UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN ISSUER
PURSUANT
TO RULE 13a-16 OR 15b-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
February
2021
Date
of Report (Date of Earliest Event Reported)
Embotelladora
Andina S.A.
(Exact
name of registrant as specified in its charter)
Andina
Bottling Company, Inc.
(Translation
of Registrant´s name into English)
Avda.
Miraflores 9153
Renca
Santiago,
Chile
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form
20-F x Form
40-F ¨
Indicate
by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes
¨ No x
Indicate
by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes
¨ No x
Indicate
by check mark whether the registrant by furnishing the information contained in this Form 6-K is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
Yes
¨ No x
EXECUTIVE
SUMMARY
|
Consolidated Sales Volume for the quarter was 227.8 million unit
cases, increasing 6.0% regarding the same quarter of the previous year. Excluding beer volume in Chile, due to the new agreement
with AB InBev, volume growth would have reached 3.4% in the quarter. Accumulated consolidated Sales Volume reached 734.6 million
unit cases, representing a 1.6% decrease regarding the previous year. Excluding beer volume in Chile, volume decreased by
2.4% during the year.
|
|
|
|
Company figures reported are the following:
|
·
|
Consolidated
Net Sales reached CLP 524,363 million during the quarter, a 0.3% decrease regarding the same quarter of the previous year.
Accumulated consolidated Net Sales reached CLP 1,698,281 million, representing a 4.5% decrease regarding the previous year.
|
·
|
Consolidated
Operating Income1 reached CLP 100,904 million during the quarter, representing a 7.6% increase regarding the same
quarter of the previous year. Accumulated consolidated Operating Income reached CLP 239,612 million, a 0.8% increase regarding
the previous year.
|
·
|
Consolidated
Adjusted EBITDA2 increased by 7.8% regarding the same quarter of the previous year, reaching CLP 132,610 million
during the quarter. Adjusted EBITDA Margin reached 25.3%, an expansion of 189 basis points regarding the same quarter of the
previous year. Accumulated consolidated Adjusted EBITDA reached CLP 350,532 million, which represents a 0.5% increase regarding
the previous year. Adjusted EBITDA Margin for the period was 20.6%, an expansion of 103 basis points regarding the previous
year.
|
|
·
|
Net
Income attributable to the owners of the controller for the quarter reached CLP 48,948 million. Excluding the effect of a
lawsuit won in Brazil that allowed us to recognize a tax credit in the fourth quarter of 2019, Net Income attributable to
the owners of the controller increased 21.1% compared to the same quarter of the previous year. Accumulated Net Income attributable
to the owners of the controller was CLP 122 billion, representing a 1.4% decrease regarding the previous year, also excluding
in 2019 the effect of the aforementioned lawsuit. Including the effect of the lawsuit, Net Income attributable to the owners
of the controller decreased by 45.9% compared to the same quarter of the previous year and 29.8% compared to the previous
year.
|
Comment
of the Chief Executive Officer, Mr. Miguel Ángel Peirano
"We
have closed 2020 with very positive financial results, given the health and economic crisis scenario that we have had to face,
and the negative effect of the exchange rate on the translation of figures to Chilean pesos. We managed to expand our consolidated
Adjusted EBITDA margin by more than 100 basis points and, with respect to 2019, there has been essentially no variation in consolidated
Adjusted EBITDA and Net Income attributable to the owners of the controller adjusted for the extraordinary effects of 2019. In
particular, we had an excellent last quarter of the year, where volume grew by 6.0%, leveraged in the growth of the soft drinks’
category in our four operations, and the growth of beer, mainly in Chile, given the new distribution agreement with AB InBev that
began in November. Our consolidated adjusted EBITDA grew by 7.8% in the quarter and Adjusted EBITDA margin expanded by 189 basis
points.
We
knew that the world was changing, and we were preparing for it, focusing on being more flexible and faster to adapt to changes.
During 2020, the impact that the pandemic had on the markets and their sales channels, as well as on the consumers’ buying
behavior, allowed us to confirm that we were on the right track and also confirm the relevance of all the work we had been doing.
We were able to reinvent ourselves and meet the new needs of our customers and consumers and adjust and respond to the changes
in the demand for our products. We focused on meeting the needs of the traditional channel, given its relevant role as a neighboring
sales channel, while supporting our customers of the on-premise channel, which had and still has strong restrictions to be able
to operate, and we successfully responded to the growing demand for returnable packaging and future consumer consumption. It should
be mentioned that a priority for the Company is the care of our employees; we take all necessary measures to protect them. Among
these measures are teleworking, new hygienic and cleaning protocols in our facilities, as well as providing personal protection
equipment to all our employees who must continue working in production facilities and distribution centers.
For
2021, our budget is to invest approximately USD 160 - 180 million, which will mainly go towards further developing the market
for returnables, with significant investments in bottles and cases in the four countries. We will also invest in supporting the
recovery of the on-premise channel customers as well as the traditional channel, making cold equipment available to increase our
coverage. Finally, we have some specific projects aimed at strengthening our presence and flexibility in the returnable packaging
segment, such as paper labelling in Argentina, which will allow us to work with a single bottle for all our brands. In Paraguay
we will increase our installed capacity, with the launch of a new production line. I have no doubt that with the outstanding team
we have, with which we successfully journeyed through a year as hard and complicated as 2020, we will continue to develop the
projects that allow us to follow the path of sustainable value creation that we have set, focused on serving our customers and
consumers, as a Total Beverage Company.
1
Operating Income considers Revenues, Cost of Sales, Distribution Costs, and Administrative Expenses included
in the Financial Statements filed with Chile’s Financial Market Commission and set in accordance to IFRS.
2
Adjusted EBITDA considers Revenues, Cost of Sales, Distribution Costs and Administrative Expenses included in
the Financial Statements filed with Chile’s Financial Market Commission and set in accordance to IFRS, plus Depreciation.
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The
focus we have given to Environmental, Social and Corporate Governance (ESG) issues, led us to be included in S&P's 2021 Global
Sustainability Yearbook. This Yearbook aims to distinguish those companies that have demonstrated great strengths in the area
of corporate sustainability. More than 7,000 companies from all over the world participated this year, and because of the great
performance we achieved in the Corporate Sustainability Assessment (CSA), we were ranked in the top 15% of our industry, and therefore
we were chosen to be part of the Yearbook, according to the annual assessment performed by S&P Global. This is a recognition
that fills us with pride and acknowledges the work we have done and reflects the relevance that sustainable development has in
the way we work every day to refresh our consumers.”
CONSOLIDATED
RESULTS: 4th Quarter 2020 vs. 4th Quarter 2019
|
Figures
of the following analysis are set according to IFRS, in nominal Chilean pesos, both for consolidated results and for the
results of each of our operations. All variations regarding 2019 are nominal. It is worth mentioning that the devaluation
of local currencies regarding the U.S. dollar has a negative impact on our dollarized costs and the devaluation of local
currencies with respect to the Chilean peso has a negative impact on the consolidation of figures. The following chart
shows the exchange rates used:
|
Exchange
rates used
|
Local
currency/USD
(Average
exchange rate)
|
CLP/Local
currency
(Average
exchange rate*)
|
|
4Q19
|
4Q20
|
4Q19
|
4Q20
|
Argentina
|
59.4
|
80.1
|
12.5
|
8.4
|
Brazil
|
4.12
|
5.40
|
183.69
|
140.96
|
Chile
|
756
|
761
|
N.A.
|
N.A.
|
Paraguay
|
6,448
|
7,003
|
0.12
|
0.11
|
*Except
Argentina, where the closing exchange rate is used, pursuant to IAS 29
|
Consolidated
Sales Volume during the quarter was 227.8 million unit cases, representing a 6.0% growth regarding the same period in 2019, explained
by the volume increase of the operations in Chile, Brazil and Argentina, partially offset by the volume decrease of the operation
in Paraguay. Excluding beer volume in Chile, resulting from the new agreement with AB InBev, volume growth would have been 3.4%
during the quarter. Transactions reached 1,079.5 million in the quarter, representing a 2.2% decrease regarding the same quarter
of the previous year. The difference seen between the volume growth and the decline in transactions is because of drop in sales
volume in the on-premise channel because of the partial closure experienced by this channel, whose volume is almost completely
immediate consumption.
Consolidated
Net Sales reached CLP 524,363 million, a 0.3% decrease, explained by (i) a decline in net sales in Argentina, Brazil and Paraguay,
due to the negative effect of translation of figures to Chilean pesos (ii) the decreased volume in Paraguay, and (iii) because
of a lower average price in Argentina and Paraguay. This was almost completely offset by sales growth in Chile.
Consolidated
Cost of Sales increased by 4.6%, which is mainly explained by (i) the increase sales in the beer and spirits category in Chile,
because we began to commercialize AB InBev beer, which carries a high cost per unit case, and (ii) the devaluation of local currencies
against the U.S. dollar, which negatively impacts dollarized costs. This was partly offset by (i) a reduction in the cost of PET
resin, and (ii) the effect of translating figures from Argentina, Brazil and Paraguay resulting from the devaluation of local
currencies against the Chilean peso.
Consolidated
Distribution Costs and Administrative Expenses decreased by 16.8%, which is mainly explained by (i) reductions in advertising
costs in the four operations, (ii) higher other operating income classified under this item, (iii) lower labor costs in Argentina
and Paraguay, and (iv) the effect of translating figures from Argentina, Brazil and Paraguay resulting from the devaluation of
local currencies against the Chilean peso. This was partially offset by (i) higher distribution freight because of higher volumes
sold in Argentina, Brazil and Chile, and (ii) higher labor costs in Brazil and Chile.
The
aforementioned effects let to a consolidated Operating Income of CLP 100,904 million, a 7.6% increase. Operating Margin was 19.2%.
Consolidated
Adjusted EBITDA reached CLP 132,610 million, increasing by 7.8%. Adjusted EBITDA Margin was 25.3%, an expansion of 189 basis points.
Net
Income attributable to the owners of the controller during the quarter was CLP 48,948 million, a decrease of 45.9% and Net Margin
reached 9.3%, a contraction of 787 basis points.
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ARGENTINA:
4th Quarter 2020 vs. 4th Quarter 2019
|
The
average quarterly exchange rate was 80.1 ARS/USD, which is compared with an average quarterly
exchange rate of 59.4 ARS/USD in the same quarter of the previous year. The depreciation
of local currencies with respect to the U.S. dollar has a negative impact on our dollarized
costs. In addition, pursuant to IAS 29, the translation of figures from local currency
to the reporting currency was performed using the closing exchange rate for the conversion
to Chilean pesos of 8.4 CLP/ARS, which is compared to a closing exchange rate of 12.5
CLP/ARS in the same quarter of the previous year; thus, a negative impact on the consolidation
of figures is generated. Figures for Argentina in local currency referred to in this
section both for 2020 as well as 2019, are expressed in currency of December 2020.
|
Sales
Volume for the quarter increased by 1.5%, reaching 52.1 million unit cases, explained by a volume increase in the soft drinks
and juices and other non-alcoholic beverages categories, which was partially offset by a volume decrease in the water category.
This volume growth is mainly explained by the growth in the category of returnable soft drinks, a packaging that we have strongly
developed to offer an attractive alternative to our consumers, both from a sustainability point of view, as well as an economic
convenience. Transactions reached 216.1 million, representing a 10.4% decrease, explained by a significant change in the mix from
immediate to future consumption packaging, given the restrictions affecting the on-premise channel. Our soft drinks market share
reached 61.3 points in the quarter. It is worth mentioning that as a result of restrictions related to COVID-19, the surveying
company had to change the methodology and sample, therefore figures are not completely comparable to those of previous periods.
