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INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 12 Months Ended
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Dec. 31, 2021
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD |
INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD | 14 – INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD 14.1 Description ​ Investments in associates are accounted for using the equity method. Investments in associates are detailed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ownership |
​ | ​ | ​ | ​ | ​ | ​ | Functional | ​ | Investment value | ​ | interest | ​
TAXPAYER ID |  | Name |  | Country |  | currency |  | 12.31.2021 |  | 12.31.2020 |  | 12.31.2021 |  | 12.31.2020 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
86.881.400-4 |  | Envases CMF S.A. (1) |  | Chile |  | CLP |  | 21,863,790 | ​ | 20,185,148 | ​ | 50.00 | % | 50.00 | %
Foreign | ​ | Leão Alimentos e Bebidas Ltda. (2) | ​ | Brazil | ​ | BRL | ​ | 11,359,597 | ​ | 10,628,035 | ​ | 10.26 | % | 10.26 | %
Foreign | ​ | Kaik Participações Ltda. (2) | ​ | Brazil | ​ | BRL | ​ | 1,107,007 | ​ | 979,978 | ​ | 11.32 | % | 11.32 | %
Foreign | ​ | SRSA Participações Ltda. | ​ | Brazil | ​ | BRL | ​ | 51,615 | ​ | 48,032 | ​ | 40.00 | % | 40.00 | %
Foreign | ​ | Sorocaba Refrescos S.A. | ​ | Brazil | ​ | BRL | ​ | 24,258,224 | ​ | 20,976,662 | ​ | 40.00 | % | 40.00 | %
Foreign | ​ | Trop Frutas do Brasil Ltda. (2) | ​ | Brazil | ​ | BRL | ​ | 2,192,920 | ​ | 4,695,228 | ​ | 7.52 | % | 7.52 | %
76.572.588.7 | ​ | Coca-Cola del Valle New Ventures S.A. | ​ | Chile | ​ | CLP | ​ | 30,656,041 | ​ | 30,443,271 | ​ | 35.00 | % | 35.00 | %
Total |  | ​ |  |  |  |  |  | 91,489,194 | ​ | 87,956,354 | ​ | ​ |  |  | ​
| (1) | In Envases CMF S.A., regardless of the percentage of ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions.
| (2) | In these companies, regardless of the ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors.
Envases CMF S.A. Chilean entity whose corporate purpose is to manufacture and sell plastic material products and beverage bottling and packaging services. The business relationship is to supply plastic bottles, preforms and caps to Coca-Cola bottlers in Chile. Leão Alimentos e Bebidas Ltda. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates. Invest in other companies. The business relationship is to produce non-carbonated products for Coca-Cola bottlers in Brazil. Kaik Participações Ltda. Brazilian entity whose corporate purpose is to invest in other companies with its own resources. SRSA Participações Ltda. Brazilian entity whose corporate purpose is the purchase and sale of real estate investments and property management, supporting the business of Rio De Janeiro Refrescos Ltda. (Andina Brazil). Sorocaba Refrescos S.A. Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates, in addition to investing in other companies. It has commercial relationship with Rio De Janeiro Refrescos Ltda. (Andina Brazil). Trop Frutas do Brasil Ltda. Brazilian entity whose corporate purpose is to manufacture, commercialize and export natural fruit pulp and coconut water. The business relationship is to produce products for Coca-Cola bottlers in Brazil. Coca-Cola del Valle New Ventures S.A. Chilean entity whose corporate purpose is to manufacture, distribute and commercialize all kinds of juices, waters and beverages in general. The business relationship is to produce waters and juices for Coca-Cola bottlers in Chile. 14.2 Movements The movement of investments in other entities accounted for using the equity method is shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Description |  | 12.31.2021 |  | 12.31.2020 |  | 12.31.2019
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Opening balance |  | 87,956,354 | ​ | 99,866,733 | ​ | 102,410,945
Dividends received | ​ | (3,236,541) | ​ | (1,215,126) | ​ | (1,076,491)
Share in operating income | ​ | 4,041,118 | ​ | 3,248,680 | ​ | (2,495,621)
Amortization unrealized income in associates | ​ | (435,884) | ​ | (566,422) | ​ | (919,462)
Other increase (decrease) in investments in associates* |  | 3,164,147 | ​ | (13,377,511) | ​ | 1,947,362
Ending balance |  | 91,489,194 | ​ | 87,956,354 | ​ | 99,866,733
​ *Mainly due to foreign exchange rates ​ The main movements are explained below:
| ● | Dividends declared in 2021 correspond to Sorocaba Refrescos S.A., Envases CMF S.A. and Coca-Cola del Valle New Ventures S.A..
