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OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES
12 Months Ended
Dec. 31, 2021
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES  
OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

17  OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

Liabilities are detailed as follows:

Balance

Current

Non-current

    

12.31.2021

    

12.31.2020

    

12.31.2021

    

12.31.2020

ThCh$

ThCh$

 

ThCh$

ThCh$

Bank loans (Note 17.1.1 - 2)

 

26,617

799,072

4,000,000

4,000,000

Bonds payable, net1 (Note 17.2)

 

25,383,339

18,705,015

1,020,661,942

918,921,342

Bottle guaranty deposits

 

13,402,885

12,126,831

Derivative contract liabilities (Note 17.3)

 

758,663

1,217,322

51,568,854

Lease liabilities (Note 17.4.1 - 2)

 

8,191,535

5,718,484

16,387,030

15,339,373

Total

 

47,763,039

38,566,724

1,041,048,972

989,829,569

1 Amounts net of issuance expenses and discounts related to issuance.

The fair value of financial assets and liabilities is presented below:

    

Book Value

    

Fair Value

    

Book Value

    

Fair Value

Current

12.31.2021

12.31.2021

12.31.2020

12.31.2020

ThCh$

ThCh$

ThCh$

ThCh$

Cash and cash equivalent (2)

 

304,312,020

304,312,020

309,530,699

309,530,699

Other financial assets (1)

 

961,705

961,705

Trade debtors and other accounts receivable (2)

 

265,490,626

265,490,626

194,021,253

194,021,253

Accounts receivable related companies (2)

 

9,419,050

9,419,050

11,875,408

11,875,408

Bank liabilities (2)

 

26,617

111,992

799,072

896,307

Bonds payable (2)

 

25,383,339

26,774,799

18,705,015

22,471,852

Bottle guaranty deposits (2)

 

13,402,885

13,402,885

12,126,831

12,126,831

Forward contracts liabilities (see Note 22) (1)

 

758,663

758,663

1,217,322

1,217,322

Leasing agreements (2)

 

8,191,535

8,191,535

5,718,484

5,718,484

Accounts payable (2)

327,710,552

327,710,552

230,438,133

230,438,133

Accounts payable related companies (2)

56,103,461

56,103,461

39,541,968

39,541,968

Non-current

    

12.31.2021

    

12.31.2021

    

12.31.2020

    

12.31.2020

ThCh$

ThCh$

ThCh$

ThCh$

Other financial assets (1)

 

281,337,127

281,337,127

150,983,295

150,983,295

Non-current accounts receivable (2)

126,464

126,464

73,862

73,862

Accounts receivable related companies (2)

 

98,940

98,940

138,346

138,346

Bank liabilities (2)

 

4,000,000

4,056,753

4,000,000

4,056,753

Bonds payable (2)

 

1,020,661,942

1,041,841,338

918,921,342

1,088,617,557

Leasing agreements (2)

16,387,030

16,387,030

15,339,373

15,339,373

Non-current accounts payable (2)

 

256,273

256,273

295,279

295,279

Derivative contracts liabilities (see Note 22) (1)

51,568,854

51,568,854

(1)Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and are classified as Level 2 of the fair value measurement hierarchies.

(2)Financial instruments such as: Cash and Cash Equivalents, Trade and Other Accounts Receivable, Accounts Receivable, Bottle Guarantee Deposits and Trade Accounts Payable, and Other Accounts Payable present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost.

17.1.1     Bank liabilities, current

Maturity

Total

Indebted entity

Creditor entity

Tipo de

Nominal

Up to

90 days to

At

At

Taxpayer ID

  

Name

  

Country

  

Taxpayer ID

  

Name

  

Country

  

Currency

  

Amortization

  

Rate

  

90 days

  

 1 year

  

12.31.2021

  

12.31.2020

ThCh$

ThCh$

ThCh$

ThCh$

96.705.990-0

Envases Central S.A.

Chile

97.006.000-6

Banco BCI

Chile

UF

Semiannually

2.13

760,667

96.705.990-0

Envases Central S.A.

