 | 36,121,074 | 36,409,227 |
Cash flows (used in) provided by Investing Activities | (42,173,211) | (32,875,359) | (17,075,672) |
Cash flows (used in) provided by Financing Activities | (3,064,412) | (2,455,073) | (3,443,826) |
Paraguay operation | Operating segments | |||
Operating segment | |||
Softdrinks | 134,284,020 | 126,057,797 | |
Other beverages | 34,932,160 | 31,094,787 | |
Revenues from ordinary activities | 212,339,131 | 169,216,180 | 157,152,584 |
Cost of sales | (118,590,689) | (91,109,499) | (86,791,818) |
Distribution expenses | (12,547,637) | (9,478,239) | (8,737,504) |
Administrative expenses | (30,621,442) | (23,862,401) | (21,990,282) |
Financial income | 777,571 | 389,273 | 270,345 |
Net financial costs | 777,571 | 389,273 | 270,345 |
Income tax expense | (5,853,395) | (4,805,537) | (3,643,231) |
Oher income (expenses) | 51,063 | 439,023 | 222,477 |
Net Income | 45,554,602 | 40,788,800 | 36,482,571 |
Depreciation and amortization | 13,320,058 | 10,074,503 | 10,413,848 |
Current assets | 72,297,644 | 64,121,536 | 44,658,550 |
Non-current assets | 269,314,097 | 279,148,198 | 226,241,150 |
Total assets | 341,611,741 | 343,269,734 | 270,899,700 |
Segment disbursements of non-monetary assets | 18,051,094 | 21,381,700 | 11,882,036 |
Current liabilities | 40,454,954 | 34,207,817 | 24,337,015 |
Non-current liabilities | 16,451,513 | 17,242,154 | 14,399,594 |
Segment liabilities, total | 56,906,467 | 51,449,971 | 38,736,609 |
Cash flows (used in) provided by in Operating Activities | 24,324,062 | 31,764,493 | 25,845,053 |
Cash flows (used in) provided by Investing Activities | (18,135,556) | (23,304,551) | (11,882,036) |
Cash flows (used in) provided by Financing Activities | $ (462,602) | $ (390,735) | $ (429,077) |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
CASH AND CASH EQUIVALENTS | ||||
Cash | $ 203,931 | $ 503,687 | ||
Bank balances | 108,486,568 | 94,472,637 | ||
Other fixed rate instruments | 182,991,488 | 209,335,696 | ||
Cash and cash equivalents | 291,681,987 | 304,312,020 | $ 309,530,699 | $ 157,567,986 |
USD. | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 14,266,343 | 13,640,823 | ||
EUR | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 870,613 | 2,838,102 | ||
ARS | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 29,215,288 | 22,425,407 | ||
CLP | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 138,205,025 | 176,278,025 | ||
PYG | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | 39,201,097 | 32,856,836 | ||
BRL | ||||
CASH AND CASH EQUIVALENTS | ||||
Cash and cash equivalents | $ 69,923,621 | $ 56,272,827 |
OTHER CURRENT AND NON-CURRENT_6
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | $ 263,044,869 | $ 195,470,749 |
Other non-current financial assets | 94,852,711 | 296,632,012 |
Financial assets | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 92,838,315 | 194,509,044 |
Other non-current financial assets | 3,317,778 | 1,216,865 |
Financial assets at fair value | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other current financial assets | 170,206,554 | 961,705 |
Other non-current financial assets | 75,297,737 | 281,337,127 |
Other financial assets measured at amortized cost | ||
OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS | ||
Other non-current financial assets | $ 16,237,196 | $ 14,078,020 |
OTHER CURRENT AND NON-CURRENT_7
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other current non-financial assets | ||
Prepaid expenses | $ 6,059,201 | $ 7,860,112 |
Tax credit remainder | 905,826 | 2,022,493 |
Others | 19,991,973 | 4,836,499 |
Total | 26,957,000 | 14,719,104 |
Other non-current non-financial assets | ||
Prepaid expenses | 1,074,940 | 1,254,775 |
Tax credit remainder | 40,922,425 | 52,746,937 |
Judicial deposits | 15,723,829 | 15,259,876 |
Others | 1,951,072 | 1,600,028 |
Total | $ 59,672,266 | $ 70,861,616 |
OTHER CURRENT AND NON-CURRENT_8
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS - Tax credit remainder (Details) $ in Thousands, R$ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 CLP ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 CLP ($) | Dec. 31, 2021 BRL (R$) | Dec. 31, 2022 BRL (R$) | |
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |||||
Increase (decrease) in deferred tax liability (asset) | $ | $ (3,245,877) | $ 14,852,422 | |||
Deduction from unduly collection of taxes | 1,148,000 | R$ 7 | |||
Account payable to former shareholders | 27,229,000 | 25,125,000 | R$ 156000 | ||
Rio De Janeiro Refrescos Ltda | |||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |||||
Unduly collection of taxes | 100,550,000 | 613 | $ 92,783,000 | ||
Unduly collection of taxes related to capital | 370 | ||||
Unduly collection of taxes related to interest and monetary restatement | 243 | ||||
Indirect cost on recognition of right acquired in court | 175 | ||||
Deferred tax liability recorded | 24,276,000 | R$ 148 | |||
Increase (decrease) in deferred tax liability (asset) | 92,841,000 | 566 | |||
ex-Companhia De Bebidas Ipiranga | |||||
OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS | |||||
Unduly collection of taxes | $ 27,229,000 | 166 | |||
Unduly collection of taxes related to capital | 86 | ||||
Unduly collection of taxes related to interest and monetary restatement | R$ 84 |
TRADE ACCOUNTS AND OTHER ACCO_3
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Trade debtors, Net | $ 238,146,331 | $ 205,466,469 |
Other debtors, Net | 39,798,245 | 55,281,501 |
Other accounts receivable, Net | 1,825,710 | 4,742,656 |
Total trade debtors and other accounts receivable, Net | 279,770,286 | 265,490,626 |
Trade debtors, Gross | 242,638,974 | 210,175,775 |
Other debtors, Gross | 40,206,431 | 55,281,501 |
Other accounts receivable, Gross | 1,921,211 | 4,744,721 |
Total trade debtors and other accounts receivable, Gross | 284,766,616 | 270,201,997 |
Non-current | ||
Trade debtors, Net | 56,781 | 42,726 |
Other debtors, Net | 483,139 | 83,738 |
Total trade debtors and other accounts receivable, Net | 539,920 | 126,464 |
Trade debtors, Gross | 56,781 | 42,726 |
Other debtors, Gross | 483,139 | 83,738 |
Total trade debtors and other accounts receivable, Gross | $ 539,920 | $ 126,464 |
TRADE ACCOUNTS AND OTHER ACCO_4
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Stratification of the portfolio (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | $ 242,695,755 | $ 210,218,501 |
Less than one month | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 229,587,868 | 195,325,587 |
Between one and three months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 4,577,833 | 6,843,836 |
Between three and six months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 2,418,252 | 1,808,425 |
Between six and eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | 5,392,862 | 2,235,866 |
Older than eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Current and non-current trade debtors without impairment impact | $ 718,940 | $ 4,004,787 |
- TRADE ACCOUNTS AND OTHER ACCO
- TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Provision for expected credit losses (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ 242,695,755 | $ 210,218,501 |
Less than one month | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ 229,587,868 | 195,325,587 |
Percentage of provision for expected credit losses | 0.31% | |
Between one and three months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ 4,577,833 | 6,843,836 |
Percentage of provision for expected credit losses | 9.43% | |
Between three and six months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ 2,418,252 | 1,808,425 |
Percentage of provision for expected credit losses | 32.54% | |
Between six and eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ 5,392,862 | 2,235,866 |
Percentage of provision for expected credit losses | 44.54% | |
Older than eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ 718,940 | $ 4,004,787 |
Percentage of provision for expected credit losses | 23.69% | |
Credit amount | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ 242,695,755 | |
Credit amount | Less than one month | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | 229,587,868 | |
Credit amount | Between one and three months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | 4,577,833 | |
Credit amount | Between three and six months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | 2,418,252 | |
Credit amount | Between six and eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | 5,392,862 | |
Credit amount | Older than eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | 718,940 | |
Impairment provision | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | (4,492,643) | |
Impairment provision | Less than one month | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | (701,701) | |
Impairment provision | Between one and three months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | (431,630) | |
Impairment provision | Between three and six months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | (786,856) | |
Impairment provision | Between six and eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | (2,402,146) | |
Impairment provision | Older than eight months | ||
TRADE AND OTHER RECEIVABLES | ||
Trade receivables | $ (170,310) |
TRADE ACCOUNTS AND OTHER ACCO_5
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 client | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 292,153 |
Chile | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 70,000 |
Brazil | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 84,153 |
Argentina | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 67,580 |
Paraguay | |
TRADE AND OTHER RECEIVABLES | |
Number of clients having balances in different sections of stratification | 70,420 |
TRADE ACCOUNTS AND OTHER ACCO_6
TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE - Movement in allowance for expected credit losses (Details) - Trade Receivables - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in the allowance for expected credit losses | ||
Opening balance | $ 4,711,371 | $ 6,795,663 |
Increase (decrease) | 150,671 | 1,697,887 |
Provision reversal | (654,381) | (3,832,220) |
Increases (decrease) for changes of foreign currency | 586,324 | 50,041 |
Sub - total movements | (218,728) | (2,084,292) |
Ending balance | $ 4,492,643 | $ 4,711,371 |
INVENTORIES (Details)
INVENTORIES (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVENTORIES | |||
Total | $ 245,886,656 | $ 191,350,206 | |
Cost of inventory recognized as cost of sales | $ 1,628,701,823 | $ 1,375,392,773 | $ 1,022,498,659 |
Percentage raw materials composed of concentrate and sweeteners as well as caps and other supplies | 80% | 80% | |
Gross asset | |||
INVENTORIES | |||
Raw materials | $ 104,833,902 | $ 86,914,422 | |
Finished goods | 114,164,680 | 81,461,680 | |
Spare parts and supplies | 27,109,494 | 23,063,797 | |
Work in progress | 216,164 | 109,467 | |
Other inventories | 4,020,372 | 3,358,474 | |
Cost of inventory recognized as cost of sales | 1,388,536,599 | 1,192,363,804 | |
Obsolescence provision | |||
INVENTORIES | |||
Obsolescence provision | $ (4,457,956) | $ (3,557,634) |
TAX ASSETS AND LIABILITIES - Cu
TAX ASSETS AND LIABILITIES - Current tax accounts receivable and payable (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
TAX ASSETS AND LIABILITIES | ||
Monthly provisional payments | $ 25,428,344 | $ 915,864 |
Tax credits | 6,640,888 | 5,367,115 |
Recoverable taxes from prior years | 473,424 | |
Surplus Tax Credit | 6,387,530 | 3,941,279 |
Other Recoverable Taxes | 396,241 | 110 |
Total | 39,326,427 | 10,224,368 |
Income tax expense | 14,615,447 | 30,512,787 |
Total | $ 14,615,447 | $ 30,512,787 |
INCOME TAX EXPENSE AND DEFERR_3
INCOME TAX EXPENSE AND DEFERRED TAXES - Income tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current income tax expense | $ (63,245,293) | $ (45,614,890) | $ (55,522,189) |
Current tax adjustment previous period | 311,931 | 2,284,477 | 735,907 |
Foreign dividends tax withholding expense | (11,129,734) | (2,877,817) | (6,987,142) |
Other current tax expense (income) | 114,130 | 47,569 | |
Current income tax expense | (74,063,096) | (46,094,100) | (61,725,855) |
Expense (income) for the creation and reversal of temporary differences of deferred tax and others | (30,281,542) | (83,220) | 6,820,456 |
Expense (income) for deferred taxes | (30,281,542) | (83,220) | 6,820,456 |
Total income tax expense | $ (104,344,638) | $ (46,177,320) | $ (54,905,399) |
INCOME TAX EXPENSE AND DEFERR_4
INCOME TAX EXPENSE AND DEFERRED TAXES - Distribution of national and foreign tax expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current tax expense | $ (74,063,096) | $ (46,094,100) | $ (61,725,855) |
Deferred tax expense | (30,281,542) | (83,220) | 6,820,456 |
Total income tax expense | (104,344,638) | (46,177,320) | (54,905,399) |
National | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current tax expense | (12,812,693) | (8,730,476) | (22,597,165) |
Deferred tax expense | (25,684,847) | (7,026,145) | (460,031) |
Foreign | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Current tax expense | (61,250,403) | (37,363,624) | (39,128,690) |
Deferred tax expense | $ (4,596,695) | $ 6,942,925 | $ 7,280,487 |
INCOME TAX EXPENSE AND DEFERR_5
INCOME TAX EXPENSE AND DEFERRED TAXES - Reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate | |||
Net income before taxes | $ 232,803,625 | $ 203,208,988 | $ 178,022,719 |
Tax expense at legal rate (27.0%) | (62,856,979) | (54,866,427) | (48,066,134) |
Effect of tax rate in other jurisdictions | (2,820,546) | 860,745 | 1,032,950 |
Withholding and other non-taxable income | (11,536,654) | (10,868,055) | (2,417,582) |
Non-deductible expenses | (3,622,958) | (2,935,310) | (6,007,898) |
Tax effect on excess tax provision in previous periods | (81,258) | 13,250,594 | 113,747 |
Tax effect of price-level restatement for Chilean companies | (33,196,408) | (15,794,098) | (5,936,464) |
Subsidiaries tax withholding expense and other legal tax debits and credits | 9,770,165 | 24,175,231 | 6,375,982 |
Adjustments to tax expense | (38,667,113) | 7,828,362 | (7,872,215) |
Total income tax expense | $ (104,344,638) | $ (46,177,320) | $ (54,905,399) |
Effective rate | 44.80% | 22.70% | 30.80% |
INCOME TAX EXPENSE AND DEFERR_6
INCOME TAX EXPENSE AND DEFERRED TAXES - Income tax rates applicable in each jurisdiction where the Company operates (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 25% | 30% | |
Chile | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 27% | 27% | 27% |
Brazil | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 34% | 34% | 34% |
Argentina | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 35% | 35% | 30% |
Paraguay | |||
INCOME TAX EXPENSE AND DEFERRED TAXES | |||
Applicable rate | 10% | 10% | 10% |
INCOME TAX EXPENSE AND DEFERR_7
INCOME TAX EXPENSE AND DEFERRED TAXES - Deferred income taxes (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | $ 77,242,172 | $ 61,729,542 |
Deferred tax liabilities | (240,592,395) | (228,325,642) |
Total assets net | 2,428,333 | 1,858,727 |
Total liabilities net | (165,778,556) | (168,454,827) |
Property, plant and equipment | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 5,351,293 | 5,944,185 |
Deferred tax liabilities | (58,230,728) | (52,435,301) |
Obsolescence provisions | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 1,871,168 | 1,696,051 |
ICMS exclusion credit | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 2,686,693 | |
Deferred tax liabilities | (4,925,230) | |
Employee benefits | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 5,033,868 | 3,163,172 |
Deferred tax liabilities | (3,348) | (115,828) |
Provision for severance indemnity | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 2,789,893 | 271,789 |
Deferred tax liabilities | (42,264) | (271,367) |
Tax loss carry forwards | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 5,569,124 | 4,292,863 |
Deferred tax liabilities | (698) | |
Tax goodwill Brazil | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (9,081,512) | (3,126,125) |
Contingency provision | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 27,145,591 | 30,216,275 |
Foreign Exchange differences | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 11,478,538 | 7,165,844 |
Allowance for doubtful accounts | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 803,608 | 638,484 |
Coca-Cola incentives (Argentina) | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 633,919 | |
Assets and liabilities for placement of bonds | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (610,594) | (2,081,271) |
Financial expense | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (1,894,010) | |
Lease liabilities | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 1,874,166 | 1,781,922 |
Inventories | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 1,312,833 | 652,669 |
Distribution rights | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (154,669,995) | (151,228,739) |
Prepaid income | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 5,339,265 | 1,711,461 |
Deferred tax liabilities | (8,287) | |
Spare parts | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax liabilities | (4,142,782) | (3,374,376) |
Intangibles | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 69,395 | 130 |
Deferred tax liabilities | (7,388,202) | (5,440,229) |
Others | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Deferred tax assets | 5,282,818 | 4,194,697 |
Deferred tax liabilities | (4,520,673) | (5,326,478) |
Offsetting of deferred tax assets/(liabilities) | ||
INCOME TAX EXPENSE AND DEFERRED TAXES | ||
Offsetting of deferred tax assets | (74,813,839) | (59,870,815) |
