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v3.21.1

EQUITY | 12 Months Ended
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Dec. 31, 2020
EQUITY |
EQUITY | 21 – EQUITY 21.1 Number of shares:
|  | Number of shares subscribed at nominal value |  | Number of shares paid in |  | Number of voting shares
Series |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
A |  | 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
21.1.1 Equity:
|  | Subscribed Capital |  | Paid-in capital
Series |  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$
A |  | 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
Total |  | 270,737,574 |  | 270,737,574 |  | 270,737,574 |  | 270,737,574
21.1.2 Rights of each series:
| · |  | Series A : Elects 12 of the 14 Directors.
| · |  | Series B : Receives an additional 10% of dividends distributed to Series A and elects 2 of the 14 Directors.
21.2 Dividend policy 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 2020, the shareholders agreed to pay out of the 2019 earnings a final dividend and another additional dividend to the 30% required by Chile’s Law 18,046. Pursuant to Circular Letter N° 1,945 of the Chilean Financial Market Commission (CMF) dated September 29, 2009, the Company’s Board of Directors decided to maintain the initial adjustments from adopting IFRS as accumulated earnings for future distribution. The dividends declared and paid per share are presented below:
|  |  |  |  |  | Profits |  |  |  |
|  |  |  | Dividend |  | imputable to |  | Ch$ per Series |  | Ch$ per Series
Periods |  | type |  | dividends |  | A Share |  | B Share
2018 |  | January |  | Interim |  | 2017 Earnings |  | 21.50 |  | 23.65
2018 |  | May |  | Final |  | 2017 Earnings |  | 21.50 |  | 23.65
2018 |  | August |  | Additional |  | Accumulated Earnings |  | 21.50 |  | 23.65
2018 |  | October |  | Interim |  | 2018 Earnings |  | 21.50 |  | 23.65
2019 |  | January |  | Interim |  | 2018 Earnings |  | 21.50 |  | 23.65
2019 |  | May |  | Final |  | 2018 Earnings |  | 21.50 |  | 23.65
2019 |  | August |  | Additional |  | Accumulated Earnings |  | 21.50 |  | 23.65
2019 |  | October |  | Interim |  | 2019 Earnings |  | 21.50 |  | 23.65
2020 |  | January |  | Interim |  | 2019 Earnings |  | 22.60 |  | 24.86
2020 |  | May |  | Final |  | 2019 Earnings |  | 26.00 |  | 28.60
2020 |  | August |  | Additional |  | Accumulated Earnings |  | 26.60 |  | 28.60
2020 |  | November |  | Interim |  | 2020 Earnings |  | 26.60 |  | 28.60
2021 |  | January |  | Interim |  | 2020 Earnings |  | 26.60 |  | 28.60
21.3 Other Reserves The balance of other reserves includes the following:
Description |  | 12.31.2020 |  | 12.31.2019 |  | 12.31.2018
|  | ThCh$ |  | ThCh$ |  | ThCh$
Polar acquisition |  | 421,701,520 |  | 421,701,520 |  | 421,701,520
Foreign currency translation reserves |  | (517,496,486) |  | (339,076,340) |  | (306,674,528)
Cash flow hedge reserve |  | (24,719,533) |  | (14,850,683) |  | (13,668,932)
Reserve for employee benefit actuarial gains or losses |  | (4,663,193) |  | (2,230,752) |  | (1,954,077)
Legal and statutory reserves |  | 5,435,538 |  | 5,435,538 |  | 5,435,538
Other |  | 6,014,568 |  | 6,014,568 |  | 6,014,568
Total |  | (113,727,586) |  | 76,993,851 |  | 110,854,089
21.3.1 Polar acquisition This amount corresponds to the difference between the valuation at fair value of the issuance of shares of Embotelladora Andina S.A. and the book value of the paid capital of Embotelladoras Coca-Cola Polar S-A., which was finally the value of the capital increase notarized in legal terms. 21.3.2 Cash flow hedge reserve They arise from the fair value of the existing derivative contracts that have been qualified for hedge accounting at the end of each financial period. When contracts are expired, these reserves are adjusted and recognized in the income statement in the corresponding period (see Note 22). 21.3.3 Reserve for employee benefit actuarial gains or losses Corresponds to the restatement effect of employee benefits actuarial losses that according to IAS 19 amendments must be carried to other comprehensive income. 21.3.4 Legal and statutory reserves In accordance with Official Circular N° 456 issued by the Chilean Financial Market Commission (CMF), the legally required price-level restatement of paid-in capital for 2009 is presented as part of other equity reserves and is accounted for as a capitalization from Other Reserves with no impact on net income or retained earnings under IFRS. This amount totaled CLP 5,435,538 thousand as of December 31, 2009. 21.3.5 Foreign currency translation reserves This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment equivalents accounted for using the equity method, Translation reserves are detailed as follows:
Details |  | 12.31.2020 |  | 12.31.2019 |  | 12.31.2018
|  | ThCh$ |  | ThCh$ |  | ThCh$
Brazil |  | (187,071,599) |  | (102,922,548) |  | (99,990,343)
Argentina |  | (291,332,402) |  | (246,415,922) |  | (201,118,180)
Paraguay |  | (22,506,692) |  | 6,133,700 |  | 8,623,849
Exchange rate differences in related companies |  | (16,585,793) |  | 4,128,430 |  | (14,189,854)