Chile

97.006.000-6

Banco BCI

Chile

CLP

Semiannually

2.00

26,617

26,617

33,111

Foreign

Embotelladora del Atlántico S.A.

Argentina

Foreign

Banco Galicia y Buenos Aires S.A.

Argentina

ARS

Monthly

22.00

5,294

Total

26,617

799,072

17.1.2     Bank liabilities, non-current

Maturity

Indebted entity

Creditor entity

Type of

Nominal

1 year up to

 More than 2 

More than 3

More than 4 

More than 5

At

Taxpayer ID

   

Name

   

Country

   

Taxpayer ID

   

Name

   

Country

   

Currency

   

Amortization

   

Rate

   

2 years

   

Up to 3 years

   

Up to 4 years

   

Up to 5 years

   

years

   

12.31.2021

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

96.705.990-0

Envases Central S.A.

Chile

97.006.000-6

Banco BCI

Chile

CLP

Semiannually

2.00

%

4,000,000

4,000,000

Total

4,000,000

17.1.3     Bank liabilities, non-current previous year

Maturity

Indebted entity

Creditor entity

Type of

Nominal

1 year up to

 more than 2 

more than 3

more than 4 

more than 5

At

Taxpayer ID

   

Name

   

Country

   

Taxpayer ID

   

Name

   

Country

   

Currency

   

Amortization

   

Rate

   

2 years

   

up to 3 years

   

up to 4 years

   

up to 5 years

   

years

   

12.31.2020

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

96.705.990-0

Envases Central S.A.

Chile

97.006.000-6

Banco BCI

Chile

CLP

Semiannually

2.00

%

4,000,000

4,000,000

Total

4,000,000

17.1.4 Current and non-current bank obligations “Restrictions”

Bank obligations are not subject to restrictions for the reported periods.

17.2     Bond obligations

On January 21, 2020, the Company issued corporate bonds on the international market for USD 300 million with a 30-year maturity, with a bullet structure and an annual interest rate of 3.950%. In parallel, derivatives (Cross Currency Swaps) covering 100% of the financial obligations of the bond that are denominated in US dollars have been contracted re-denominating that liability to UF.

Current

Non-current

Total

Composition of bonds payable

    

12.31.2021

    

12.31.2020

    

12.31.2021

    

12.31.2020

    

12.31.2021

    

12.31.2020

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

Bonds face value 1

 

26,103,215

19,347,033

1,027,864,462

925,968,913

1,053,967,677

945,315,946

1 Gross amounts do not consider discounts related to issuance.

17.2.1     Current and non-current balances

Bonds payable correspond to bonds in UF issued by the parent company on the Chilean market and bonds in U.S. dollars issued by the Parent Company on the international market. A detail of these instruments is presented below:

Current

    

nominal

Adjustment

Interest

Final

Interest

Current

 

Non-current

Bonds

    

Series

    

amount

    

unit

    

rate

    

maturity

    

payment

    

12.31.2021

    

12.31.2020

    

12.31.2021

    

12.31.2020

ThCh$

ThCh$

 

ThCh$

ThCh$

CMF Registration 254 06.13.2001

 

B

 

1,389,336

 

UF

 

6.5

%  

12-01-2026

 

Semiannually

 

8,769,787

7,776,693

34,515,188

40,388,468

CMF Registration 641 08.23.2010

 

C

 

1,363,636

 

UF

 

4.0

%  

08-15-2031

 

Semiannually

 

4,853,856

647,672

38,035,317

43,605,495

CMF Registration 760 08.20.2013

 

D

 

4,000,000

 

UF

 

3.8

%  

08-16-2034

 

Semiannually

 

1,737,109

1,629,677

123,966,960

116,281,320

CMF Registration 760 04.02.2014

 

E

 

3,000,000

 

UF

 

3.75

%  

03-01-2035

 

Semiannually

 

