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Common Shareholders' Equity
 12 Months Ended
Dec. 31, 2018
Disclosure of equity attributable to owners of parent [Abstract]  
Disclosure Of Equity Attributable To Owners Of Parent Explanatory [Text Block]
Note 27 Common Shareholders’ Equity
 
Subscribed and paid-up Capital
 
As of
December 31, 2018
,
December 31, 2017
and December 31, 2016, the Company’s capital shows a balance of ThCh$ 562,693,346, divided into 369,502,872 shares of common stock without face value, entirely subscribed and paid-up. The Company has issued only one series of common shares. Such common shares are registered for trading at the Santiago Stock Exchange and the Chilean Electronic Stock Exchange, and at the New York Stock Exchange /NYSE), evidenced by ADS (American Deposcitary Shares), with an equivalence of two shares per ADS (Se
e
Note 1 – General information
).
 
The Company has not issued any others shares or convertible instruments during the period, thus changing the number of outstanding shares as of
December 31, 2018 and 2017
and 2016.
 
Capital Management
 
The main purpose, when managing shareholder’s capital, is to maintain an adequate credit risk profile and a healthy capital ratio, allowing the access of the Company to the capitals market for the development of its medium and long term purposes and, at the same time, to maximize shareholder’s return.
 
Income per share
 
The basic income per share is calculated as the ratio between the net income (loss) of the term corresponding to shares holders and the weighted average number of valid outstanding shares during such term.
 
The diluted earnings per share is calculated as the ratio between the net income (loss) for the period attributable to shares holders and the weighted average additional common shares that would have been outstanding if it had become all ordinary potential dilutive shares.
 
The information used for the calculation of the income as per each basic and diluted share is as follows:
 
Income per share
 
For the years ended as of December 31,
 
 
 
2018
 
 
2017
 
 
2016
 
Equity holders of the controlling company (ThCh$)
 
 
306,890,792
 
 
 
129,607,353
 
 
 
118,457,488
 
Weighted average number of shares
 
 
369,502,872
 
 
 
369,502,872
 
 
 
369,502,872
 
Basic income per share (in Chilean pesos)
 
 
830.55
 
 
 
350.76
 
 
 
320.59
 
Equity holders of the controlling company (ThCh$)
 
 
306,890,792
 
 
 
129,607,353
 
 
 
118,457,488
 
Weighted average number of shares
 
 
369,502,872
 
 
 
369,502,872
 
 
 
369,502,872
 
Diluted income per share (in Chilean pesos)
 
 
830.55
 
 
 
350.76
 
 
 
320.59
 
 
As of
December 31, 2018, 2017 and 2016
, the Company has not issued any convertible or other kind of instruments creating diluting effects.
 
Distributable net income
 
In accordance with Circular No 1945 from the CMF on November 4, 2009, the Board of Directors agreed that the net distributable income for the year 2009 will be that reflected in the financial statements attributable to equity holders of the parents,
without adjusting it. The above agreement remains in effect for the year ended
December 31, 2018
.
 
Dividends
 
The Company’s dividends policy consists of annually distributing at least 50% of the net distributable profit of the year.
 
As of
December 31, 2018, 2017 and 2016
, the Company has distributed the following dividends:
 
Dividend Nº
 
Payment Date
 
Type of Dividend
 
Dividends per Share (
Ch$
)
 
 
Related to FY
250
 
01-06-2017
 
Interim
 
 
66.0000
 
 
2015
251
 
04-26-2017
 
Final
 
 
97.47388
 
 
2015
252
 
01-05-2018
 
Interim
 
 
66.0000
 
 
2016
253
 
04-26-2018
 
Final
 
 
110.32236
 
 
2016
254
 
01-05-2018
 
Interim
 
 
70.0000
 
 
2017
255
 
04-26-2018
 
Final
 
 
108.88833
 
 
2017
256
 
01-04-2019
 
Interim
 
 
140.0000
 
 
2018
 
On December 1, 2015, at the Ordinary Board Director Meeting it was agreed to pay the interim Dividend No. 250, amounting to ThCh$ 24,387,190 corresponding to
Ch$
66 per share. This dividend was paid on January 8, 2016.
 
On April 13, 2016, at the Shareholders Meeting it was agreed to pay the final Dividend No. 251, amounting to ThCh$ 36,016,878 corresponding to
Ch$
97.47388 per share. This dividend was paid on April 22, 2016.
 
On December 6, 2016, at the Ordinary Board Director Meeting it was agreed to pay the interim Dividend No. 252, amounting to ThCh$ 24,387,190 corresponding to
Ch$
66 per share. This dividend was paid on January 6, 2017.
 
