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Financial Information as per operating segments | 12 Months Ended
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Dec. 31, 2022
Operating segments [Abstract] |
Financial Information as per operating segments | Note 6 Financial Information as per operating segments The Company has defined three Operating segments, essentially defined with respect to its revenues in the geographic areas of commercial activity: 1. Chile, 2. International business and 3. Wine. These Operating segments mentioned are consistent with the way the Company is managed and how results are reported by CCU. These segments reflect separate operating results which are regularly reviewed by the chief operating decision maker in order to make decisions about the resources to be allocated to the segment and assess its performance.
Operating segment | Products and services
Chile | Beers, non-alcoholic beverages, spirits and SSU.
International Business | Beers, cider, non-alcoholic beverages and spirits in Argentina, Uruguay, Paraguay and Bolivia.
Wines | Wines, mainly in export markets to more 80 countries.
Corporate revenues and expenses are presented separately within the Other, in addition in the other presents the elimination of transactions between segments. The Company does not have any customers representing more than 10% of consolidated revenues. The detail of the segments is presented in the following tables:
| a) | Information as per operating segments for the years ended December 31, 2022 and 2021:
| Chile | International Business | Wines | Others | Total
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021
| ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Sales revenue external customers | 1,627,114,439 | 1,538,677,522 | 761,302,617 | 657,839,497 | 268,794,991 | 245,271,440 | - | - | 2,657,212,047 | 2,441,788,459
Other income | 25,681,177 | 21,328,227 | 19,374,495 | 15,022,421 | 6,840,932 | 5,138,052 | 2,326,297 | 1,435,121 | 54,222,901 | 42,923,821
Sales revenue between segments | 20,553,741 | 18,146,164 | 1,886,239 | 5,082,733 | 20,713,970 | 11,210,573 | (43,153,950) | (34,439,470) | - | -
Net sales | 1,673,349,357 | 1,578,151,913 | 782,563,351 | 677,944,651 | 296,349,893 | 261,620,065 | (40,827,653) | (33,004,349) | 2,711,434,948 | 2,484,712,280
Change % | 6.0 | - | 15.4 | - | 13.3 | - | - | - | 9.1 | -
Cost of sales | (972,143,151) | (810,802,559) | (389,025,772) | (341,082,046) | (183,138,062) | (159,494,416) | 29,381,676 | 19,819,224 | (1,514,925,309) | (1,291,559,797)
% of Net sales | 58.1 | 51.4 | 49.7 | 50.3 | 61.8 | 61.0 | - | - | 55.9 | 52.0
Gross margin | 701,206,206 | 767,349,354 | 393,537,579 | 336,862,605 | 113,211,831 | 102,125,649 | (11,445,977) | (13,185,125) | 1,196,509,639 | 1,193,152,483
% of Net sales | 41.9 | 48.6 | 50.3 | 49.7 | 38.2 | 39.0 | - | - | 44.1 | 48.0
MSD&A (1) | (544,219,910) | (506,891,948) | (332,194,128) | (288,303,183) | (75,131,811) | (69,052,335) | (16,377,702) | (17,929,915) | (967,923,551) | (882,177,381)
% of Net sales | 32.5 | 32.1 | 42.4 | 42.5 | 25.4 | 26.4 | - | - | 35.7 | 35.5
Other operating income (expenses) | (233,217) | 1,077,090 | 1,569,929 | 8,004,833 | 966,449 | 605,853 | 541,907 | 217,971 | 2,845,068 | 9,905,747
Adjusted operating result (2) | 156,753,079 | 261,534,496 | 62,913,380 | 56,564,255 | 39,046,469 | 33,679,167 | (27,281,772) | (30,897,069) | 231,431,156 | 320,880,849
Change % | (40.1) | - | 11.2 | - | 15.9 | - | - | - | (27.9) | -
% of Net sales | 9.4 | 16.6 | 8.0 | 8.3 | 13.2 | 12.9 | - | - | 8.5 | 12.9
Net financial expense | - | - | - | - | - | - | - | - | (53,060,337) | (21,396,824)
Equity and income of associates and joint ventures | - | - | - | - | - | - | - | - | (10,978,068) | 226,026
Gains (losses) on exchange differences | - | - | - | - | - | - | - | - | (20,173,381) | (10,149,345)
Results as per adjustment units | - | - | - | - | - | - | - | - | 1,198,565 | 2,529,298
Other gains (losses) | - | - | - | - | - | - | - | - | (12,669,540) | 9,590,450
Income before taxes |  |  |  |  |  |  |  |  | 135,748,395 | 301,680,454
Income tax benefit (expense) |  |  |  |  |  |  |  |  | (263,943) | (82,629,773)
Net income for year |  |  |  |  |  |  |  |  | 135,484,452 | 219,050,681
Non-controlling interests |  |  |  |  |  |  |  |  | 17,316,101 | 19,887,950
Net income attributable to equity holders of the parent |  |  |  |  |  |  |  |  | 118,168,351 | 199,162,731
Depreciation and amortization | 70,252,736 | 73,082,403 | 38,909,547 | 34,289,517 | 12,328,271 | 12,011,674 | 5,006,939 | 4,733,145 | 126,497,493 | 124,116,739
ORBDA (3) | 227,005,815 | 334,616,899 | 101,822,927 | 90,853,772 | 51,374,740 | 45,690,841 | (22,274,833) | (26,163,924) | 357,928,649 | 444,997,588
Change % | (32.2) | - | 12.1 | - | 12.4 | - | - | - | (19.6) | -
% of Net sales | 13.6 | 21.2 | 13.0 | 13.4 | 17.3 | 17.5 | - | - | 13.2 | 17.9
| (1) | MSD&A included Marketing, Selling, Distribution and Administrative expenses.