1,151,467

1,083,063

92,975,229

87,210,999

CMF Registration 912 10.10.2018

F

5,700,000

UF

2.83

%  

09-25-2039

Semiannually

1,316,202

1,234,601

176,652,918

165,700,881

Bonds USA 2023 10.01.2013

365,000,000

US$

5.0

%

10-01-2023

Semiannually

3,853,898

3,243,709

308,311,850

259,496,750

Bonds USA 2050 01.01.2020

 

 

300,000,000

 

US$

 

3.95

%  

01-21-2050

 

Semiannually

 

4,420,896

3,731,618

253,407,000

213,285,000

 

  

 

  

 

  

 

  

 

 

Total

 

26,103,215

19,347,033

1,027,864,462

925,968,913

Accrued interest included in the current portion of bonds payable as of December 31, 2021 and 2020 amounts to CLP 13,333,338 thousand and CLP 11,841,892 thousand, respectively.

17.2.2     Non-current maturities

Year of maturity

Total Non-

More than 1

More than 2

More than 3

current

    

Series

    

up to 2

    

up to 3

    

up to 4

    

More than 5

    

12.31.2021

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

CMF Registration 254 06.13.2001

 

B

 

9,098,047

9,689,420

10,319,232

5,408,489

34,515,188

CMF Registration 641 08.23.2010

 

C

 

4,226,146

4,226,147

4,226,146

25,356,878

38,035,317

CMF Registration 760 08.20.2013

 

D

 

123,966,960

123,966,960

CMF Registration 760 04.02.2014

 

E

 

92,975,229

92,975,229

CMF Registration 912 10.10.2018

 

F

 

176,652,918

176,652,918

Bonds USA

308,311,850

308,311,850

Bonds USA 2

 

 

253,407,000

253,407,000

Total

 

  

 

13,324,193

322,227,417

14,545,378

677,767,474

1,027,864,462

17.2.3     Market rating

The bonds issued on the Chilean market had the following rating:

AA

:

ICR Compañía Clasificadora de Riesgo Ltda. rating

AA

:

Fitch Chile Clasificadora de Riesgo Limitada rating

The rating of bonds issued on the international market had the following rating:

BBB

:

Standard&Poors Global Ratings

BBB+

:

Fitch Ratings Inc.

17.2.4     Restrictions

17.2.4.1  Restrictions regarding bonds placed abroad.

Obligations with bonds placed abroad are not affected by financial restrictions for the periods reported.

17.2.4.2  Restrictions regarding bonds placed in the local market.

The following financial information was used for calculating restrictions:

    

12.31.2021

ThCh$

Total Equity

 

1,101,413,559

Net financial debt

 

307,692,116

Unencumbered assets

 

2,638,120,437

Total unsecured liabilities

 

1,562,394,258

EBITDA LTM

 

382,001,096

Net financial expenses LTM

 

48,510,695

Restrictions on the issuance of bonds for a fixed amount registered under number 254, series B1 and B2.

In October 2020, the Consolidated Financial Liabilities/Consolidated Equity no more than 1.20 times covenant was amended as follows:

Maintain an indebtedness level where Net Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Net Consolidated Financial Liabilities shall be regarded as (i) “Other Current Financial Liabilities,” plus (ii) “Other Non-Current Financial Liabilities,” less (iii) the addition of “Cash and Cash Equivalents” plus “Other Current Financial
Assets;” plus “Other Non-Current Financial Assets) (to the extent they correspond to asset balances of derivative financial instruments, taken to cover exchange rate and/or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest.

As of the date of these financial statements, this ratio is 0.28 times.

Maintain, and in no manner lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” (Región Metropolitana) as a territory in Chile in which we have been authorized by The Coca-Cola Company for the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler or license agreement, renewable from time to time.
Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this date is franchised by TCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer's Adjusted Consolidated Operating Cash Flow.
Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities.

Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under "Other Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position.

Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

As of the date of these financial statements, this ratio is 1.69 times.