| ● | In 2021 it was identified that for the brand Verde Campo (Trop Frutas do Brasil Ltda.) the recoverable value would be R$ 21.8 million, an amount below the book value recorded, proportionally impacting the result of Andina Brazil according to its participation (for more information see Note 2.8).
| ● | In 2020 Leão Alimentos e Bebidas Ltda. recognized the value of a plant at its use value less selling costs, reducing the value previously recognized. Andina recognized a proportional loss of Ch$2,931 million as income for the period 2020.
| ● | In the 2020 period Sorocaba Refrescos S.A., recognized a tax credit for excluding ICMS from the basis of calculation of PIS and COFINS. Andina recognized as results for the 2020 period a proportional result of CLP 2,134 million.
| ● | Dividends declared in 2020 correspond mainly to Envases CMF S.A
| ● | In December 2019, Leão Alimentos e Bebidas Ltda, performed an impairment provision at its Linhares Plant for BRL 256 million, Andina recognized as results for the 2019 fiscal year, a loss of CLP 4,671 million.
| ● | In 2019 Sorocaba Refrescos S.A., Coca-Cola del Valle and CMF S.A. distributed dividends.
14.3 Reconciliation of share of profit in investments in associates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Description |  | 12.31.2021 |  | 12.31.2020 |  | 12.31.2019
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Equity value on income of associates |  | 4,041,118 | ​ | 3,248,680 | ​ | (2,495,621)
Unrealized earnings from product inventory acquired from associates and not sold at the end of the period, which is presented as a discount in the respective asset account (containers and / or inventory) | ​ | (512,131) | ​ | (528,122) | ​ | (394,490)
Amortization goodwill in the sale of fixed assets of Envases CMF S.A. |  | 42,633 | ​ | 85,266 | ​ | 85,266
Amortization goodwill preferred rights CCDV S.A. |  | (478,518) | ​ | (523,061) | ​ | (610,238)
Income statement balance |  | 3,093,102 | ​ | 2,228,763 | ​ | (3,415,083)
​ 14.4 Summary financial information of associates: At December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Leão |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | Kaik | ​ | SRSA | ​ | Alimentos e | ​ | Trop Frutas | ​ | Coca-
​ | ​ | Envases | ​ | Sorocaba | ​ | Participaçōes | ​ | Participaçōes | ​ | Bebidas | ​ | do Brasil | ​ | Cola del Valle
​ | ​ | CMF S.A. | ​ | Refrescos S.A. | ​ | Ltda. | ​ | Ltda. | ​ | Ltda. | ​ | Ltda. | ​ | New Ventures S.A.
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Short term assets | ​ | 72,400,404 | ​ | 19,468,334 | ​ | — | ​ | 20,648 | ​ | 68,192,154 | ​ | 16,765,435 | ​ | 29,227,758
Long term assets | ​ | 42,875,230 | ​ | 92,639,217 | ​ | 9,779,486 | ​ | 294,662 | ​ | 50,034,496 | ​ | 33,021,014 | ​ | 75,706,352
Total assets | ​ | 115,275,634 | ​ | 112,107,551 | ​ | 9,779,486 | ​ | 315,310 | ​ | 118,226,650 | ​ | 49,786,449 | ​ | 104,934,110
Short term liabilities | ​ | 57,080,891 | ​ | 21,255,565 | ​ | — | ​ | 186,266 | ​ | 12,991,480 | ​ | 10,009,915 | ​ | 10,181,664
Long term liabilities | ​ | 14,467,165 | ​ | 34,960,269 | ​ | 28 | ​ | — | ​ | 6,489,944 | ​ | 18,294,787 | ​ | 7,164,058