| (2) | Adjusted operating result (for management purposes we have defined it as Net income before net financial expense, gain (losses) of joint venture and associates accounted for using the equity method, gains (losses) on exchange differences, result as per adjustment units and income taxes).
| (3) | ORBDA (for management purposes we have defined it as Adjusted Operating Result before Depreciation and Amortization).
| b) | Information as per operating segments for the years ended December 31, 2021 and 2020:
| Chile | International Business | Wines | Others | Total
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021
| ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Sales revenue external customers | 1,538,677,522 | 1,208,196,118 | 657,839,497 | 391,125,264 | 245,271,440 | 223,273,704 | - | - | 2,441,788,459 | 1,822,595,086
Other income | 21,328,227 | 18,300,114 | 15,022,421 | 11,403,939 | 5,138,052 | 4,240,620 | 1,435,121 | 1,053,919 | 42,923,821 | 34,998,592
Sales revenue between segments | 18,146,164 | 16,266,638 | 5,082,733 | 299,622 | 11,210,573 | 7,696,044 | (34,439,470) | (24,262,304) | - | -
Net sales | 1,578,151,913 | 1,242,762,870 | 677,944,651 | 402,828,825 | 261,620,065 | 235,210,368 | (33,004,349) | (23,208,385) | 2,484,712,280 | 1,857,593,678
Change % | 27.0 | - | 68.3 | - | 11.2 | - | - | - | 33.8 | -
Cost of sales | (810,802,559) | (626,099,060) | (341,082,046) | (229,669,229) | (159,494,416) | (139,512,564) | 19,819,224 | 11,244,931 | (1,291,559,797) | (984,035,922)
% of Net sales | 51.4 | 50.4 | 50.3 | 57.0 | 61.0 | 59.3 | - | - | 52.0 | 53.0
Gross margin | 767,349,354 | 616,663,810 | 336,862,605 | 173,159,596 | 102,125,649 | 95,697,804 | (13,185,125) | (11,963,454) | 1,193,152,483 | 873,557,756
% of Net sales | 48.6 | 49.6 | 49.7 | 43.0 | 39.0 | 40.7 | - | - | 48.0 | 47.0
MSD&A (1) | (506,891,948) | (443,636,760) | (288,303,183) | (189,421,217) | (69,052,335) | (64,790,758) | (17,929,915) | (6,941,510) | (882,177,381) | (704,790,245)
% of Net sales | 32.1 | 35.7 | 42.5 | 47.0 | 26.4 | 27.5 | - | - | 35.5 | 37.9
Other operating income (expenses) | 1,077,090 | 1,634,543 | 8,004,833 | 14,910,793 | 605,853 | 622,178 | 217,971 | 655,840 | 9,905,747 | 17,823,354
Adjusted operating result (2) | 261,534,496 | 174,661,593 | 56,564,255 | (1,350,828) | 33,679,167 | 31,529,224 | (30,897,069) | (18,249,124) | 320,880,849 | 186,590,865
Change % | 49.7 | - | (4,287.4) | - | 6.8 | - | - | - | 72.0 | -
% of Net sales | 16.6 | 14.1 | 8.3 | (.3) | 12.9 | 13.4 | - | - | 12.9 | 10.0
Net financial expense | - | - | - | - | - | - | - | - | (21,396,824) | (25,262,920)
Equity and income of associates and joint ventures | - | - | - | - | - | - | - | - | 226,026 | (8,437,209)
Foreign currency exchange differences | - | - | - | - | - | - | - | - | (10,149,345) | 2,551,823
Results as per adjustment units | - | - | - | - | - | - | - | - | 2,529,298 | (429,198)
Other gains (losses) | - | - | - | - | - | - | - | - | 9,590,450 | (11,410,085)
Income before taxes |  |  |  |  |  |  |  |  | 301,680,454 | 143,603,276
Income tax benefit (expense) |  |  |  |  |  |  |  |  | (82,629,773) | (35,408,420)
Net income for year |  |  |  |  |  |  |  |  | 219,050,681 | 108,194,856