Restrictions to bond lines registered in the Securities Registered under number 641, series C

Maintain a level of “Net Financial Debt” within its quarterly financial statements that may not exceed 1.5 times, measured over figures included in its consolidated statement of financial position. To this end, net financial debt shall be defined as the ratio between net financial debt and total equity of the issuer (equity attributable to controlling owners plus non-controlling interest). On its part, net financial debt will be the difference between the Issuer’s financial debt and cash.

As of the date of these financial statements, net financial debt level was 0.28 times.

Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities.

Unencumbered assets refer to the assets that are the property of the issuer; classified under Total Assets of the Issuer’s Financial Statements; and that are free of any pledge, mortgage or other liens constituted in favor of third parties, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).

Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’s Financial Statement which do not benefit from preferences or privileges, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).

As of the date of these financial statements, this ratio was 1.69 times.

Maintain a level of “Net Financial Coverage” greater than 3 times in its quarterly financial statements. Net financial coverage means the ratio between the issuer's Ebitda of the last 12 months and the issuer’s Net Financial Expenses in the last 12 months. Net Financial Expenses will be regarded as the difference between the absolute value of interest expense associated with the issuer’s financial debt account accounted for under “Financial Costs”; and interest income associated with the issuer’s cash accounted for under the Financial Income account. However, this restriction shall be deemed to have been breached where the mentioned level of net financial coverage is lower than the level previously indicated during two consecutive quarters.

As of the date of these financial statements, Net Financial Coverage was 7.87 times.

Restrictions to bond lines registered in the Securities Registrar under number 760, series D and E.

Maintain an indebtedness level where Net Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Net Consolidated Financial Liabilities shall be regarded as (i) “Other Current Financial Liabilities,” plus (ii) “Other Non-Current Financial Liabilities,” less (iii) the addition of “Cash and Cash Equivalents” plus “Other Current Financial Assets;” plus “Other Non-Current Financial Assets) (to the extent they correspond to asset balances of derivative financial instruments, taken to cover exchange rate and/or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest.

As of the date of these financial statements, Indebtedness Level is 0.28 times of Consolidated Equity.

Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable.

Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

The following will be considered in determining Consolidated Assets:  assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

As of the date of these financial statements, this ratio was 1.69 times.

Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as “TCCC” or the “Licensor” for the development, production, sale and distribution of products and brands of said licensor, in accordance to the respective bottler or license agreement, renewable from time to time. Losing said territory, means the non-renewal, early termination or cancellation of this license agreement by TCCC, for the geographical area today called “Metropolitan Region”. This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired by a subsidiary or an entity that consolidates in terms of accounting with the Issuer.
Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of these instruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash
Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”.

Restrictions to bond lines registered in the Securities Registrar under number 912, series F.

Maintain an indebtedness level where Net Consolidated Financial Liabilities to Consolidated Equity does not exceed 1.20 times. For these purposes Net Consolidated Financial Liabilities shall be regarded as (i) “Other Current Financial Liabilities,” plus (ii) “Other Non-Current Financial Liabilities,” less (iii) the addition of “Cash and Cash Equivalents” plus “Other Current Financial Assets;” plus “Other Non-Current Financial Assets) (to the extent they correspond to asset balances of derivative financial instruments, taken to cover exchange rate and/or interest rate risks on financial liabilities). Consolidated Equity will be regarded as total equity including non-controlling interest.

As of the date of these financial statements, this ratio was 0.28 times.

Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position.

As of the date of these financial statements, this ratio was 1.69 times.

Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of local bonds Series C, D and E is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”.

As of December 31, 2021 and 2020, the Company complies with all financial collaterals.

It should be noted that on November 11, 2021, bondholders’ meetings were held for the series C, D, E and F bonds issued in the local market under the lines registered in the Securities Registry of the CMF under No. 641 (Series C), No. 760 (Series D and E) and No. 912 (Series F), and for the series B bonds corresponding to the fixed amount issue registered in the Securities Registry of the CMF under No. 254.