Net
Sales reached CLP 100,970 million, decreasing by 12.1%. In local currency they decreased by 4.4%, which was mainly explained by
a lower average price, which was affected by price controls imposed by authorities, as well as by a lower immediate consumption
mix, which was partially offset by the already mentioned volume increase.
Cost
of Sales decreased by 13.7%. In local currency it decreased by 6.2%, which is mainly explained by (i) lower concentrate costs
because of lower selling prices, and (ii) a lower cost of PET resin. These effects were partially offset by (i) the devaluation
effect of the Argentine peso on our dollarized costs, and (ii) a greater cost of sugar.
Distribution
Costs and Administrative Expenses decreased by 15.2% in the reporting currency. In local currency they decreased by 7.7%, which
is mainly explained by (i) lower labor costs, (ii) lower advertising expenses, and (iii) greater other operating income classified
under this item. This was partially offset by greater distribution expenses, given the higher volume sold, as well as by greater
distribution tariffs.
The
aforementioned effects led to an Operating Income of CLP 10,646 million, increasing by 12.6% regarding the same period of the
previous year. Operating Margin was 10.5%. In local currency Operating Income increased by 22.5%.
Adjusted
EBITDA reached CLP 17,140 million, a 1.7% increase. Adjusted EBITDA Margin was 17.0%, an expansion of 231 basis points. On the
other hand, in local currency Adjusted EBITDA increased by 10.7%.
BRAZIL:
4th Quarter 2020 vs. 4th Quarter 2019
|
The
average quarterly exchange rate was 5.40 BRL/USD, which is compared with an average quarterly
exchange rate of 4.12 BRL/USD in the same quarter of the previous year. Depreciation
of local currencies against the U.S. dollar has a negative impact on our dollarized costs.
Translation of figures from local currency to the reporting currency was performed using
the average exchange rate for the conversion to Chilean pesos of 140.96 CLP/BRL, which
is compared with 183.69 CLP/BRL in the same quarter of the previous year. Thereby generating
a negative impact on the consolidation of figures.
|
Sales
Volume for the quarter reached 78.6 million unit cases, a 7.1% increase, explained by the volume increase in the soft drinks,
beer and water categories, which was partially offset by a volume decrease in the juices and other non-alcoholic beverages category.
The traditional channel and returnable packaging led the growth. Transactions reached 375.4 million, which represents an increase
of 0.5%. It is worth mentioning that the lower growth in transactions regarding volume is owed mainly to the closing of part of
the on-premise channel. Our soft drinks market share in our Brazilian franchises reached 62.2 points, 15 basis points higher regarding
the same quarter of the previous year.
Net
Sales reached CLP 160,725 million, a 12.5% decrease. Net Sales in local currency increased by 14.0%, mainly explained by the already
mentioned increase in Sales Volume and by a higher average price, driven by a greater mix and average price of the beer category,
in addition to higher average prices for soft drinks.
Cost
of sales decreased by 8.4%, while in local currency it increased by 19.2%, which is mainly explained by (i) the negative effect
on dollarized costs (specially sugar and PET resin) of the depreciation of the Brazilian real against the U.S. dollar, (ii) a
greater cost of concentrate given the reduction of tax benefits, and (iii) an increase in beer sales, which carries a high cost
per unit case.
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Distribution
Costs and Administrative Expenses decreased by 33.8% in the reporting currency. In local currency, they decreased by 13.6%, which
is mainly explained by (i) a reduction in advertising expenses and (ii) higher other operating income classified under this item.
This was partially offset by (i) higher labor costs, and (ii) higher distribution costs resulting from greater volume sold.
The
aforementioned effects led to an Operating Income of CLP 33,580 million, decreasing by 1.6%. Operating Margin was 20.9%. In local
currency, Operating Income increased by 28.6%.
Adjusted
EBITDA reached CLP 39,609 million, a 6.0% decrease regarding the same period of the previous year. Adjusted EBITDA Margin was
24.6%, an expansion of 172 basis points. In local currency, Adjusted EBITDA increased by 22.9%.
CHILE:
4th Quarter 2020 vs. 4th Quarter 2019
|
The
average quarterly exchange rate was 761 CLP/USD, which compares to an average quarterly
exchange rate of 756 CLP/USD in the same quarter of the previous year. The depreciation
of local currencies with respect to the U.S. dollar has a negative impact on our dollarized
costs.
|
Sales
Volume during the quarter reached 76.6 million unit cases, which implied an increase of 10.8%, explained by a volume increase
in all categories, especially beer and spirits. Excluding the beer volume from the new agreement with AB InBev, volume growth
would have been 2.7% in the quarter. In Chile, the traditional channel also showed an increase in volume, which helped to offset
the decrease of the on-premise and supermarket channels. Transactions reached 381.0 million, representing an increase of 3.9%.
The partial closure of the on-premise channel, as a result of COVID-19, was the main cause of the lower increase in transactions
regarding sales volume. On the other hand, soft drinks market share reached 64.1 points in the quarter. It should be noted that
as a result of restrictions related to COVID-19, the surveying company had to change the methodology and sample, so figures are
not completely comparable to those of previous periods.
Net
Sales reached CLP 217,378 million, a 22.3% increase, which is mainly explained by the already mentioned Sales Volume increase
and by a higher average price. The higher average price is mainly explained by a higher average price of soft drinks, and by a
greater mix of the beer and spirits category, which was partially offset by a lower mix in immediate consumption.
Cost
of Sales increased by 36.0%, mainly explained by (i) an increase in total sales volume, (ii) increased sales in the beer and spirits
category explained by the beginning of commercialization of AB InBev beer, which carry a higher cost per unit case, and (iii)
greater depreciation charges.
Distribution
Costs and Administrative Expenses increased by 0.7%, which is mainly explained by (i) greater distribution and freight expenses,
due to higher volumes, and (ii) greater labor costs. This was partially offset by lower advertising expenses.
The
aforementioned effects led to an Operating Income of CLP 44,141 million, 9.3% higher when compared to the previous year. Operating
Margin was 20.3%.
Adjusted
EBITDA reached CLP 60,782 million, a 17.6% increase. Adjusted EBITDA Margin was 28.0%, a contraction of 110 basis points.
PARAGUAY:
4th Quarter 2020 vs. 4th Quarter 2019
|
The
average quarterly exchange rate was 7,003 PYG/USD compared to an average quarterly exchange
rate of 6,448 PYG/USD in the same quarter of the previous year. The depreciation of local
currencies with respect to the U.S. dollar has a negative impact on our dollarized costs.
The translation of figures from local currency to the reporting currency was performed
using the average exchange rate of 0.11 CLP/PGY, which compares to a parity of 0.12 CLP/PGY
in the same quarter of the previous year. Thus, there is a negative impact on the consolidation
of figures.
|
Sales
Volume during the quarter reached 20.6 million unit cases, a decrease of 2.1%, explained by a volume decrease in the water and
juices and other non-alcoholic beverages categories, partially offset by a volume increase in the soft drinks’ category.
Transactions reached 106.9 million, which represents a 12.0% decrease. Both the decrease in volume as well as transactions is
mainly due to the partial closing of the on-premise channel due to COVID-19. Our soft drinks market share during the quarter reached
76.5 points in the quarter. It is worth mentioning that as a result of restrictions related to COVID-19, the surveying company
had to change the methodology and sample, therefore figures are not completely comparable to those of previous periods.
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Net
Sales reached CLP 45,982 million, reflecting an 8.2% decrease. Net Sales in local currency decreased by 0.6%, which was explained
by the already mentioned decline in Sales Volume, which was partially offset by a higher average price.
Cost
of Sales in the reporting currency decreased by 14.1%. In local currency it decreased by 7.0%, which is mainly explained by (i)
lower volume sold, (ii) lower PET resin costs, and (iii) lower labor costs. This was partially offset by the negative effect of
the depreciation of the guaraní on our dollarized costs.
Distribution
Costs and Administrative Expenses decreased by 31.1%, and in local currency they decreased by 25.6%. This is mainly explained
by (i) lower advertising expenses, (ii) lower labor costs, and (iii) greater other operating income classified under this item.
The
aforementioned effects led to an Operating Income of CLP 14,269 million, higher by 27.7% when compared to the previous year. Operating
Margin was 31.0%. In local currency Operating Income increased by 38.8%.
Adjusted
EBITDA reached CLP 16,810 million, a 22.6% increase and Adjusted EBITDA Margin was 36.6%, an expansion of 919 basis points. In
local currency Adjusted EBITDA increased by 33.1%.
ACCUMULATED
RESULTS: Full Year 2020 vs. Full Year 2019
Figures
of the following analysis are set according to IFRS, in nominal Chilean pesos, both for consolidated results as well as for the
results of each of our operations. All variations with respect to 2019 are nominal. It is worth mentioning that the devaluation
of local currencies with respect to the U.S. dollar has a negative impact on our dollarized costs and that the devaluation of
local currencies with respect to the Chilean peso has a negative impact on the consolidation of figures.
In addition, according to IAS 29, for Argentina, the translation of figures from the local currency
to the reporting currency was carried out using closing exchange rates for the translation to Chilean pesos of 8.4 CLP/ARS, which
is compared to 12.5 CLP/ARS for the same period of the previous year, thus generating a negative impact on the consolidation of
figures. Argentina's figures in local currency referred to in this section, for both 2019 as well as 2020, are all expressed in
December 2020 currency. The following table shows the exchange rates used:
Exchange
rates used
|
Local
currency/USD
(Average
Exchange rate)
|
CLP/local
currency
(Average
Exchange rate*)
|
|
FY19
|
FY20
|
FY19
|
FY20
|
Argentina
|
48.2
|
70.6
|
12.5
|
8.4
|
Brazil
|
3.95
|
5.16
|
178.11
|
153.61
|
Chile
|
703
|
792
|
N.A.
|
N.A.
|
Paraguay
|
6,240
|
6,773
|
0.11
|
0.12
|
*Except
Argentina, where the closing exchange rate is used, pursuant to IAS 29
|
Consolidated
Results
Consolidated
Sales Volume reached 734.6 million unit cases, representing a 1.6% decrease with respect to the same period of 2019, mainly explained
by the volume decrease in the Argentine, Chilean and Paraguayan operations, partly offset by the volume increase in the Brazilian
operation. Excluding beer volume in Chile resulting from the new agreement with AB InBev, sales volume would have decreased by
2.4% during the year. On the other hand, transactions reached 3,401.8 million, representing a 13.5% decrease. Consolidated Net
Sales reached CLP 1,698,281 million, a 4.5% decrease.
Consolidated
Cost of Sales decreased by 2.5%, which is mainly explained by (i) the Sales Volume decrease in Argentina, Chile and Paraguay,
(ii) the lower cost of PET resin, and (iii) a shift in the soft drinks’ mix towards future consumption packaging which carry
a lower unit cost. These effects were partially offset by (i) increased sales in the beer and spirits category in Chile, which
carry a higher cost per unit case, and (ii) the devaluation effect of the Argentine peso, the Brazilian real, the Paraguayan guaraní
and the Chilean peso on our dollarized costs.
