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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000893750-02-000684.txt : 20021112
<SEC-HEADER>0000893750-02-000684.hdr.sgml : 20021111
<ACCEPTANCE-DATETIME>20021108173436
ACCESSION NUMBER:		0000893750-02-000684
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20021108
FILED AS OF DATE:		20021112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANDINA BOTTLING CO INC
		CENTRAL INDEX KEY:			0000925261
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13142
		FILM NUMBER:		02814845

	BUSINESS ADDRESS:	
		STREET 1:		CARLOS VALDOVINOS 560
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO CHILE
		STATE:			F3
		ZIP:			00000
		BUSINESS PHONE:		5623380520
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.txt
<DESCRIPTION>FORM 6-K
<TEXT>
                      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


                             For November 8, 2002



                         Andina Bottling Company, Inc.
                         -----------------------------
                (Translation of registrant's name into English)


                           Avenida Andres Bello 2687
                              Piso 20, Las Condes
                                   Santiago
                                     Chile
                   (Address of principal executive offices)

                           Form 20-F /X/ Form 40-F / /



          Indicate by check mark whether the registrant by furnishing
the information contained in this Form 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/




<PAGE>



EMBOTELLADORA ANDINA S.A.





                                  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/ Osvaldo Garay
                                  ---------------------------
                                  Osvaldo Garay
                                  Chief Financial Officer



Dated:  November 7, 2002


                                     -2-


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>pressrelease.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                              www.koandina.com

                           EMBOTELLADORA ANDINA S.A.

FOR IMMEDIATE DISTRIBUTION
- --------------------------

CONTACTS IN SANTIAGO, CHILE                   CONTACT IN NEW YORK, U.S.A.
EMBOTELLLADORA ANDINA S.A.                    I-ADVIZE CORPORATE COMMUNICATIONS
Sofia Chellew, Head of Investor Relations     Maria Barona/Melanie Carpenter
(56-2) 338-0520                               212-406-3690
inv.rel@koandina.com                          mbarona@i-advize.com

             ANALYSIS OF THE CONSOLIDATED FINANCIAL STATEMENTS OF
      EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES AS OF SEPTEMBER 30, 2002

Santiago-Chile, October 31, 2002 - Embotelladora Andina S.A. (NYSE: AKO/A,
AKO/B) announced today its audited consolidated results for the third quarter
of 2002, prepared in accordance with Chilean accounting principles and stated
in Chilean Pesos ("Ch$") as of September 30, 2002.

                              THIRD QUARTER 2002
                             CONSOLIDATED RESULTS

Except where indicated all figures refer to the third quarter of 2002 and all
percentage changes are with respect to the same period of the previous year

     o    Continued economic challenges throughout the region.
     o    Important turnaround in the Company's Brazilian operating results
          and EBITDA generation.
     o    Argentine operation margins improving despite difficult environment
     o    Continued strong cash flow generation



CFO Statement       "The results achieved in all of the Company's operations
                    reflect the assertive marketing, operational and logistic
                    strategies followed by the Company in order to strengthen
                    our business and market leadership. During the quarter, we
                    successfully completed the restructuring of the Argentine
                    operation and believe that it will continue to follow a
                    positive trend, such as has been the case for the
                    Brazilian operation."

Sales Volume        Consolidated soft drink volume remained stable amounting
                    to 66 million unit cases. Soft drink volume increased 5%
                    in Chile, 6% in Brazil, while in Argentina it decreased
                    16%. Total volume, including juices, mineral water and
                    beer remained unchanged during both periods and amounted
                    to 72 million unit cases.

Net Sales           Net sales decreased 20% to Ch$84,833 million (US$113.3
                    million). Despite the increased net sales in local
                    currency in Brazil and Argentina, the significant
                    devaluation of the Argentine peso and the Brazilian real
                    (above the Chilean peso devaluation) generated a 33%
                    decrease of sales in dollars for these operations. This
                    was partially offset by the 4% growth of net sales in
                    Chile.

<PAGE>

Operating Income    Operating income amounted to Ch$6,443 million (US$8.6
                    million) with a similar decrease to that of net sales.
                    Operating margin however, remained stable at 7.6% for both
                    periods. The combined increase of 9% in operating income
                    for Chile and Brazil were offset by Argentina's lower
                    results.

EBITDA              EBITDA amounted to Ch$17,773 million (US$23.7 million)
                    representing a decrease of 9% regarding the same period
                    last year. Despite this decline, the significant
                    improvements in margins in the Brazilian and Argentine
                    operations, lead to overall EBITDA margin improvement of
                    250 basis points vs. last year.