As a result of the aforementioned bondholders' meetings, by means of public deeds dated November 19, 2021 granted at the Santiago Notary Office of Mr. Iván Torrealba Acevedo, the issuance contracts of the aforementioned bond issues were amended. Additionally, by means of public deeds granted on the same date and at the same Notary’s office, the issuance contracts of the bond lines registered in the Securities Registry of the CMF under No. 911, No. 971 and No. 972 were also amended, in respect of which there were no bonds

outstanding at the date of said deeds. In this regard, amendments were made to the financial indebtedness covenant that existed in the aforementioned issuance contracts, to be replaced by a new indebtedness level obligation defined as follows:

Indebtedness Level: To maintain an Indebtedness Level, measured and calculated quarterly on the Issuer's Consolidated Financial Statements, presented in the form and terms determined by the Financial Market Commission, no greater than three point five times.

The following terms shall be understood as:

- "Indebtedness Level" shall mean the ratio between /a/ the average of the Consolidated Net Financial Liabilities, calculated on the last four "Consolidated Financial Statements of Financial Position" contained in the Issuer's Consolidated Financial Statements submitted by the Issuer as of the calculation date to the Financial Market Commission; and /b/ the accumulated EBITDA in the twelve consecutive month period ending at the close of the last of the "Consolidated Financial Statements of Results by Function" contained in the Consolidated Financial Statements that the Issuer has filed as of the calculation date with the Financial Market Commission.

- "Consolidated Net Financial Liabilities" the result of the following operations on the accounting items of the "Consolidated Financial Statements of Financial Position" contained in the Issuer's Consolidated Financial Statements indicated below: /i/ "Other Financial Liabilities, Current", which include short-term obligations with banks and financial institutions, obligations with the public at face rate, issuance expenses and discounts associated with the placement and other minor items that according to IFRS regulations must be included in this category; plus /ii/ “Other Non-Current Financial Liabilities”, which include long-term obligations with banks and financial institutions, obligations with the public at face rate, issuance costs and discounts associated with the placement and other minor items that according to IFRS standards should be included in this category; minus /iii/ the sum of "Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current" /to the extent that they correspond to asset balances for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities/;

- EBITDA” the aggregate of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, "Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of "Depreciation" and "Amortization for the Year" presented in the Notes to the Issuer's Consolidated Financial Statements.

It should be noted that the modification of the financial covenant was ratified by Chile’s Financial Market Commission (CMF) on February 3, 2022 for bond lines No. 254, No. 641, on February 7, 2022 for bond line No. 760 and on February 11 for bond line No. 912.

The calculation of the index at December 31, 2021 was 0.89 times, complying with the limit of not exceeding 3.50 times.

17.3     Derivative contract obligations

Please see details in Note 22.

17.4.1     Current liabilities for leasing agreements

    

    

    

    

    

    

    

Maturity

Total

Indebted entity

Creditor entity

Amortization

Nominal

Up to

90 days up to

Al

al

Name

  

Country

  

Taxpayer ID

  

Name

  

Country

  

Currency

  

Type

  

Rate

  

90 days

    

1 year

    

12.31.2021

    

12.31.2020

M$

M$

M$

M$

Rio de Janeiro Refrescos Ltda.

Brazil

Foreign

Cogeração - Light ESCO

Brazil

BRL

Monthly

12.28

%  

208,428

664,893

873,321

698,526

Rio de Janeiro Refrescos Ltda.

Brazil

Foreign

Tetra Pack

Brazil

BRL

Monthly

7.39

%  

46,545

133,591

180,136

208,738

Rio de Janeiro Refrescos Ltda.

Brazil

Foreign

Real estate

Brazil

BRL

Monthly

8.10

%  

86,365

181,387

267,752

183,694

Rio de Janeiro Refrescos Ltda.

Brazil

Foreign

Leão

Brazil

BRL

Monthly

3.50

%  

72,497

216,912

289,409

269,310

Embotelladora del Atlántico S.A.

Argentina

Foreign

Tetra Pak SRL

Argentina

USD

Monthly

12.00

%  

37,087

111,260

148,347

83,469

Embotelladora del Atlántico S.A.