Total liabilities | ​ | 71,548,056 | ​ | 56,215,835 | ​ | 28 | ​ | 186,266 | ​ | 19,481,424 | ​ | 28,304,702 | ​ | 17,345,722
Total Equity | ​ | 43,727,578 | ​ | 55,891,716 | ​ | 9,779,458 | ​ | 129,044 | ​ | 98,745,226 | ​ | 21,481,747 | ​ | 87,588,388
Total revenue from ordinary activities | ​ | 77,805,312 | ​ | (25,164,499) | ​ | 204,624 | ​ | 126,016 | ​ | 94,169,579 | ​ | 35,224,230 | ​ | 46,509,329
Earnings before taxes | ​ | 7,347,219 | ​ | 4,518,371 | ​ | 204,624 | ​ | 126,016 | ​ | 2,876,850 | ​ | (31,042,731) | ​ | 2,306,620
Earnings after taxes | ​ | 5,509,658 | ​ | 2,573,415 | ​ | 204,624 | ​ | 126,016 | ​ | 1,556,223 | ​ | (37,324,877) | ​ | 2,869,945
Other comprehensive income | ​ | — | ​ | 2,363,061 | ​ | — | ​ | — | ​ | 49,784 | ​ | 30,547,925 | ​ | —
Total comprehensive income | ​ | — | ​ | 4,936,476 | ​ | — | ​ | — | ​ | 1,606,007 | ​ | (6,776,952) | ​ | —
Reporting date (See Note 2.3) | ​ | 12.31.2021 | ​ | 11.30.2021 | ​ | 11.30.2021 | ​ | 11.30.2021 | ​ | 11.30.2021 | ​ | 11.30.2021 | ​ | 12.31.2021
​ At December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Leão |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | Kaik | ​ | SRSA | ​ | Alimentos e | ​ | Trop Frutas | ​ | Coca-
​ | ​ | Envases | ​ | Sorocaba | ​ | Participaçōes | ​ | Participaçōes | ​ | Bebidas | ​ | do Brasil | ​ | Cola del Valle
​ | ​ | CMF S.A. | ​ | Refrescos S.A. | ​ | Ltda. | ​ | Ltda. | ​ | Ltda. | ​ | Ltda. | ​ | New Ventures S.A.
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Short term assets | ​ | 31,354,324 | ​ | 17,959,344 | ​ | — | ​ | 20,314 | ​ | 70,192,521 | ​ | 12,293,489 | ​ | 37,284,398
Long term assets | ​ | 43,735,099 | ​ | 73,675,946 | ​ | 8,657,291 | ​ | 268,126 | ​ | 73,918,788 | ​ | 63,719,245 | ​ | 68,450,919
Total assets |  | 75,089,423 | ​ | 91,635,290 | ​ | 8,657,291 | ​ | 288,440 | ​ | 144,111,309 | ​ | 76,012,734 | ​ | 105,735,317
Short term liabilities |  | 17,929,088 | ​ | 16,295,336 | ​ | — | ​ | 168,354 | ​ | 28,383,151 | ​ | 5,000,314 | ​ | 9,116,608
Long term liabilities |  | 16,704,773 | ​ | 28,180,230 | ​ | 26 | ​ | — | ​ | 9,251,314 | ​ | 16,235,813 | ​ | 10,883,589
Total liabilities |  | 34,633,861 | ​ | 44,475,566 | ​ | 26 | ​ | 168,354 | ​ | 37,634,465 | ​ | 21,236,127 | ​ | 20,000,197
Total Equity | ​ | 40,455,562 | ​ | 47,159,724 | ​ | 8,657,265 | ​ | 120,086 | ​ | 106,476,844 | ​ | 54,776,607 | ​ | 85,735,120
Total revenue from ordinary activities | ​ | 60,067,879 | ​ | 52,345,526 | ​ | 96,980 | ​ | 117,350 | ​ | 84,813,829 | ​ | 31,483,800 | ​ | 30,329,646
Earnings before taxes | ​ | 5,587,691 | ​ | 4,028,010 | ​ | 96,980 | ​ | 117,350 | ​ | (38,601,167) | ​ | (1,391,494) | ​ | (1,226,517)
Earnings after taxes | ​ | 4,717,515 | ​ | 3,004,352 | ​ | 96,980 | ​ | 117,350 | ​ | (39,244,393) | ​ | (890,021) | ​ | (475,467)
Other comprehensive income | ​ | — | ​ | (1,899,548) | ​ | — | ​ | — | ​ | 472,160 | ​ | — | ​ | —
Total comprehensive income | ​ | — | ​ | 1,104,804 | ​ | — | ​ | — | ​ | (38,772,233) | ​ | — | ​ | —
Reporting date (See Note 2.3) | ​ | 12.31.2020 | ​ | 11.30.2020 | ​ | 11.30.2020 | ​ | 11.30.2020 | ​ | 11.30.2020 | ​ | 11.30.2020 | ​ | 12.31.2020
​

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