Offsetting of deferred tax liabilities | $ 74,813,839 | $ 59,870,815 |
INCOME TAX EXPENSE AND DEFERR_8
INCOME TAX EXPENSE AND DEFERRED TAXES - Movement in deferred income tax accounts (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in deferred income tax accounts | ||
Opening Balance | $ 166,596,100 | $ 151,743,678 |
Increase (decrease) in deferred tax | (8,090,171) | 4,507,688 |
Increase (decrease) due to foreign currency translation | 4,844,294 | 10,344,734 |
Total movements | (3,245,877) | 14,852,422 |
Ending balance | $ 163,350,223 | $ 166,596,100 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | $ 798,221,259 | $ 716,379,127 | $ 605,576,545 |
Construction in progress | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 49,169,567 | 56,280,594 | 34,194,083 |
Land | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 104,906,878 | 101,286,107 | 94,321,726 |
Constructions and buildings | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 220,452,589 | 203,343,125 | 180,916,878 |
Plant and Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 194,082,859 | 169,651,555 | 145,790,203 |
IT Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 7,735,547 | 5,613,217 | 4,878,307 |
Leasehold improvements | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 80,186 | 113,289 | 59,142 |
Rights of use | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 20,595,993 | 23,653,975 | 21,337,277 |
Other Property Plant And Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 144,297,623 | 114,153,544 | $ 90,020,253 |
Bottles | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 46,351,209 | 36,546,377 | |
Marketing and promotional assets (market assets) | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 70,149,875 | 55,210,620 | |
Other Property, plant and equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 27,796,539 | 22,396,547 | |
Gross asset | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 1,888,339,729 | 1,677,828,019 | |
Gross asset | Construction in progress | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 49,169,567 | 56,280,594 | |
Gross asset | Land | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 104,906,878 | 101,286,107 | |
Gross asset | Constructions and buildings | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 337,689,681 | 306,300,748 | |
Gross asset | Plant and Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 693,153,093 | 613,537,377 | |
Gross asset | IT Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 34,992,575 | 29,470,242 | |
Gross asset | Fixed installations and accessories | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 69,798,556 | 61,264,172 | |
Gross asset | Vehicles | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 75,759,020 | 56,346,552 | |
Gross asset | Leasehold improvements | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 362,243 | 322,036 | |
Gross asset | Rights of use | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 73,946,435 | 69,616,828 | |
Gross asset | Other Property Plant And Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 448,561,681 | 383,403,363 | |
Accumulated depreciation | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (1,090,118,470) | (961,448,892) | |
Accumulated depreciation | Constructions and buildings | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (117,237,092) | (102,957,623) | |
Accumulated depreciation | Plant and Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (499,070,234) | (443,885,822) | |
Accumulated depreciation | IT Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (27,257,028) | (23,857,025) | |
Accumulated depreciation | Fixed installations and accessories | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (44,057,493) | (38,165,051) | |
Accumulated depreciation | Vehicles | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (44,600,066) | (37,161,952) | |
Accumulated depreciation | Leasehold improvements | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (282,057) | (208,747) | |
Accumulated depreciation | Rights of use | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | (53,350,442) | (45,962,853) | |
Accumulated depreciation | Other Property Plant And Equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | $ (304,264,058) | $ (269,249,819) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | $ 716,379,127 | $ 605,576,545 |
Additions | 132,881,206 | |
Right-of use additions | 9,070,997 | |
Disposals | (2,923,921) | (3,798,908) |
Depreciation expense | (104,975,496) | (93,598,773) |
Amortization | (9,993,249) | (8,386,063) |
Increase (decrease) due to foreign currency translation differences | 36,029,318 | 82,954,257 |
Other increase (decrease) | (9,969,798) | (8,320,134) |
Total movements | 81,842,132 | 110,802,582 |
Ending balance | 798,221,259 | 716,379,127 |
Construction in progress | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 56,280,594 | 34,194,083 |
Additions | 75,269,957 | 61,100,226 |
Disposals | (32,456) | (74,476) |
Transfers between items of Property, plant and equipment | (84,598,804) | (39,845,790) |
Increase (decrease) due to foreign currency translation differences | 4,263,117 | 6,513,216 |
Other increase (decrease) | (2,012,841) | (5,606,665) |
Total movements | (7,111,027) | 22,086,511 |
Ending balance | 49,169,567 | 56,280,594 |
Land | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 101,286,107 | 94,321,726 |
Transfers between items of Property, plant and equipment | 159,232 | |
Increase (decrease) due to foreign currency translation differences | 3,461,539 | 6,964,382 |
Other increase (decrease) | (1) | |
Total movements | 3,620,771 | 6,964,381 |
Ending balance | 104,906,878 | 101,286,107 |
Constructions and buildings | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 203,343,125 | 180,916,878 |
Additions | 867,990 | 3,708,881 |
Disposals | (16,174) | (276,312) |
Transfers between items of Property, plant and equipment | 10,014,587 | 4,370,826 |
Depreciation expense | (8,477,029) | (7,862,888) |
Increase (decrease) due to foreign currency translation differences | 11,105,445 | 21,941,520 |
Other increase (decrease) | 3,614,645 | 544,220 |
Total movements | 17,109,464 | 22,426,247 |
Ending balance | 220,452,589 | 203,343,125 |
Plant and equipment, net | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 169,651,555 | 145,790,203 |
Additions | 21,280,010 | 19,025,057 |
Disposals | (538,429) | (277,845) |
Transfers between items of Property, plant and equipment | 33,485,897 | 21,182,049 |
Depreciation expense | (35,372,214) | (32,058,439) |
Increase (decrease) due to foreign currency translation differences | 7,324,221 | 23,364,406 |
Other increase (decrease) | (1,748,181) | (7,373,876) |
Total movements | 24,431,304 | 23,861,352 |
Ending balance | 194,082,859 | 169,651,555 |
IT Equipment | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 5,613,217 | 4,878,307 |
Additions | 922,233 | 1,428,080 |
Disposals | (15,105) | (3,896) |
Transfers between items of Property, plant and equipment | 3,487,406 | 751,603 |
Depreciation expense | (2,641,086) | (2,219,235) |
Increase (decrease) due to foreign currency translation differences | 43,790 | 658,167 |
Other increase (decrease) | 325,092 | 120,191 |
Total movements | 2,122,330 | 734,910 |
Ending balance | 7,735,547 | 5,613,217 |
Fixed facilities and accessories | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 23,099,121 | 17,647,892 |
Additions | 74,995 | 12,068 |
Disposals | (11) | |
Transfers between items of Property, plant and equipment | 3,384,472 | 606,279 |
Depreciation expense | (3,365,827) | (3,700,948) |
Increase (decrease) due to foreign currency translation differences | 1,282,713 | 3,080,061 |
Other increase (decrease) | 1,265,589 | 5,453,780 |
Total movements | 2,641,942 | 5,451,229 |
Ending balance | 25,741,063 | 23,099,121 |
Vehicles. net | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 19,184,600 | 16,410,784 |
Additions | 636,420 | 171,420 |
Disposals | (4,522) | (9,573) |
Transfers between items of Property, plant and equipment | 16,037,695 | 4,771,885 |
Depreciation expense | (5,524,208) | (4,054,092) |
Increase (decrease) due to foreign currency translation differences | 852,241 | 2,264,353 |
Other increase (decrease) | (23,272) | (370,177) |
Total movements | 11,974,354 | 2,773,816 |
Ending balance | 31,158,954 | 19,184,600 |
Leasehold improvements, net | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 113,289 | 59,142 |
Additions | 10,275 | 8,738 |
Transfers between items of Property, plant and equipment | 51,403 | 88,345 |
Depreciation expense | (68,741) | (51,774) |
Increase (decrease) due to foreign currency translation differences | 10,324 | 8,840 |
Other increase (decrease) | (36,364) | (2) |
Total movements | (33,103) | 54,147 |
Ending balance | 80,186 | 113,289 |
Others | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 114,153,544 | 90,020,253 |
Additions | 68,730,337 | 47,426,736 |
Disposals | (2,249,837) | (3,156,795) |
Transfers between items of Property, plant and equipment | 17,940,342 | 8,074,803 |
Depreciation expense | (49,526,391) | (43,651,397) |
Increase (decrease) due to foreign currency translation differences | 6,450,271 | 16,399,966 |
Other increase (decrease) | (11,200,643) | (960,022) |
Total movements | 30,144,079 | 24,133,291 |
Ending balance | 144,297,623 | 114,153,544 |
Rights-of-use, net | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Opening balance | 23,653,975 | 21,337,277 |
Right-of use additions | 5,883,061 | 9,070,997 |
Disposals | (67,398) | |
Transfers between items of Property, plant and equipment | 37,770 | |
Amortization | (9,993,249) | (8,386,063) |
Increase (decrease) due to foreign currency translation differences | 1,235,657 | 1,759,346 |
Other increase (decrease) | (153,823) | (127,582) |
Total movements | (3,057,982) | 2,316,698 |
Ending balance | $ 20,595,993 | $ 23,653,975 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Right-of-use asset (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Right-of-use | |||
Right of use | $ 20,595,993 | $ 23,653,975 | |
Lease interest | 2,092,868 | 1,816,506 | $ 1,873,571 |
Constructions and buildings | |||
Right-of-use | |||
Right of use | 3,241,551 | 1,902,331 | |
Plant and Equipment | |||
Right-of-use | |||
Right of use | 13,753,007 | 16,125,216 | |
IT Equipment | |||
Right-of-use | |||
Right of use | 133,110 | 246,465 | |
Motor vehicles | |||
Right-of-use | |||
Right of use | 3,328,705 | 5,106,463 | |
Others | |||
Right-of-use | |||
Right of use | 139,620 | 273,500 | |
Gross asset | |||
Right-of-use | |||
Right of use | 73,946,435 | 69,616,828 | |
Gross asset | Constructions and buildings | |||
Right-of-use | |||
Right of use | 6,694,251 | 4,042,921 | |
Gross asset | Plant and Equipment | |||
Right-of-use | |||
Right of use | 47,377,683 | 43,450,544 | |
Gross asset | IT Equipment | |||
Right-of-use | |||
Right of use | 1,214,851 | 997,458 | |
Gross asset | Motor vehicles | |||
Right-of-use | |||
Right of use | 9,395,320 | 12,171,762 | |
Gross asset | Others | |||
Right-of-use | |||
Right of use | 9,264,330 | 8,954,143 | |
Accumulated depreciation | |||
Right-of-use | |||
Right of use | (53,350,442) | (45,962,853) | |
Accumulated depreciation | Constructions and buildings | |||
Right-of-use | |||
Right of use | (3,452,700) | (2,140,590) | |
Accumulated depreciation | Plant and Equipment | |||
Right-of-use | |||
Right of use | (33,624,676) | (27,325,328) | |
Accumulated depreciation | IT Equipment | |||
Right-of-use | |||
Right of use | (1,081,741) | (750,993) | |
Accumulated depreciation | Motor vehicles | |||
Right-of-use | |||
Right of use | (6,066,615) | (7,065,299) | |
Accumulated depreciation | Others | |||
Right-of-use | |||
Right of use | $ (9,124,710) | $ (8,680,643) |
RELATED PARTIES (Details)
RELATED PARTIES (Details) CLF in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) | Dec. 31, 2022 CLF | Dec. 31, 2021 CLF | |
Related parties | ||||
Current account receivables | $ 15,062,167 | $ 9,419,050 | ||
Non-current account receivables | 109,318 | 98,941 | ||
Current accounts payable to related entities | 90,248,067 | 56,103,461 | CLF 90,248,067 | CLF 56,103,461 |
Non-current accounts payable related companies | 10,354,296 | 11,557,723 | 10,354,296 | 11,557,723 |
Transactions | ||||
Sale of fixed assets | 2,923,921 | 3,798,908 | ||
Embonor S.A. | Shareholder related | ||||
Transactions | ||||
Minimum dividend | 589,127 | 339,562 | ||
Sale of fixed assets | 357,000 | |||
Dividend distribution | 541,188 | |||
Embonor S.A. | Shareholder | ||||
Related parties | ||||
Current account receivables | 10,852,709 | 3,870,800 | ||
Current accounts payable to related entities | CLF | 589,127 | 378,718 | ||
Coca-Cola de Chile S.A. | Shareholder | ||||
Related parties | ||||
Current account receivables | 15,444 | 62,756 | ||
Non-current account receivables | 109,318 | 98,941 | ||
Current accounts payable to related entities | CLF | 32,205,880 | 19,134,864 | ||
Transactions | ||||
Minimum dividend | 47,262 | 35,474 | ||
Coca-Cola de Chile S.A. | Shareholder | Purchase of concentrates | ||||
Transactions | ||||
Purchase of goods | 198,045,624 | 174,892,744 | ||
Coca-Cola de Chile S.A. | Shareholder | Purchase of advertising services | ||||
Transactions | ||||
Purchase of services | 3,290,184 | |||
Coca-Cola de Chile S.A. | Shareholder | Water source lease | ||||
Transactions | ||||
Leases as lessee | 5,958,076 | 4,727,676 | ||
Coca-Cola de Chile S.A. | Shareholder | Sale of raw materials and other | ||||
Transactions | ||||
Sale of goods | 9,980,390 | 1,720,061 | ||
Coca-Cola Embonor S.a | Shareholder | Sale of raw materials and other | ||||
Transactions | ||||
Sale of goods | 956,036 | 523,958 | ||
Coca-Cola Embonor S.a | Shareholder | Sale of services and others | ||||
Transactions | ||||
Sale of services | 585,448 | 359,739 | ||
Coca-Cola Embonor S.a | Shareholder | Sale of Finished Products | ||||
Transactions | ||||
Sale of goods | 79,205,926 | 59,018,653 | ||
Coca-Cola de Argentina | Director related | ||||
Related parties | ||||
Current account receivables | 2,490,194 | |||
Alimentos de Soja S.A.U. | Shareholder related | Purchase of Products | ||||
Transactions | ||||
Purchase of goods | 2,107,354 | 11,658 | ||
Alimentos de Soja S.A.U. | Shareholder related | Payment of commissions and services | ||||
Transactions | ||||
Payment of fees and services | 4,128,865 | 2,973,907 | ||
Alimentos de Soja S.A.U. | Shareholder related | Marketing Services | ||||
Transactions | ||||
Purchase of services | 286,488 | |||
Alimentos de Soja S.A.U. | Shareholder | ||||
Related parties | ||||
Current account receivables | 237,439 | 166,813 | ||
Current accounts payable to related entities | CLF | 628,842 | 277,708 | ||
Embotelladora Iquique S.A. | Shareholder related | Sale of Finished Products | ||||
Transactions | ||||
Sale of goods | 5,807,466 | 4,220,323 | ||
Embotelladora Iquique S.A. | Shareholder | ||||
Related parties | ||||
Current account receivables | 745,048 | 155,264 | ||
Envases CMF S.A. | Associate | ||||
Related parties | ||||
Current account receivables | 925,189 | 1,266,871 | ||
Current accounts payable to related entities | CLF | 8,186,248 | 7,609,951 | ||
Envases CMF S.A. | Associate | Purchase of containers | ||||
Transactions | ||||
Purchase of goods | 24,441,192 | 17,713,063 | ||
Envases CMF S.A. | Associate | Purchase of raw materials | ||||
Transactions | ||||
Purchase of goods | 33,637,921 | 24,883,194 | ||
Envases CMF S.A. | Associate | Purchase of caps | ||||
Transactions | ||||
Purchase of goods | 153,142 | |||
Envases CMF S.A. | Associate | Purchase services and others | ||||
Transactions | ||||
Purchase of services | 2,270,006 | 1,325,941 | ||
Envases CMF S.A. | Associate | Sale of services and others | ||||
Transactions | ||||
Sale of services | 13,914 | 1,430 | ||
Envases CMF S.A. | Associate | Purchase of packaging | ||||
Transactions | ||||
Purchase of goods | 9,391,000 | 7,625,273 | ||
Envases CMF S.A. | Associate | Sale of packaging and raw materials | ||||
Transactions | ||||
Sale of goods | 13,360,534 | 11,939,711 | ||
Guallarauco | Associate | ||||
Related parties | ||||
Current account receivables | 8,790 | 12,230 | ||
Monster | Shareholder | ||||
Related parties | ||||
Current accounts payable to related entities | CLF | 3,811,908 | 2,173,901 | ||
Monster | Affiliated Company | Purchase of Products | ||||
Transactions | ||||
Purchase of goods | 2,352,550 | 1,571,632 | ||
Monster | Associate | ||||
Related parties | ||||
Current account receivables | 86,492 | 87,865 | ||
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder related | Purchase of concentrates | ||||
Transactions | ||||
Purchase of goods | 159,807,006 | 129,275,444 | ||
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder related | Advertising participation payment | ||||
Transactions | ||||
Purchase of services | 5,201,881 | |||
Advertising participation payment | 3,002,061 | 3,230,351 | ||
Serv. y Prod. para Bebidas Refrescantes S.R.L. | Shareholder | ||||
Related parties | ||||
Current accounts payable to related entities | CLF | 8,587,487 | 9,893,495 | ||
Coca-Cola del Valle New Ventures S.A. | Associate | ||||
Related parties | ||||
Current account receivables | 143,002 | 371,907 | ||
Current accounts payable to related entities | CLF | 1,089,592 | 367,186 | ||
Coca-Cola del Valle New Ventures S.A. | Associate | Purchase services and others | ||||
Transactions | ||||
Purchase of services | 4,306,419 | 4,436,600 | ||
Coca-Cola del Valle New Ventures S.A. | Associate | Sale of services and others | ||||
Transactions | ||||
Sale of services | 288,264 | 442,566 | ||
Recofarma do Industrias Amazonas Ltda. | Shareholder related | Reimbursement and other purchases | ||||
Transactions | ||||