Non Operating       Non-operating  results amounted to a profit of Ch$3,073
Results             million (US$4.1 million) vs. a loss of Ch$1,670 million
                    (US$2.2 million) the previous year. The improvement of
                    US$6.3 million was principally attributable to: (i)
                    increased monetary correction and translation effects
                    gains for US$9.1 million, basically due to the positive
                    effect of the Chilean peso devaluation over
                    dollar-denominated assets, and the significant reduction,
                    since July 2001, in average dollar-denominated debt; (ii)
                    US$2.8 million in higher net financial income, which
                    includes the positive impact from foreign currency hedge
                    operations in Chile and Brazil. These were partially
                    offset by US$6.3 million in higher one-time charges,
                    explained by (iii) one-time profits, realized during the
                    third quarter of last year, for US$4.0 million related to
                    the dollar debt repurchase, (iv) higher one-time charges
                    of US$2.3 million, explained by US$5.9 million in
                    restructuring charges registered the previous year and
                    relating to the Brazilian operation, compared to US$8.2
                    million realized during this quarter in Argentina.

                    For the total amount of US$15.1 million in restructuring
                    charges as of September, only US$4.2 million are cash.

                    Income tax provisions for the quarter amounted to Ch$5,306
                    million (US$7.1 million) versus Ch$32 million (US$0.04
                    million) the prior year, due to profits generated from
                    translation effects, already mentioned.

Net Income          Net income amounted to Ch$4,209 million (US$5.6 million)
                    versus Ch$6,315 million (US$8.4 million) during the third
                    quarter of last year, representing a decrease of 33%.

                           OVERVIEW OF BALANCE SHEET

                    As of September 30, 2002, the Company held Ch$234,097
                    million (US$312.7 million) in financial investments, of
                    which Ch$30,233 million (US$40.4 million) accounted as
                    cash and equivalents and Ch$203,863 million (US$272.3
                    million) are accounted for under other long-term assets.
                    These represent investments mainly in US
                    dollar-denominated deposits and corporate bonds. 92% of
                    the total financial investments is held in US
                    dollar-denominated papers. The Company's total debt
                    amounted to Ch$208,199 million (US$278.1 million), at an
                    average coupon rate of 6.7% per year on the US

                                      2

<PAGE>

                    dollar debt and at an average real coupon rate of 6.4% on
                    the Chilean peso-denominated debt. Approximately 42% of
                    the debt is denominated in US dollars. The average
                    maturity of the Company's total debt is roughly 11 years.
                    Following is the schedule of debt maturities for the next
                    3 years:

                        ---------------------------------------
                        Year           2003      2004    2005
                        ---------------------------------------
                        Million US$     8.9      16.7    18.8

                    The Company distributed dividends during the quarter for a
                    total amount of Ch$36,043 million (US$ 48.1 million). As
                    of September 30, 2002, the Company's net cash position was
                    Ch$25,897 million (US$34.6 million).

                              CHILEAN OPERATIONS

Overview            The successful launch of Kapo axion was realized during
                    the quarter aimed young consumers between the ages of 6
                    and 14, along with the launching of Vital Soft Gas mineral
                    water. The operation continues with its solid contribution
                    to results and cash generation.

Sales Volume        During the quarter, sales volume increased 4% amounting to
                    26.5 million unit cases. Soft drink volumes grew 5% with
                    an important contribution of our core brand Coca-Cola,
                    together with the glass returnable and PET non-returnable
                    3 lt. formats. Juice and mineral water volumes in Chile
                    increased 1%. However, including product export volume
                    realized in 2001, total non-carbonated volume for the
                    period declined 3%.

Net Sales           Net sales for the quarter increased 4% and amounted to
                    Ch$41,200 million (US$55.0 million), explained by higher
                    volumes. Price levels, in real terms remained stable.

Operating Income    Operating income amounted to Ch$7,798 million (US$10.4
                    million), representing a 4% increase over last year.
                    Savings in labor and other fixed costs offset the negative
                    devaluation effect over certain US dollar costs. Although
                    these are covered by hedge agreements, their financial
                    effect is accounted for at the non-operating level.
                    Operating margin remained flat at 18.9% .

EBITDA              Operating cash flow (EBITDA) for the quarter grew 2% and
                    amounted to Ch$10,838 million (US$14.5 million).


                             BRAZILIAN OPERATIONS

Overview            The Company was able to revert the negative operating
                    income and improve its operating margins, despite the
                    continued depreciation of the Brazilian Real. The improved
                    prices and volumes together with a stable fixed cost base,
                    lead

                                    3
<PAGE>

                    results in local currency to expand three-fold.

Sales Volume        Total volume reached 29.7 million unit cases, representing
                    a 6% growth during the quarter.

Net Sales           Net  sales  reached  Ch$28,626  million  (US$38.2 million),
                    with  a  5%  decrease. Improved  execution and new flavors
                    and formats  allowed for a 5% price increase in local
                    currency,  which were negatively affected by the greater
                    average  devaluation of the Real versus the Chilean peso.

