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v3.19.1

EQUITY | 12 Months Ended
--- | ---
Dec. 31, 2018
EQUITY |
EQUITY | NOTE 19 -- EQUITY 19.1 Number of shares:
|  | Number of shares subscribed |  | Number of shares paid in |  | Number of voting shares
Series |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
A |  | 473,289,301 |  | 473,289,301 |  | 473,289,301 |  | 473,289,301 |  | 473,289,301 |  | 473,289,301 |  | 473,289,301 |  | 473,289,301 |  | 473,289,301
B |  | 473,281,303 |  | 473,281,303 |  | 473,281,303 |  | 473,281,303 |  | 473,281,303 |  | 473,281,303 |  | 473,281,303 |  | 473,281,303 |  | 473,281,303
19.1.1 Equity:
|  | Subscribed Capital |  |  |  | Paid-in capital |  |
Series |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
|  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$
A |  | 135,379,504 |  | 135,379,504 |  | 135,379,504 |  | 135,379,504 |  | 135,379,504 |  | 135,379,504
B |  | 135,358,070 |  | 135,358,070 |  | 135,358,070 |  | 135,358,070 |  | 135,358,070 |  | 135,358,070
Total |  | 270,737,574 |  | 270,737,574 |  | 270,737,574 |  | 270,737,574 |  | 270,737,574 |  | 270,737,574
19.1.2 Rights of each series:
| · |  | Series A : Elects 12 of the 14 Directors
| · |  | Series B : Receives an additional 10% of dividends distributed to Series A and elects 2 of the 14 Directors.
19.2 Dividend policy According to Chilean law, cash dividends must be paid equal to at least 30% of annual net profit, barring a unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company will not be legally obligated to pay dividends from retained earnings. At the ordinary Shareholders’ Meeting held in April 2018, the shareholders agreed to pay out of the 2017 earnings are final dividend to complete the 30% required by the Law 18,046 which will be paid in May 2018, and an additional dividend will be paid in August 2018. The dividends declared and paid per share are presented below:
|  |  |  |  |  | Profits |  |  |  |
|  |  |  | Dividend |  | imputable to |  | Ch$ per Series |  | Ch$ per Series
Payment month |  | type |  | dividends |  | A Share |  | B Share
2017 |  | January |  | Interim |  | 2016 |  | 19.00 |  | 20.90
2017 |  | May |  | Final |  | 2016 |  | 19.00 |  | 20.90
2017 |  | August |  | Additional |  | Retained Earnings |  | 19.00 |  | 20.90
2017 |  | October |  | Interim |  | 2017 |  | 19.00 |  | 20.90
2018 |  | January |  | Interim |  | 2017 |  | 21.50 |  | 23.65
2018 |  | May |  | Final |  | 2017 |  | 21.50 |  | 23.65
2018 |  | August |  | Additional |  | Retained Earnings |  | 21.50 |  | 23.65
2018 |  | October |  | Interim |  | 2018 |  | 21.50 |  | 23.65
2019 |  | January |  | Interim |  | 2018 |  | 21.50 |  | 23.65
19.3 Other Reserves The balance of other reserves includes the following:
Description |  | 12.31.2018 |  | 12.31.2017 |  | 12.31.2016
|  | ThCh$ |  | ThCh$ |  | ThCh$
Polar acquisition |  | 421,701,520 |  | 421,701,520 |  | 421,701,520
Foreign currency translation reserves |  | (306,674,528) |  | (237,077,572) |  | (168,744,355)
Cash flow hedge reserve |  | (13,668,932) |  | (3,094,671) |  | (2,448,175)
Reserve for employee benefit actuarial gains or losses |  | (1,954,077) |  | (1,915,587) |  | (1,785,032)
Legal and statutory reserves |  | 5,435,538 |  | 5,435,538 |  | 5,435,538
Other |  | 6,014,568 |  | — |  | —
Total |  | 110,854,089 |  | 185,049,228 |  | 254,159,496