Consolidated
Distribution Costs and Administrative Expenses decreased by 11.5%, which is mainly explained by (i) lower labor costs and advertising
expenses in the four operations, and (ii) lower distribution costs due to lower sales volume.
The
aforementioned effects led to a Consolidated Operating Income of CLP 239,612 million, an increase of 0.8%. Operating Margin was
14.1%.
Consolidated
Adjusted EBITDA reached CLP 350,532 million, an increase of 0.5%. Adjusted EBITDA Margin was 20.6%, an expansion of 103 basis
points.
Net
Income attributable to the owners of the controller was CLP 122,000 million, a decrease of 29.8% and net margin reached 7.2%.
Argentina
Sales
Volume decreased by 6.5% reaching 166.7 million unit cases. On the other hand, transactions reached 688.7 million, which represents
a 18.4% decrease. Net Sales reached CLP 318,828 million, a 19.2% decrease, while in local currency, Net Sales decreased by
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12.1%,
which was mainly explained by the already mentioned decrease in sales volume and by lower average prices, impacted by a lower
single-serve consumption mix and price controls imposed by authorities.
Cost
of Sales decreased by 19.8%. In local currency it decreased by 12.7%, which is mainly explained by (i) lower Sales Volume, (ii)
lower sugar costs, and (iii) lower PET resin costs. This was partly offset by the effect of the devaluation of the Argentine peso
on our dollarized costs.
Distribution
Costs and Administrative Expenses decreased by 18.5% in the reporting currency. In local currency they decreased by 11.3% which
is mainly explained by (i) lower labor costs and expenses for services provided by third parties, which grew below local inflation,
(ii) lower advertising expenses, (iii) higher other operating income classified under this item, and (iv) the effect of lower
volumes on distribution expenses.
The
aforementioned effects, led to an Operating Income of CLP 26,032 million, an 18.7% decrease. Operating Margin was 8.2%. In local
currency Operating Income decreased by 11.6%.
Adjusted
EBITDA reached CLP 48,928 million, a 14.8% decrease. Adjusted EBITDA Margin was 15.3%, an expansion of 80 basis points. On the
other hand, Adjusted EBITDA Margin in local currency decreased by 7.3%.
Brazil
Sales
Volume increased by 2.3%, reaching 265.1 million unit cases. The volume increase is explained by the volume growth of the water
and beer categories, partially offset by a decrease in the categories of juices and other non-alcoholic beverages and soft drinks.
On the other hand, transactions reached 1,263.2 million, which represents a 7.2% decrease. Net Sales reached CLP 580,063 million,
a 6.3% decrease, impacted by the negative effect of translating figures to Chilean pesos. In local currency, Net Sales increased
by 8.4% due to greater average prices, mainly explained by higher beer prices and beer mix, and to a lower extent by the already
mentioned volume increase.
Cost
of Sales decreased by 3.0%, while in local currency it increased by 12.2%, which is mainly explained by (i) the negative effect
over dollarized costs of the depreciation of the Brazilian real against the U.S. Dollar, (ii) greater concentrate costs due to
lower tax benefits, and (iii) the increase of beer in the sales mix, which carries a higher cost.
Distribution
Costs and Administrative Expenses decreased by 18.5% in the reporting currency, and in local currency they decreased by 6.8%.
This is mainly explained by (i) lower advertising expenses, (ii) lower labor costs, and (iii) lower distribution freight expenses.
The
aforementioned effects, led to an Operating Income of CLP 88,995 million, a 1.3% decrease. Operating Margin was 15.3%. In local
currency, Operating Income increased by 16.6%.
Adjusted
EBITDA reached CLP 116,335 million, a 3.2% decrease regarding the previous year. Adjusted EBITDA Margin was 20.1%, an expansion
of 66 basis points. In local currency Adjusted EBITDA increased by 13.8%.
Chile
Sales
Volume reached 236.3 million unit cases, representing a 1.3% decrease, explained by a decrease in the categories of soft drinks,
water and juices and other non-alcoholic beverages, which was partially offset by an increased volume in the beer and spirits
category. Excluding beer volume in Chile resulting from the new agreement with AB InBev, sales volume would have decreased by
3.7% during the year. On the other hand, transactions reached 1,104.2 million, representing a 16.0% decrease. Net Sales reached
CLP 644,762 million, a 5.9% increase, explained by a higher average price during the period partially offset by the already mentioned
decrease in Sales Volume. The higher average price during the period is mainly explained by a greater mix in the beer and spirits
category and by a greater average price in soft drinks, which were partially offset by a lower mix of immediate consumption, particularly
during the second and third quarters of the year 2020.
Cost
of Sales increased by 9.3%, which is mainly explained by (i) increased sales of the beer and spirits category, which carry a higher
cost per unit case, (ii) the negative effect of the depreciation of the Chilean peso on our dollarized costs, and (iii) greater
depreciation expenses. This was partly offset by a shift in the soft drinks’ mix from immediate to future consumption, which
carries a lower average cost.
Distribution
Costs and Administrative Expenses decreased by 0.4% which is mainly explained by (i) lower labor costs, and (ii) lower advertising
expenses. This effect was partially offset by (i) lower other operating income classified under this item, and (ii) higher expenses
on uncollectible accounts and higher insurance expenses.
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The
aforementioned effects, led to an Operating Income of CLP 91,166 million, 3.6% higher when compared to the previous year. Operating
Margin was 14.1%.
Adjusted
EBITDA reached CLP 141,437 million, increasing by 5.5%. Adjusted EBITDA Margin was 21.9%, a contraction of 8 basis points.
Paraguay
Sales
Volume reached 66.4 million unit cases, representing a 4.2% decrease, explained by the decrease in Sales Volume of all categories.
On the other hand, transactions reached 345.7 million, which represents a 16.5% decrease. Net Sales reached CLP 157,153 million,
a decrease of 1.1%. In local currency Net Sales decreased by 3.8%, which is explained by the already mentioned decrease in Sales
Volume, partially offset by a greater average price.
Cost
of Sales decreased by 6.0% and in local currency it decreased by 8.7%. This is mainly explained by (i) lower volume sold, (ii)
a reduction in the price of PET resin, and (iii) lower repair and maintenance expenses, among other items, due to the savings
plan implemented by the operation.
Distribution
Costs and Administrative Expenses decreased by 7.5% in the reporting currency. In local currency they decreased by 11.0%, which
is mainly explained by (i) lower advertising expenses, (ii) lower labor costs, (iii) greater other operating income classified
under this item, and (iv) lower freight expenses due to lower volume sold.
The
aforementioned effects led to an Operating Income of CLP 38,845 million, 19.7% higher when compared to the previous year. Operating
Margin was 24.7%. In local currency Operating Income increased by 17.7%.
Adjusted
EBITDA reached CLP 49,259 million, 17.0% higher when compared to the previous year and Adjusted EBITDA Margin was 31.3%, an expansion
of 484 basis points. In local currency Adjusted EBITDA increased by 14.5%.
NON-OPERATING
RESULTS FOR THE QUARTER
Net
Financial Income and Expense account recorded an expense of CLP 12,554 million, compared to an income of CLP 28,061 million for
the same quarter of the previous year. The increase in net financial expenses is because 2019 recorded financial income due to
the restatement of the tax credit recognized because of a lawsuit won in Brazil.
Share
of Profit or Loss of Investment in Associates using the Equity Method account went from a CLP 3,875 million loss to an CLP 894
million profit, which is mainly explained by better results from Brazilian subsidiaries, particularly Leão.
Other
Income and Expenses account recorded a CLP 4,897 million loss, compared with an income of CLP 19,318 million for the same quarter
of the previous year, which variation is mainly explained because this quarter we did not record the tax credit in Brazil that
we did record during the same quarter of the previous year.
Results
by Adjustment Units and Exchange Rate Differences account went from a CLP 3,974 million loss to a CLP 3,006 million loss this
quarter, mainly explained by lower losses from exchange rate differences related to assets in U.S. dollar of Andina Chile. Also,
lower inflation in Argentina regarding the same period of the previous year, implied a lower adjustment by inflation of non-monetary
net assets of Andina Argentina.
Income
Tax went from -CLP 41,831 million to -CLP 31,932 million, variation that is mainly explained by the recognition of income tax
during 2019 due to the tax credit recorded by the operation in Brazil, partly offset by greater operating income of the company
and the exchange rate difference tax effect in Chile.
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CONSOLIDATED
BALANCE SHEET
The
balance of assets and liabilities as of the closing dates of these financial statements are:
|
12.31.2019
|
|
12.31.2020
|
|
Variation
|
Assets
|
CLP
million
|
|
CLP
million
|
|
CLP
million
|
Current assets
|
533,474
|
|
797,298
|
|
263,824
|
Non-current assets
|
1,857,474
|
|
1,650,767
|
|
-206,707
|
Total Assets
|
2,390,948
|
|
2,448,064
|
|
57,115
|
|
|
|
|
|
|
|
12.31.2019
|
|
12.31.2020
|
|
Variation
|
Liabilities
|
CLP
million
|
|
CLP
million
|
|
CLP
million
|
Current liabilities
|
411,658
|
|
378,056
|
|
-33,602
|
Non-current liabilities
|
1,010,386
|
|
1,238,448
|
|
228,061
|
Total Liabilities
|
1,422,044
|
|
1,616,504
|
|
194,459
|
|
|
|
|
|
|
|
12.31.2019
|
|
12.31.2020
|
|
Variation
|
Equity
|
CLP
million
|
|
CLP
million
|
|
CLP
million
|
Non-controlling interests
|
20,254
|
|
20,379
|
|
125
|
Equity attributable to the owners of the controller
|
948,650
|
|
811,181
|
|
-137,469
|
Total Equity
|
968,904
|
|
831,560
|
|
-137,344
|
At
the closing of 2020, with regard to the closing of 2019, the Argentine peso, the Brazilian real and the Paraguayan guaraní
depreciated against the Chilean peso by 48.0%, 35.8% and 12.6% respectively. This generated a decrease in assets, liabilities
and equity accounts due to the effect of translation of figures.
Assets
Total
assets increased by CLP 57,115 million, 2.4% compared to December 2019.
Current
assets increased by CLP 263,824 million, 49.5% from December 2019, mainly explained by the increase in Cash and Cash Equivalents
(CLP 151,963 million), mainly due to the increased availability of flows explained by the placement of a bond on the U.S. market
in January 2020. In addition, the increase in Other Current Financial Assets (CLP 139,958 million) due to the increase in short-term
investments managed by investment funds, resulting from the issuance of the aforementioned bond.
On
the other hand, non-current assets decreased by CLP 206,707 million, by 11.1% compared to December 2019, mainly explained by the
decline in Property, Plant and Equipment (-CLP 117,142 million), mainly explained by increased depreciation and the negative effect
of translating figures, partially offset by increased manufacturing investments and cold equipment and packaging. The previous
decrease is in addition to the decrease in Intangible Assets Other than Goodwill (-CLP 70,561 million), due to the negative effect
of translating figures on distribution rights in our subsidiaries.
Liabilities
and Equity
In
total, liabilities increased by CLP 194,459 million, 13.7% higher compared to December 2019.
Current
liabilities decreased by CLP 33.602 million, 8.2% lower compared to December 2019, this is mainly explained by the decrease in
Current Accounts Payable to Related Entities (-CLP 14,096 million), mainly by lower accounts payable to The Coca-Cola Company
and other related companies, coupled with the decrease in Trade Accounts Payable and Other Current Accounts Payable (-CLP 13,255
million), mainly explained by the negative effect of translating figures on Accounts Payable in Brazil and Argentina.