Argentina

Foreign

Banco Comafi

Argentina

USD

Monthly

12.00

%  

24,779

-

24,779

124,927

Embotelladora del Atlántico S.A.

Argentina

Foreign

Real estate

Argentina

ARS

Monthly

50.00

%  

94,094

392,699

486,793

213,905

Embotelladora del Atlántico S.A.

Argentina

Foreign

Systems

Argentina

USD

Monthly

12.00

%  

34,526

103,577

138,103

82,227

VJ S.A.

Chile

93.899.000-k

De Lage Landen Chile S.A

Chile

USD

Linear

12.16

%  

137,601

421,271

558,872

-

Vital Aguas S.A

Chile

76.389.720-6

Coca-Cola del Valle New Ventures S.A

Chile

CLP

Linear

7.50

%

298,788

808,351

1,107,139

1,171,464

Envases Central S.A

Chile

96.705.990-0

Coca-Cola del Valle New Ventures S.A

Chile

CLP

Linear

5.56

%  

584,259

1,780,718

2,364,977

2,290,464

Paraguay Refrescos SA

Paraguay

80.003.400-7

Tetra Pack Ltda. Suc. Py

Paraguay

PGY

Monthly

1.00

%  

66,479

118,866

185,345

215,632

Transportes Polar S.A.

Chile

96.928.520-7

Cons. Inmob. e Inversiones Limitada

Chile

UF

Monthly

2.89

%  

25,212

76,738

101,950

92,778

Embotelladora Andina S.A

Chile

91.144.000-8

Central de Restaurante Aramark Ltda.

Chile

CLP

Monthly

1.30

%  

13,997

-

13,997

83,350

Transportes Andina Refrescos Ltda

Chile

78.861.790-9

Arrendamiento De Maquinaria SPA

Chile

UF

Monthly

1.00

%  

68,732

205,331

274,063

-

Transportes Andina Refrescos Ltda

Chile

78.861.790-9

Comercializadora Novaverde Limitada

Chile

UF

Monthly

0.08

%

94,083

282,363

376,446

-

Transportes Andina Refrescos Ltda

Chile

78.861.790-9

Jungheinrich Rentalift SPA

Chile

UF

Monthly

0.24

%

197,874

602,232

800,106

-

  

  

  

  

  

  

  

 

  

Total

8,191,535

5,718,484

The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one and eight years without including a renewal option in the contracts.

17.4.2    Non-current liabilities for leasing agreements

Maturity

Indebted entity

Creditor entity

Amortization

Nominal

1 year up to

2 years up to

3 years up to

4 years up to

More than

at

Name

  

Country

  

Taxpayer ID

    

Name

    

Country

    

Currency

    

Type

    

Rate

    

2 years

    

3 years

    

4 years

    

5 years

    

5 years

    

12.31.2021

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Cogeração - Light ESCO

Brazil

BRL

Monthly

12.28

%  

986,852

1,115,143

1,260,112

1,423,926

3,917,596

8,703,629

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Tetra Pack|

Brazil

BRL

Monthly

7.39

%  

64,906

69,872

75,217

80,971

256,055

547,021

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Real estate

Brazil

BRL

Monthly

8.10

%  

115,321

28,670

-

-

-

143,991

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Leao Alimentos e Bebidas Ltda.

Brazil

BRL

Monthly

3.50

%  

276,248

269,864

249,693

29,102

27,331

852,238

Embotelladora del Atlántico S.A.

Argentina

Foreign

Banco Comafi

Argentina

USD

Monthly

12.00

%  

-

86,276

-

-

-

86,276

Embotelladora del Atlántico S.A.

Argentina

Foreign

Tetra Pak SRL

Argentina

USD

Monthly

12.00

%  

-

296,693

-

234,882

-

531,575

Embotelladora del Atlántico S.A.

Argentina

Foreign

Real estate

Argentina

ARS

Monthly

50.00

%  

-

86,139

-

-

-

86,139

VJ S.A.