19.3.1 Polar acquisition This amount corresponds to the fair value of the issuance of shares of Embotelladora Andina S.A., used to acquire Embotelladoras Coca-Cola Polar S.A., which was the value of the capital increase notarized in legal terms. 19.3.2 Cash flow hedge reserve They arise from the fair value of the existing derivative contracts that have been qualified for hedge accounting at the end of each financial period. When contracts are expired, these reserves are adjusted and recognized in the income statement in the corresponding period (see Note 20). 19.3.3 Reserve for employee benefit actuarial gains or losses Corresponds to the restatement effect of employee benefits actuarial losses that according to IAS 19 amendments must be carried to other comprehensive income. 19.3.4 Legal and statutory reserves The balance of other reserves is established through the following concept: In accordance with Official Circular N° 456 issued by the Chilean Financial Market Commission (CMF), the legally required price-level restatement of paid-in capital for 2009 is presented as part of other equity reserves and is accounted for as a capitalization from Other Reserves with no impact on net income or retained earnings under IFRS. This amount totaled ThCh$ 5,435,538 as of December 31, 2009 19.3.5 Foreign currency translation reserves This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment equivalents accounted for using the equity method. Translation reserves are detailed as follows:
Details |  | 12.31.2018 |  | 12.31.2017 |  | 12.31.2016
|  | ThCh$ |  | ThCh$ |  | ThCh$
Brazil |  | (99,990,343) |  | (90,156,924) |  | (58,306,230)
Argentina |  | (201,118,180) |  | (128,348,112) |  | (108,386,213)
Paraguay |  | 8,623,849 |  | (4,862,332) |  | 10,545,453
Exchange rate differences in related companies |  | (14,189,854) |  | (13,710,204) |  | (12,597,365)
Total |  | (306,674,528) |  | (237,077,572) |  | (168,744,355)
The movement of this reserve for the fiscal years ended December 31, 2018, 2017 and 2016, is detailed as follows:
Details |  | 12.31.2018 |  | 12.31.2017 |  | 12.31.2016
|  | ThCh$ |  | ThCh$ |  | ThCh$
Brazil |  | (10,313,069) |  | (32,963,533) |  | 30,138,065
Argentina |  | (72,770,068) |  | (19,961,899) |  | (23,472,215)
Paraguay |  | 13,486,181 |  | (15,407,785) |  | (11,183,004)
Exchange rate differences in related companies |  | — |  | — |  | 3,219,956
Total |  | (69,596,956) |  | (68,333,217) |  | (1,297,198)
19.3.6 Consolidated statements of comprehensive income As of December 31, 2018, 2017 and 2016, the detail of the comprehensive income and expense of the term is as follows:
|  | Gross Balance |  | Tax |  | Net Balance
Cash Flow for hedge (1) |  | (13,151,841) |  | 2,554,551 |  | (10,597,290)
Exchange rate translation differences (1) |  | (72,455,525) |  | 2,476,204 |  | (69,979,321)
Benefit relate to defined benefit plans |  | (63,463) |  | 16,184 |  | (47,279)
Total Comprenhensive income as of December 31, 2018 |  | (85,670,829) |  | 5,046,939 |  | (80,623,890)
|  | Gross Balance |  | Tax |  | Net Balance
Cash Flow for hedge (1) |  | (813,844) |  | 167,348 |  | (646,496)
Exchange rate translation differences (1) |  | (68,831,435) |  | 232,666 |  | (68,598,769)
Benefit relate to defined benefit plans |  | (329,477) |  | 84,017 |  | (245,460)
Total Comprenhensive income as of December 31, 2017 |  | (69,974,756) |  | 484,031 |  | (69,490,725)
|  | Gross Balance |  | Tax |  | Net Balance
Cash Flow for hedge (1) |  | (42,836,575) |  | 13,301,186 |  | (29,535,389)
Exchange rate translation differences (1) |  | 148,686 |  | (2,431,408) |  | (2,282,722)
Benefit relate to defined benefit plans |  | (29,423) |  | 7,060 |  | (22,363)
Total Comprenhensive income as of December 31, 2016 |  | (42,717,312) |  | 10,876,838 |  | (31,840,474)
(1)These concepts will be reclassified to the statements of income when it is settled The movement of comprehensive income and expense is as follows:
|  |  |  |  |  | Benefit related
|  | Cash Flow |  | Exchange rate |  | to defines
As of December 31, 2018: |  | Hedge |  | Differences |  | benefit plans
|  | M$ |  | M$ |  | M$
Increase (decrease) |  | (63,699,788) |  | (72,455,525) |  | (334,508)
Deferred taxes |  | 20,217,065 |  | 2,476,204 |  | 89,366
Reclassification to the result by function |  | 48,415,956 |  | — |  | 271,045