On
the other hand, non-current liabilities increased by CLP 228,061 million, 22.6% higher compared to December 2019, mainly due to
the increase in Other Non-Current Financial Liabilities (CLP 246,503 million), mainly explained by the recognition of the liability
for the bond placement on the U.S. market in January 2020 and by the mark-to-market liability of cross currency swaps of this
same bond.
In
terms of equity, it decreased by CLP 137,344 million, 14.2% lower compared to December 2019, explained by the decrease in Other
Reserves (-CLP 190,722 million), mainly due to the negative effect of translating figures from foreign subsidiaries. The above
decrease is partially offset by Accumulated Earnings in the period (CLP 53,253 million) explained by earnings obtained in the
period (CLP 122 billion) and the restatement of equity balances in our subsidiary in Argentina pursuant to IAS 29 (CLP 34,618
million), partially offset by dividend distributions (-CLP 103,365 million).
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FINANCIAL
ASSETS AND LIABILITIES
At the
closing of December 2020, Total Financial Assets reached USD 771 million. This amount is broken down into USD 435 million in Cash
and Cash Equivalents, USD 197 million in Other Current Financial Assets, and USD 138 million in the Valuation of Hedge Derivatives.
Financial
Assets for Cash and Cash Equivalents and Other current financial assets are invested in low-risk instruments such as term deposits,
short-term mutual fixed income funds and others. In terms of currency exposure, these are denominated in 49.6% in Chilean pesos,
26.7% in UF, 11.0% in Brazilian reals, 5.1% in Paraguayan guaraní, 4.1% in U.S. dollars, and 3.5% in Argentine pesos.
At the
closing of December 2020, financial debt level is USD 1,355 million, of which USD 660 million correspond to bonds on the international
market, USD 659 million to bonds on the local Chilean market and USD 36 million to bank debt and others. It is worth noting the
issuance of a bond on the international market made in January 2020 totaling USD 300 million, due 2050, which was completely redenominated
to Chilean pesos indexed to inflation (UF).
Financial
debt, including the effect of Cross Currency Swaps ("CCS"), is denominated in 51.0% in UF, 34.4% in Chilean pesos, 13.9%
in Brazilian reals, 0.6% in U.S. dollars, 0.05% in Paraguayan guaraní and 0.02% in Argentine pesos.
At the
closing of December 2020, Net Financial Debt of the Company's Total Financial Assets reached USD 584 million.
CASH FLOW
|
|
12.31.2019
|
12.31.2020
|
|
|
Variation
|
Cash
Flow
|
|
CLP
million
|
CLP
million
|
|
|
CLP
million
|
|
%
|
Operating
|
|
255,148
|
278,769
|
|
|
23,621
|
|
9.3%
|
Investment
|
|
-110,048
|
-223,879
|
|
|
-113,831
|
|
103.4%
|
Financing
|
|
-127,112
|
113,041
|
|
|
240,153
|
|
-188.9%
|
Net
Cash Flow for the period
|
|
17,988
|
167,931
|
|
|
149,943
|
|
833.6%
|
During the present period, the
Company generated a positive net cash flow of CLP 167,931 million, which is explained as follows:
Operating activities generated
a positive cash flow of CLP 278,769 million, higher than the CLP 255,148 million recorded in the same period of 2019, mainly due
to lower payments to suppliers, coupled with lower tax payments and other cash outflows, partially offset by lower collections.
Investment activities generated
a negative cash flow of CLP 223,879 million, with a negative variation of CLP 113,831 million compared to the same period last
year, which is mainly explained by greater purchases of short-term financial instruments partially offset by a lower capex.
Financing activities generated
a positive cash flow of CLP 113,041 million, with a positive variation of CLP of the
previous year, which is mainly explained by the U.S. dollar bond placement in the United States.
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MAIN INDICATORS
INDICATOR
|
Definition
|
Unit
|
Dec 20
|
Dec 19
|
Dec 20 vs Dec
19
|
LIQUIDITY
|
|
|
|
|
|
|
|
|
Current Liquidity
|
|
Current Asset
|
|
Times
|
2.1
|
1.3
|
62.7%
|
|
|
|
Current Liability
|
|
|
|
|
|
|
Acid Ratio
|
|
Current Asset - Inventory
|
|
Times
|
1.8
|
0.9
|
88.9%
|
|
|
|
Current Liability
|
|
|
|
|
|
ACTIVITY
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
CLP million
|
82,653
|
116,171
|
-28.9%
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover
|
|
Cost of Sales
|
|
Times
|
7.4
|
7.0
|
5.8%
|
|
|
|
Average Inventory
|
|
|
|
|
|
INDEBTEDNESS
|
|
|
|
|
|
|
|
|
Indebtedness Ratio
|
|
Net Financial Debt3
|
|
Times
|
0.5
|
0.5
|
-6.2%
|
|
|
|
Total Equity4
|
|
|
|
|
|
|
Financial Expenses Coverage
|
|
Adjusted EBITDA5
|
|
Times
|
8.9
|
9.6
|
-7.1%
|
|
|
|
Fin. Expenses – Fin. Income6
|
|
|
|
|
|
|
Net Financial Debt/Adjusted EBITDA
|
|
Net Financial Debt
|
|
Times
|
1.2
|
1.5
|
-19.9%
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
PROFITABILITY
|
|
|
|
|
|
|
|
|
On Equity
|
|
Net Income for the Fiscal
year7
|
|
%
|
13.9%
|
19.4%
|
(5.5 pp)
|
|
|
|
Average Equity
|
|
|
|
|
|
|
On Total Assets
|
|
Net Income for the Fiscal
year
|
|
%
|
5.0%
|
7.5%
|
(2.5 pp)
|
|
|
|
Average Assets
|
|
|
|
|
|
Liquidity
Current Liquidity showed a positive
variation of 62.7% compared to December 2019 explained by the 49.5% increase in current assets mainly explained by the greater
availability of cash flows due to the placement of the bond in the U.S. market in January 2020, coupled with the 8.2% decrease
in current liabilities, previously explained.
Acid Ratio showed an increase of
88.9% compared to December 2019, for the reasons set out above in addition to a decrease in inventories (13.3%) in the period.
With this, current assets excluding inventories recorded a 73.5% increase compared to December 2019.
Activity
At the closing of December 2020,
investments reached CLP 82,653 million, reflecting a 28.9% decrease compared to the same period of 2019. Of the total as of December
2019 (CLP 116,171 million), CLP 21,722 million correspond to the effect of applying IFRS 16, as the standard meant recognizing
a right-of-use for that amount. Excluding this effect in both periods, investments decreased by 14.4% compared to the same period
of the previous year, which is mainly due to the investment review carried out with the aim of maintaining a healthy cash flow
and high liquidity.
Inventory Turnover reached 7.4x,
recording an increase of 5.8% versus the same period of 2019, mainly because average inventory decreased by 7.8%, which was a
greater reduction than that of the cost of sale (-2.5%).
1
Operating Income considers Revenues, Cost of Sales, Distribution Costs,
and Administrative Expenses included in the Financial Statements filed with Chile’s
Financial Market Commission and set in accordance to IFRS.
2
Adjusted EBITDA considers Revenues, Cost of Sales, Distribution Costs and Administrative Expenses included in the Financial Statements
filed with Chile’s Financial Market Commission and set in accordance to IFRS, plus Depreciation.
3
For these purposes Net Financial Debt means consolidated Current Liabilities bearing interest, namely: (i) other
current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) the sum of cash and cash equivalents;
plus other current financial assets; plus other non-current financial assets (to the extent that they correspond to the active
balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities).
4
Consolidated Equity is total equity including non-controlling interests.
5
Adjusted EBITDA considers the following items: Ordinary Income, Sales Costs, Distribution Costs and Administrative
Expenses, included in the Financial Statements presented to the Commission for the Financial Market and which are determined in
accordance with IFRS, plus Depreciation. The value corresponds to the sum of the last 12 moving months.
6
Financial Income corresponds to the interests generated by the cash and Financial Expenses corresponds to the
interests generated by the financial debt of the company. The value corresponds to the sum of the last 12 moving months.
7
Value corresponds to the sum of the last 12 moving months.
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Indebtedness
The Indebtedness ratio reached
0.5x as of the closing of December 2020, representing a 6.2% decrease regarding the closing of December 2019. This is mainly due
to a greater decrease in Net Financial Debt by 19.5% as a result of higher cash, in contrast to the decrease in total equity of
14.2% compared to 2019.
The Financial Expenses Coverage
indicator records a decrease of -7.1% when compared against December 2019, reaching 8.9x mainly explained by a 19.3% increase
in financial expenses (12 moving months) due to the impact of the new debt issued in January 2020.
Net Financial Debt/Adjusted EBITDA
was 1.2x, which represents a 19.9% decrease versus December 2019. The foregoing is mainly due to the 19.5% decrease of Net Debt,
mainly explained by the increase in Cash and Cash Equivalent and of Other Current Financial Assets, previously explained.
Profitability
Profitability on Equity reached
13.9%, decreasing by 5.5 percentage points compared to December 2019. This result is mainly because of the 29.8% decrease in Net
Income for the fiscal year. On the other hand, Profitability on Total Assets was 5.0%, 2.5 percentage points lower than the indicator
measured in December 2019, explained by the mentioned decrease in Net Income for the fiscal year, in addition to a 5.1% increase
in Average Assets when compared with December 2019.
MARKET RISK ANALYSIS
The Company’s risk management
is the responsibility of the office of the Chief Executive Officer, (through the areas of Corporate Management Control, Sustainability
and Risks, which depends on the office of the Chief Financial Officer), as well as each of the management areas of Coca-Cola Andina.
The main risks that the Company has identified and that could possibly affect the business are as follows:
Relationship with The Coca-Cola
Company
A large part of the Company’s
sales derives from the sale of products whose trademarks are owned by The Coca-Cola Company, which has the ability to exert an
important influence on the business through its rights under the Licensing or Bottling Agreements. In addition, we depend on The
Coca-Cola Company to renew these Bottling Agreements.
Non-alcoholic beverage business
environment
Consumers, public health officials,
and government officials in our markets are increasingly concerned about the public health consequences associated with obesity,
which can affect demand for our products, especially those containing sugar.
The Company has developed a large
portfolio of sugar-free products and has also made reformulations to some of its sugary products, significantly reducing sugar
contents of its products.
Raw material prices and exchange
rate
Many raw materials are used in
the production of beverages and packaging, including sugar and PET resin, the prices of which may present great volatility. In
the case of sugar, the Company sets the price of a part of the volume that it consumes with some anticipation, in order to avoid
having large fluctuations of cost that cannot be anticipated.
In addition, these raw materials
are traded in dollars; the Company has a policy of hedging in the futures market a portion of the dollars it uses to buy raw materials.
Instability in the supply of
utilities
In the countries in which we operate,
our operations depend on a stable supply of utilities and fuel. Power outages or water shut-offs may result in service interruptions
or increased costs. The Company has mitigation plans to reduce the effects of eventual outages or shut offs.
Economic conditions of the countries
where we operate
The Company maintains operations
in Argentina, Brazil, Chile and Paraguay. The demand for our products largely depends on the economic situation of these countries.
Moreover, economic instability can cause depreciation of the currencies of these countries, as well as inflation, which may eventually
affect the Company’s financial situation.