On April 12, 2017, at the Shareholders Meeting it was agreed to pay the final Dividend No. 253, amounting to ThCh$ 40,764,427 corresponding to the 34.41% of Net income attibutable to Equity holders of the parent, equivalent to
Ch$
110.32236 per share. This dividend was paid on April 26, 2017.
 
On December 6, 2017, at the Ordinary Board Director Meeting it was agreed to pay the interim Dividend No. 254, amounting to ThCh$ 25,865,201 corresponding to
Ch$
70 per share. This dividend was paid on January 5, 2018.
 
On April 11, 2018, at the Shareholders Meeting it was agreed to pay the final Dividend No. 255, amounting to ThCh$ 40,234,551 corresponding to the 31.04% of Net income attibutable to Equity holders of the parent, equivalent to Ch$ 108.88833 per share. This dividend was paid on April 26, 2018.
 
On December 5, 2018, at the Ordinary Board Director Meeting it was agreed to pay the interim Dividend No. 256, amounting to ThCh$ 51,730,402 corresponding to Ch$ 140 per share. This dividend was paid on January 4, 2019.
 
Consolidated Statement of Comprehensive Income
 
Comprehensive income and expenses are detailed as follows:
 
Other Income and expense charged or credited against net equity
 
Gross Balance
 
 
Tax
 
 
Net Balance
 
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
Gains (losses) on cash flow hedges (1)
 
 
63,008
 
 
 
(16,196
)
 
 
46,812
 
Gains (losses) on exchange differences  on translation (1)
 
 
37,990,079
 
 
 
-
 
 
 
37,990,079
 
Reserve of Actuarial gains and losses on defined benefit plans
 
 
(1,263,781
)
 
 
339,533
 
 
 
(924,248
)
Total comprehensive income As of December 31, 2018
 
 
36,789,306
 
 
 
323,337
 
 
 
37,112,643
 
 
Other Income and expense charged or credited against net equity
 
Gross Balance
 
 
Tax
 
 
Net Balance
 
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
Gains (losses) on cash flow hedges (1)
 
 
(5,661
)
 
 
728
 
 
 
(4,933
)
Gains (losses) on exchange differences  on translation (1)
 
 
(34,786,480
)
 
 
-
 
 
 
(34,786,480
)
Reserve of Actuarial gains and losses on defined benefit plans
 
 
19,669
 
 
 
(47,228
)
 
 
(27,559
)
Total comprehensive income As of December 31, 2017
 
 
(34,772,472
)
 
 
(46,500
)
 
 
(34,818,972
)
 
Other Income and expense charged or credited against net equity
 
Gross Balance
 
 
Tax
 
 
Net Balance
 
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
Cash flow hedge (1)
 
 
84,962
 
 
 
(20,648
)
 
 
64,314
 
Conversion differences of subsidiaries abroad
 
 
(27,280,176
)
 
 
-
 
 
 
(27,280,176
)
Reserve of Actuarial gains and losses on defined benefit plans
 
 
(2,355,384
)
 
 
659,198
 
 
 
(1,696,186
)
Total comprehensive income As of December 31, 2016
 
 
(29,550,598
)
 
 
638,550
 
 
 
(28,912,048
)
 
(1)
These concepts will be reclassified to the Statement of Income when it’s settled
.
 
The movement of comprehensive income and expense is detailed as follows:
 
a)
As of
December 31, 2018
:
 
Changes
 
Reserve of
exchange
differences on
translation
 
 
Reserve of cash
flow hedges
 
 
Reserve of
Actuarial gains
and losses on
defined benefit
plans
 
 
Total other
reserves
 
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
Conversion of joint ventures and foreign subsidiaries
 
 
(55,755,054
)
 
 
63,008
 
 
 
(1,263,781
)
 
 
(56,955,827
)
Deferred taxes
 
 
-
 
 
 
(16,196
)
 
 
339,533
 
 
 
323,337
 
Inflation adjustment of subsidiaries in Argentina
 
 
93,745,133
 
 
 
-
 
 
 
-
 
 
 
93,745,133
 
Total changes in equity
 
 
37,990,079
 
 
 
46,812
 
 
 
(924,248
)
 
 
37,112,643
 
Equity holders of the parent
 
 
35,487,433
 
 
 
51,944
 
 
 
(882,063
)
 
 
34,657,314
 
Non-controlling interests
 
 
2,502,646
 
 
 
(5,132
)
 
 
(42,185
)
 
 
2,455,329
 
Total changes in equity
 
 
37,990,079
 
 
 
46,812
 
 
 
(924,248
)
 
 
37,112,643
 
 
b)
As of
December 31, 2017
:
 
Changes
 
Reserve of
exchange
differences on
translation
 
 
Reserve of cash
flow hedges
 
 
Reserve of
Actuarial gains
and losses on
defined benefit
plans
 
 
Total other
reserves
 
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
Conversion of joint ventures and foreign subsidiaries
 
 
(34,786,480
)
 