Reimbursement and other purchases | 100,072 | |||
Recofarma do Industrias Amazonas Ltda. | Shareholder | ||||
Related parties | ||||
Current accounts payable to related entities | CLF | 30,998,682 | 13,770,200 | ||
Non-current accounts payable related companies | CLF | 10,354,296 | 11,557,723 | ||
Leao Alimentos e Bebidas Ltda. | Associate | ||||
Related parties | ||||
Current accounts payable to related entities | CLF | 232,216 | 577,723 | ||
Leao Alimentos e Bebidas Ltda. | Associate | Purchase of Products | ||||
Transactions | ||||
Purchase of goods | 636,938 | 293,677 | ||
Envases del Pacfico S.A. | Director related | Purchase of raw materials and materials | ||||
Transactions | ||||
Purchase of goods | 204,933 | 265,503 | ||
Comercializadora Nova Verde | Common shareholder | Purchase of raw materials | ||||
Transactions | ||||
Purchase of goods | 952,699 | 4,519,948 | ||
Comercializadora Nova Verde | Common shareholder | Sale of services and others | ||||
Transactions | ||||
Sale of fixed assets | 4,512,714 | 11,183 | ||
Comercializadora Nova Verde | Common shareholder | Sale of packaging and raw materials | ||||
Transactions | ||||
Sale of goods | 781,901 | 6,210 | ||
Comercializadora Nova Verde | Common shareholder | Sale of Finished Products | ||||
Transactions | ||||
Sale of services | 12,867,822 | 8,937,506 | ||
Comercializadora Nova Verde | Common shareholder | Purchase of Finished Products | ||||
Transactions | ||||
Purchase of goods | 25,440,668 | |||
Comercializadora Nova Verde | Shareholder | ||||
Related parties | ||||
Current account receivables | 2,048,054 | 934,350 | ||
Current accounts payable to related entities | CLF | 2,198,317 | 1,858,682 | ||
Comercializadora Nova Verde | Director related | Advertising | ||||
Transactions | ||||
Advertising participation payment | 2,367,626 | |||
Comercializadora Nova Verde | Director/Manager/Executive | Cold Equipment Maintenance | ||||
Transactions | ||||
Purchase of goods and advertising participation payment | 619,419 | |||
Parque Arauco S.A. | Shareholder related | Purchase of concentrates | ||||
Transactions | ||||
Purchase of goods | 100,199,500 | 69,785,833 | ||
Parque Arauco S.A. | Director related | Space lease | ||||
Transactions | ||||
Leases as lessee | 101,981 | 69,151 | ||
Sorocaba Refrescos S. A. | Associate | Purchase of Products | ||||
Transactions | ||||
Purchase of goods | 419,515 | 2,667,326 | ||
KAIK Participacoes | Associate | Reimbursement and other purchases | ||||
Transactions | ||||
Reimbursement and other purchases | 96,511 | 21,180 | ||
Latam Airlines Group S.A. | Director related | Purchase of Products | ||||
Transactions | ||||
Purchase of goods | 18,695 | |||
Latam Airlines Group S.A. | Director related | Sale of products | ||||
Transactions | ||||
Sale of goods | 93,320 | 269,688 | ||
Trop Frutas do Brasil Ltda. | Associate | Purchase of Products | ||||
Transactions | ||||
Purchase of goods | 368,127 | 2,736,529 | ||
Sinea S.A. | Director related | Purchase of raw materials | ||||
Transactions | ||||
Purchase of goods | 2,294,594 | |||
Monster Energy Company - USA | Shareholder related | ||||
Related parties | ||||
Current accounts payable to related entities | CLF | 28,910 | 58,668 | ||
Monster Energy Argentina S.A. | Shareholder | ||||
Related parties | ||||
Current accounts payable to related entities | CLF | CLF 2,365 | |||
Coca-Cola Company | Shareholder. | ||||
Related parties | ||||
Current accounts payable to related entities | CLF | CLF 1,690,858 | |||
Banco Santander Chile. | Director/Manager/Executive | Purchase services and others | ||||
Transactions | ||||
Purchase of services | $ 6,776,225 | $ 1,852,076 |
RELATED PARTY - Key management
RELATED PARTY - Key management compensation (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTIES | ||
Executive wages, salaries and benefits | $ 8,536,107 | $ 7,253,863 |
Director allowances | 1,560,000 | 1,512,500 |
Benefits accrued in the last five years and payments made during the period | 269,952 | 254,240 |
Total | $ 10,366,059 | $ 9,020,603 |
CURRENT AND NON-CURRENT EMPLO_3
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Employee benefits (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Employee benefits | ||
Current | $ 48,391,806 | $ 35,012,072 |
Non-current | 17,409,793 | 14,139,670 |
Total | 65,801,599 | 49,151,742 |
Accrued vacation | ||
Employee benefits | ||
Total | 25,773,244 | 18,630,043 |
Participation in profits and bonuses | ||
Employee benefits | ||
Total | 22,618,562 | 15,538,771 |
Severance indemnity | ||
Employee benefits | ||
Total | $ 17,409,793 | $ 14,982,928 |
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, 2022 | Dec. 31, 2021 | |
Movements of post-employment benefits | ||
Opening balance | $ 14,982,928 | $ 14,086,575 |
Service costs | 1,018,080 | 8,917 |
Interest costs | 737,566 | 1,672,491 |
Actuarial variations | 2,905,020 | 1,216,808 |
Benefits paid | (2,233,801) | (1,984,029) |
Total | $ 17,409,793 | $ 14,982,928 |
CURRENT AND NON-CURRENT EMPLO_5
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | ||
Discount rate | 1.71% | 2.30% |
Expected salary increase rate | 2% | 2% |
Turnover rate | 7.68% | 7.68% |
Retirement age of women | 60 years | 60 years |
Retirement age of men | 65 years | 65 years |
CURRENT AND NON-CURRENT EMPLO_6
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Changes in severance indemnities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 CLP ($) | |
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS | |
Variation in the provision for an increase of up to 100 bps in sensitivity to discount rate | $ (1,084,387) |
Variation in the provision for a decrease of up to 100 bps in sensitivity to discount rate | 1,088,927 |
Variation in the provision for an increase of up to 100 bps in sensitivity to salary increase | 1,133,083 |
Variation in the provision for a decrease of up to 100 bps in sensitivity to salary increase | $ (1,164,934) |
Percentage of increase in maximum basis points in discount rate | 100% |
Percentage of decrease in maximum basis points in discount rate | 100% |
Percentage of increase in maximum basis points in salary growth rate | 100% |
Percentage of decrease in maximum basis points in salary growth rate | 100% |
CURRENT AND NON-CURRENT EMPLO_7
CURRENT AND NON-CURRENT EMPLOYEE BENEFITS - Personnel expenses (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Personnel expenses | |||
Wages and salaries | $ 277,271,540 | $ 225,883,645 | |
Employee benefits | 71,566,763 | 53,340,673 | |
Severance benefits | 6,052,239 | 4,163,608 | |
Other personnel expenses | 21,305,979 | 18,134,494 | |
Total | $ 376,196,521 | $ 301,522,420 | $ 252,337,262 |
INVESTMENTS IN ASSOCIATES ACC_3
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD- Balances (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 92,344,598 | $ 91,489,194 | $ 87,956,354 |
Envases CMF S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 23,519,277 | $ 21,863,790 | |
Ownership interest | 50% | 50% | |
Leao Alimentos e Bebidas Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 8,460,307 | $ 11,359,597 | |
Ownership interest | 10.26% | 10.26% | |
Kaik Participacoes Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 1,293,219 | $ 1,107,007 | |
Ownership interest | 11.32% | 11.32% | |
SRSA Participacoes Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 55,072 | $ 51,615 | |
Ownership interest | 40% | 40% | |
Sorocaba Refrescos S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 26,694,836 | $ 24,258,224 | |
Ownership interest | 40% | 40% | |
Trop Frutas do Brasil Ltda. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 1,971,055 | $ 2,192,920 | |
Ownership interest | 7.52% | 7.52% | |
Coca-Cola del Valle New Ventures S.A. | |||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Investments accounted for under the equity method | $ 30,350,832 | $ 30,656,041 | |
Ownership interest | 35% | 35% |
INVESTMENTS IN ASSOCIATES ACC_4
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||
Opening balance | $ 91,489,194 | $ 87,956,354 |
Dividends received | (4,383,645) | (3,236,541) |
Share in operating income | (2,118,728) | (4,041,118) |
Amortization unrealized income in associates | (435,884) | |
Other increase (decrease) in investments in associates | 3,120,321 | 3,164,147 |
Ending balance | $ 92,344,598 | $ 91,489,194 |
INVESTMENTS IN ASSOCIATES ACC_5
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD - Movement by Associate (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 CLP ($) | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |
Interest recoverable amount | $ 21.8 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | |||
Share in operating income | $ 2,118,728 | $ 4,041,118 | $ 3,248,680 |
Unrealized earnings from product inventory acquired from associates and not sold at the end of the period, which is presented as a discount in the respective asset account (containers and / or inventory) | (568,767) | (512,131) | (528,122) |
Amortization goodwill in the sale of fixed assets of Envases CMF S.A. | 42,633 | 85,266 | |
Amortization goodwill preferred rights CCDV S.A. | (140,892) | (478,518) | (523,061) |
Income statement balance | $ 1,409,069 | $ 3,093,102 | $ 2,228,763 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | $ 1,161,729,392 | $ 990,986,123 | $ 797,297,716 | |
Non-current assets | 1,848,971,215 | 1,955,120,524 | 1,650,766,684 | |
Total assets | 3,010,700,607 | 2,946,106,647 | 2,448,064,400 | |
Current liabilities | 949,245,134 | 529,567,279 | 378,056,186 | |
Non-current liabilities | 1,178,052,821 | 1,315,125,809 | 1,238,447,623 | |
Total liabilities | 2,127,297,955 | 1,844,693,088 | 1,616,503,809 | |
Average net financial debt last 4 quarters | 883,402,652 | 1,101,413,559 | 831,560,591 | $ 968,903,948 |
Revenues from ordinary activities | 2,656,878,395 | 2,216,732,593 | 1,698,281,237 | |
Share of profit of investments in associates and joint ventures accounted for using the equity method | 1,409,069 | 3,093,102 | 2,228,763 | |
Other comprehensive income | (170,052,729) | 151,896,435 | (191,713,733) | |
Comprehensive income | (41,593,742) | 308,928,103 | $ (68,596,413) | |
Envases CMF S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 63,615,517 | 72,400,404 | ||
Non-current assets | 52,964,004 | 42,875,230 | ||
Total assets | 116,579,521 | 115,275,634 | ||
Current liabilities | 45,222,022 | 57,080,891 | ||
Non-current liabilities | 24,318,944 | 14,467,165 | ||
Total liabilities | 69,540,966 | 71,548,056 | ||
Average net financial debt last 4 quarters | 47,038,555 | 43,727,578 | ||
Revenues from ordinary activities | 97,834,148 | 77,805,312 | ||
Earnings/Net income before taxes | 6,640,224 | 7,347,219 | ||
Earnings/Net income after taxes | 5,517,062 | 5,509,658 | ||
Comprehensive income | 5,517,062 | 5,509,658 | ||
Sorocaba Refrescos S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 41,997,646 | 19,468,334 | ||
Non-current assets | 89,524,823 | 92,639,217 | ||
Total assets | 131,522,469 | 112,107,551 | ||
Current liabilities | 21,366,336 | 21,255,566 | ||
Non-current liabilities | 45,013,681 | 34,960,269 | ||
Total liabilities | 66,380,017 | 56,215,834 | ||
Average net financial debt last 4 quarters | 65,142,452 | 55,891,716 | ||
Revenues from ordinary activities | (741) | (25,164,499) | ||
Earnings/Net income before taxes | 478,458 | 4,518,371 | ||
Earnings/Net income after taxes | 243,170 | 2,573,415 | ||
Other comprehensive income | 9,680,320 | 2,363,061 | ||
Comprehensive income | 9,923,490 | 4,936,476 | ||
Kaik Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Non-current assets | 11,424,515 | 9,779,486 | ||
Total assets | 11,424,515 | 9,779,486 | ||
Non-current liabilities | 31 | 28 | ||
Total liabilities | 31 | 28 | ||
Average net financial debt last 4 quarters | 11,424,484 | 9,779,458 | ||
Revenues from ordinary activities | 782,772 | 204,624 | ||
Earnings/Net income before taxes | 782,772 | 204,624 | ||
Earnings/Net income after taxes | 782,772 | 204,624 | ||
Comprehensive income | 782,772 | 204,624 | ||
SRSA Participacoes Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 22,376 | 20,648 | ||
Non-current assets | 317,159 | 294,662 | ||
Total assets | 339,535 | 315,310 | ||
Current liabilities | 201,853 | 186,266 | ||
Total liabilities | 201,853 | 186,266 | ||
Average net financial debt last 4 quarters | 137,682 | 129,043 | ||
Revenues from ordinary activities | 134,401 | 126,016 | ||
Earnings/Net income before taxes | 134,401 | 126,016 | ||
Earnings/Net income after taxes | 134,401 | 126,016 | ||
Comprehensive income | 134,401 | 126,016 | ||
Leao Alimentos e Bebidas Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 77,547,906 | 68,192,154 | ||
Non-current assets | 54,195,351 | 50,034,496 | ||
Total assets | 131,743,257 | 118,226,650 | ||
Current liabilities | 16,269,385 | 12,991,480 | ||
Non-current liabilities | 11,698,126 | 6,489,944 | ||
Total liabilities | 27,967,511 | 19,481,425 | ||
Average net financial debt last 4 quarters | 103,775,746 | 98,745,226 | ||
Revenues from ordinary activities | 65,797,238 | 94,169,579 | ||
Earnings/Net income before taxes | 3,804,172 | 2,876,850 | ||
Earnings/Net income after taxes | 1,427,601 | 1,556,223 | ||
Other comprehensive income | 1,522 | 49,784 | ||
Comprehensive income | 1,429,123 | 1,606,007 | ||
Trop Frutas do Brasil Ltda. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 22,235,713 | 16,765,435 | ||
Non-current assets | 27,128,282 | 33,021,014 | ||
Total assets | 49,363,995 | 49,786,449 | ||
Current liabilities | 14,693,964 | 10,009,915 | ||
Non-current liabilities | 12,270,207 | 18,294,787 | ||
Total liabilities | 26,964,171 | 28,304,702 | ||
Average net financial debt last 4 quarters | 22,630,444 | 21,481,747 | ||
Revenues from ordinary activities | 45,104,125 | 35,224,230 | ||
Earnings/Net income before taxes | (5,105,685) | (31,042,731) | ||
Earnings/Net income after taxes | (5,067,707) | (37,324,877) | ||
Other comprehensive income | 275,534 | 30,547,925 | ||
Comprehensive income | (4,792,173) | (6,776,952) | ||
Coca-Cola del Valle New Ventures S.A. | ||||
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
Current assets | 26,927,496 | 29,227,758 | ||
Non-current assets | 75,247,746 | 75,706,352 | ||
Total assets | 102,175,242 | 104,934,110 | ||
Current liabilities | 9,038,769 | 10,181,664 | ||
Non-current liabilities | 5,480,067 | 7,164,058 | ||
Total liabilities | 14,518,836 | 17,345,722 | ||
Average net financial debt last 4 quarters | 87,656,406 | 87,588,388 | ||
Revenues from ordinary activities | 25,249,336 | 46,509,329 | ||
Earnings/Net income before taxes | (896,914) | 2,306,620 | ||
Earnings/Net income after taxes | 163,561 | 2,869,945 | ||
Comprehensive income | $ 163,561 | $ 2,869,945 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ 671,778,888 | $ 659,631,543 | $ 604,514,165 |
Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 710,679,339 | 695,006,013 | |
Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (38,900,451) | (35,374,470) | |
Distribution rights | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 650,963,285 | 646,514,329 | 596,365,737 |
Distribution rights | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 653,200,644 | 650,411,156 | |
Distribution rights | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (2,237,359) | (3,896,827) | |
Computer Software | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 20,763,351 | 13,064,962 | $ 8,147,453 |
Computer Software | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 56,968,738 | 44,084,900 | |
Computer Software | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | (36,205,387) | (31,019,938) | |
Others | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 52,252 | 52,252 | |
Others | Gross asset | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | 509,957 | 509,957 | |
Others | Accumulated Amortization/Impairment | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL | |||
Intangible assets other than goodwill | $ (457,705) | $ (457,705) |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL - Distribution Rights (Details) $ in Thousands, R$ in Millions | 12 Months Ended | |||
Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 CLP ($) | Dec. 31, 2020 CLP ($) | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Renewal period for production and distribution contracts | 5 years | |||
Intangible assets other than goodwill | $ 671,778,888 | $ 659,631,543 | $ 604,514,165 | |
Distribution rights | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 650,963,285 | 646,514,329 | $ 596,365,737 | |
Distribution rights | Chile operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 303,802,964 | 303,973,971 | ||
Distribution rights | Brazil operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 171,411,484 | 158,175,979 | ||
Distribution rights | Paraguay operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 172,548,023 | 181,675,993 | ||
Distribution rights | Argentina operation | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | 3,200,814 | $ 2,688,386 | ||
Brazilian Beer Brand Therezopolis | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||||
Intangible assets other than goodwill | $ 35,000 | |||
Purchase of intangible assets | R$ | R$ 70 | |||
Percentage of each bottler bought | 50% |
INTANGIBLE ASSETS OTHER THAN _5
INTANGIBLE ASSETS OTHER THAN GOODWILL - Movement and balances of identifiable intangible assets (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | $ 659,631,543 | $ 604,514,165 |
Additions | 12,037,293 | 12,772,153 |
Amortization /Impairment | (4,396,686) | (2,790,467) |
Other increases (decreases) | (4,506,738) | (45,135,692) |
Ending balance | 671,778,888 | 659,631,543 |
Distribution rights | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 646,514,329 | 596,365,737 |