New tax laws or modifications
to tax incentives
We cannot ensure that any government
authority in any of the countries in which we operate will not impose new taxes or increase existing taxes on our raw materials,
products or containers. Likewise, we cannot assure that these authorities are going to uphold and/or renew tax incentives that
currently benefit some of our operations.
A devaluation of the currencies
of the countries where we have our operations, regarding the Chilean peso, can negatively affect the results reported by the Company
in Chilean pesos
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The Company reports its results
in Chilean pesos, while a large part of its revenues and Adjusted EBITDA comes from countries that use other currencies. Should
currencies devaluate regarding the Chilean peso, this would have a negative effect on the results of the Company, upon the translation
of results into Chilean pesos.
The imposition of exchange controls
could restrict the entry and exit of funds to and from the countries in which we operate, which could significantly limit our
financial capacity
The imposition of exchange controls
in the countries in which we operate could affect our ability to repatriate profits, which could significantly limit our ability
to pay dividends to our shareholders. Additionally, it may limit the ability of our foreign subsidiaries to finance payments of
U.S. dollar denominated liabilities required by foreign creditors.
Civil unrest in Chile could
have a material adverse effect on general economic conditions in Chile and our business and financial condition
Since October 18, 2019, there have
been protests and demonstrations in Chile, seeking to reduce inequality, including claims about better pensions, improvement in
health plans and reduced health care costs, reduction in the cost of public transportation, better wages, among others. Sometimes
demonstrations have been violent, causing damage to public and private property.
We cannot predict the extent to
which the Chilean economy will be affected by the civil unrest, nor can we predict if government policies enacted as a response
to the civil unrest will have a negative impact on the Chilean economy and our business. Neither can we assure that demonstrations
and vandalism will not cause damage to our logistics and production infrastructure. So far, the Company has not been affected
in any material respect.
Our business is subject to risks arising from the
COVID-19 pandemic
The COVID-19 pandemic has resulted
in the countries where we operate taking extraordinary measures to contain the spread of COVID-19, including travel restrictions,
closing borders, restrictions or bans on social gathering events, instructions to citizens to practice social distancing, non-essential
business closure, quarantine implementation, and other similar actions. The impact of this pandemic has substantially increased
uncertainty regarding the development of economies and is most likely to cause a global recession. We cannot predict how long
this pandemic will last, or how long the restrictions imposed by the countries where we operate will last.
Since the impact of COVID-19 is
very uncertain, we cannot accurately predict the extent of impact this pandemic will have on our business and our operations.
There is a risk that our employees, contractors and suppliers may be restricted or prevented from carrying out their activities
for an indefinite period of time, including due to shutdowns mandated by the authorities. Although our operations have not been
materially disrupted to date, eventually the pandemic and the measures taken by governments to contain the virus could affect
the continuity of our operations. In addition, some measures taken by governments have negatively affected some of our sales channels,
especially the closing of restaurants and bars, as well as the prohibition of social gathering events, which affect our sales
volumes to these channels. We cannot predict the effect that the pandemic and these measures will have on our sales to these channels,
nor whether these channels will recover once the pandemic is over. Nor can we predict how long our consumers will change their
consumer spending pattern as a result of the pandemic.
Additionally, a possible outbreak
of other epidemics in the future, such as SARS, Zika or the Ebola virus, could also result in a similar impact to that of COVID-19
on our business.
A more detailed analysis of business
risks can be found in the Company’s 20-F and Annual Report, which are available on our website.
RECENT
EVENTS
COVID-19 impact on
our business
Due to the impact that COVID-19
has had on different countries around the world and its arrival in the region where we operate, Coca-Cola Andina is taking the
necessary actions to protect its employees and ensure the operational continuity of the company.
Among the measures that have been
taken to protect its employees are:
·
Education campaign addressed to our employees on measures to be taken to prevent the spread of COVID-19.
·
Every employee in an environment of potential contagion is returned home.
·
New cleaning protocols in our facilities.
·
Certain practices and work activities are modified, maintaining service to customers:
|
o
|
We
have proceeded to work from home in all positions where it is possible.
|
|
o
|
All
domestic and international work trips have been cancelled.
|
·
Provide personal protection equipment to all our employees who must continue to work in plants and distribution centers, as well
as truck drivers and helpers, including masks and alcohol gel.
Since mid-March, the governments
of the countries where the Company operates have taken a number of steps to reduce the infection rate of COVID-19. These measures
include closing schools, universities, restaurants and bars, malls, the prohibition of social gathering events, sanitary controls
and health check points, and in some cases, total or partial quarantines for a part of the population. Governments in the countries
where we operate have also announced economic stimulus measures for families and businesses, including restrictions on dismissals
of workers in Argentina. To date, none of our plants have had to suspend their operations.
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As a result of the COVID-19 pandemic
and the restrictions imposed by the authorities in the four countries where we operate, we have seen great volatility in our sales
across channels. During this fourth quarter, at the consolidated level, we continue to see a reduction in our sales volumes on
the on-premise channel (although to a lesser extent than in the previous quarters), consisting mainly of restaurants and bars,
which are already able to operate, but with capacity restrictions. We have also seen that volume is beginning to grow again in
supermarkets, albeit slightly and that the traditional (Mom & Pops) and wholesale channels are the ones that continue to drive
volume growth. Because the pandemic and the measures governments take are changing very rapidly, we believe it is too early to
draw conclusions about changes in the long-term consumption pattern, and how these may affect our operating and financial results
in the future.
Due to the uncertainty regarding
the evolution of the COVID-19 pandemic and the aforementioned government measures, including how long they will persist, and the
effect they will have on our volumes and business in general, we cannot predict the effect that these trends will have on our
financial situation. However, we consider that the Company will have no liquidity problems. To date, we do not anticipate significant
provisions or write-offs. Finally, our investment plan for this year 2021 will return to pre-crisis levels, i.e. in the range
of USD 160 – USD 180 million. Our investment plans are constantly monitored, and it is not possible to ensure that we will
fully comply with it, if there is a stronger flare-up of this health situation in the different countries in which we operate,
or for some other unforeseen circumstance.
Memorandum of Understanding
celebrated between CMF and Plasco
On November 2, 2020, Envases CMF
S.A. (“CMF”), a closed stock company, in which the Company holds a 50% ownership interest, and Fábrica de Envases
Plásticos S.A. (“Plasco”), a closed stock company, subsidiary of Compañía Cervecerías
Unidas S.A., executed a Memorandum of Understanding wherein the preliminary terms and conditions were set regarding the incorporation
of a new company, whose ownership will be equally divided among CMF and Plasco, whose main objective will be the production and
commercialization of post-consumer PET resin, in Chile. The closing of the Transaction is subject to the fulfillment of certain
conditions precedent, customary for this type of business, which include authorizations of anti-competition authorities. As of
this date, it is not possible for us to determine the effects of the transaction on the Company's results, but it is framed within
the Company´s permanent commitment to the sustainability of its operations, and it seeks to ensure compliance with the applicable
environmental standards on the subject.
Interim Dividends 215 and 216
On November 24, 2020, the Company
paid Interim Dividend 215: CLP 26.0 for each Series A share; and CLP 28.60 for each Series B share. The Shareholders' Registry
for the payment of this dividend closed on November 18, 2020. Also, on December 23, 2020, the Company announced payment of Interim
Dividend 216: CLP 26.0 for each Series A share; and CLP 28.60 for each Series B share. This dividend was paid on January 29, 2021.
Both dividends were paid charge to earnings for the 2020 fiscal year, in accordance with what was authorized by the General Shareholders’
Meeting held April 16, 2020.
Coca-Cola Andina is included
in S&P's 2021 Global Sustainability Yearbook
On February 9, 2021, we were included
in S&P's 2021 Global Sustainability Yearbook, due to the high performance in S&P's Corporate Sustainability Assessment
(CSA). This Yearbook aims to distinguish those companies that have demonstrated great strengths in the area of corporate sustainability.
More than 7,000 companies from all over the world participated this year, and because of the great performance we achieved in
the Corporate Sustainability Assessment (CSA), we were ranked in the top 15% of our industry, and therefore chosen to be part
of the Yearbook, according to the annual assessment performed by S&P Global.
Coca-Cola
Andina is among the three largest Coca-Cola bottlers in Latin America, servicing franchised
territories with almost 54.6 million people, delivering 734.6 million unit cases or 4,171
million liters of soft drinks, juices, bottled water, beer and other alcoholic beverages
during 2020. Coca-Cola Andina has the franchise to produce and commercialize Coca-Cola
products in certain territories in Argentina (through Embotelladora del Atlántico),
in Brazil (through Rio de Janeiro Refrescos), in Chile, (through Embotelladora Andina)
and in all of Paraguay (through Paraguay Refrescos). The Chadwick Claro, Garcés
Silva, Said Handal and Said Somavía families control Coca-Cola Andina in equal
parts. The Company's value generation proposal is to become a Total Beverage Company,
using existing resources efficiently and sustainably, developing a relationship of excellence
with consumers of its products, as well as with its collaborators, customers, suppliers,
the community in which it operates and with its strategic partner The Coca-Cola Company,
in order to increase ROIC for shareholders in the long term. For more company information
visit www.koandina.com.
This
document may contain projections reflecting Coca-Cola Andina’s good faith expectation and are based on currently available
information. However, the results that are finally obtained are subject to diverse variables, many of which are beyond the Company's
control and which could materially impact the current performance. Among the factors that could change the performance are the
political and economic conditions on mass consumption, pricing pressures resulting from competitive discounts of other bottlers,
weather conditions in the Southern Cone and other risk factors that would be applicable from time to time and which are periodically
informed in reports filed before the appropriate regulatory authorities, and which are available on our website.
NYSE:
AKO/A; AKO/B
BOLSA DE COMERCIO DE SANTIAGO: ANDINA-A;
ANDINA-B
www.koandina.com
Embotelladora
Andina S.A.
Fourth
Quarter Results for the period ended December 31, 2020. Reported figures, IFRS GAAP.