 
(5,661
)
 
 
19,669
 
 
 
(34,772,472
)
Deferred taxes
 
 
-
 
 
 
728
 
 
 
(47,228
)
 
 
(46,500
)
Total changes in equity
 
 
(34,786,480
)
 
 
(4,933
)
 
 
(27,559
)
 
 
(34,818,972
)
Equity holders of the parent
 
 
(32,982,829
)
 
 
(10,837
)
 
 
(32,794
)
 
 
(33,026,460
)
Non-controlling interests
 
 
(1,803,651
)
 
 
5,904
 
 
 
5,235
 
 
 
(1,792,512
)
Total changes in equity
 
 
(34,786,480
)
 
 
(4,933
)
 
 
(27,559
)
 
 
(34,818,972
)
 
c)
As of December 31, 2016:
 
Changes
 
Reserve of
exchange
differences on
translation
 
 
Reserve of cash
flow hedges
 
 
Reserve of
Actuarial gains
and losses on
defined benefit
plans
 
 
Total other
reserves
 
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
 
ThCh
$
 
Conversion of joint ventures and foreign subsidiaries
 
 
(27,280,176
)
 
 
(399,559
)
 
 
(2,355,384
)
 
 
(30,035,119
)
Deferred taxes
 
 
-
 
 
 
89,983
 
 
 
659,198
 
 
 
749,181
 
Reclassification to the result by function
 
 
-
 
 
 
484,521
 
 
 
-
 
 
 
484,521
 
Reclassification of deferred taxes related to other reserves
 
 
-
 
 
 
(110,631
)
 
 
-
 
 
 
(110,631
)
Total changes in equity
 
 
(27,280,176
)
 
 
64,314
 
 
 
(1,696,186
)
 
 
(28,912,048
)
Equity holders of the parent
 
 
(25,123,546
)
 
 
41,607
 
 
 
(1,623,299
)
 
 
(26,705,238
)
Non-controlling interests
 
 
(2,156,630
)
 
 
22,707
 
 
 
(72,887
)
 
 
(2,206,810
)
Total changes in equity
 
 
(27,280,176
)
 
 
64,314
 
 
 
(1,696,186
)
 
 
(28,912,048
)
 
Other Reserves
 
The reserves that are a part of the Company’s equity are as follows:
 
Currency Translation Reserves
: This reserve originated from the translation of
foreign subsidiaries’ and joint ventures financial statements which functional currency is different from the presentation currency of the Consolidated Financial Statements and inflation adjustment of subsidiaries in Argentina. As of
December 31, 2018
, 2017 and 2016, it amounts to a negative reserve of ThCh$
118,054,328
ThCh$
153,541,761
and ThCh$
120,558,932
, respectively.
 
Hedge reserve
: This reserve originated from the hedge accounting application of financial liabilities. The reserve is reversed at the end of the hedge agreement, or when the transaction ceases qualifying hedge accounting, whichever is first. The reserve effects are transferred to income. As of
December 31, 2018
, 2017 and 2016, it amounts to a positive reserve of ThCh$
80,188
, ThCh$
28,244
and ThCh$
39,081
respectively, net of deferred taxes.
 
Actuarial gains and losses on defined benefit plans reserves:
As of December 31, 2018, 2017 and 2016 the amount recorded is a negative reserve of ThCh$
4,840,574
, ThCh$
3,958,511
and ThCh$ 3,925,717, respectively, net of deferred taxes.
 
Other reserves
: As of
December 31, 2018, 2017 and 2016
the amount is a negative reserve of ThCh$
28,233,512
, ThCh$
20,603,251
and ThCh$
18,527,810
, respectively. Such reserves relate mainly to the following concepts:
 
-
Adjustment due to re-assessment of fixed assets carried out in 1979 (increased for ThCh$ 4,087,396).
-
Price level restatement of paid-up capital registered as of December 31, 2008, according to CMF Circular Letter Nª456 (decreased for ThCh$ 17,615,333).
-
Difference in purchase of shares of the subsidiary Viña San Pedro Tarapacá S.A. made during year 2012 and 2013 (decreased for ThCh$ 9,779,475).
-
Difference in purchase of shares of the subsidiary Manantial S.A. made during year 2016 (decreased for ThCh$ 7,801,153).
-
Difference in purchase of shares of the Alimentos Nutrabien S.A. made during year 2016 (decreased for ThCh$ 5,426,209). On December 17, 2018 Food's and subsidiary CCU Inversiones S.A. sold their participation over Alimentos Nutrabien S.A. The aforehead effect was accounted in result of the exercise.
-
Difference in purchase of shares of the subsidiary Viña San Pedro Tarapacá S.A. made during year 2018 and 2017 (decreased for ThCh$ 13,054,114 and ThCh$ 2,075,441, respectively).