Additions | 16,881 | 5,773,560 |
Amortization /Impairment | (187,888) | (152,644) |
Other increases (decreases) | (4,619,963) | (44,527,676) |
Ending balance | 650,963,285 | 646,514,329 |
Others. | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 52,252 | 975 |
Other increases (decreases) | (51,277) | |
Ending balance | 52,252 | 52,252 |
Computer Software | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ||
Opening balance | 13,064,962 | 8,147,453 |
Additions | 12,020,412 | 6,998,593 |
Amortization /Impairment | (4,208,798) | (2,637,823) |
Other increases (decreases) | 113,225 | (556,739) |
Ending balance | $ 20,763,351 | $ 13,064,962 |
GOODWILL - Goodwill by business
GOODWILL - Goodwill by business segment and country (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill by business segment and country | |||
Goodwill at beginning of period | $ 118,042,900 | $ 98,325,593 | $ 121,221,661 |
Foreign currency translation differences where functional currency is different from presentation currency | 10,981,022 | 19,717,307 | (22,896,068) |
Goodwill at end of period | 129,023,922 | 118,042,900 | 98,325,593 |
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 | 61,851,449 | 56,001,413 | 75,674,072 |
Foreign currency translation differences where functional currency is different from presentation currency | 5,090,059 | 5,850,036 | (19,672,659) |
Goodwill at end of period | 66,941,508 | 61,851,449 | 56,001,413 |
Argentina operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 39,976,392 | 27,343,642 | 29,750,238 |
Foreign currency translation differences where functional currency is different from presentation currency | 6,278,439 | 12,632,750 | (2,406,596) |
Goodwill at end of period | 46,254,831 | 39,976,392 | 27,343,642 |
Paraguay operation | |||
Goodwill by business segment and country | |||
Goodwill at beginning of period | 7,712,036 | 6,477,515 | 7,294,328 |
Foreign currency translation differences where functional currency is different from presentation currency | (387,476) | 1,234,521 | (816,813) |
Goodwill at end of period | $ 7,324,560 | $ 7,712,036 | $ 6,477,515 |
OTHER CURRENT AND NON-CURRENT_9
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Liabilities (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
Other current financial liabilities | $ 367,302,080 | $ 47,763,039 | |
Non-current | |||
Other non-current financial liabilities | 904,802,058 | 1,041,048,972 | |
Bank liabilities | |||
Current | |||
Other current financial liabilities | [1] | 688,800 | 26,617 |
Non-current | |||
Other non-current financial liabilities | [1] | 13,366,211 | 4,000,000 |
Bonds payable | |||
Current | |||
Other current financial liabilities | [1],[2] | 340,767,980 | 25,383,339 |
Non-current | |||
Other non-current financial liabilities | [1],[2] | 763,368,160 | 1,020,661,942 |
Deposits in guarantee | |||
Current | |||
Other current financial liabilities | 16,427,144 | 13,402,885 | |
Derivative contract liabilities | |||
Current | |||
Other current financial liabilities | 2,317,577 | 758,663 | |
Non-current | |||
Other non-current financial liabilities | 112,175,058 | ||
Leasing agreements | |||
Current | |||
Other current financial liabilities | [1] | 7,100,579 | 8,191,535 |
Non-current | |||
Other non-current financial liabilities | [1] | $ 15,892,629 | $ 16,387,030 |
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_10
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Fair value (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | ||||
Other current financial assets | $ 263,044,869 | $ 195,470,749 | ||
Other current financial liabilities | 367,302,080 | 47,763,039 | ||
Non-current | ||||
Other financial assets | 94,852,711 | 296,632,012 | ||
Other non-current financial liabilities | 904,802,058 | 1,041,048,972 | ||
Bank liabilities | ||||
Current | ||||
Other current financial liabilities | [1] | 688,800 | 26,617 | |
Current financial liabilities at fair value | [1] | 107,114 | 111,992 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 13,366,211 | 4,000,000 | |
Noncurrent financial liabilities at fair value | [1] | 13,921,569 | 4,056,753 | |
Bonds payable | ||||
Current | ||||
Other current financial liabilities | [1],[2] | 340,767,980 | 25,383,339 | |
Current financial liabilities at fair value | [1] | 339,666,507 | 26,774,799 | |
Non-current | ||||
Other non-current financial liabilities | [1],[2] | 763,368,160 | 1,020,661,942 | |
Noncurrent financial liabilities at fair value | [1] | 729,602,210 | 1,041,841,338 | |
Bottle guaranty deposits | ||||
Current | ||||
Other current financial liabilities | [1] | 16,427,144 | 13,402,885 | |
Current financial liabilities at fair value | [1] | 16,427,144 | 13,402,885 | |
Non-current accounts payable | ||||
Non-current | ||||
Other non-current financial liabilities | [1] | 3,015,284 | 256,273 | |
Noncurrent financial liabilities at fair value | [1] | 3,015,284 | 256,273 | |
Forward contracts liabilities | ||||
Current | ||||
Other current financial liabilities | [3] | 2,317,577 | 758,663 | |
Current financial liabilities at fair value | [3] | 2,317,577 | $ 758,663 | |
Derivative contract liabilities | ||||
Current | ||||
Other current financial liabilities | 2,317,577 | 758,663 | ||
Non-current | ||||
Other non-current financial liabilities | 112,175,058 | |||
Leasing agreements | ||||
Current | ||||
Other current financial liabilities | [1] | 7,100,579 | 8,191,535 | |
Current financial liabilities at fair value | [1] | 7,100,579 | 8,191,535 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 15,892,629 | 16,387,030 | |
Noncurrent financial liabilities at fair value | [1] | 15,892,629 | 16,387,030 | |
Accounts payable | ||||
Current | ||||
Other current financial liabilities | [1] | 384,801,630 | 327,409,207 | |
Current financial liabilities at fair value | [1] | 384,801,630 | 327,409,207 | |
Accounts payable related companies | ||||
Current | ||||
Other current financial liabilities | [1] | 90,248,067 | 56,103,461 | |
Current financial liabilities at fair value | [1] | 90,248,067 | 56,103,461 | |
Non-current | ||||
Other non-current financial liabilities | [1] | 10,354,296 | 11,557,723 | |
Noncurrent financial liabilities at fair value | [1] | 10,354,296 | 11,557,723 | |
Cash and cash equivalents | ||||
Current | ||||
Other current financial assets | [1] | 291,681,987 | 304,312,020 | |
Current financial assets at fair value | [1] | 291,681,987 | 304,312,020 | |
Financial assets | ||||
Current | ||||
Other current financial assets | [3] | 170,206,554 | 961,705 | |
Current financial assets at fair value | [3] | 170,206,554 | 961,705 | |
Non-current | ||||
Other financial assets | [3] | 75,297,737 | 281,337,127 | |
Noncurrent financial assets at fair value | [3] | 75,297,737 | 281,337,127 | |
Non-current accounts receivable | ||||
Non-current | ||||
Other financial assets | [1] | 539,920 | 126,464 | |
Noncurrent financial assets at fair value | [1] | 539,920 | 126,464 | |
Trade debtors and other accounts receivable | ||||
Current | ||||
Other current financial assets | [1] | 279,770,286 | 265,490,626 | |
Current financial assets at fair value | [1] | 279,770,286 | 265,490,626 | |
Accounts receivable related companies | ||||
Current | ||||
Other current financial assets | [1] | 15,062,167 | 9,419,050 | |
Current financial assets at fair value | [1] | 15,062,167 | 9,419,050 | |
Non-current | ||||
Other financial assets | [1] | 109,318 | 98,940 | |
Noncurrent financial assets at fair value | [1] | $ 109,318 | $ 98,940 | |
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and are classified as Level 2 of the fair value measurement hierarchies. |
OTHER CURRENT AND NON-CURREN_11
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations current (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 367,302,080 | $ 47,763,039 | |
Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | [1] | $ 688,800 | 26,617 |
Bonds USA 2050 | |||
Disclosure of detailed information about borrowings | |||
Nominal interest rate | 3.95% | ||
Envases Central S.A. | Banco Estado 2.00% Effective Rate Semiannual Amortization obligation [Member] | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 28,683 | $ 26,617 | |
Nominal interest rate | 2% | ||
Envases Central S.A. | Banco Estado 2.00% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Effective interest rate percentage | 2% | 2% | |
Re-Ciclar S.A. | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 53,350 | ||
Nominal interest rate | 9.49% | ||
Effective interest rate percentage | 9.49% | ||
Re-Ciclar S.A. | Scotiabank Chile S.A. 3.32% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Effective interest rate percentage | 3.32% | ||
Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate One At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 21,207 | ||
Nominal interest rate | 0.18% | ||
Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate Two At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 585,560 | ||
Nominal interest rate | 0.18% | ||
Up to 90 days | Envases Central S.A. | Banco Estado 2.00% Effective Rate Semiannual Amortization obligation [Member] | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 28,683 | ||
Up to 90 days | Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate One At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | 21,207 | ||
Up to 90 days | Embotelladora Andina S.A. | Itau Corpbanca 0.18% Effective Rate Two At maturity Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | 585,560 | ||
90 days to 1 year | Re-Ciclar S.A. | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 53,350 | ||
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_12
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bank obligations non-current (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 904,802,058 | $ 1,041,048,972 | |
Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | [1] | 13,366,211 | 4,000,000 |
Envases Central S.A. | Bank liabilities | Banco Estado 2.00% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,000,000 | $ 4,000,000 | |
Effective interest rate percentage | 2% | 2% | |
Envases Central S.A. | Bank liabilities | More than 3 years up to 4 years | Banco Estado 2.00% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,000,000 | $ 4,000,000 | |
Re-Ciclar S.A. | Bank liabilities | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,500,000 | ||
Nominal interest rate | 9.49% | ||
Effective interest rate percentage | 9.49% | ||
Re-Ciclar S.A. | Bank liabilities | Scotiabank Chile S.A. 3.32% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,866,211 | ||
Effective interest rate percentage | 3.32% | ||
Re-Ciclar S.A. | Bank liabilities | More than 2 years up to 3 years | Scotiabank Chile S.A. 9.49% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,500,000 | ||
Re-Ciclar S.A. | Bank liabilities | More than 2 years up to 3 years | Scotiabank Chile S.A. 3.32% Effective Rate Semiannually Amortization Obligation | |||
Disclosure of detailed information about borrowings | |||
Other financial liabilities | $ 4,866,211 | ||
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_13
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bonds Payable (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Composition of bonds payable | |||
Other current financial liabilities | $ 367,302,080 | $ 47,763,039 | |
Other Non-Current Financial Liabilities | $ 904,802,058 | 1,041,048,972 | |
CMF Registration N912 10.10.2018 Series F | |||
Bonds payable | |||
Annual interest rate | 2.83% | ||
Composition of bonds payable | |||
Bonds (face value) | $ 5,700,000 | ||
Bonds payable (current) | |||
Composition of bonds payable | |||
Bonds (face value) | 341,478,129 | 26,103,215 | |
Bonds payable (non-current ) | |||
Composition of bonds payable | |||
Bonds (face value) | 769,765,783 | 1,027,864,462 | |
Bonds payable | |||
Composition of bonds payable | |||
Bonds (face value) | 1,104,136,139 | 1,053,970,677 | |
Other current financial liabilities | [1],[2] | 340,767,980 | 25,383,339 |
Other Non-Current Financial Liabilities | [1],[2] | $ 763,368,160 | $ 1,020,661,942 |
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
OTHER CURRENT AND NON-CURREN_14
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Current and non-current balances (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current and non-current balances | ||
Current | $ 341,478,129 | $ 26,103,215 |
Non-current portion of non-current bonds issued | 769,765,783 | 1,027,864,462 |
CMF Registration N254 06.13.2001 Series B | ||
Current and non-current balances | ||
Current nominal amount | $ 1,253,683 | |
Nominal interest rate | 6.50% | |
Current | $ 10,513,470 | 8,769,787 |
Non-current portion of non-current bonds issued | 28,795,438 | 34,515,188 |
CMF Registration N641 08.23.2010 Series C | ||
Current and non-current balances | ||
Current nominal amount | $ 1,227,273 | |
Nominal interest rate | 4% | |
Current | $ 5,427,888 | 4,853,856 |
Non-current portion of non-current bonds issued | 38,302,888 | 38,035,317 |
CMF Registration N760 08.20.2013 Series D | ||
Current and non-current balances | ||
Current nominal amount | $ 4,000,000 | |
Nominal interest rate | 3.80% | |
Current | $ 1,967,995 | 1,737,109 |
Non-current portion of non-current bonds issued | 140,443,920 | 123,966,960 |
CMF Registration N760 04.02.2014 Series E | ||
Current and non-current balances | ||
Current nominal amount | $ 3,000,000 | |
Nominal interest rate | 3.75% | |
Current | $ 1,304,513 | 1,151,467 |
Non-current portion of non-current bonds issued | 105,332,951 | 92,975,229 |
CMF Registration N912 10.10.2018 Series F | ||
Current and non-current balances | ||
Current nominal amount | $ 5,700,000 | |
Nominal interest rate | 2.83% | |
Current | $ 1,491,144 | 1,316,202 |
Non-current portion of non-current bonds issued | 200,132,586 | 176,652,918 |
Bonds USA 2023 | ||
Current and non-current balances | ||
Current nominal amount | $ 365,000,000 | |
Nominal interest rate | 5% | |
Current | $ 316,293,761 | 3,853,898 |
Non-current portion of non-current bonds issued | 308,311,850 | |
Bonds USA 2050 | ||
Current and non-current balances | ||
Current nominal amount | $ 300,000,000 | |
Nominal interest rate | 3.95% | |
Current | $ 4,479,358 | 4,420,896 |
Non-current portion of non-current bonds issued | 256,758,000 | 253,407,000 |
Bonds payable (current) | ||
Current and non-current balances | ||
Current nominal amount | $ 341,478,129 | $ 26,103,215 |
OTHER CURRENT AND NON-CURREN_15
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Non-current maturities (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 769,765,783 | $ 1,027,864,462 |
CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 28,795,438 | 34,515,188 |
CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 38,302,888 | 38,035,317 |
CMF Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 140,443,920 | 123,966,960 |
CMF Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 105,332,951 | 92,975,229 |
CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 200,132,586 | $ 176,652,918 |
USA 2 Bonds | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 256,758,000 | |
More than 1 year up to 2 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 15,765,142 | |
More than 1 year up to 2 years | CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 10,977,281 | |
More than 1 year up to 2 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 4,787,861 | |
More than 2 years up to 3 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 16,478,664 | |
More than 2 years up to 3 years | CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 11,690,803 | |
More than 2 years up to 3 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 4,787,861 | |
More than 3 years up to 4 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 10,915,215 | |
More than 3 years up to 4 years | CMF Registration N254 06.13.2001 Series B | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 6,127,354 | |
More than 3 years up to 4 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 4,787,861 | |
More than 5 years | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 726,606,762 | |
More than 5 years | CMF Registration N641 08.23.2010 Series C | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 23,939,305 | |
More than 5 years | CMF Registration N760 08.20.2013 Series D | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 140,443,920 | |
More than 5 years | CMF Registration N760 04.02.2014 Series E | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 105,332,951 | |
More than 5 years | CMF Registration N912 10.10.2018 Series F | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | 200,132,586 | |
More than 5 years | USA 2 Bonds | ||
Disclosure of detailed information about borrowings | ||
Non-current portion of non-current bonds issued | $ 256,758,000 |
OTHER CURRENT AND NON-CURREN_16
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Bond restrictions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CLP ($) item | Dec. 31, 2021 CLP ($) | Dec. 31, 2020 CLP ($) | Dec. 31, 2019 CLP ($) | |
Disclosure of detailed information about borrowings | ||||
Average net financial debt last 4 quarters | $ | $ 883,402,652 | $ 1,101,413,559 | $ 831,560,591 | $ 968,903,948 |
CMF Registration N254 06.13.2001 Series B | ||||
Disclosure of detailed information about borrowings | ||||
Percentage threshold adjusted consolidated operating cash flow | 40% | |||
Consolidated assets to unsecured consolidated liabilities ratio | 1.46 | |||
CMF Registration N254 06.13.2001 Series B | Maximum | ||||
Disclosure of detailed information about borrowings | ||||
Indebtedness level | 1.20 | |||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 | |||
CMF Registration N641 08.23.2010 Series C | ||||