Total |  | (517,496,486) |  | (339,076,340) |  | (306,674,528)
The movement of this reserve for the periods ended on the dates indicated below, is detailed as follows:
Details |  | 12.31.2020 |  | 12.31.2019 |  | 12.31.2018
|  | ThCh$ |  | ThCh$ |  | ThCh$
Brazil |  | (104,863,274) |  | 15,386,079 |  | (10,313,069)
Argentina |  | (44,916,480) |  | (45,297,742) |  | (72,770,068)
Paraguay |  | (28,640,392) |  | (2,490,149) |  | 13,486,181
Exchange rate differences in related companies |  | — |  | — |  | —
Total |  | (178,420,146) |  | (32,401,812) |  | (69,596,956)
21.3.6 Consolidated statements of comprehensive income The detail of the comprehensive income and expense for the periods ended on the dates indicated below, is detailed as follows:
|  | Gross Balance |  | Tax |  | Net Balance
Cash Flow for hedge (1) |  | (12,203,755) |  | 2,334,037 |  | (9,869,718)
Exchange rate translation differences (1) |  | (264,119,093) |  | 84,571,922 |  | (179,547,171)
Benefit relate to defined benefit plans |  | (3,146,362) |  | 849,518 |  | (2,296,844)
Total Comprenhensive income as of December 31, 2020 |  | (279,469,210) |  | 87,755,477 |  | (191,713,733)
|  | Gross Balance |  | Tax |  | Net Balance
Cash Flow for hedge (1) |  | (1,865,233) |  | 683,482 |  | (1,181,751)
Exchange rate translation differences (1) |  | (41,844,584) |  | 9,295,546 |  | (32,549,038)
Benefit relate to defined benefit plans |  | (379,007) |  | 102,332 |  | (276,675)
Total Comprenhensive income as of December 31, 2019 |  | (44,088,824) |  | 10,081,360 |  | (34,007,464)
|  | 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)
(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, 2020: |  | Hedge |  | Differences |  | benefit plans
|  | M$ |  | M$ |  | M$
Increase (decrease) |  | (11,029,171) |  | (264,119,093) |  | (3,338,354)
Deferred taxes |  | 2,029,363 |  | 84,571,923 |  | 901,356
Reclassification to the result by function |  | (869,910) |  | — |  | 1,401,536
Reclassification of deferred taxes related to other reserves |  | — |  | — |  | —
Total Changes in Equity |  | (9,869,718) |  | (179,547,170) |  | (2,296,845)
Majority Equity holders |  | (9,686,850) |  | (178,420,146) |  | (2,432,441)
Non-Controlling interests |  | (868) |  | (1,127,024) |  | 135,596
Total Changes in equity as of December 31, 2020 |  | (9,869,718) |  | (179,547,170) |  | (2,296,845)
|  |  |  |  |  | Benefit related
|  | Cash Flow |  | Exchange rate |  | to defines
As of December 31, 2019: |  | Hedge |  | Differences |  | benefit plans
|  | M$ |  | M$ |  | M$
Increase (decrease) |  | (1,724,004) |  | (41,844,584) |  | 53,511
Deferred taxes |  | 340,835 |  | 9,295,546 |  | (14,448)
Reclassification to the result by function |  | 118,779 |  | — |  | (432,518)
Reclassification of deferred taxes related to other reserves |  | 82,639 |  | — |  | 116,780
Total Changes in Equity |  | (1,181,751) |  | (32,549,038) |  | (276,675)
Major Equity holders |  | (1,181,751) |  | (32,401,812) |  | (276,675)
Non-Controlling interests |  | — |  | (147,226) |  | —
Total Changes in equity as of December 31, 2019 |  | (1,181,751) |  | (32,549,038) |  | (276,675)
|  |  |  |  |  | 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)
Major Equity holders |  | (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)
21.4 Non-controlling interests This is the recognition of the portion of equity and income from subsidiaries owned by third parties.This account is detailed as follows:
|  | Non-controlling Interests
|  | Ownership % |  |  |  | Shareholders’ Equity |  |  |  | Income
|  |  |  |  |  |  |  | December |  | December |  | December |  | December |  | December |  | December
Details |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
|  |  |  |  |  |  |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$ |  | ThCh$
Embotelladora del Atlántico S.A. |  | 0.0171 |  | 0.0171 |  | 0.0171 |  | 23,662 |  | 26,342 |  | 23,260 |  | 2,312 |  | 4,183 |  | 3,633
Andina Empaques Argentina S.A. |  | 0.0209 |  | 0.0209 |  | 0.0209 |  | 2,349 |  | 2,290 |  | 2,113 |  | 244 |  | 409 |  | 96
Paraguay Refrescos S.A. |  | 2.1697 |  | 2.1697 |  | 2.1697 |  | 5,037,332 |  | 5,368,470 |  | 5,378,074 |  | 791,576 |  | 622,188 |  | 556,112
Vital S.A. |  | 35.0000 |  | 35.0000 |  | 35.0000 |  | 8,176,999 |  | 7,904,741 |  | 7,674,785 |  | 285,269 |  | 263,442 |  | 271,063
Vital Aguas S.A. |  | 33.5000 |  | 33.5000 |  | 33.5000 |  | 1,912,023 |  | 1,803,884 |  | 1,986,493 |  | 109,110 |  | 105,870 |  | 36,696
Envases Central S.A. |  | 40.7300 |  | 40.7300 |  | 40.7300 |  | 5,227,112 |  | 5,148,531 |  | 4,836,892 |  | (70,996) |  | 528,205 |  | (20,225)
Total |  |  |  |  |  |  |  | 20,379,477 |  | 20,254,258 |  | 19,901,617 |  | 1,117,515 |  | 1,524,297 |  | 847,375
The following tables presents summarized information regarding the Company´s subsidiaries owned by third parties:
|  |  |  | Andina |  |  |  |  |  |  |  |
|  | Embotelladora |  | Empaques |  | Paraguay |  |  |  |  |  |
|  | Del Atlantico |  | Argentina |  | Refrescos |  | Vital Jugos |  | Vital Aguas |  | Envases
December 31,2020 |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | Central S.A.
