21.2 Dividend policy

Under Chilean law, we must distribute cash dividends equivalent to at least 30% of our annual net profit, barring an unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company shall not be legally obligated to distribute dividends from accumulated earnings, unless approved by the General Shareholders Meeting. At the General Shareholders’ Meeting held in April 2022, shareholders agreed to pay out of the 2021 earnings a final dividend additional to the 30% required by Chile’s Law on Corporations and an eventual final dividend, which were paid on April 26, 2022.

The dividends declared and/or paid per share are presented below:



Approval-Payment		Dividend	Profits imputable	CLP	CLP
Periods		type	to dividends	Series A	Series B
02-25-2020	05-29-2020	Final	2019 Earnings	26.00	28.60
02-25-2020	08-28-2020	Additional	Accumulated Earnings	26.60	28.60
10-27-2020	11-24-2020	Interim	2020 Earnings	26.60	28.60
12-22-2020	01-29-2021	Interim	2020 Earnings	26.00	28.60
04-15-2021	05-28-2021	Final	2020 Earnings	26.00	28.60
04-15-2021	08-27-2021	Additional	2020 Earnings	26.00	28.60
09-28-2021	10-29-2021	Interim	2021 Earnings	29.00	31.90
12.21.2021	01.28.2022	Interim	2021 Earnings	29.00	31.90
04.13.2022	04.26.2022	Final	Accumulated Earnings	189.00	207.9
07.27.2022	08.26.2022	Interim	2022 Earnings	29.00	31.90
09.28.2022	10.28.2022	Interim	2022 Earnings	29.00	31.90
12.27.2022	01.27.2023	Interim	2022 Earnings	29.00	31.90

21.3 Other reserves

The balance of other reserves includes the following:


Concept	12.31.2022	12.31.2021	12.31.2020
	ThCh$	ThCh$	ThCh$
Polar acquisition	421,701,520	421,701,520	421,701,520
Foreign currency translation reserves	(495,483,366)	(441,580,088)	(517,496,486)
Cash flow hedge reserve	(62,344,501)	50,603,698	(24,719,533)
Reserve for employee benefit actuarial gains or losses	(7,776,316)	(4,885,926)	(4,663,193)
Legal and statutory reserves	5,435,538	5,435,538	5,435,538
Other	6,014,568	6,014,568	6,014,568
Total	(132,452,557)	37,289,310	(113,727,586)

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 accounted for using the equity method, Translation reserves are detailed as follows:


Description	12.31.2022	12.31.2021	12.31.2020
	ThCh$	ThCh$	ThCh$
Brazil	(140,762,397)	(167,447,389)	(203,657,392)
Argentina	(360,988,849)	(294,696,228)	(291,332,402)
Paraguay	6,267,880	20,563,529	(22,506,692)
Total	(495,483,366)	(441,580,088)	(517,496,486)

The movement of this reserve for the periods ended on the dates indicated below, is detailed as follows:


Description	12.31.2022	12.31.2021	12.31.2020
	ThCh$	ThCh$	ThCh$
Brazil	26,684,992	36,210,003	(104,863,274)
Argentina	(66,292,621)	(3,363,826)	(44,916,480)
Paraguay	(14,295,649)	43,070,221	(28,640,392)
Total	(53,903,278)	75,916,398	(178,420,146)

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 as of 2022	Balance	Tax	Net Balance
Cash Flow for hedge (1)	(155.206.655)	42.276.806	(112.929.849)
Exchange rate translation differences (1)	(78.009.918)	23.777.899	(54.232.019)
Benefit related to defined benefit plans	(3.960.084)	1.069.223	(2.890.861)
Total Comprehensive income as of December 31, 2022	(237.176.657)	67.123.928	(170.052.729)


	Gross
Balance as of 2021	Balance	Tax	Net Balance
Cash Flow for hedge (1)	104,232,055	(28,944,992)	75,287,063
Exchange rate translation differences (1)	98,973,862	(22,103,267)	76,870,595
Benefit related to defined benefit plans	(357,840)	96,617	(261,223)
Total Comprehensive income as of December 31, 2021	202,848,077	(50,951,642)	151,896,435


	Gross
Balance as of 2020	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 related to defined benefit plans	(3,146,362)	849,518	(2.296.844)
Total Comprehensive income as of December 31, 2020	(279.469.210)	87.755.477	(191.713.733)

(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, 2022:	Hedge	Differences	benefit plans
	M$	M$	M$
Increase (decrease)	(155,007,121)	(78,009,918)	(3,617,931)
Deferred taxes	43,070,637	23,777,899	976,841
Reclassification to the result by function	(993,365)	—	(249,771)
Total Changes in Equity	(112,929,849)	(54,232,019)	(2,890,861)
Majority Equity holders	(112,948,199)	(53,903,278)	(2,890,390)
Non-Controlling interests	18,350	(328,741)	(471)
Total Changes in equity as of December 31, 2022	(112,929,849)	(54,232,019)	(2,890,861)