Disclosure of detailed information about borrowings | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.46 | |||
Net financial debt ratio | 1.20 | |||
Net Financial Coverage | 19.85 | |||
Number of consecutive quarters | item | 2 | |||
CMF Registration N641 08.23.2010 Series C | Minimum | ||||
Disclosure of detailed information about borrowings | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 | |||
Net Financial Coverage | 3 | |||
CMF Registration N912 10.10.2018 Series F | ||||
Disclosure of detailed information about borrowings | ||||
Indebtedness level | 1.20 | |||
Percentage threshold adjusted consolidated operating cash flow | 40% | |||
Consolidated assets to unsecured consolidated liabilities ratio | 1.46 | |||
CMF Registration N912 10.10.2018 Series F | Minimum | ||||
Disclosure of detailed information about borrowings | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 | |||
CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | ||||
Disclosure of detailed information about borrowings | ||||
Indebtedness level | 1.20 | |||
Percentage threshold adjusted consolidated operating cash flow | 40% | |||
Consolidated assets to unsecured consolidated liabilities ratio | 1.46 | |||
CMF Registration N760 08202013 Series D and CMF Registration N760 04022014 Series E | Maximum | ||||
Disclosure of detailed information about borrowings | ||||
Consolidated assets to unsecured consolidated liabilities ratio | 1.3 |
OTHER CURRENT AND NON-CURREN_17
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES - Leasing (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 367,302,080 | $ 47,763,039 | |
Other non-current financial liabilities | 904,802,058 | 1,041,048,972 | |
Bank liabilities | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | [1] | 688,800 | 26,617 |
Other non-current financial liabilities | [1] | 13,366,211 | 4,000,000 |
Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | [1] | 7,100,579 | 8,191,535 |
Other non-current financial liabilities | [1] | 15,892,629 | 16,387,030 |
Rio De Janeiro Refrescos Ltda | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 1,069,428 | 873,321 | |
Other non-current financial liabilities | $ 8,362,483 | $ 8,703,629 | |
Nominal interest rate | 12.28% | 12.28% | |
Rio De Janeiro Refrescos Ltda | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 121,291 | $ 180,136 | |
Other non-current financial liabilities | $ 995,283 | $ 547,021 | |
Nominal interest rate | 7.39% | 7.39% | |
Rio De Janeiro Refrescos Ltda | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 155,613 | $ 267,752 | |
Other non-current financial liabilities | $ 65,807 | ||
Nominal interest rate | 8.10% | ||
Rio De Janeiro Refrescos Ltda | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 299,362 | 289,409 | |
Other non-current financial liabilities | $ 624,187 | ||
Nominal interest rate | 3.50% | ||
Rio De Janeiro Refrescos Ltda | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 143,991 | ||
Nominal interest rate | 8.20% | ||
Rio De Janeiro Refrescos Ltda | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 852,238 | ||
Nominal interest rate | 6.56% | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 255,231 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 29,490 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 67,708 | ||
Rio De Janeiro Refrescos Ltda | Up to 90 days | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 74,841 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 814,197 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 91,801 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 87,905 | ||
Rio De Janeiro Refrescos Ltda | 90 days to 1 year | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 224,521 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 986,852 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 64,906 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 115,321 | ||
Rio De Janeiro Refrescos Ltda | Maturity within one year | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 276,248 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,208,453 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 130,569 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 57,105 | ||
Rio De Janeiro Refrescos Ltda | More than 1 year up to 2 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 292,445 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,365,552 | 1,115,143 | |
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 140,558 | 69,872 | |
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Real Estate 8.10% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 8,702 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 270,586 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Real Estate 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 28,670 | ||
Rio De Janeiro Refrescos Ltda | More than 2 years up to 3 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 269,864 | ||
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,543,074 | 1,260,112 | |
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 151,311 | 75,217 | |
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 31,538 | ||
Rio De Janeiro Refrescos Ltda | More than 3 years up to 4 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 249,693 | ||
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,743,674 | 1,423,926 | |
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 162,886 | 80,971 | |
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Leao 3.50% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 29,618 | ||
Rio De Janeiro Refrescos Ltda | More than 4 years up to 5 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 29,102 | ||
Rio De Janeiro Refrescos Ltda | More than 5 years | Cogeracao Light Esco 12.28% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 2,501,730 | 3,917,596 | |
Rio De Janeiro Refrescos Ltda | More than 5 years | Tetra Pack 7.39% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 409,959 | 256,055 | |
Rio De Janeiro Refrescos Ltda | More than 5 years | Leao 6.56% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 27,331 | ||
Embotelladora del Atlantico S.A. | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 497,308 | 148,347 | |
Other non-current financial liabilities | $ 1,691,327 | $ 531,575 | |
Nominal interest rate | 12% | 12% | |
Embotelladora del Atlantico S.A. | Banco Comafi 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 24,779 | ||
Other non-current financial liabilities | $ 86,276 | ||
Nominal interest rate | 12% | 12% | |
Embotelladora del Atlantico S.A. | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 622,574 | $ 486,793 | |
Other non-current financial liabilities | $ 136,139 | $ 86,139 | |
Nominal interest rate | 50% | 50% | |
Embotelladora del Atlantico S.A. | Real Estate 50.00 Effective Rate Monthly Amortization Obligation 2 | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 1,343,457 | ||
Nominal interest rate | 50% | ||
Embotelladora del Atlantico S.A. | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 123,253 | $ 138,103 | |
Nominal interest rate | 12% | ||
Embotelladora del Atlantico S.A. | Up to 90 days | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 61,435 | ||
Embotelladora del Atlantico S.A. | Up to 90 days | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 206,444 | ||
Embotelladora del Atlantico S.A. | Up to 90 days | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 43,225 | ||
Embotelladora del Atlantico S.A. | 90 days to 1 year | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 435,873 | ||
Embotelladora del Atlantico S.A. | 90 days to 1 year | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 416,130 | ||
Embotelladora del Atlantico S.A. | 90 days to 1 year | Systems 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 80,028 | ||
Embotelladora del Atlantico S.A. | Maturity within one year | Real Estate 50.00 Effective Rate Monthly Amortization Obligation 2 | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,343,457 | ||
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 842,297 | 296,693 | |
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Banco Comafi 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 86,276 | ||
Embotelladora del Atlantico S.A. | More than 2 years up to 3 years | Real Estate 50.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 136,139 | 86,139 | |
Embotelladora del Atlantico S.A. | More than 4 years up to 5 years | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 513,737 | 234,882 | |
Embotelladora del Atlantico S.A. | More than 5 years | Tetra Pak SRL 12.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 335,293 | ||
VJ S.A. | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 588,820 | 558,872 | |
Other non-current financial liabilities | $ 769,982 | ||
Nominal interest rate | 12.16% | ||
VJ S.A. | Up to 90 days | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 145,000 | ||
VJ S.A. | 90 days to 1 year | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 443,820 | ||
VJ S.A. | More than 1 year up to 2 years | De Lage Landen Chile S.A 12.16% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 769,982 | ||
Vital Aguas S.A. | Coca Cola del Valle New Ventures S.A 7.50% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 998,501 | 1,107,139 | |
Nominal interest rate | 7.50% | ||
Vital Aguas S.A. | Coca Cola del Valle New Ventures S.A 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 602,887 | ||
Nominal interest rate | 8.20% | ||
Vital Aguas S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 7.50% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 262,042 | ||
Vital Aguas S.A. | 90 days to 1 year | Coca Cola del Valle New Ventures S.A 7.50% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 736,459 | ||
Vital Aguas S.A. | Maturity within one year | Coca Cola del Valle New Ventures S.A 8.20% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 602,887 | ||
Envases Central S.A. | Coca Cola del Valle New Ventures S.A 5.56% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 602,887 | 2,364,977 | |
Nominal interest rate | 5.56% | ||
Envases Central S.A. | Coca Cola del Valle New Ventures S.A 9.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 585,960 | ||
Nominal interest rate | 9% | ||
Envases Central S.A. | Up to 90 days | Coca Cola del Valle New Ventures S.A 5.56% Effective Rate Lineal Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 602,887 | ||
Envases Central S.A. | More than 2 years up to 3 years | Coca Cola del Valle New Ventures S.A 9.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 541,264 | ||
Envases Central S.A. | More than 4 years up to 5 years | Coca Cola del Valle New Ventures S.A 9.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 44,696 | ||
Paraguay Refrescos S.A. | Tetra Pak Ltda. Suc. Py 1.00% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 185,345 | ||
Other non-current financial liabilities | $ 277,405 | ||
Nominal interest rate | 1% | 1% | |
Paraguay Refrescos S.A. | More than 2 years up to 3 years | Tetra Pak Ltda. Suc. Py 1.00% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 212,945 | ||
Paraguay Refrescos S.A. | More than 4 years up to 5 years | Tetra Pak Ltda. Suc. Py 1.00% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 64,460 | ||
Transportes Polar S.A. | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 118,883 | 101,950 | |
Other non-current financial liabilities | $ 195,393 | $ 156,942 | |
Nominal interest rate | 2.89% | 2.89% | |
Transportes Polar S.A. | 90 days to 1 year | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 118,883 | ||
Transportes Polar S.A. | More than 2 years up to 3 years | Cons. Inmob. e Inversiones Limitada 2.89% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 195,393 | $ 156,942 | |
Embotelladora Andina S.A. | Central de Restaurante Aramark Ltda. 1.30% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 13,997 | ||
Other non-current financial liabilities | $ 2,469,510 | ||
Nominal interest rate | 1.30% | 1.30% | |
Embotelladora Andina S.A. | More than 2 years up to 3 years | Central de Restaurante Aramark Ltda. 1.30% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 1,670,939 | ||
Embotelladora Andina S.A. | More than 4 years up to 5 years | Central de Restaurante Aramark Ltda. 1.30% Effective Interest Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 798,571 | ||
Transportes Andina Refrescos Ltda. | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 309,440 | 274,063 | |
Other non-current financial liabilities | $ 355,952 | ||
Nominal interest rate | 1% | ||
Transportes Andina Refrescos Ltda. | Comercializadora Novaverde Limitada 0.08% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 177,802 | 376,446 | |
Nominal interest rate | 0.08% | ||
Transportes Andina Refrescos Ltda. | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 932,903 | $ 800,106 | |
Other non-current financial liabilities | $ 1,864,841 | ||
Nominal interest rate | 0.24% | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 77,216 | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Comercializadora Novaverde Limitada 0.08% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 106,674 | ||
Transportes Andina Refrescos Ltda. | Up to 90 days | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 230,716 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 232,224 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Comercializadora Novaverde Limitada 0.08% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 71,128 | ||
Transportes Andina Refrescos Ltda. | 90 days to 1 year | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 702,187 | ||
Transportes Andina Refrescos Ltda. | More than 2 years up to 3 years | Arrendamiento De Maquinaria SPAS 1.00% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 355,952 | ||
Transportes Andina Refrescos Ltda. | More than 2 years up to 3 years | Jungheinrich Rentalift SPA 0.24% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | 1,864,841 | ||
Red de Transportes Comerciales S.A. | Inmobiliaria Ilog Avanza Park 0.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 482,514 | ||
Other non-current financial liabilities | $ 831,235 | ||
Nominal interest rate | 0.21% | ||
Red de Transportes Comerciales S.A. | Up to 90 days | Inmobiliaria Ilog Avanza Park 0.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | $ 119,510 | ||
Red de Transportes Comerciales S.A. | 90 days to 1 year | Inmobiliaria Ilog Avanza Park 0.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other current financial liabilities | 363,004 | ||
Red de Transportes Comerciales S.A. | More than 2 years up to 3 years | Inmobiliaria Ilog Avanza Park 0.21% Effective Rate Monthly Amortization Obligation | Leasing agreements | |||
Disclosure of detailed information about borrowings | |||
Other non-current financial liabilities | $ 831,235 | ||
Minimum | |||
Disclosure of detailed information about borrowings | |||
Average life | 1 year | ||
Maximum | |||
Disclosure of detailed information about borrowings | |||
Average life | 8 years | ||
[1] Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost. |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLE (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
TRADE AND OTHER ACCOUNTS PAYABLE | ||
Current | $ 384,801,630 | $ 327,409,207 |
Non-current | 3,015,284 | 256,273 |
Trade accounts payable | 298,298,731 | 248,163,428 |
Withholding tax | 60,738,656 | 54,812,365 |
Others | 28,779,527 | 24,689,687 |
Total | $ 387,816,914 | $ 327,665,480 |
OTHER PROVISIONS, CURRENT AND_3
OTHER PROVISIONS, CURRENT AND NON-CURRENT (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other provisions, Current and Non current | |||
Other provisions, current | $ 1,591,644 | $ 1,528,879 | |
Other provisions | 47,103,783 | 55,883,527 | |
Total | 48,695,427 | 57,412,406 | $ 50,070,273 |
Litigation | |||
Other provisions, Current and Non current | |||
Total | $ 48,695,427 | $ 57,412,406 |
OTHER PROVISIONS, CURRENT AND_4
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Details of Contingencies provisions (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other provisions, Current and Non current | |||
Balances | $ 48,695,427 | $ 57,412,406 | $ 50,070,273 |
Litigation | |||
Other provisions, Current and Non current | |||
Balances | 48,695,427 | 57,412,406 | |
Tax contingencies | |||
Other provisions, Current and Non current | |||
Balances | 27,339,444 | 28,673,105 | |
Labor contingencies | |||
Other provisions, Current and Non current | |||
Balances | 11,374,753 | 9,502,630 | |
Civil contingencies | |||
Other provisions, Current and Non current | |||
Balances | $ 9,981,230 | $ 19,236,671 |
OTHER PROVISIONS, CURRENT AND_5
OTHER PROVISIONS, CURRENT AND NON-CURRENT - Movements (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movements | ||
Balance at the beginning of the year | $ 57,412,406 | $ 50,070,273 |
Additional provisions | 48,639 | 948,632 |
Increase (decrease) in existing provisions | 6,359,467 | 5,903,714 |
Used provision (payments made charged to the provision) | (3,108,988) | (3,717,687) |
Reversal of unused provision | (15,654,522) | (788,215) |
Increase (decrease) due to foreign exchange rate differences | 3,638,425 | 4,995,689 |
Balance at the end of the year | $ 48,695,427 | $ 57,412,406 |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
OTHER NON-FINANCIAL LIABILITIES | ||
Dividends payable, Current | $ 29,042,469 | $ 29,020,899 |
Others, Current | 13,251,991 | 2,216,935 |
Total, Current | 42,294,460 | 31,237,834 |
Others, Non-Current | 29,589,051 | 23,784,817 |
Total, Non-Current | $ 29,589,051 | $ 23,784,817 |
EQUITY - Series of shares (Deta
EQUITY - Series of shares (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 CLP ($) director shares | Dec. 31, 2021 CLP ($) shares | |