(In
nominal million Chilean pesos, except per share)
|
|
October-December
2020
|
|
|
October-December
2019
|
|
|
|
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
%
Ch.
|
|
Volume
total beverages (Million UC)
|
|
|
76.6
|
|
|
|
78.6
|
|
|
|
52.1
|
|
|
|
20.6
|
|
|
|
227.8
|
|
|
|
69.1
|
|
|
|
73.4
|
|
|
|
51.4
|
|
|
|
21.0
|
|
|
|
214.9
|
|
|
|
6.0
|
%
|
Transactions
(Million)
|
|
|
381.0
|
|
|
|
375.4
|
|
|
|
216.1
|
|
|
|
106.9
|
|
|
|
1,079.5
|
|
|
|
366.7
|
|
|
|
373.6
|
|
|
|
241.3
|
|
|
|
121.6
|
|
|
|
1,103.2
|
|
|
|
-2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
217,378
|
|
|
|
160,725
|
|
|
|
100,970
|
|
|
|
45,982
|
|
|
|
524,363
|
|
|
|
177,794
|
|
|
|
183,757
|
|
|
|
114,911
|
|
|
|
50,106
|
|
|
|
525,737
|
|
|
|
-0.3
|
%
|
Cost
of sales
|
|
|
(134,352
|
)
|
|
|
(101,444
|
)
|
|
|
(53,624
|
)
|
|
|
(24,720
|
)
|
|
|
(313,449
|
)
|
|
|
(98,794
|
)
|
|
|
(110,799
|
)
|
|
|
(62,172
|
)
|
|
|
(28,787
|
)
|
|
|
(299,721
|
)
|
|
|
4.6
|
%
|
Gross
profit
|
|
|
83,026
|
|
|
|
59,281
|
|
|
|
47,346
|
|
|
|
21,262
|
|
|
|
210,915
|
|
|
|
79,000
|
|
|
|
72,958
|
|
|
|
52,739
|
|
|
|
21,319
|
|
|
|
226,016
|
|
|
|
-6.7
|
%
|
Gross
margin
|
|
|
38.2
|
%
|
|
|
36.9
|
%
|
|
|
46.9
|
%
|
|
|
46.2
|
%
|
|
|
40.2
|
%
|
|
|
44.4
|
%
|
|
|
39.7
|
%
|
|
|
45.9
|
%
|
|
|
42.5
|
%
|
|
|
43.0
|
%
|
|
|
|
|
Distribution
and administrative expenses
|
|
|
(38,885
|
)
|
|
|
(25,701
|
)
|
|
|
(36,700
|
)
|
|
|
(6,994
|
)
|
|
|
(108,280
|
)
|
|
|
(38,618
|
)
|
|
|
(38,817
|
)
|
|
|
(43,281
|
)
|
|
|
(10,144
|
)
|
|
|
(130,861
|
)
|
|
|
-17.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
expenses (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,731
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,346
|
)
|
|
|
28.6
|
%
|
Operating
income (3)
|
|
|
44,141
|
|
|
|
33,580
|
|
|
|
10,646
|
|
|
|
14,269
|
|
|
|
100,904
|
|
|
|
40,382
|
|
|
|
34,141
|
|
|
|
9,458
|
|
|
|
11,174
|
|
|
|
93,809
|
|
|
|
7.6
|
%
|
Operating
margin
|
|
|
20.3
|
%
|
|
|
20.9
|
%
|
|
|
10.5
|
%
|
|
|
31.0
|
%
|
|
|
19.2
|
%
|
|
|
22.7
|
%
|
|
|
18.5
|
%
|
|
|
8.2
|
%
|
|
|
22.3
|
%
|
|
|
17.8
|
%
|
|
|
|
|
Adjusted
EBITDA (4)
|
|
|
60,782
|
|
|
|
39,609
|
|
|
|
17,140
|
|
|
|
16,810
|
|
|
|
132,610
|
|
|
|
51,668
|
|
|
|
42,122
|
|
|
|
16,848
|
|
|
|
13,715
|
|
|
|
123,006
|
|
|
|
7.8
|
%
|
Adjusted
EBITDA margin
|
|
|
28.0
|
%
|
|
|
24.6
|
%
|
|
|
17.0
|
%
|
|
|
36.6
|
%
|
|
|
25.3
|
%
|
|
|
29.1
|
%
|
|
|
22.9
|
%
|
|
|
14.7
|
%
|
|
|
27.4
|
%
|
|
|
23.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
(expenses) income (net)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,554
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,061
|
|
|
|
-144.7
|
%
|
Share
of (loss) profit of investments accounted for using the equity method
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,875
|
)
|
|
|
-123.1
|
%
|
Other
income (expenses) (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,897
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,318
|
|
|
|
-125.4
|
%
|
Results
by readjustement unit and exchange rate difference
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,006
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,974
|
)
|
|
|
-24.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133,338
|
|
|
|
-39.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,932
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(41,831
|
)
|
|
|
-23.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,507
|
|
|
|
-46.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(461
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,045
|
)
|
|
|
-55.9
|
%
|
Net
income attributable to equity holders of the parent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90,462
|
|
|
|
-45.9
|
%
|
Net
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
EARNINGS
PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95.6
|
|
|
|
|
|
EARNINGS
PER ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
310.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
573.4
|
|
|
|
-45.9
|
%
|
(1) Total may be different from
the addition of the four countries because of intercountry eliminations.
(2)
Corporate expenses partially reclassified to the operations.
(3)
Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial
Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.
(4)
Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial
Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.
(5)
Other income (expenses) includes the following lines of the income statement by function included in the published financial statements
in the Financial Market Comission: "Other income", "Other expenses" and "Other (loss) gains".
Embotelladora Andina S.A.
Fourth
Quarter Results for the period ended December 31, 2020. Reported figures, IFRS GAAP.
(In
nominal million US$, except per share)
|
|
Exch. Rate:
|
|
|
760.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exch. Rate:
|
|
|
756.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October-December
2020
|
|
|
October-December
2019
|
|
|
|
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
%
Ch.
|
|
Volume
total beverages (Million UC)
|
|
|
76.6
|
|
|
|
78.6
|
|
|
|
52.1
|
|
|
|
20.6
|
|
|
|
227.8
|
|
|
|
69.1
|
|
|
|
73.4
|
|
|
|
51.4
|
|
|
|
21.0
|
|
|
|
214.9
|
|
|
|
6.0
|
%
|
Transactions
(Million)
|
|
|
381.0
|
|
|
|
375.4
|
|
|
|
216.1
|
|
|
|
106.9
|
|
|
|
1,079.5
|
|
|
|
366.7
|
|
|
|
373.6
|
|
|
|
241.3
|
|
|
|
121.6
|
|
|
|
1,103.2
|
|
|
|
-2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
285.8
|
|
|
|
211.3
|
|
|
|
142.0
|
|
|
|
60.4
|
|
|
|
698.5
|
|
|
|
235.1
|
|
|
|
243.0
|
|
|
|
153.5
|
|
|
|
66.3
|
|
|
|
696.7
|
|
|
|
0.3
|
%
|
Cost
of sales
|
|
|
(176.6
|
)
|
|
|
(133.4
|
)
|
|
|
(75.4
|
)
|
|
|
(32.5
|
)
|
|
|
(416.9
|
)
|
|
|
(130.6
|
)
|
|
|
(146.5
|
)
|
|
|
(83.0
|
)
|
|
|
(38.1
|
)
|
|
|
(397.1
|
)
|
|
|
5.0
|
%
|
Gross
profit
|
|
|
109.1
|
|
|
|
77.9
|
|
|
|
66.6
|
|
|
|
28.0
|
|
|
|
281.6
|
|
|
|
104.5
|
|
|
|
96.5
|
|
|
|
70.4
|
|
|
|
28.2
|
|
|
|
299.5
|
|
|
|
-6.0
|
%
|
Gross
margin
|
|
|
38.2
|
%
|
|
|
36.9
|
%
|
|
|
46.9
|
%
|
|
|
46.2
|
%
|
|
|
40.3
|
%
|
|
|
44.4
|
%
|
|
|
39.7
|
%
|
|
|
45.9
|
%
|
|
|
42.5
|
%
|
|
|
43.0
|
%
|
|
|
|
|
Distribution
and administrative expenses
|
|
|
(51.1
|
)
|
|
|
(33.8
|
)
|
|
|
(51.6
|
)
|
|
|
(9.2
|
)
|
|
|
(145.7
|
)
|
|
|
(51.1
|
)
|
|
|
(51.3
|
)
|
|
|
(57.8
|
)
|
|
|
(13.4
|
)
|
|
|
(173.6
|
)
|
|
|
-16.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
expenses (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.8
|
)
|
|
|
27.8
|
%
|
Operating
income (3)
|
|
|
58.0
|
|
|
|
44.1
|
|
|
|
15.0
|
|
|
|
18.8
|
|
|
|
133.6
|
|
|
|
53.4
|
|
|
|
45.1
|
|
|
|
12.6
|
|
|
|
14.8
|
|
|
|
124.2
|
|
|
|
7.6
|
%
|
Operating
margin
|
|
|
20.3
|
%
|
|
|
20.9
|
%
|
|
|
10.5
|
%
|
|
|
31.0
|
%
|
|
|
19.1
|
%
|
|
|
22.7
|
%
|
|
|
18.5
|
%
|
|
|
8.2
|
%
|
|
|
22.3
|
%
|
|
|
17.8
|
%
|
|
|
|
|
Adjusted
EBITDA (4)
|
|
|
79.9
|
|
|
|
52.1
|
|
|
|
24.1
|
|
|
|
22.1
|
|
|
|
175.9
|
|
|
|
68.3
|
|
|
|
55.7
|
|
|
|
22.5
|
|
|
|
18.1
|
|
|
|
162.9
|
|
|
|
8.0
|
%
|
Adjusted
EBITDA margin
|
|
|
28.0
|
%
|
|
|
24.6
|
%
|
|
|
17.0
|
%
|
|
|
36.6
|
%
|
|
|
25.2
|
%
|
|
|
29.1
|
%
|
|
|
22.9
|
%
|
|
|
14.7
|
%
|
|
|
27.4
|
%
|
|
|
23.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
(expenses) income (net)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37.1
|
|
|
|
-144.4
|
%
|
Share
of (loss) profit of investments accounted for using the equity method
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.2
|
)
|
|
|
-122.5
|
%
|
Other
income (expenses) (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.5
|
|
|
|
-125.7
|
%
|
Results
by readjustement unit and exchange rate difference
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.2
|
)
|
|
|
-26.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
176.4
|
|
|
|
-38.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(55.4
|
)
|
|
|
-23.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121.0
|
|
|
|
-45.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.4
|
)
|
|
|
-56.1
|
%
|
Net
income attributable to equity holders of the parent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119.6
|
|
|
|
-45.6
|
%
|
Net
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
EARNINGS
PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.13
|
|
|
|
|
|
EARNINGS
PER ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.76
|
|
|
|
-45.6
|
%
|
(1)
Total may be different from the addition of the four countries because of intercountry eliminations.
(2)
Corporate expenses partially reclassified to the operations.
(3) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.
(4) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.
(5) Other income (expenses) includes the following lines of the income statement by function included in the published financial statements in the Financial Market Comission: "Other income", "Other expenses" and "Other (loss) gains".
Embotelladora Andina S.A.
Twelve Months Results for the period ended December 31, 2020. Reported figures, IFRS GAAP.