			Benefit related
	Cash Flow	Exchange rate	to defines
As of December 31, 2021:	Hedge	Differences	benefit plans
	M$	M$	M$
Increase (decrease)	102,529,128	98,973,862	3,026,996
Deferred taxes	(28,469,748)	(22,103,267)	(817,289)
Reclassification to the result by function	1,227,683	—	(2,470,930)
Total Changes in Equity	75,287,063	76,870,595	(261,223)
Majority Equity holders	75,323,231	75,916,398	(222,733)
Non-Controlling interests	(36,168)	954,197	(38,490)
Total Changes in equity as of December 31, 2021	75,287,063	76,870,595	(261,223)


			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)	—	140,153
Total Changes in Equity	(9,869,718)	(179,547,170)	(2,296,845)
Major 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)

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	2022	2021	2020	2022	2021	2020	2022	2021	2020
				ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Embotelladora del Atlántico S.A.	0.0171	0.0171	0.0171	36,451	33,794	23,662	6,410	3,463	2,312
Andina Empaques Argentina S.A.	0.0209	0.0209	0.0209	4,346	3,761	2,349	(5)	326	244
Paraguay Refrescos S.A.	2.1697	2.1697	2.1697	6,177,360	6,331,726	5,037,332	988,416	885,010	791,576
Vital S.A.	35.0000	35.0000	35.0000	8,848,927	8,056,551	8,176,999	923,228	499,923	285,269
Vital Aguas S.A.	33.5000	33.5000	33.5000	2,216,115	2,041,837	1,912,023	198,195	130,522	109,110
Envases Central S.A.	40.7300	40.7300	40.7300	6,669,936	5,738,008	5,227,112	999,807	750,192	(70,996)
Re-Ciclar S.A.*	60.0000	40.0000	—	4,189,373	3,064,078	—	(154,706)	64,082	—
Total				28,142,508	25,269,755	20,379,477	2,961,345	2,333,518	1,117,515

(*) Re-Ciclar is a company incorporated in September 2021 whose purpose is to produce recycled resin for the Coca-Cola system and third parties.

The following tables presents summarized information regarding the Company´s subsidiaries that have non-controlling interest:


		Andina
	Embotelladora	Empaques	Paraguay
	Del Atlantico	Argentina	Refrescos	VJ	Vital Aguas	Envases	Re-Ciclar
December 31,2022	S.A.	S.A.	S.A.	S.A	S.A.	Central S.A.	S.A.
Total current assets	132,214,927	16,481,794	72,297,644	27,190,771	7,326,742	22,918,372	14,595,558
Total non-current assets	243,866,619	11,897,459	269,314,097	19,346,711	5,516,881	22,057,335	5,626,492
Total current liabilities	138,653,369	6,679,478	40,454,954	20,026,609	6,073,685	21,712,326	382,408
Total non-current liabilities	23,668,595	915,427	16,451,513	1,228,226	154,669	6,887,495	9,366,211
Net sales	664,003,032	37,915,166	212,339,131	85,067,864	22,026,721	100,227,739	—
Net Income	37,589,788	(25,095)	45,554,603	2,637,795	591,626	2,454,710	(386,764)


		Andina
	Embotelladora	Empaques	Paraguay
	Del Atlantico	Argentina	Refrescos	VJ	Vital Aguas	Envases	Re-Ciclar
December 31,2021	S.A.	S.A.	S.A.	S.A	S.A.	Central S.A.	S.A.
Total current assets	107,589,399	13,197,912	64,121,536	25,441,586	5,575,990	17,976,170	4,135,677
Total non-current assets	209,051,488	11,865,984	279,148,198	16,832,859	5,789,335	20,945,892	3,560,269
Total current liabilities	98,942,717	6,210,788	34,207,817	17,498,997	4,934,841	20,091,524	35,751
Total non-current liabilities	19,520,634	868,253	17,242,154	1,756,730	335,449	4,742,707	—
Net sales	517,466,510	30,750,914	169,216,180	64,513,412	16,005,176	77,475,816	—
Net Income	20,307,709	1,558,476	40,788,801	1,428,350	389,619	1,841,867	160,195


		Andina
	Embotelladora	Empaques	Paraguay
	Del Atlantico	Argentina	Refrescos	VJ	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)

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 weighted 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	12.31.2022
	SERIES A	SERIES B	TOTAL
Earnings attributable to shareholders (CLP 000’s)	59,761,287	65,736,355	125,497,642
Weighted average number of shares	473,289,301	473,281,303	946,570,604
Earnings per basic and diluted share (CLP)	126.27	138.89	132.58


Earnings per share	12.31.2021
	SERIES A	SERIES B	TOTAL
Earnings attributable to shareholders (CLP 000’s)	73,666,409	81,031,741	154,698,150
Weighted average number of shares	473,289,301	473,281,303	946,570,604
Earnings per basic and diluted share (CLP)	155.65	171.21	163.43