Reclassification of deferred taxes related to other reserves |  | (15,530,523) |  | — |  | (73,182)
Total Changes in Equity |  | (10,597,290) |  | (69,979,321) |  | (47,279)
Equity holders of the parent |  | (10,597,290) |  | (69,592,296) |  | (43,150)
Non-Controlling interests |  | — |  | (387,025) |  | (4,129)
Total Changes in equity as of December 31, 2018 |  | (10,597,290) |  | (69,979,321) |  | (47,279)
|  |  |  |  |  | Benefit related
|  | Cash Flow |  | Exchange rate |  | to defines
As of December 31, 2017: |  | Hedge |  | Differences |  | benefit plans
|  | M$ |  | M$ |  | M$
Increase (decrease) |  | (14,172,572) |  | (68,831,435) |  | (476,044)
Deferred taxes |  | 3,875,908 |  | 232,666 |  | 121,390
Reclassification to the result by function |  | 13,352,835 |  | — |  | 146,564
Reclassification of deferred taxes related to other reserves |  | (3,702,667) |  | — |  | (37,370)
Total Changes in Equity |  | (646,496) |  | (68,598,769) |  | (245,460)
Equity holders of the parent |  | (646,496) |  | (68,333,217) |  | (130,555)
Non-Controlling interests |  | — |  | (265,552) |  | (114,905)
Total Changes in equity as of December 31, 2017 |  | (646,496) |  | (68,598,769) |  | (245,460)
|  |  |  |  |  | Benefit related
|  | Cash Flow |  | Exchange rate |  | to defines
As of December 31, 2016: |  | Hedge |  | Differences |  | benefit plans
|  | M$ |  | M$ |  | M$
Increase (decrease) |  | (119,668,724) |  | 148,686 |  | (359,258)
Deferred taxes |  | 38,337,727 |  | (2,431,408) |  | 86,222
Reclassification to the result by function |  | 76,802,629 |  | — |  | 313,341
Reclassification of deferred taxes related to other reserves |  | (25,007,021) |  | — |  | (62,668)
Total Changes in Equity |  | (29,535,389) |  | (2,282,722) |  | (22,363)
Equity holders of the parent |  | (29,535,389) |  | (1,297,198) |  | 11,253
Non-Controlling interests |  | — |  | (985,524) |  | (33,616)
Total Changes in equity as of December 31, 2016 |  | (29,535,389) |  | (2,282,722) |  | (22,363)
19.4 Non-controlling interests This is the recognition of the portion of equity and income from subsidiaries owned by third parties. As of December 31, 2018, 2017 and 2016, this account is detailed as follows:
|  | Non-controlling Interests
|  | Ownership % |  |  |  | Shareholders’ Equity |  |  |  | Income
|  |  |  |  |  |  |  | December |  | December |  | December |  | December |  | December |  | December
Details |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
|  |  |  |  |  |  |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$
Embotelladora del Atlántico S.A. |  | 0.0171 |  | 0.0171 |  | 0.0171 |  | 23,260 |  | 13,765 |  | 12,209 |  | 3,633 |  | 5,590 |  | 5,502
Andina Empaques Argentina S.A. |  | 0.0209 |  | 0.0209 |  | 0.0209 |  | 2,113 |  | 2,213 |  | 2,062 |  | 96 |  | 711 |  | 785
Paraguay Refrescos S.A. |  | 2.1697 |  | 2.1697 |  | 2.1697 |  | 5,378,074 |  | 5,045,792 |  | 5,337,687 |  | 556,112 |  | 502,945 |  | 504,806
Vital S.A. |  | 35.0000 |  | 35.0000 |  | 35.0000 |  | 7,674,785 |  | 9,261,108 |  | 9,054,947 |  | 271,063 |  | 283,327 |  | 319,858
Vital Aguas S.A. |  | 33.5000 |  | 33.5000 |  | 33.5000 |  | 1,986,493 |  | 2,117,098 |  | 2,027,879 |  | 36,696 |  | 151,647 |  | 23,744
Envases Central S.A. |  | 40.7300 |  | 40.7300 |  | 40.7300 |  | 4,836,892 |  | 5,483,317 |  | 5,129,661 |  | (20,225) |  | 220,715 |  | 668,425
Total |  |  |  |  |  |  |  | 19,901,617 |  | 21,923,293 |  | 21,564,445 |  | 847,375 |  | 1,164,935 |  | 1,523,120
The following tables presents summarized information regarding the Company´s subsidiaries owned by third parties as of December 31, 2018, 2017 and 2016:
|  |  |  | Andina |  |  |  |  |  |  |  |
|  | Embotelladora |  | Empaques |  | Paraguay |  |  |  |  |  |
|  | Del Atlantico |  | Argentina |  | Refrescos |  | Vital Jugos |  | Vital Aguas |  | Envases
December 31,2018 |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | Central S.A.