Operating Income    Operating  income  amounted  to Ch$272  million  (US$0.4
                    million)  versus a loss of Ch$144 million (US$0.2  million)
                    the prior year,  representing an improvement of 140 basis
                    points in the operating  margin. As with the Chilean
                    operation,  although the Company  covers 100% of
                    dollar-denominated  raw materials  purchases  through hedge
                    agreements, the financial effect is accounted for at the
                    non-operating level.

EBITDA              EBITDA amounted to Ch$4,659 million (US$6.2  million),  16%
                    above the previous year, and representing an improvement of
                    290 basis points in margin, which reached 16.3%.


                                             ARGENTINE OPERATIONS

Overview            As  the  difficult  economic  environment   continues  to
                    impact  the  region,  the production  consolidation  at the
                    Cordoba  facility  and the  reduction of the fixed cost
                    base,  along with a suitable  flavor and format mix,  have
                    not only enabled the Company to adequately face the
                    circumstances  but also to significantly  improve the
                    results, at the local level, and operating cash flow.

Sales Volume        Total  sales  volume  amounted  to  15.3  million  unit
                    cases,  representing  a 16% decrease,  highlighting an
                    increased  participation within the sales mix of our main
                    brand  Coca-Cola,  together  with  consumer's  positive
                    acceptance of the Company's strategy to reposition
                    returnable formats,  that today represent 37% of the volume,
                    almost twice last year's mix.

                    Market share  continues the positive trend shown
                    throughout the year,  increasing 2 percentage points versus
                    the previous year.

Net Sales           Net Sales amounted to Ch$15,188  million  (US$20.3
                    million).  The lower volumes are explained by the price
                    increases  realized  during the year,  amounting to 45%
                    since December  2001 and 38%  regarding  the same  period
                    last year.  This  enabled a 16% revenue increase in
                    Argentine pesos for the soft drink  operation.  Upon
                    translation to Chilean pesos and including the packaging
                    operation, net sales decreased 58%.

Operating Income    As a result of the  Company's  market  strategy  along with
                    higher  efficiencies  in



                                      4
<PAGE>



                    costs and expenses, operating income for the Company's
                    Argentine beverage operation in local currency amounted to
                    A$10.3 million versus A$5.0 million the previous year.

                    However,  the effect of the  treatment of  depreciation
                    under Chilean GAAP (Chilean regulation  establishes  that
                    foreign assets are carried and depreciated in historic US$
                    dollars--Boletin  Tecnico 64) and the impact of the
                    Argentine peso devaluation, lead to an operating loss of
                    Ch$648 million (US$0.9 million).

EBITDA              Operating cash flow (EBITDA)  amounted to Ch$3,254  million
                    (US$4.3  million),  40% lower  than  that of last  year.
                    However,  EBITDA  margin  grew  630  basis  points
                    amounting  to 21.4%,  mainly  explained  by the  pricing
                    strategy  along with lower costs.


                        FIRST NINE MONTHS 2002 VS. 2001

Except where indicated all figures refer to the first nine months of 2002 and
all percentage changes are with respect to the same period of the previous year

Sales Volume        Consolidated  sales volume  reached 228.2  million unit
                    cases,  with a 3% soft drink volumes increase in Chile,
                    flat volumes in Brazil and a 21% decline in Argentina.

Net Sales           Lower revenues in the Argentine operation,  which decreased
                    58%, principally explain the decrease of 20% in net sales.

Operating Income    The decrease of 34% in operating  income is explained
                    mainly by the lower operating results from the Argentine
                    operation.

EBITDA              Operating cash flow (EBITDA)  amounted to Ch$54,938 million
                    (US$73.4 million) with a stable margin over net sales of
                    18.9% and  offsetting  the  decrease  in  operating margin.

Net Income          Net Income grew 10% with earnings per share of Ch$33
                    (US$0.26 per ADS). This is principally  explained by the
                    positive  impact from monetary  correction and translation
                    effects,  together  with the one-time gain on the sale of
                    the Company's stake in Kaiser, which compensated for the
                    decline in operating results.


                            Additional Information

For  purposes  of an easier  comprehension  and  analysis of the  Company's
results,  charts  reflecting  the results of the  beverage operations  for each
country  have been  included.  These  charts  are based on each  operation's
own  accounting  practices  and are reflected in local currency.  This
information  isolates  currency  fluctuations and the effects  registered when
consolidating  under Chilean GAAP.  Additionally, the packaging operation has
been excluded.

This release may contain forward-looking  statements reflecting  Embotelladora
Andina S.A.'s good faith expectations and are based upon currently available
data; however,  actual results are subject to numerous  uncertainties,  many of
which are beyond the control of the Company and any one or more of which could
materially  impact  actual  performance.  Among the factors that can cause
performance to differ  materially  are:  political  and  economic  conditions
on consumer  spending,  pricing  pressure  resulting  from  competitive
discounting  by other  bottlers,  climatic  conditions in the Southern Cone,
and other risk factors  applicable  from time to time and listed in Andina's
periodic reports filed with relevant regulatory institutions.


                                      5


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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