EQUITY | ||
Paid-in and subscribed capital | $ | $ 270,737,574 | $ 270,737,574 |
Number of directors | director | 14 | |
Series A | ||
EQUITY | ||
Number of shares subscribed, paid-in and voting shares | shares | 473,289,301 | 473,289,301 |
Paid-in and subscribed capital | $ | $ 135,379,504 | $ 135,379,504 |
Number of directors elected | director | 12 | |
Series B Share | ||
EQUITY | ||
Number of shares subscribed, paid-in and voting shares | shares | 473,281,303 | 473,281,303 |
Paid-in and subscribed capital | $ | $ 135,358,070 | $ 135,358,070 |
Number of directors elected | director | 2 | |
Additional dividend distribution as a percentage | 10% |
EQUITY - Dividend policy (Detai
EQUITY - Dividend policy (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||||||||
Apr. 26, 2022 | Jan. 27, 2023 | Oct. 28, 2022 | Aug. 26, 2022 | Jan. 28, 2022 | Oct. 29, 2021 | May 28, 2021 | Jan. 29, 2021 | Nov. 24, 2020 | May 29, 2020 | Aug. 27, 2021 | Aug. 28, 2020 | |
Series A | ||||||||||||
EQUITY | ||||||||||||
Interim dividend per share | $ 189 | $ 29 | $ 29 | $ 29 | $ 26 | $ 26.60 | ||||||
Final dividend per share | $ 29 | $ 26 | $ 26 | |||||||||
Additional dividend paid per share | $ 29 | $ 26 | $ 26.60 | |||||||||
Series B Share | ||||||||||||
EQUITY | ||||||||||||
Interim dividend per share | $ 207.9 | $ 31.90 | $ 31.90 | $ 31.90 | $ 28.60 | $ 28.60 | ||||||
Final dividend per share | $ 31.90 | $ 28.60 | $ 28.60 | |||||||||
Additional dividend paid per share | $ 31.90 | $ 28.60 | $ 28.60 |
EQUITY - Reserves (Details)
EQUITY - Reserves (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2009 |
EQUITY | ||||
Polar acquisition | $ 421,701,520 | $ 421,701,520 | $ 421,701,520 | |
Foreign currency translation reserves | (495,483,366) | (441,580,088) | (517,496,486) | |
Cash flow hedge reserve | (62,344,501) | 50,603,698 | (24,719,533) | |
Reserve for employee benefit actuarial gains or losses | (7,776,316) | (4,885,926) | (4,663,193) | |
Legal and statutory reserves | 5,435,538 | 5,435,538 | 5,435,538 | $ 5,435,538 |
Other | 6,014,568 | 6,014,568 | 6,014,568 | |
Total | $ (132,452,557) | $ 37,289,310 | $ (113,727,586) |
EQUITY - Foreign currency trans
EQUITY - Foreign currency translation reserves (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY | |||
Reserve of exchange differences on translation | $ (495,483,366) | $ (441,580,088) | $ (517,496,486) |
Movement in foreign currency translation reserve | (53,903,278) | 75,916,398 | (178,420,146) |
Brazil | |||
EQUITY | |||
Reserve of exchange differences on translation | (140,762,397) | (167,447,389) | (203,657,392) |
Movement in foreign currency translation reserve | 26,684,992 | 36,210,003 | (104,863,274) |
Argentina | |||
EQUITY | |||
Reserve of exchange differences on translation | (360,988,849) | (294,696,228) | (291,332,402) |
Movement in foreign currency translation reserve | (66,292,621) | (3,363,826) | (44,916,480) |
Paraguay | |||
EQUITY | |||
Reserve of exchange differences on translation | 6,267,880 | 20,563,529 | (22,506,692) |
Movement in foreign currency translation reserve | $ (14,295,649) | $ 43,070,221 | $ (28,640,392) |
EQUITY - Consolidated statement
EQUITY - Consolidated statements of comprehensive income (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flow for hedge | |||
Gross Balance | $ 104,232,055 | $ (12,203,755) | |
Tax | $ 42,276,806 | (28,944,992) | 2,334,037 |
Net Balance | 75,287,063 | ||
Exchange rate translation differences | |||
Gross Balance | 98,973,862 | (264,119,093) | |
Tax | 23,777,899 | (22,103,267) | 84,571,922 |
Net Balance | 76,870,595 | ||
Benefit relate to defined benefit plans | |||
Gross Balance | (3,960,084) | (357,840) | (3,146,362) |
Tax | 1,069,223 | 96,617 | 849,518 |
Net Balance | (261,223) | ||
Total Comprehensive income | |||
Gross Balance | 202,848,077 | ||
Tax | (50,951,642) | ||
Other comprehensive (loss)income, total | $ (170,052,729) | $ 151,896,435 | $ (191,713,733) |
EQUITY - Movement of comprehens
EQUITY - Movement of comprehensive income and expense (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement of comprehensive income and loss | |||
Other comprehensive (loss)income, total | $ (170,052,729) | $ 151,896,435 | $ (191,713,733) |
Cash Flow hedge reserve | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (155,007,121) | 102,529,128 | (11,029,171) |
Deferred taxes | 43,070,637 | (28,469,748) | 2,029,363 |
Reclassification to the result by function | (993,365) | 1,227,683 | (869,910) |
Other comprehensive (loss)income, total | (112,929,849) | 75,287,063 | (9,869,718) |
Majority Equity holders | (112,948,199) | 75,323,231 | (9,686,850) |
Non-Controlling interests | 18,350 | (36,168) | (868) |
Reserves for exchange rate differences | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (78,009,918) | 98,973,862 | (264,119,093) |
Deferred taxes | 23,777,899 | (22,103,267) | 84,571,923 |
Other comprehensive (loss)income, total | (54,232,019) | 76,870,595 | (179,547,170) |
Majority Equity holders | (53,903,278) | 75,916,398 | (178,420,146) |
Non-Controlling interests | (328,741) | 954,197 | (1,127,024) |
Benefit related to defines benefit plans | |||
Movement of comprehensive income and loss | |||
Increase (decrease) | (3,617,931) | 3,026,996 | (3,338,354) |
Deferred taxes | 976,841 | (817,289) | 901,356 |
Reclassification to the result by function | (249,771) | (2,470,930) | 140,153 |
Other comprehensive (loss)income, total | (2,890,861) | (261,223) | (2,296,845) |
Majority Equity holders | (2,890,390) | (222,733) | (2,432,441) |
Non-Controlling interests | $ (471) | $ (38,490) | $ 135,596 |
EQUITY - Non-controlling intere
EQUITY - Non-controlling interests (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-controlling interests | |||
Shareholders equity attributable to non controlling interests | $ 28,142,508 | $ 25,269,755 | $ 20,379,477 |
Income attributable to non controlling interests | 2,961,345 | 2,333,518 | 1,117,515 |
Total current assets | 1,161,729,392 | 990,986,123 | 797,297,716 |
Total non-current assets | 1,848,971,215 | 1,955,120,524 | 1,650,766,684 |
Total current liabilities | 949,245,134 | 529,567,279 | 378,056,186 |
Total non-current liabilities | 1,178,052,821 | 1,315,125,809 | 1,238,447,623 |
Net sales | 2,656,878,395 | 2,216,732,593 | 1,698,281,237 |
Net Income | $ 128,458,987 | $ 157,031,668 | $ 123,117,320 |
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 | $ 36,451 | $ 33,794 | $ 23,662 |
Income attributable to non controlling interests | 6,410 | 3,463 | 2,312 |
Total current assets | 132,214,927 | 107,589,399 | 65,077,621 |
Total non-current assets | 243,866,619 | 209,051,488 | 140,891,069 |
Total current liabilities | 138,653,369 | 98,942,717 | 56,982,545 |
Total non-current liabilities | 23,668,595 | 19,520,634 | 10,226,241 |
Net sales | 664,003,032 | 517,466,510 | 309,936,060 |
Net Income | $ 37,589,788 | $ 20,307,709 | $ 13,386,097 |
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 | $ 4,346 | $ 3,761 | $ 2,349 |
Income attributable to non controlling interests | (5) | 326 | 244 |
Total current assets | 16,481,794 | 13,197,912 | 6,212,726 |
Total non-current assets | 11,897,459 | 11,865,984 | 8,247,288 |
Total current liabilities | 6,679,478 | 6,210,788 | 2,733,092 |
Total non-current liabilities | 915,427 | 868,253 | 491,364 |
Net sales | 37,915,166 | 30,750,914 | 15,148,572 |
Net Income | $ (25,095) | $ 1,558,476 | $ 1,168,507 |
Paraguay Refrescos S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 2.1697% | 2.1697% | 2.1697% |
Shareholders equity attributable to non controlling interests | $ 6,177,360 | $ 6,331,726 | $ 5,037,332 |
Income attributable to non controlling interests | 988,416 | 885,010 | 791,576 |
Total current assets | 72,297,644 | 64,121,536 | 44,658,550 |
Total non-current assets | 269,314,097 | 279,148,198 | 226,241,150 |
Total current liabilities | 40,454,954 | 34,207,817 | 24,337,015 |
Total non-current liabilities | 16,451,513 | 17,242,154 | 14,399,594 |
Net sales | 212,339,131 | 169,216,180 | 157,152,584 |
Net Income | 45,554,603 | 40,788,801 | 36,482,572 |
VJ S.A. | |||
Non-controlling interests | |||
Total current assets | 27,190,771 | 25,441,586 | 21,175,722 |
Total non-current assets | 19,346,711 | 16,832,859 | 14,306,662 |
Total current liabilities | 20,026,609 | 17,498,997 | 11,812,384 |
Total non-current liabilities | 1,228,226 | 1,756,730 | 307,146 |
Net sales | 85,067,864 | 64,513,412 | 42,955,659 |
Net Income | $ 2,637,795 | $ 1,428,350 | $ 815,053 |
Vital S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 35% | 35% | 35% |
Shareholders equity attributable to non controlling interests | $ 8,848,927 | $ 8,056,551 | $ 8,176,999 |
Income attributable to non controlling interests | $ 923,228 | $ 499,923 | $ 285,269 |
Vital Aguas S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 33.50% | 33.50% | 33.50% |
Shareholders equity attributable to non controlling interests | $ 2,216,115 | $ 2,041,837 | $ 1,912,023 |
Income attributable to non controlling interests | 198,195 | 130,522 | 109,110 |
Total current assets | 7,326,742 | 5,575,990 | 3,798,228 |
Total non-current assets | 5,516,881 | 5,789,335 | 7,297,306 |
Total current liabilities | 6,073,685 | 4,934,841 | 3,897,100 |
Total non-current liabilities | 154,669 | 335,449 | 1,490,904 |
Net sales | 22,026,721 | 16,005,176 | 12,929,160 |
Net Income | $ 591,626 | $ 389,619 | $ 325,700 |
Envases Central S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 40.73% | 40.73% | 40.73% |
Shareholders equity attributable to non controlling interests | $ 6,669,936 | $ 5,738,008 | $ 5,227,112 |
Income attributable to non controlling interests | 999,807 | 750,192 | (70,996) |
Total current assets | 22,918,372 | 17,976,170 | 15,600,566 |
Total non-current assets | 22,057,335 | 20,945,892 | 18,205,899 |
Total current liabilities | 21,712,326 | 20,091,524 | 13,908,411 |
Total non-current liabilities | 6,887,495 | 4,742,707 | 7,064,568 |
Net sales | 100,227,739 | 77,475,816 | 62,267,424 |
Net Income | $ 2,454,710 | $ 1,841,867 | $ (174,313) |
Re-Ciclar S.A. | |||
Non-controlling interests | |||
Non controlling interest percentage | 60% | 40% | |
Shareholders equity attributable to non controlling interests | $ 4,189,373 | $ 3,064,078 | |
Income attributable to non controlling interests | (154,706) | 64,082 | |
Total current assets | 14,595,558 | 4,135,677 | |
Total non-current assets | 5,626,492 | 3,560,269 | |
Total current liabilities | 382,408 | 35,751 | |
Total non-current liabilities | 9,366,211 | ||
Net Income | $ (386,764) | $ 160,195 |
EQUITY - Earnings per share (De
EQUITY - Earnings per share (Details) - CLP ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share | ||
Earnings attributable to shareholders | $ 125,497,642 | $ 154,698,150 |
Weighted average number of shares | 946,570,604 | 946,570,604 |
Earnings per share (in CLP) | $ 132.58 | $ 163.43 |
Series A | ||
Earnings per share | ||
Earnings attributable to shareholders | $ 59,761,287 | $ 73,666,409 |
Weighted average number of shares | 473,289,301 | 473,289,301 |
Earnings per share (in CLP) | $ 126.27 | $ 155.65 |
Series B Share | ||
Earnings per share | ||
Earnings attributable to shareholders | $ 65,736,355 | $ 81,031,741 |
Weighted average number of shares | 473,281,303 | 473,281,303 |
Earnings per share (in CLP) | $ 138.89 | $ 171.21 |
DERIVATIVE ASSETS AND LIABILI_3
DERIVATIVE ASSETS AND LIABILITIES (Details) $ in Thousands, $ in Millions | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CLP ($) | Dec. 31, 2021 USD ($) |
Derivative Instrument US Bond Obligations | Cash flow hedges | UF | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial liabilities held for hedging | $ 9,340,963 | $ 9,752,973 | ||
Derivative Instrument US Bond Obligations | Cash flow hedges | CLP | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial assets held for hedging | 75,297,737 | 34,239,224 | ||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial assets held for hedging | 170,143,055 | 192,844,908 | ||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | Second Contract | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Derivative financial liabilities held for hedging | $ 112,175,058 | $ 54,252,995 | ||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | BRL | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Hedged item, liabilities | $ 360 | |||
Derivative Instrument US Bond Obligations | Currency swap contract | Cash flow hedges | UF | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Hedged item, liabilities | 300 | |||
Derivative Instrument Raw Material Purchases | Forward agreements | Fair value hedges | ||||
DERIVATIVE ASSETS AND LIABILITIES | ||||
Notional amount | $ 80.2 | $ 70.2 |
DERIVATIVE ASSETS AND LIABILI_4
DERIVATIVE ASSETS AND LIABILITIES - Fair Value (Details) - CLP ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value of financial assets and liabilities | ||
Transfers into out of Level 1 assets and liabilities | $ 0 | $ 0 |
Transfers into out of level 2 assets and liabilities | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Financial assets, at fair value | 245,504,291 | 282,298,832 |
Financial liabilities, at fair value | 114,492,635 | 758,663 |
Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 245,504,291 | 282,298,832 |
Financial liabilities, at fair value | 114,492,635 | 758,663 |
Financial Liabilities Other Current | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 2,317,577 | 758,663 |
Financial Liabilities Other Current | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 2,317,577 | 758,663 |
Financial Liabilities Other Non Current | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 112,175,058 | |
Financial Liabilities Other Non Current | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial liabilities, at fair value | 112,175,058 | |
Other financial assets | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 170,206,554 | 961,705 |
Other financial assets | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 170,206,554 | 961,705 |
Financial Assets Other Noncurrent | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | 75,297,737 | 281,337,127 |
Financial Assets Other Noncurrent | Level 2 | ||
Fair value of financial assets and liabilities | ||
Financial assets, at fair value | $ 75,297,737 | $ 281,337,127 |
LITIGATION AND CONTINGENCIES -
LITIGATION AND CONTINGENCIES - Lawsuits and other legal actions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 CLP ($) | |
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | R$ | R$ 125421068 | |||
Estimated amount of loss | R$ | 464,269,491 | |||
Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | $ 1,552,353 | $ 1,487,509 | ||
Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Loss contingency damages sought | R$ | R$ 2867475111 | |||
Embotelladora del Atlantico S.A. | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | 1,397,149 | 1,917,657 | ||
Time deposits to guaranty judicial liabilities | $ | 288,399 | |||
Rio De Janeiro Refrescos Ltda | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | 45,706,634 | 53,965,870 | ||
Time deposits to guaranty judicial liabilities | $ | 23,260,412 | 23,502,962 | ||
Warranty insurance and bail letters | R$ | 1,950,203,388 | |||
Warranty insurance and bail letters commission percentage | 0.55% | |||
Rio De Janeiro Refrescos Ltda | Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | R$ | R$ 546082453 | |||
ex-Companhia De Bebidas Ipiranga | Tax contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Loss contingency damages sought | R$ | R$ 552722424 | |||
Paraguay Refrescos S.A. | Legal proceedings contingent liability | ||||
CONTINGENCIES AND COMMITMENTS | ||||
Contingent liability | $ | $ 39,291 | $ 41,370 |
LITIGATION AND CONTINGENCIES _2
LITIGATION AND CONTINGENCIES - Guarantees (Details) $ in Thousands | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 CLP ($) |
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | R$ | R$ 125421068 | ||
Administradora Plaza Vespucio S.A. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 98,170 | $ 86,416 | |
Cooperativa Agrcola Pisquera Elqui Limitada | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,056,320 | 1,216,865 | |
Mall Plaza | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 330,298 | 290,890 | |
Serv. Nacional Aduanas | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 18,583 | ||
Metro S.A. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 21,207 | 24,335 | |
Parque Arauco | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 142,901 | 126,136 | |
Lease Agreement | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 103,711 | ||
Others Guaranty Creditor | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 14,183 | ||
Vicentin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 125,683 | ||
Bariloche Case | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,902 | ||
Several Retail one | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 63,792 | 63,792 | |
Several Retail two | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 693 | 628 | |
Several Retail three | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 22,235 | 69,745 | |
Labor claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 6,605,781 | 6,057,282 | |
Civil and tax claims | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 6,457,702 | 6,562,747 | |
Governmental entities | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 10,196,929 | 10,882,933 | |
Distribuidora Baraldo S.H. | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 97 | 164 | |
Acuna Gomez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 145 | 247 | |
Nicanor Lopez | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 104 | 176 | |