(In nominal million Chilean pesos, except per share)
|
|
January-December 2020
|
|
|
January-December 2019
|
|
|
|
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
%
Ch.
|
|
Volume
total beverages (Million UC)
|
|
|
236.3
|
|
|
|
265.1
|
|
|
|
166.7
|
|
|
|
66.4
|
|
|
|
734.6
|
|
|
|
239.6
|
|
|
|
259.3
|
|
|
|
178.2
|
|
|
|
69.3
|
|
|
|
746.4
|
|
|
|
-1.6
|
%
|
Transactions (Million)
|
|
|
1,104.2
|
|
|
|
1,263.2
|
|
|
|
688.7
|
|
|
|
345.7
|
|
|
|
3,401.8
|
|
|
|
1,314.2
|
|
|
|
1,360.7
|
|
|
|
843.5
|
|
|
|
414.0
|
|
|
|
3,932.4
|
|
|
|
-13.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
644,762
|
|
|
|
580,063
|
|
|
|
318,828
|
|
|
|
157,153
|
|
|
|
1,698,281
|
|
|
|
608,952
|
|
|
|
619,321
|
|
|
|
394,636
|
|
|
|
158,892
|
|
|
|
1,779,025
|
|
|
|
-4.5
|
%
|
Cost of sales
|
|
|
(392,720
|
)
|
|
|
(373,445
|
)
|
|
|
(172,066
|
)
|
|
|
(86,792
|
)
|
|
|
(1,022,499
|
)
|
|
|
(359,466
|
)
|
|
|
(384,839
|
)
|
|
|
(214,447
|
)
|
|
|
(92,368
|
)
|
|
|
(1,048,344
|
)
|
|
|
-2.5
|
%
|
Gross profit
|
|
|
252,041
|
|
|
|
206,618
|
|
|
|
146,762
|
|
|
|
70,361
|
|
|
|
675,783
|
|
|
|
249,486
|
|
|
|
234,482
|
|
|
|
180,189
|
|
|
|
66,524
|
|
|
|
730,681
|
|
|
|
-7.5
|
%
|
Gross margin
|
|
|
39.1
|
%
|
|
|
35.6
|
%
|
|
|
46.0
|
%
|
|
|
44.8
|
%
|
|
|
39.8
|
%
|
|
|
41.0
|
%
|
|
|
37.9
|
%
|
|
|
45.7
|
%
|
|
|
41.9
|
%
|
|
|
41.1
|
%
|
|
|
|
|
Distribution and administrative
expenses
|
|
|
(160,876
|
)
|
|
|
(117,623
|
)
|
|
|
(120,729
|
)
|
|
|
(31,516
|
)
|
|
|
(430,744
|
)
|
|
|
(161,508
|
)
|
|
|
(144,297
|
)
|
|
|
(148,150
|
)
|
|
|
(34,073
|
)
|
|
|
(488,028
|
)
|
|
|
-11.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,427
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,872
|
)
|
|
|
11.4
|
%
|
Operating
income (3)
|
|
|
91,166
|
|
|
|
88,995
|
|
|
|
26,032
|
|
|
|
38,845
|
|
|
|
239,612
|
|
|
|
87,978
|
|
|
|
90,185
|
|
|
|
32,039
|
|
|
|
32,451
|
|
|
|
237,781
|
|
|
|
0.8
|
%
|
Operating margin
|
|
|
14.1
|
%
|
|
|
15.3
|
%
|
|
|
8.2
|
%
|
|
|
24.7
|
%
|
|
|
14.1
|
%
|
|
|
14.4
|
%
|
|
|
14.5
|
%
|
|
|
8.1
|
%
|
|
|
20.4
|
%
|
|
|
13.4
|
%
|
|
|
|
|
Adjusted EBITDA (4)
|
|
|
141,437
|
|
|
|
116,335
|
|
|
|
48,928
|
|
|
|
49,259
|
|
|
|
350,532
|
|
|
|
134,083
|
|
|
|
120,131
|
|
|
|
57,408
|
|
|
|
42,119
|
|
|
|
348,869
|
|
|
|
0.5
|
%
|
Adjusted EBITDA margin
|
|
|
21.9
|
%
|
|
|
20.1
|
%
|
|
|
15.3
|
%
|
|
|
31.3
|
%
|
|
|
20.6
|
%
|
|
|
22.0
|
%
|
|
|
19.4
|
%
|
|
|
14.5
|
%
|
|
|
26.5
|
%
|
|
|
19.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial (expenses) income
(net)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(39,827
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,053
|
)
|
|
|
3681.4
|
%
|
Share of (loss) profit
of investments accounted for using the equity method
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,415
|
)
|
|
|
-165.3
|
%
|
Other income (expenses)
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,074
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,767
|
|
|
|
-161.4
|
%
|
Results by readjustement unit
and exchange rate difference
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,917
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,667
|
)
|
|
|
27.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
178,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
236,413
|
|
|
|
-24.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(54,905
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(61,167
|
)
|
|
|
-10.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
175,246
|
|
|
|
-29.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,118
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,524
|
)
|
|
|
-26.7
|
%
|
Net income attributable
to equity holders of the parent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173,722
|
|
|
|
-29.8
|
%
|
Net
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
183.5
|
|
|
|
|
|
EARNINGS PER ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
773.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,101.2
|
|
|
|
-29.8
|
%
|
(1) Total may be different from the addition of the four countries because of intercountry eliminations.
(2) Corporate expenses partially reclassified to the operations.
(3) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.
(4) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.
(5) Other income (expenses) includes the following lines of the income statement by function included in the published financial statements in the Financial Market Comission: "Other income", "Other expenses" and "Other (loss) gains".
Embotelladora Andina S.A.
Twelve
Months Results for the period ended December 31, 2020. Reported figures, IFRS GAAP.
(In
nominal million US$, except per share)
|
|
Exch.
Rate:
|
|
|
|
791.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exch.
Rate:
|
|
|
|
703.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January-December
2020
|
|
|
|
January-December
2019
|
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
Chilean
Operations
|
|
|
Brazilian
Operations
|
|
|
Argentine
Operations
|
|
|
Paraguay
Operations
|
|
|
Total
(1)
|
|
|
%
Ch.
|
|
Volume
total beverages (Million UC)
|
|
|
236.3
|
|
|
|
265.1
|
|
|
|
166.7
|
|
|
|
66.4
|
|
|
|
734.6
|
|
|
|
239.6
|
|
|
|
259.3
|
|
|
|
178.2
|
|
|
|
69.3
|
|
|
|
746.4
|
|
|
|
-1.6
|
%
|
Transactions
(Million)
|
|
|
1,104.2
|
|
|
|
1,263.2
|
|
|
|
688.7
|
|
|
|
345.7
|
|
|
|
3,401.8
|
|
|
|
1,314.2
|
|
|
|
1,360.7
|
|
|
|
843.5
|
|
|
|
414.0
|
|
|
|
3,932.4
|
|
|
|
-13.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
814.1
|
|
|
|
732.4
|
|
|
|
448.5
|
|
|
|
198.4
|
|
|
|
2,189.8
|
|
|
|
865.7
|
|
|
|
880.4
|
|
|
|
527.1
|
|
|
|
225.9
|
|
|
|
2,495.3
|
|
|
|
-12.2
|
%
|
Cost
of sales
|
|
|
(495.9
|
)
|
|
|
(471.5
|
)
|
|
|
(242.0
|
)
|
|
|
(109.6
|
)
|
|
|
(1,315.4
|
)
|
|
|
(511.0
|
)
|
|
|
(547.1
|
)
|
|
|
(286.4
|
)
|
|
|
(131.3
|
)
|
|
|
(1,472.1
|
)
|
|
|
-10.6
|
%
|
Gross
profit
|
|
|
318.2
|
|
|
|
260.9
|
|
|
|
206.4
|
|
|
|
88.8
|
|
|
|
874.4
|
|
|
|
354.7
|
|
|
|
333.3
|
|
|
|
240.7
|
|
|
|
94.6
|
|
|
|
1,023.2
|
|
|
|
-14.5
|
%
|
Gross
margin
|
|
|
39.1
|
%
|
|
|
35.6
|
%
|
|
|
46.0
|
%
|
|
|
44.8
|
%
|
|
|
39.9
|
%
|
|
|
41.0
|
%
|
|
|
37.9
|
%
|
|
|
45.7
|
%
|
|
|
41.9
|
%
|
|
|
41.0
|
%
|
|
|
|
|
Distribution
and administrative expenses
|
|
|
(203.1
|
)
|
|
|
(148.5
|
)
|
|
|
(169.8
|
)
|
|
|
(39.8
|
)
|
|
|
(561.3
|
)
|
|
|
(229.6
|
)
|
|
|
(205.1
|
)
|
|
|
(197.9
|
)
|
|
|
(48.4
|
)
|
|
|
(681.0
|
)
|
|
|
-17.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
expenses (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.9
|
)
|
|
|
-1.1
|
%
|
Operating
income (3)
|
|
|
115.1
|
|
|
|
112.4
|
|
|
|
36.6
|
|
|
|
49.0
|
|
|
|
306.3
|
|
|
|
125.1
|
|
|
|
128.2
|
|
|
|
42.8
|
|
|
|
46.1
|
|
|
|
335.3
|
|
|
|
-8.6
|
%
|
Operating
margin
|
|
|
14.1
|
%
|
|
|
15.3
|
%
|
|
|
8.2
|
%
|
|
|
24.7
|
%
|
|
|
14.0
|
%
|
|
|
14.4
|
%
|
|
|
14.5
|
%
|
|
|
8.1
|
%
|
|
|
20.4
|
%
|
|
|
13.4
|
%
|
|
|
|
|
Adjusted
EBITDA (4)
|
|
|
178.6
|
|
|
|
146.9
|
|
|
|
68.8
|
|
|
|
62.2
|
|
|
|
449.6
|
|
|
|
190.6
|
|
|
|
170.8
|
|
|
|
76.7
|
|
|
|
59.9
|
|
|
|
491.0
|
|
|
|
-8.4
|
%
|
Adjusted
EBITDA margin
|
|
|
21.9
|
%
|
|
|
20.1
|
%
|
|
|
15.3
|
%
|
|
|
31.3
|
%
|
|
|
20.5
|
%
|
|
|
22.0
|
%
|
|
|
19.4
|
%
|
|
|
14.5
|
%
|
|
|
26.5
|
%
|
|
|
19.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
(expenses) income (net)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.7
|
)
|
|
|
2856.3
|
%
|
Share
of (loss) profit of investments accounted for using the equity method
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2.8
|
)
|
|
|
-201.6
|
%
|
Other
income (expenses) (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.5
|
|
|
|
-156.0
|
%
|
Results
by readjustement unit and exchange rate difference
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16.8
|
)
|
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
227.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
335.5
|
|
|
|
-32.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(70.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(86.4
|
)
|
|
|
-18.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
249.1
|
|
|
|
-36.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2.2
|
)
|
|
|
-34.9
|
%
|
Net
income attributable to equity holders of the parent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247.0
|
|
|
|
-36.9
|
%
|
Net
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946.6
|
|
|
|
|
|
EARNINGS
PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.26
|
|
|
|
|
|
EARNINGS
PER ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.57
|
|
|
|
-36.9
|
%
|
(1) Total may be different from the addition of the four countries because of intercountry eliminations.
(2) Corporate expenses partially reclassified to the operations.
(3) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.
(4) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.
(5) Other income (expenses) includes the following lines of the income statement by function included in the published financial statements in the Financial Market Comission: "Other income", "Other expenses" and "Other (loss) gains".
Embotelladora
Andina S.A.
Fourth
Quarter Results for the period ended December 31, 2020.