Total current assets |  | 78,222,876 |  | 4,329,932 |  | 37,309,706 |  | 16,005,424 |  | 4,616,490 |  | 13,737,336
Total non-current assets |  | 156,224,157 |  | 9,251,880 |  | 248,751,791 |  | 16,969,708 |  | 5,287,639 |  | 12,239,33
Total current liabilities |  | 82,148,269 |  | 2,309,810 |  | 21,870,719 |  | 11,018,878 |  | 3,803,117 |  | 13,063,735
Total non-current liabilities |  | 15,897,476 |  | 1,169,270 |  | 16,323,385 |  | 28,298 |  | 171,184 |  | 1,041,400
Net sales |  | 406,216,738 |  | 16,034,964 |  | 149,588,252 |  | 56,724,318 |  | 15,859,403 |  | 59,433,099
Net Income |  | 21,304,406 |  | 458,980 |  | 25,630,364 |  | 774,466 |  | 109,539 |  | (112,302)
|  |  |  | Andina |  |  |  |  |  |  |  |
|  | Embotelladora |  | Empaques |  | Paraguay |  |  |  |  |  |
|  | Del Atlantico |  | Argentina |  | Refrescos |  | Vital Jugos |  | Vital Aguas |  | Envases
December 31,2017 |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | Central S.A.
Total current assets |  | 97,285,008 |  | 7,143,561 |  | 30,419,844 |  | 21,135,712 |  | 4,296,412 |  | 8,343,734
Total non-current assets |  | 94,369,129 |  | 6,413,307 |  | 234,278,288 |  | 19,691,418 |  | 5,876,875 |  | 14,243,627
Total current liabilities |  | 109,594,738 |  | 2,944,499 |  | 17,297,339 |  | 14,244,283 |  | 3,698,382 |  | 7,410,662
Total non-current liabilities |  | 1,339,723 |  | 28,444 |  | 14,487,776 |  | 128,071 |  | 157,558 |  | 1,710,709
Net sales |  | 544,585,291 |  | 20,698,427 |  | 141,277,230 |  | 68,884,622 |  | 14,642,493 |  | 39,205,943
Net Income |  | 32,781,977 |  | 3,398,080 |  | 23,179,968 |  | 809,507 |  | 452,679 |  | 541,927
|  |  |  | Andina |  |  |  |  |  |  |  |
|  | Embotelladora |  | Empaques |  | Paraguay |  |  |  |  |  |
|  | Del Atlantico |  | Argentina |  | Refrescos |  | Vital Jugos |  | Vital Aguas |  | Envases
December 31,2016 |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | Central S.A.
Total current assets |  | 110,564,779 |  | 6,680,394 |  | 35,283,479 |  | 19,265,466 |  | 4,783,537 |  | 8,508,056
Total non-current assets |  | 98,518,204 |  | 7,381,968 |  | 243,615,898 |  | 22,297,712 |  | 6,298,423 |  | 12,034,286
Total current liabilities |  | 132,431,541 |  | 4,061,713 |  | 17,192,489 |  | 15,246,108 |  | 4,884,341 |  | 7,333,325
Total non-current liabilities |  | 1,621,792 |  | 141,258 |  | 16,011,340 |  | 445,794 |  | 144,250 |  | 614,711
Net sales |  | 507,946,578 |  | 20,601,647 |  | 132,005,503 |  | 75,788,427 |  | 14,437,818 |  | 40,342,848
Net Income |  | 32,268,140 |  | 3,754,831 |  | 23,045,844 |  | 913,880 |  | 70,878 |  | 1,641,112
19.5 Earnings per share The basic earnings per share presented in the statement of comprehensive income is calculated as the quotient between income for the period and the average number of shares outstanding during the same period. Earnings per share used to calculate basic and diluted earnings per share is detailed as follows:
|  | 12.31.2018
Earnings per share |  | SERIES A |  | SERIES B |  | TOTAL
Earnings attributable to shareholders (ThCh$) |  | 46,001,994 |  | 50,601,377 |  | 96,603,371
Average weighted number of shares |  | 473,289,301 |  | 473,281,303 |  | 946,570,604
Earnings per basic and diluted share (in Chilean pesos) |  | 97.20 |  | 106.92 |  | 102.06
|  | 12.31.2017
Earnings per share |  | SERIES A |  | SERIES B |  | TOTAL
Earnings attributable to shareholders (ThCh$) |  | 56,112,755 |  | 61,723,035 |  | 117,835,790
Average weighted number of shares |  | 473,289,301 |  | 473,281,303 |  | 946,570,604
Earnings per basic and diluted share (in Chilean pesos) |  | 118.56 |  | 130.42 |  | 124.49
|  | 12.31.2016
Earnings per share |  | SERIES A |  | SERIES B |  | TOTAL
Earnings attributable to shareholders (ThCh$) |  | 43,107,979 |  | 47,418,012 |  | 90,525,991
Average weighted number of shares |  | 473,289,301 |  | 473,281,303 |  | 946,570,604
Earnings per basic and diluted share (in Chilean pesos) |  | 91.08 |  | 100.19 |  | 95.64

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