Municipalidad Bariloche | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 2,428 | 2,230 | |
Municipalidad San Antonio Oeste | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 10,664 | 18,153 | |
Municipalidad Carlos Casares | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 431 | 734 | |
Municipalidad Chivilcoy | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 66,697 | 113,530 | |
Granada Maximiliano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 870 | 1,480 | |
Municipalidad De Junin | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 139 | 237 | |
Almada Jorge | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,180 | 2,009 | |
Farias Matias Luis | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 541 | 922 | |
Temas Industriales SA - Embargo General de Fondos | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 60,575 | 103,110 | |
DBC SA C CERVECERIA ARGENTINA SA ISEMBECK | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 10,870 | 18,502 | |
Coto Cicsa | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,932 | 3,289 | |
Cencosud | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,208 | 2,056 | |
Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,784 | 8,143 | |
Marcus A. Pena | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 4,965 | 5,692 | |
Mauricio J Cordero C | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 987 | ||
Jose Ruoti Maltese | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 712 | ||
Alejandro Galeano | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,365 | ||
Ana Maria Mazo | Guarantees | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,113 | 1,300 | |
Labor procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 1,936,493 | 1,593,498 | |
Administrative procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 7,616,498 | 4,717,824 | |
Federal Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 186,607,491 | 153,491,717 | |
State Government | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 117,027,313 | 64,725,638 | |
Sorocaba Refrescos | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,280,603 | 3,027,291 | |
Others Procedures | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | 3,423,715 | 3,390,177 | |
Aduana De Ezeiza One | |||
CONTINGENCIES AND COMMITMENTS | |||
Contingent liability | $ 3,791 | $ 637,631 |
FINANCIAL RISK MANAGEMENT - Int
FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) - 12 months ended Dec. 31, 2022 CLF in Thousands, $ in Thousands, $ in Millions | CLP ($) item contract | USD ($) item contract | CLF item contract |
Interest Rate Risk | |||
Number of contracts | contract | 6 | 6 | 6 |
Number of local bonds | item | 5 | 5 | 5 |
Interest rate risk | |||
Interest Rate Risk | |||
Notes payable, current | $ 340,768 | ||
Notes associated with interest payments | 495,574,000 | ||
Notes associated with interest payments, current | 25,874,000 | ||
Current nominal amount | $ 1,104,136,000 | ||
Interest rate risk | Fixed interest rate | National | |||
Interest Rate Risk | |||
Financial Liabilities | CLF | CLF 15,450 | ||
Interest rate risk | Fixed Rate Bond One [Member] | Fixed interest rate | Foreign | |||
Interest Rate Risk | |||
Percentage of foreign bonds re-denominated to domestic currencies | 100% | ||
Current nominal amount | $ 365 | ||
Interest rate risk | Fixed Rate Bond Two [Member] | Fixed interest rate | Foreign | |||
Interest Rate Risk | |||
Percentage of foreign bonds re-denominated to domestic currencies | 100% | ||
Current nominal amount | $ 300 |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) client in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) client | |
Credit risk | |
Credit risk | |
Accounts receivable threshold amount for sales suspension | $ 250,000 |
Accounts receivable threshold period for sales suspension (In Days) | 60 days |
Outstanding accounts receivable balance at which CFO approval is required | $ 1,000,000 |
Credit risk | Minimum | |
Credit risk | |
Number of customers | client | 283 |
31 to 60 days | |
Credit risk | |
Accounts receivable provision percentage | 30% |
61 and 90 days | |
Credit risk | |
Accounts receivable provision percentage | 60% |
91 and 120 days | |
Credit risk | |
Accounts receivable provision percentage | 90% |
Accounts receivable disputed balance provision percentage | 40% |
121 days and over | |
Credit risk | |
Accounts receivable provision percentage | 100% |
121 and 170 days | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 80% |
171 days and over | |
Credit risk | |
Accounts receivable disputed balance provision percentage | 100% |
FINANCIAL RISK MANAGEMENT - Pre
FINANCIAL RISK MANAGEMENT - Prepayments, Guarantees and Financial Investments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CLP ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CLP ($) | Dec. 31, 2020 CLP ($) | |
Credit risk | ||||
Trade receivables | $ 242,695,755 | $ 210,218,501 | ||
Other Provisions | $ 48,695,427 | $ 57,412,406 | $ 50,070,273 | |
Maximum | ||||
Credit risk | ||||
Trade receivables uncollectible percentage | 0.50% | |||
Credit risk | ||||
Credit risk | ||||
Prepayment to suppliers threshold | $ 25,000 | |||
Credit risk | Minimum | ||||
Credit risk | ||||
Time deposits with institutions with risk ratings of A S&P or equivalent | 1 year | |||
Credit risk | Maximum | ||||
Credit risk | ||||
Time deposits with institutions with risk ratings of Level 1 Fitch or equivalent | 1 year | |||
Currency risk | ||||
Credit risk | ||||
Number of risks exposed to that are caused by exchange rate volatility | item | 3 |
FINANCIAL RISK MANAGEMENT - Inv
FINANCIAL RISK MANAGEMENT - Investment Risk by Country (Details) $ in Thousands | 12 Months Ended | ||||||||||||||||
Dec. 31, 2022 CLP ($) | Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / R$ | Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / CLF | Dec. 31, 2022 | Dec. 31, 2021 CLP ($) | Dec. 31, 2021 $ / $ | Dec. 31, 2021 $ / R$ | Dec. 31, 2021 $ / $ | Dec. 31, 2021 $ / CLF | Dec. 31, 2020 CLP ($) | Dec. 31, 2020 $ / $ | Dec. 31, 2020 $ / R$ | Dec. 31, 2020 $ / $ | Dec. 31, 2020 $ / CLF | Dec. 31, 2019 CLP ($) | |
Exchange Rate Risk | |||||||||||||||||
Currency variation at closing | 855.86 | 164.03 | 4.83 | 0.116 | 844.69 | 151.36 | 8.22 | 0.123 | 710.95 | 136.80 | 8.44 | 0.103 | |||||
Total assets | $ 3,010,700,607 | $ 2,946,106,647 | $ 2,448,064,400 | ||||||||||||||
Total liabilities | 2,127,297,955 | 1,844,693,088 | 1,616,503,809 | ||||||||||||||
Net investment | $ 883,402,652 | $ 1,101,413,559 | $ 831,560,591 | $ 968,903,948 | |||||||||||||
Currency risk | USD | |||||||||||||||||
Exchange Rate Risk | |||||||||||||||||
Percentage of reasonably possible risk increase | (5.00%) | ||||||||||||||||
Currency risk | Brazil | |||||||||||||||||
Exchange Rate Risk | |||||||||||||||||
Currency variation at closing | 8.4 | ||||||||||||||||
Total assets | $ 949,137,527 | ||||||||||||||||
Total liabilities | 676,923,781 | ||||||||||||||||
Net investment | $ 272,213,746 | ||||||||||||||||
Share on income | 24% | ||||||||||||||||
Impact on results for the period | $ (2,548,633) | ||||||||||||||||
Impact on equity at closing | (12,962,559) | ||||||||||||||||
Currency risk | Argentina | |||||||||||||||||
Exchange Rate Risk | |||||||||||||||||
Currency variation at closing | (41.3) | ||||||||||||||||
Total assets | 392,963,540 | ||||||||||||||||
Total liabilities | 163,156,211 | ||||||||||||||||
Net investment | $ 229,807,329 | ||||||||||||||||
Share on income | 25.70% | ||||||||||||||||
Impact on results for the period | $ (1,800,552) | ||||||||||||||||
Impact on equity at closing | (10,943,206) | ||||||||||||||||
Currency risk | Paraguay | |||||||||||||||||
Exchange Rate Risk | |||||||||||||||||
Currency variation at closing | (5) | ||||||||||||||||
Total assets | 341,611,741 | ||||||||||||||||
Total liabilities | 56,906,467 | ||||||||||||||||
Net investment | $ 284,705,274 | ||||||||||||||||
Share on income | 8% | ||||||||||||||||
Impact on results for the period | $ (2,169,267) | ||||||||||||||||
Impact on equity at closing | $ (13,557,394) |
FINANCIAL RISK MANAGEMENT - For
FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Currency risk | USD. | |
Net exposure of assets and liabilities in foreign currency | |
Percentage of US denominated financial liabilities with derivative cross currency swaps | 100% |
FINANCIAL RISK MANAGEMENT - F_2
FINANCIAL RISK MANAGEMENT - Foreign Currency Exposure (Details) - Commodity price risk | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | |
Assets purchased or indexed to foreign currency exposure | |
Amount of risk exposure percentage | 35% |
Maximum | |
Assets purchased or indexed to foreign currency exposure | |
Amount of risk exposure percentage | 40% |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Maturity within one year | ||
Committed maturities for liability payments | ||
Bank debt | $ 26,617 | |
Bonds payable | 25,383,339 | |
Lease obligations | 8,191,535 | |
Contractual obligations (1) | 85,354,594 | |
Total | 118,956,085 | |
More than 1 year up to 2 years | ||
Committed maturities for liability payments | ||
Bonds payable | 321,636,043 | |
Lease obligations | 4,949,066 | |
Contractual obligations (1) | 31,678,743 | |
Total | 358,263,852 | |
More than 2 years up to 3 years | ||
Committed maturities for liability payments | ||
Bonds payable | 13,915,567 | |
Lease obligations | 2,975,353 | |
Contractual obligations (1) | 9,036,380 | |
Total | 25,927,300 | |
More than 3 years up to 4 years | ||
Committed maturities for liability payments | ||
Bank debt | 4,000,000 | |
Bonds payable | 14,545,378 | |
Lease obligations | 2,641,096 | |
Contractual obligations (1) | 8,992,060 | |
Total | 30,178,534 | |
More than 5 years | ||
Committed maturities for liability payments | ||
Bonds payable | 670,564,954 | |
Lease obligations | 5,821,515 | |
Contractual obligations (1) | 4,950,895 | |
Total | $ 681,337,364 | |
Liquidity risk | Maturity within one year | ||
Committed maturities for liability payments | ||
Bank debt | $ 741,228 | |
Bonds payable | 340,767,980 | |
Lease obligations | 7,100,579 | |
Contractual obligations (1) | 127,611,501 | |
Total | 476,221,288 | |
Liquidity risk | More than 1 year up to 2 years | ||
Committed maturities for liability payments | ||
Bonds payable | 15,765,142 | |
Lease obligations | 2,854,106 | |
Contractual obligations (1) | 39,242,308 | |
Total | 57,861,556 | |
Liquidity risk | More than 2 years up to 3 years | ||
Committed maturities for liability payments | ||
Bank debt | 4,081,333 | |
Bonds payable | 16,478,664 | |
Lease obligations | 5,615,704 | |
Contractual obligations (1) | 5,973,129 | |
Total | 32,148,830 | |
Liquidity risk | More than 3 years up to 4 years | ||
Committed maturities for liability payments | ||
Bonds payable | 10,915,215 | |
Lease obligations | 6,887,353 | |
Contractual obligations (1) | 5,339,005 | |
Total | 23,141,573 | |
Liquidity risk | More than 5 years | ||
Committed maturities for liability payments | ||
Bonds payable | 720,209,139 | |
Lease obligations | 535,465 | |
Contractual obligations (1) | 4,950,895 | |
Total | $ 725,695,499 |
EXPENSES BY NATURE (Details)
EXPENSES BY NATURE (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EXPENSES BY NATURE | |||
Direct production costs | $ (1,388,536,599) | $ (1,192,363,804) | $ (862,383,664) |
Payroll and employee benefits | (376,196,521) | (301,522,420) | (252,337,262) |
Transportation and distribution | (224,190,549) | (174,253,526) | (126,683,586) |
Advertisement | (26,575,951) | (28,475,957) | (6,917,300) |
Depreciation and amortization | 119,365,431 | 104,775,303 | 110,920,517 |
Repairs and maintenance | (43,847,581) | (38,631,914) | (25,971,485) |
Other expenses | (133,021,583) | (84,272,085) | (73,455,798) |
Total | $ (2,311,734,215) | $ (1,924,295,009) | $ (1,458,669,612) |
OTHER INCOME (Details)
OTHER INCOME (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OTHER INCOME | |||
Gain due to disposal of Property, plant and equipment | $ 79,650 | $ 480,401 | $ 16,005 |
Recovery of PIS credit and COFINS | 6,744,341 | ||
Credit recovery in Brazil | 1,856,762 | ||
Others | 561,108 | 857,477 | 1,595,952 |
Total | $ 2,497,520 | $ 1,337,878 | $ 8,356,298 |
OTHER EXPENSES BY FUNCTION (Det
OTHER EXPENSES BY FUNCTION (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OTHER EXPENSES BY FUNCTION | |||
Contingencies and non-operating fees | $ 6,316,102 | $ (7,950,093) | $ (1,081,812) |
Tax on bank debts and other bank expenses | (7,150,739) | (5,270,040) | (3,367,615) |
Write-offs, disposals and loss of property, plant and equipment | 417,623 | 7,972,976 | |
Others | (51,694) | (1,574,034) | (5,007,853) |
Total | $ (886,331) | $ (15,211,790) | $ (17,430,256) |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Details) - CLP ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial income | |||
Interest income | $ 32,388,801 | $ 2,196,886 | $ 7,931,055 |
Ipiranga purchase warranty restatement | 39,509 | 11,290 | 7,674 |
From PIS credit and COFINS | 2,054,586 | 1,312,930 | 5,124,810 |
Other financial income | 5,239,514 | 4,270,763 | 1,882,340 |
Total | 39,722,410 | 7,791,869 | 14,945,879 |
Financial expenses | |||
Bond interest | 51,863,601 | 48,624,062 | 45,927,500 |
Bank loan interest | 1,782,972 | 267,012 | 1,186,731 |
Lease interest | 2,092,868 | 1,816,506 | 1,873,571 |
Other financial costs | 3,808,512 | 2,284,876 | 5,785,035 |
Total | $ (59,547,953) | $ (52,992,456) | $ (54,772,837) |
OTHER (LOSSES) GAINS (Details)
OTHER (LOSSES) GAINS (Details) - CLP ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | |
OTHER (LOSSES) GAINS | |||
Other gains and losses | $ (24,983,899) | $ 287 | |
Total | $ (24,983,899) | $ 287 | |
Embotelladora Andina S.A. | |||
OTHER (LOSSES) GAINS | |||
Loss due to assignment of loan to financial institution | $ 24,982,887 |
LOCAL AND FOREIGN CURRENCY - Cu
LOCAL AND FOREIGN CURRENCY - Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 291,681,987 | $ 304,312,020 | $ 309,530,699 | $ 157,567,986 |
Other current financial assets | 263,044,869 | 195,470,749 | ||
Other current non-financial assets | 26,957,000 | 14,719,104 | ||
Trade accounts and other accounts receivable | 279,770,286 | 265,490,626 | ||
Current account receivables | 15,062,167 | 9,419,050 | ||
Inventory | 245,886,656 | 191,350,206 | ||
Current tax assets | 39,326,427 | 10,224,368 | ||
Total Current Assets | 1,161,729,392 | 990,986,123 | $ 797,297,716 | |
USD. | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 14,266,343 | 13,640,823 | ||
Other current non-financial assets | 847,149 | 1,141,780 | ||
Trade accounts and other accounts receivable | 1,467,851 | 2,347,439 | ||
Total Current Assets | 16,581,343 | 17,130,042 | ||
EUR | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 870,613 | 2,838,102 | ||
Other current non-financial assets | 329,535 | 77,526 | ||
Trade accounts and other accounts receivable | 6,770 | |||
Total Current Assets | 1,206,918 | 2,915,628 | ||
UF | ||||
CURRENT ASSETS | ||||
Other current non-financial assets | 517,748 | 256,912 | ||
Trade accounts and other accounts receivable | 49,469 | 69,142 | ||
Total Current Assets | 567,217 | 326,054 | ||
CLP | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 138,205,025 | 176,278,025 | ||
Other current financial assets | 92,826,375 | 194,834,125 | ||
Other current non-financial assets | 12,478,839 | 6,282,535 | ||
Trade accounts and other accounts receivable | 155,443,395 | 147,478,959 | ||
Current account receivables | 14,738,236 | 6,674,178 | ||
Inventory | 103,719,764 | 77,225,374 | ||
Current tax assets | 33,296,214 | 5,574,826 | ||
Total Current Assets | 550,707,848 | 614,348,022 | ||
BRL | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 69,923,621 | 56,272,827 | ||
Other current financial assets | 170,154,995 | 140,544 | ||
Other current non-financial assets | 2,382,575 | 1,183,076 | ||
Trade accounts and other accounts receivable | 74,851,690 | 76,173,944 | ||
Current account receivables | 86,492 | 87,865 | ||
Inventory | 60,074,387 | 44,848,239 | ||
Current tax assets | 5,633,971 | 4,649,542 | ||
Total Current Assets | 383,107,731 | 183,356,037 | ||
ARS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 29,215,288 | 22,425,407 | ||
Other current financial assets | 481,148 | |||
Other current non-financial assets | 8,596,540 | 3,831,513 | ||
Trade accounts and other accounts receivable | 39,795,968 | 32,330,010 | ||
Current account receivables | 237,439 | 2,657,007 | ||
Inventory | 62,655,300 | 54,376,217 | ||
Current tax assets | 396,242 | |||
Total Current Assets | 140,896,777 | 116,101,302 | ||
PYG | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 39,201,097 | 32,856,836 | ||
Other current financial assets | 63,499 | 14,932 | ||
Other current non-financial assets | 1,804,614 | 1,945,762 | ||
Trade accounts and other accounts receivable | 8,155,143 | 7,091,132 | ||
Inventory | 19,437,205 | 14,900,376 | ||
Total Current Assets | $ 68,661,558 | $ 56,809,038 |
LOCAL AND FOREIGN CURRENCY - No
LOCAL AND FOREIGN CURRENCY - Non-Current Assets (Details) - CLP ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
NON-CURRENT ASSETS | ||||
Other non-current financial assets | $ 94,852,711 | $ 296,632,012 | ||
Other non-current, non-financial assets | 59,672,266 | 70,861,616 | ||
Non-current accounts receivable | 539,920 | 126,464 | ||
Non-current account receivables | 109,318 | 98,941 | ||
Investments accounted for under the equity method | 92,344,598 | 91,489,194 | $ 87,956,354 | |
Intangible assets other than goodwill | 671,778,888 | 659,631,543 | 604,514,165 | |
Goodwill | 129,023,922 | 118,042,900 | 98,325,593 | $ 121,221,661 |
Property, plant and equipment | 798,221,259 | 716,379,127 | 605,576,545 | |
Deferred tax assets | 2,428,333 | 1,858,727 | ||