(In
local nominal currency of each period, except Argentina (3))
|
|
October-December
2020
|
|
|
October-December
2019
|
|
|
|
Chile
Million
Ch$
|
|
|
Brazil
Million
R$
|
|
|
Argentina
(3)
Million AR$
|
|
|
Paraguay
Million G$
|
|
|
Chile
Million
Ch$
|
|
|
Brazil
Million
R$
|
|
|
Argentina
(3)
Million AR$
|
|
|
Paraguay
Million G$
|
|
|
|
Nominal
|
|
|
Nominal
|
|
|
IAS29
|
|
|
Nominal
|
|
|
Nominal
|
|
|
Nominal
|
|
|
IAS
29
|
|
|
Nominal
|
|
Total
beverages volume (Million UC)
|
|
|
76.6
|
|
|
|
78.6
|
|
|
|
52.1
|
|
|
|
20.6
|
|
|
|
69.1
|
|
|
|
73.4
|
|
|
|
51.4
|
|
|
|
21.0
|
|
Transactions
(Million)
|
|
|
381.0
|
|
|
|
375.4
|
|
|
|
216.1
|
|
|
|
106.9
|
|
|
|
366.7
|
|
|
|
373.6
|
|
|
|
241.3
|
|
|
|
121.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
217,378
|
|
|
|
1,139.3
|
|
|
|
11,951.1
|
|
|
|
424,089
|
|
|
|
177,794
|
|
|
|
999.3
|
|
|
|
12,501.0
|
|
|
|
426,512
|
|
Cost
of sales
|
|
|
(134,352
|
)
|
|
|
(719.0
|
)
|
|
|
(6,347.1
|
)
|
|
|
(227,914
|
)
|
|
|
(98,794
|
)
|
|
|
(603.0
|
)
|
|
|
(6,763.6
|
)
|
|
|
(245,063
|
)
|
Gross
profit
|
|
|
83,026
|
|
|
|
420.3
|
|
|
|
5,604.0
|
|
|
|
196,175
|
|
|
|
79,000
|
|
|
|
396.2
|
|
|
|
5,737.4
|
|
|
|
181,449
|
|
Gross
margin
|
|
|
38.2
|
%
|
|
|
36.9
|
%
|
|
|
46.9
|
%
|
|
|
46.3
|
%
|
|
|
44.4
|
%
|
|
|
39.7
|
%
|
|
|
45.9
|
%
|
|
|
42.5
|
%
|
Distribution
and administrative expenses
|
|
|
(38,885
|
)
|
|
|
(182.6
|
)
|
|
|
(4,343.9
|
)
|
|
|
(64,306
|
)
|
|
|
(38,618
|
)
|
|
|
(211.4
|
)
|
|
|
(4,708.5
|
)
|
|
|
(86,425
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (1)
|
|
|
44,141
|
|
|
|
237.7
|
|
|
|
1,260.1
|
|
|
|
131,869
|
|
|
|
40,382
|
|
|
|
184.8
|
|
|
|
1,028.9
|
|
|
|
95,023
|
|
Operating
margin
|
|
|
20.3
|
%
|
|
|
20.9
|
%
|
|
|
10.5
|
%
|
|
|
31.1
|
%
|
|
|
22.7
|
%
|
|
|
18.5
|
%
|
|
|
8.2
|
%
|
|
|
22.3
|
%
|
Adjusted
EBITDA (2)
|
|
|
60,782
|
|
|
|
280.5
|
|
|
|
2,028.8
|
|
|
|
155,286
|
|
|
|
51,668
|
|
|
|
228.2
|
|
|
|
1,832.9
|
|
|
|
116,690
|
|
Adjusted
EBITDA margin
|
|
|
28.0
|
%
|
|
|
24.6
|
%
|
|
|
17.0
|
%
|
|
|
36.6
|
%
|
|
|
29.1
|
%
|
|
|
22.8
|
%
|
|
|
14.7
|
%
|
|
|
27.4
|
%
|
(1) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.
(2) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.
(3) Argentina 2020 figures are presented in accordance to IAS 29, in December 2020 currency. 2019 figures are also presented in accordance to IAS 29, in December 2020 currency.
Embotelladora
Andina S.A.
Twelve
Months Results for the period ended December 31, 2020.
(In
local nominal currency of each period, except Argentina (3))
|
|
January-December
2020
|
|
|
January-December
2019
|
|
|
|
Chile
Million
Ch$
|
|
|
Brazil
Million
R$
|
|
|
Argentina
(3)
Million AR$
|
|
|
Paraguay
Million G$
|
|
|
Chile
Million
Ch$
|
|
|
Brazil
Million
R$
|
|
|
Argentina
(3)
Million AR$
|
|
|
Paraguay
Million G$
|
|
|
|
Nominal
|
|
|
Nominal
|
|
|
IAS29
|
|
|
Nominal
|
|
|
Nominal
|
|
|
Nominal
|
|
|
IAS
29
|
|
|
Nominal
|
|
Total
beverages volume (Million UC)
|
|
|
236.3
|
|
|
|
265.1
|
|
|
|
166.7
|
|
|
|
66.4
|
|
|
|
239.6
|
|
|
|
259.3
|
|
|
|
178.2
|
|
|
|
69.3
|
|
Transactions
(Million)
|
|
|
1,104.2
|
|
|
|
1,263.2
|
|
|
|
688.7
|
|
|
|
345.7
|
|
|
|
1,314.2
|
|
|
|
1,360.7
|
|
|
|
843.5
|
|
|
|
414.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
644,762
|
|
|
|
3,757.6
|
|
|
|
37,737.3
|
|
|
|
1,351,909
|
|
|
|
608,952
|
|
|
|
3,466.6
|
|
|
|
42,931.6
|
|
|
|
1,405,584
|
|
Cost
of sales
|
|
|
(392,720
|
)
|
|
|
(2,417.8
|
)
|
|
|
(20,366.2
|
)
|
|
|
(745,803
|
)
|
|
|
(359,466
|
)
|
|
|
(2,155.1
|
)
|
|
|
(23,329.3
|
)
|
|
|
(817,135
|
)
|
Gross
profit
|
|
|
252,041
|
|
|
|
1,339.8
|
|
|
|
17,371.1
|
|
|
|
606,106
|
|
|
|
249,486
|
|
|
|
1,311.4
|
|
|
|
19,602.4
|
|
|
|
588,449
|
|
Gross
margin
|
|
|
39.1
|
%
|
|
|
35.7
|
%
|
|
|
46.0
|
%
|
|
|
44.8
|
%
|
|
|
41.0
|
%
|
|
|
37.8
|
%
|
|
|
45.7
|
%
|
|
|
41.9
|
%
|
Distribution
and administrative expenses
|
|
|
(160,876
|
)
|
|
|
(753.4
|
)
|
|
|
(14,289.9
|
)
|
|
|
(268,519
|
)
|
|
|
(161,508
|
)
|
|
|
(808.6
|
)
|
|
|
(16,116.9
|
)
|
|
|
(301,668
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (1)
|
|
|
91,166
|
|
|
|
586.4
|
|
|
|
3,081.3
|
|
|
|
337,587
|
|
|
|
87,978
|
|
|
|
502.8
|
|
|
|
3,485.4
|
|
|
|
286,781
|
|
Operating
margin
|
|
|
14.1
|
%
|
|
|
15.6
|
%
|
|
|
8.2
|
%
|
|
|
25.0
|
%
|
|
|
14.4
|
%
|
|
|
14.5
|
%
|
|
|
8.1
|
%
|
|
|
20.4
|
%
|
Adjusted
EBITDA (2)
|
|
|
141,437
|
|
|
|
763.2
|
|
|
|
5,791.2
|
|
|
|
426,706
|
|
|
|
134,083
|
|
|
|
670.8
|
|
|
|
6,245.3
|
|
|
|
372,543
|
|
Adjusted
EBITDA margin
|
|
|
21.9
|
%
|
|
|
20.3
|
%
|
|
|
15.3
|
%
|
|
|
31.6
|
%
|
|
|
22.0
|
%
|
|
|
19.3
|
%
|
|
|
14.5
|
%
|
|
|
26.5
|
%
|
(1) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.
(2) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.
(3) Argentina 2020 figures are presented in accordance to IAS 29, in December 2020 currency. 2019 figures are also presented in accordance to IAS 29, in December 2020 currency.
Embotelladora Andina S.A.
Consolidated Balance Sheet
(In million Chilean pesos)
|
|
|
|
|
|
|
|
Variation %
|
|
ASSETS
|
|
12-31-2020
|
|
|
12-31-2019
|
|
|
12-31-2019
|
|
Cash + Time deposits + market. Securit.
|
|
|
449,836
|
|
|
|
157,915
|
|
|
|
184.9
|
%
|
Account receivables (net)
|
|
|
205,897
|
|
|
|
201,913
|
|
|
|
2.0
|
%
|
Inventories
|
|
|
127,973
|
|
|
|
147,641
|
|
|
|
-13.3
|
%
|
Other current assets
|
|
|
13,593
|
|
|
|
26,004
|
|
|
|
-47.7
|
%
|
Total Current Assets
|
|
|
797,298
|
|
|
|
533,474
|
|
|
|
49.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
1,398,055
|
|
|
|
1,620,343
|
|
|
|
-13.7
|
%
|
Depreciation
|
|
|
(792,479
|
)
|
|
|
(897,624
|
)
|
|
|
-11.7
|
%
|
Total Property, Plant, and Equipment
|
|
|
605,576
|
|
|
|
722,719
|
|
|
|
-16.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in related companies
|
|
|
87,956
|
|
|
|
99,867
|
|
|
|
-11.9
|
%
|
Goodwill
|
|
|
98,326
|
|
|
|
121,222
|
|
|
|
-18.9
|
%
|
Other long term assets
|
|
|
858,908
|
|
|
|
913,667
|
|
|
|
-6.0
|
%
|
Total Other Assets
|
|
|
1,045,190
|
|
|
|
1,134,755
|
|
|
|
-7.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
2,448,064
|
|
|
|
2,390,948
|
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
Variation %
|
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
|
12-31-2020
|
|
|
12-31-2019
|
|
|
12-31-2019
|
|
Short term bank liabilities
|
|
|
799
|
|
|
|
1,438
|
|
|
|
-44.4
|
%
|
Current portion of bonds payable
|
|
|
18,705
|
|
|
|
21,605
|
|
|
|
-13.4
|
%
|
Other financial liabilities
|
|
|
19,063
|
|
|
|
17,550
|
|
|
|
8.6
|
%
|
Trade accounts payable and notes payable
|
|
|
269,988
|
|
|
|
297,339
|
|
|
|
-9.2
|
%
|
Other liabilities
|
|
|
69,502
|
|
|
|
73,726
|
|
|
|
-5.7
|
%
|
Total Current Liabilities
|
|
|
378,056
|
|
|
|
411,658
|
|
|
|
-8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term bank liabilities
|
|
|
4,000
|
|
|
|
909
|
|
|
|
339.8
|
%
|
Bonds payable
|
|
|
918,921
|
|
|
|
718,963
|
|
|
|
27.8
|
%
|
Other financial liabilities
|
|
|
66,908
|
|
|
|
23,455
|
|
|
|
185.3
|
%
|
Other long term liabilities
|
|
|
248,618
|
|
|
|
267,059
|
|
|
|
-6.9
|
%
|
Total Long Term Liabilities
|
|
|
1,238,448
|
|
|
|
1,010,386
|
|
|
|
22.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
|
20,379
|
|
|
|
20,254
|
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
811,181
|
|
|
|
948,650
|
|
|
|
-14.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
|
|
2,448,064
|
|
|
|
2,390,948
|
|
|
|
2.4
|
%
|
Financial
Highlights
(In
million Chilean pesos)
|
|
Accumulated
|
|
ADDITIONS TO FIXED ASSETS
|
|
12-31-2020
|
|
|
12-31-2019
|
|
Chile
|
|
|
26,488
|
|
|
|
56,141
|
|
Brazil
|
|
|
19,138
|
|
|
|
22,737
|
|
Argentina
|
|
|
16,508
|
|
|
|
22,011
|
|
Paraguay
|
|
|
20,519
|
|
|
|
15,283
|
|
Total
|
|
|
82,653
|
|
|
|
116,171
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized, in the city of Santiago, Chile.
|
EMBOTELLADORA ANDINA S.A.
|
|
|
|
By:
|
/s/ Andrés Wainer
|
|
Name: Andrés Wainer
|
|
Title: Chief Financial Officer
|
Santiago,
February 23, 2021
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