Chile

Foreign

De Lage Landen Chile S.A

Chile

USD

Monthly

12.16

%  

1,343,457

-

-

-

-

1,343,457

Envases Central S.A

Chile

76.572.588-7

Coca-Cola del Valle New Ventures S.A

Chile

CLP

Monthly

5.56

%  

602,887

-

-

-

-

602,887

Transportes Andina Refrescos Ltda

Chile

85.275.700-0

Arrendamiento De Maquinaria SPA

Chile

UF

Monthly

1.00

%  

-

541,264

-

44,696

-

585,960

Transportes Polar S.A.

Chile

76.413.243-2

Cons. Inmob. e Inversiones Limitada

Chile

UF

Monthly

2.89

%  

-

212,945

-

64,460

-

277,405

Transportes Andina Refrescos Ltda

Chile

77.526.480-2

Comercializadora Novaverde Limitada

Chile

UF

Monthly

0.08

%  

-

156,942

-

-

-

156,942

Transportes Andina Refrescos Ltda

Chile

78.861.790-9

Jungheinrich Rentalift SPA

Chile

UF

Monthly

0.24

%  

-

1,670,939

-

798,571

-

2,469,510

Total

16,387,030

17.4.3 Non-current liabilities for leasing agreements (previous year)

Maturity

Indebted entity

Creditor entity

Amortization

Nominal

1 year up to

2 years up to

3 years up to

4 years up to

More than

at

Name

    

Country

    

Taxpayer ID

    

Name

    

Country

    

Currency

    

Type

    

Rate

    

2 years

    

3 years

    

4 years

    

5 years

    

5 years

    

12.31.2020

THCH$

THCH$

THCH$

THCH$

THCH$

THCH$

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Cogeração - Light ESCO

Brazil

BRL

Monthly

12.28

%  

789,334

891,946

1,007,901

1,138,928

4,827,833

8,655,942

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Tetra Pack|

Brazil

BRL

Monthly

7.39

%  

95,856

95,856

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Real estate

Brazil

BRL

Monthly

8.20

%  

72,906

32,980

23,547

129,433

Rio de Janeiro Refrescos Ltda.

Brasil

Foreign

Leao Alimentos e Bebidas Ltda.

Brazil

BRL

Monthly

6.56

%  

261,577

249,681

243,911

225,680

51,007

1,031,856

Embotelladora del Atlántico S.A.

Argentina

Foreign

Banco Comafi

Argentina

USD

Monthly

12.00

%  

20,867

-

20,867

Embotelladora del Atlántico S.A.

Argentina

Foreign

Tetra Pak SRL

Argentina

USD

Monthly

12.00

%  

249,854

249,854

72,874

572,582

Embotelladora del Atlántico S.A.

Argentina

Foreign

Real estate

Argentina

ARS

Monthly

50.00

%  

128,930

128,930

Embotelladora del Atlántico S.A.

Argentina

Foreign

Real estate

Argentina

ARS

Monthly

50.00

%  

95,931

95,931

Vital Aguas S.A

Chile

76.572.588-7

Coca-Cola del Valle New Ventures S.A

Chile

CLP

Monthly

8.20

%  

1,107,140

1,107,140

Envases Central S.A

Chile

76.572.588-7

Coca-Cola del Valle New Ventures S.A

Chile

CLP

Monthly

9.00

%  

2,967,864

2,967,864

Paraguay Refrescos SA

Paraguay

80.003.400-7

Tetra Pack Ltda. Suc. Py

Paraguay

Guaraní

Monthly

1.00

%  

163,635

163,635

Transportes Polar S.A.

Chile

76.413.243-2

Cons. Inmob. e Inversiones Limitada

Chile

UF

Monthly

2.89

%  

193,789

161,551

355,340

Embotelladora Andina S.A

Chile

76.178.360-2

Central de Restaurante Aramark Ltda.

Chile

CLP

Monthly

1.30

%  

13,997

13,997

Total

15,339,373

Leasing agreement obligations are not subject to financial restrictions for the reported periods.