Total Non-Current Assets | 1,848,971,215 | 1,955,120,524 | $ 1,650,766,684 | |
USD. | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 91,220 | 673,524 | ||
Total Non-Current Assets | 91,220 | 673,524 | ||
EUR | ||||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 3,146 | 404,450 | ||
Total Non-Current Assets | 3,146 | 404,450 | ||
UF | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 75,297,737 | 34,239,224 | ||
Non-current accounts receivable | 249,366 | 7,089 | ||
Total Non-Current Assets | 75,547,103 | 34,246,313 | ||
CLP | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 3,317,778 | 55,469,858 | ||
Other non-current, non-financial assets | 483,530 | 419,910 | ||
Non-current accounts receivable | 233,773 | 76,649 | ||
Non-current account receivables | 109,318 | 98,941 | ||
Investments accounted for under the equity method | 53,869,966 | 52,519,699 | ||
Intangible assets other than goodwill | 312,981,971 | 311,086,862 | ||
Goodwill | 9,523,768 | 9,523,767 | ||
Property, plant and equipment | 303,797,013 | 273,812,253 | ||
Deferred tax assets | 2,428,333 | 1,858,727 | ||
Total Non-Current Assets | 686,745,450 | 704,866,666 | ||
BRL | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 192,844,909 | |||
Other non-current, non-financial assets | 55,060,849 | 66,621,741 | ||
Investments accounted for under the equity method | 38,474,632 | 38,969,495 | ||
Intangible assets other than goodwill | 177,173,694 | 159,307,806 | ||
Goodwill | 65,920,764 | 60,830,705 | ||
Property, plant and equipment | 229,486,365 | 201,527,151 | ||
Total Non-Current Assets | 566,116,304 | 720,101,807 | ||
ARS | ||||
NON-CURRENT ASSETS | ||||
Other non-current financial assets | 16,237,196 | 14,078,021 | ||
Other non-current, non-financial assets | 2,367,042 | 1,836,280 | ||
Non-current accounts receivable | 56,781 | |||
Intangible assets other than goodwill | 9,075,200 | 7,560,882 | ||
Goodwill | 46,254,831 | 39,976,392 | ||
Property, plant and equipment | 177,219,624 | 152,227,991 | ||
Total Non-Current Assets | 251,153,893 | 215,679,566 | ||
PYG | ||||
NON-CURRENT ASSETS | ||||
Other non-current, non-financial assets | 1,669,625 | 1,310,161 | ||
Non-current accounts receivable | 42,726 | |||
Intangible assets other than goodwill | 172,548,023 | 181,675,993 | ||
Goodwill | 7,324,559 | 7,712,036 | ||
Property, plant and equipment | 87,715,111 | 88,407,282 | ||
Total Non-Current Assets | $ 269,314,099 | $ 279,148,198 |
LOCAL AND FOREIGN CURRENCY - _2
LOCAL AND FOREIGN CURRENCY - Current Liabilities (Details) CLF in Thousands, $ in Thousands | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 CLF | Dec. 31, 2021 CLP ($) | Dec. 31, 2021 CLF | Dec. 31, 2020 CLP ($) |
Current Liabilities | |||||
Other current financial liabilities | $ 367,302,080 | $ 47,763,039 | |||
Trade and other accounts payable | 384,801,630 | 327,409,207 | |||
Current accounts payable to related entities | 90,248,067 | CLF 90,248,067 | 56,103,461 | CLF 56,103,461 | |
Other provisions | 1,591,644 | 1,528,879 | |||
Current tax liabilities | 14,615,447 | 30,512,787 | |||
Employee benefits current provisions | 48,391,806 | 35,012,072 | |||
Other non-financial liabilities | 42,294,460 | 31,237,834 | |||
Total Current Liabilities | 949,245,134 | 529,567,279 | $ 378,056,186 | ||
Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 13,431,339 | 10,887,752 | |||
Trade and other accounts payable | 369,548,991 | 312,643,627 | |||
Current accounts payable to related entities | 90,248,067 | 56,103,461 | |||
Other provisions | 1,319,935 | 1,082,929 | |||
Current tax liabilities | 627,257 | 20,733,623 | |||
Employee benefits current provisions | 45,482,776 | 13,434,697 | |||
Other non-financial liabilities | 1,054,187 | 612,391 | |||
Total Current Liabilities | 521,712,552 | 415,498,480 | |||
More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 353,870,741 | 36,875,287 | |||
Trade and other accounts payable | 15,252,639 | 14,765,580 | |||
Other provisions | 271,709 | 445,950 | |||
Current tax liabilities | 13,988,190 | 9,779,164 | |||
Employee benefits current provisions | 2,909,030 | 21,577,375 | |||
Other non-financial liabilities | 41,240,273 | 30,625,443 | |||
Total Current Liabilities | 427,532,582 | 114,068,799 | |||
USD. | |||||
Current Liabilities | |||||
Other current financial liabilities | 321,393,509 | 8,563,591 | |||
Trade and other accounts payable | 34,256,435 | 21,748,614 | |||
Total Current Liabilities | 355,649,944 | 30,312,205 | |||
USD. | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 249,660 | 233,993 | |||
Trade and other accounts payable | 34,223,389 | 20,438,936 | |||
Total Current Liabilities | 34,473,049 | 20,672,929 | |||
USD. | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 321,143,849 | 8,329,598 | |||
Trade and other accounts payable | 33,046 | 1,309,678 | |||
Total Current Liabilities | 321,176,895 | 9,639,276 | |||
EUR | |||||
Current Liabilities | |||||
Trade and other accounts payable | 4,047,286 | 6,093,006 | |||
Total Current Liabilities | 4,047,286 | 6,093,006 | |||
EUR | Until 90 days | |||||
Current Liabilities | |||||
Trade and other accounts payable | 3,148,088 | 6,093,006 | |||
Total Current Liabilities | 3,148,088 | 6,093,006 | |||
EUR | More 90 days until 1 year | |||||
Current Liabilities | |||||
Trade and other accounts payable | 899,198 | ||||
Total Current Liabilities | 899,198 | ||||
UF | |||||
Current Liabilities | |||||
Other current financial liabilities | 22,605,394 | 19,242,413 | |||
Trade and other accounts payable | 2,263,175 | 2,359,381 | |||
Total Current Liabilities | 24,868,569 | 21,601,794 | |||
UF | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 11,047,586 | 9,155,688 | |||
Trade and other accounts payable | 2,263,175 | 2,359,381 | |||
Total Current Liabilities | 13,310,761 | 11,515,069 | |||
UF | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 11,557,808 | 10,086,725 | |||
Total Current Liabilities | 11,557,808 | 10,086,725 | |||
CLP | |||||
Current Liabilities | |||||
Other current financial liabilities | 15,109,970 | 14,415,431 | |||
Trade and other accounts payable | 181,167,676 | 155,826,739 | |||
Current accounts payable to related entities | 44,298,074 | 29,349,401 | |||
Other provisions | 1,552,353 | 1,487,509 | |||
Current tax liabilities | 634,558 | 20,047,095 | |||
Employee benefits current provisions | 9,168,232 | 8,509,354 | |||
Other non-financial liabilities | 42,115,624 | 31,084,772 | |||
Total Current Liabilities | 294,046,486 | 260,720,301 | |||
CLP | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 893,612 | 923,663 | |||
Trade and other accounts payable | 166,847,281 | 142,370,837 | |||
Current accounts payable to related entities | 44,298,074 | 29,349,401 | |||
Other provisions | 1,319,935 | 1,082,929 | |||
Current tax liabilities | 627,257 | 20,038,643 | |||
Employee benefits current provisions | 8,115,837 | 1,181,717 | |||
Other non-financial liabilities | 1,043,048 | 612,391 | |||
Total Current Liabilities | 223,145,044 | 195,559,581 | |||
CLP | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 14,216,358 | 13,491,768 | |||
Trade and other accounts payable | 14,320,395 | 13,455,902 | |||
Other provisions | 232,418 | 404,580 | |||
Current tax liabilities | 7,301 | 8,452 | |||
Employee benefits current provisions | 1,052,395 | 7,327,637 | |||
Other non-financial liabilities | 41,072,576 | 30,472,381 | |||
Total Current Liabilities | 70,901,442 | 65,160,720 | |||
BRL | |||||
Current Liabilities | |||||
Other current financial liabilities | 2,130,463 | 1,795,232 | |||
Trade and other accounts payable | 78,514,701 | 74,142,872 | |||
Current accounts payable to related entities | 35,671,648 | 16,799,532 | |||
Employee benefits current provisions | 19,586,150 | 11,649,154 | |||
Total Current Liabilities | 135,902,962 | 104,386,790 | |||
BRL | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 427,270 | 413,835 | |||
Trade and other accounts payable | 78,514,701 | 74,142,872 | |||
Current accounts payable to related entities | 35,671,648 | 16,799,532 | |||
Employee benefits current provisions | 19,586,150 | 11,649,154 | |||
Total Current Liabilities | 134,199,769 | 103,005,393 | |||
BRL | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 1,703,193 | 1,381,397 | |||
Total Current Liabilities | 1,703,193 | 1,381,397 | |||
ARS | |||||
Current Liabilities | |||||
Other current financial liabilities | 4,724,137 | 2,366,737 | |||
Trade and other accounts payable | 69,945,679 | 52,030,144 | |||
Current accounts payable to related entities | 8,587,487 | 9,893,495 | |||
Current tax liabilities | 13,479,571 | 9,219,063 | |||
Employee benefits current provisions | 17,780,789 | 13,133,149 | |||
Other non-financial liabilities | 11,139 | 18,234 | |||
Total Current Liabilities | 114,528,802 | 86,660,822 | |||
ARS | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 813,211 | 94,094 | |||
Trade and other accounts payable | 69,945,679 | 52,030,144 | |||
Current accounts payable to related entities | 8,587,487 | 9,893,495 | |||
Current tax liabilities | 694,980 | ||||
Employee benefits current provisions | 17,780,789 | 603,826 | |||
Other non-financial liabilities | 11,139 | ||||
Total Current Liabilities | 97,138,305 | 63,316,539 | |||
ARS | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 3,910,926 | 2,272,643 | |||
Current tax liabilities | 13,479,571 | 8,524,083 | |||
Employee benefits current provisions | 12,529,323 | ||||
Other non-financial liabilities | 18,234 | ||||
Total Current Liabilities | 17,390,497 | 23,344,283 | |||
PYG | |||||
Current Liabilities | |||||
Other current financial liabilities | 1,338,607 | 1,379,635 | |||
Trade and other accounts payable | 14,606,678 | 15,208,451 | |||
Current accounts payable to related entities | 1,690,858 | 61,033 | |||
Other provisions | 39,291 | 41,370 | |||
Current tax liabilities | 501,318 | 1,246,629 | |||
Employee benefits current provisions | 1,856,635 | 1,720,415 | |||
Other non-financial liabilities | 167,697 | 134,828 | |||
Total Current Liabilities | 20,201,084 | 19,792,361 | |||
PYG | Until 90 days | |||||
Current Liabilities | |||||
Other current financial liabilities | 66,479 | ||||
Trade and other accounts payable | 14,606,678 | 15,208,451 | |||
Current accounts payable to related entities | 1,690,858 | 61,033 | |||
Total Current Liabilities | 16,297,536 | 15,335,963 | |||
PYG | More 90 days until 1 year | |||||
Current Liabilities | |||||
Other current financial liabilities | 1,338,607 | 1,313,156 | |||
Other provisions | 39,291 | 41,370 | |||
Current tax liabilities | 501,318 | 1,246,629 | |||
Employee benefits current provisions | 1,856,635 | 1,720,415 | |||
Other non-financial liabilities | 167,697 | 134,828 | |||
Total Current Liabilities | $ 3,903,548 | $ 4,456,398 |
LOCAL AND FOREIGN CURRENCY - _3
LOCAL AND FOREIGN CURRENCY - Non-Current Liabilities (Details) CLF in Thousands, $ in Thousands | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 CLF | Dec. 31, 2021 CLP ($) | Dec. 31, 2021 CLF | Dec. 31, 2020 CLP ($) |
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | $ 904,802,058 | $ 1,041,048,972 | |||
Trade accounts and other accounts payable | 3,015,284 | 256,273 | |||
Non-current accounts payable related companies | 10,354,296 | CLF 10,354,296 | 11,557,723 | CLF 11,557,723 | |
Other non-current provisions | 47,103,783 | 55,883,527 | |||
Deferred tax liabilities | 165,778,556 | 168,454,827 | |||
Employee benefits non-current provisions | 17,409,793 | 14,139,670 | |||
Other non-financial liabilities | 29,589,051 | 23,784,817 | |||
Total Non-current liabilities | 1,178,052,821 | 1,315,125,809 | $ 1,238,447,623 | ||
More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 40,713,614 | 35,164,178 | |||
Trade accounts and other accounts payable | 3,015,284 | 256,273 | |||
Non-current accounts payable related companies | 10,354,296 | 11,557,723 | |||
Other non-current provisions | 1,397,148 | 1,917,655 | |||
Deferred tax liabilities | 26,966,210 | 21,365,277 | |||
Employee benefits non-current provisions | 1,329,992 | ||||
Other non-financial liabilities | 21,113 | ||||
Total Non-current liabilities | 83,746,063 | 71,612,211 | |||
More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 28,457,265 | 331,118,858 | |||
Other non-current provisions | 45,706,635 | 53,965,872 | |||
Deferred tax liabilities | 34,088,989 | 35,470,702 | |||
Employee benefits non-current provisions | 60,560 | 62,456 | |||
Other non-financial liabilities | 29,589,051 | 23,763,704 | |||
Total Non-current liabilities | 137,902,500 | 444,381,592 | |||
Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 835,631,179 | 674,765,936 | |||
Deferred tax liabilities | 104,723,357 | 111,618,848 | |||
Employee benefits non-current provisions | 16,049,722 | 12,747,222 | |||
Total Non-current liabilities | 956,404,258 | 799,132,006 | |||
USD. | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 253,743,096 | 557,367,294 | |||
Total Non-current liabilities | 253,743,096 | 557,367,294 | |||
USD. | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 1,612,279 | 1,726,426 | |||
Total Non-current liabilities | 1,612,279 | 1,726,426 | |||
USD. | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 513,738 | 308,546,732 | |||
Total Non-current liabilities | 513,738 | 308,546,732 | |||
USD. | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 251,617,079 | 247,094,136 | |||
Total Non-current liabilities | 251,617,079 | 247,094,136 | |||
UF | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 520,200,005 | 468,745,773 | |||
Total Non-current liabilities | 520,200,005 | 468,745,773 | |||
UF | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 35,491,226 | 29,821,850 | |||
Total Non-current liabilities | 35,491,226 | 29,821,850 | |||
UF | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 15,781,426 | 15,453,105 | |||
Total Non-current liabilities | 15,781,426 | 15,453,105 | |||
UF | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 468,927,353 | 423,470,818 | |||
Total Non-current liabilities | 468,927,353 | 423,470,818 | |||
CLP | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 120,675,058 | 4,602,887 | |||
Trade accounts and other accounts payable | 3,015,284 | 256,273 | |||
Deferred tax liabilities | 94,551,830 | 100,541,905 | |||
Employee benefits non-current provisions | 16,775,556 | 13,439,476 | |||
Total Non-current liabilities | 235,017,728 | 118,840,541 | |||
CLP | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 602,887 | ||||
Trade accounts and other accounts payable | 3,015,284 | 256,273 | |||
Deferred tax liabilities | 5,617,287 | 3,619,149 | |||
Employee benefits non-current provisions | 665,274 | 629,798 | |||
Total Non-current liabilities | 9,297,845 | 5,108,107 | |||
CLP | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 8,500,000 | 4,000,000 | |||
Deferred tax liabilities | 38,945 | 1,845,868 | |||
Employee benefits non-current provisions | 60,560 | 62,456 | |||
Total Non-current liabilities | 8,599,505 | 5,908,324 | |||
CLP | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 112,175,058 | ||||
Deferred tax liabilities | 88,895,598 | 95,076,888 | |||
Employee benefits non-current provisions | 16,049,722 | 12,747,222 | |||
Total Non-current liabilities | 217,120,378 | 107,824,110 | |||
BRL | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 10,047,760 | 10,246,879 | |||
Non-current accounts payable related companies | 10,354,296 | 11,557,723 | |||
Other non-current provisions | 45,706,635 | 53,965,872 | |||
Deferred tax liabilities | 34,050,044 | 33,624,834 | |||
Other non-financial liabilities | 29,589,051 | 23,763,704 | |||
Total Non-current liabilities | 129,747,786 | 133,159,012 | |||
BRL | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 3,473,970 | 2,926,876 | |||
Non-current accounts payable related companies | 10,354,296 | 11,557,723 | |||
Total Non-current liabilities | 13,828,266 | 14,484,599 | |||
BRL | More than 3 years until 5 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 3,662,101 | 3,119,021 | |||
Other non-current provisions | 45,706,635 | 53,965,872 | |||
Deferred tax liabilities | 34,050,044 | 33,624,834 | |||
Other non-financial liabilities | 29,589,051 | 23,763,704 | |||
Total Non-current liabilities | 113,007,831 | 114,473,431 | |||
BRL | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 2,911,689 | 4,200,982 | |||
Total Non-current liabilities | 2,911,689 | 4,200,982 | |||
ARS | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 136,139 | 86,139 | |||
Other non-current provisions | 1,397,148 | 1,917,655 | |||
Deferred tax liabilities | 21,348,923 | 17,746,128 | |||
Employee benefits non-current provisions | 10,484 | ||||
Other non-financial liabilities | 21,113 | ||||
Total Non-current liabilities | 22,892,694 | 19,771,035 | |||
ARS | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Other financial liabilities | 136,139 | 86,139 | |||
Other non-current provisions | 1,397,148 | 1,917,655 | |||
Deferred tax liabilities | 21,348,923 | 17,746,128 | |||
Employee benefits non-current provisions | 10,484 | ||||
Other non-financial liabilities | 21,113 | ||||
Total Non-current liabilities | 22,892,694 | 19,771,035 | |||
PYG | |||||
NON-CURRENT LIABILITIES | |||||
Deferred tax liabilities | 15,827,759 | 16,541,960 | |||
Employee benefits non-current provisions | 623,753 | 700,194 | |||
Total Non-current liabilities | 16,451,512 | 17,242,154 | |||
PYG | More than 1 until 3 years | |||||
NON-CURRENT LIABILITIES | |||||
Employee benefits non-current provisions | 623,753 | 700,194 | |||
Total Non-current liabilities | 623,753 | 700,194 | |||
PYG | Over Five Years | |||||
NON-CURRENT LIABILITIES | |||||
Deferred tax liabilities | 15,827,759 | 16,541,960 | |||
Total Non-current liabilities | $ 15,827,759 | $ 16,541,960 |