Total current assets |  | 65,077,621 |  | 6,212,726 |  | 44,658,550 |  | 21,175,722 |  | 3,798,228 |  | 15,600,566
Total non-current assets |  | 140,891,069 |  | 8,247,288 |  | 226,241,150 |  | 14,306,662 |  | 7,297,306 |  | 18,205,899
Total current liabilities |  | 56,982,545 |  | 2,733,092 |  | 24,337,015 |  | 11,812,384 |  | 3,897,100 |  | 13,908,411
Total non-current liabilities |  | 10,226,241 |  | 491,364 |  | 14,399,594 |  | 307,146 |  | 1,490,904 |  | 7,064,568
Net sales |  | 309,936,060 |  | 15,148,572 |  | 157,152,584 |  | 42,955,659 |  | 12,929,160 |  | 62,267,424
Net Income |  | 13,386,097 |  | 1,168,507 |  | 36,482,572 |  | 815,053 |  | 325,700 |  | (174,313)
|  |  |  | Andina |  |  |  |  |  |  |  |
|  | Embotelladora |  | Empaques |  | Paraguay |  |  |  |  |  |
|  | Del Atlantico |  | Argentina |  | Refrescos |  | Vital Jugos |  | Vital Aguas |  | Envases
December 31,2019 |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | S.A. |  | Central S.A.
Total current assets |  | 73,309,861 |  | 4,350,074 |  | 41,266,559 |  | 18,534,272 |  | 5,266,575 |  | 16,265,862
Total non-current assets |  | 160,885,628 |  | 9,433,294 |  | 248,309,451 |  | 15,475,979 |  | 8,527,624 |  | 20,903,184
Total current liabilities |  | 66,987,371 |  | 2,212,255 |  | 25,990,081 |  | 11,150,695 |  | 5,794,282 |  | 18,732,369
Total non-current liabilities |  | 12,732,620 |  | 618,031 |  | 16,161,177 |  | 274,583 |  | 2,615,188 |  | 5,796,119
Net sales |  | 384,856,368 |  | 18,509,124 |  | 158,892,010 |  | 46,818,385 |  | 18,201,656 |  | 70,633,817
Net Income |  | 24,531,815 |  | 1,954,024 |  | 28,675,727 |  | 752,692 |  | 316,031 |  | 1,296,840
|  |  |  | 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 |  | 12,239,333
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)
21.5 Earnings per share The basic earnings per share presented in the statement of comprehensive income is calculated as the quotient between income for the period and the average number of shares outstanding during the same period. Earnings per share used to calculate basic and diluted earnings per share is detailed as follows:
Earnings per share |  | 12.31.2020
|  | SERIES A |  | SERIES B
Earnings attributable to shareholders (CLP 000’s) |  | 58,095,636 |  | 63,904,169
Average weighted number of shares |  | 473,289,301 |  | 473,281,303
Earnings per share (in CLP) |  | 122.75 |  | 135.02
Earnings per share |  | 12.31.2019
|  | SERIES A |  | SERIES B
Earnings attributable to shareholders (CLP 000’s) |  | 82,725,427 |  | 90,996,501
Average weighted number of shares |  | 473,289,301 |  | 473,281,303
Earnings per share (in CLP) |  | 174.79 |  | 192.27
Earnings per share |  | 12.31.2018
|  | SERIES A |  | SERIES B
Earnings attributable to shareholders (ThCh$) |  | 46,001,994 |  | 50,601,377
Average weighted number of shares |  | 473,289,301 |  | 473,281,303
Earnings per share (in CLP) |  | 97.20 |  | 106.92

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