Non-controlling interests |  |  |  |  |  |  |  |  | 19,887,950 | 12,042,584
Net income attributable to equity holders of the parent |  |  |  |  |  |  |  |  | 199,162,731 | 96,152,272
Depreciation and amortization | 73,082,403 | 70,106,357 | 34,289,517 | 25,551,989 | 12,011,674 | 11,575,351 | 4,733,145 | 2,580,279 | 124,116,739 | 109,813,976
ORBDA (3) | 334,616,899 | 244,767,950 | 90,853,772 | 24,201,161 | 45,690,841 | 43,104,575 | (26,163,924) | (15,668,845) | 444,997,588 | 296,404,841
Change % | 36.7 | - | 275.4 | - | 6.0 | - | - | - | 50.1 | -
% of Net sales | 21.2 | 19.7 | 13.4 | 6.0 | 17.5 | 18.3 | - | - | 17.9 | 16.0
| (1) | MSD&A included Marketing, Selling, Distribution and Administrative expenses.
| (2) | Adjusted operating result (for management purposes we have defined it as Net income before net financial expense, gain (losses) of joint venture and associates accounted for using the equity method, gains (losses) on exchange differences, result as per adjustment units and income taxes).
| (3) | ORBDA (for management purposes we have defined it as Adjusted Operating Result before Depreciation and Amortization).
Sales information by geographic location
Net sales per geographical location | For the years ended as of December 31,
2022 | 2021 | 2020
ThCh$ | ThCh$ | ThCh$
Chile (1) | 1,896,472,434 | 1,781,697,146 | 1,436,790,253
Argentina (2) | 700,321,546 | 612,603,034 | 338,214,943
Uruguay | 28,961,604 | 21,643,168 | 19,483,698
Paraguay | 65,639,419 | 48,286,593 | 39,244,642
Bolivia | 20,039,945 | 20,482,339 | 23,860,142
Foreign countries | 814,962,514 | 703,015,134 | 420,803,425
Total | 2,711,434,948 | 2,484,712,280 | 1,857,593,678
| (1) | Includes net sales correspond to Corporate Support Unit and eliminations between geographical locations. Additionally, includes net sales made in Chile of the Wines Operating segment.
| (2) | Includes net sales made by the subsidiaries Finca La Celia S.A. and Los Huemules SRL., registered under the Wines Operating segment and Chile Operating segment, respectively.
Sales information by customer
| For the years ended as of December 31,
Net Sales | 2022 | 2021 | 2020
| ThCh$ | ThCh$ | ThCh$
Domestic sales | 2,559,606,624 | 2,354,364,404 | 1,729,519,439
Exports sales | 151,828,324 | 130,347,876 | 128,074,239
Total | 2,711,434,948 | 2,484,712,280 | 1,857,593,678
Sales information by product category
Sales information by product category | For the years ended as of December 31,
2022 | 2021 | 2020
ThCh$ | ThCh$ | ThCh$
Alcoholic business | 1,818,810,903 | 1,713,348,191 | 1,249,738,114
Non-alcoholic business | 838,401,144 | 728,440,268 | 572,856,972
Others (1) | 54,222,901 | 42,923,821 | 34,998,592
Total | 2,711,434,948 | 2,484,712,280 | 1,857,593,678
| (1) | Others consist mainly of sales of by-products and packaging including bottles, pallets, and glasses.
Depreciation and amortization as per operating segments
Depreciation and amortization | For the years ended as of December 31,
2022 | 2021 | 2020
ThCh$ | ThCh$ | ThCh$
Chile operating segment | 70,252,736 | 73,082,403 | 70,106,357
International Business operating segment | 38,909,547 | 34,289,517 | 25,551,989
Wines operating segment | 12,328,271 | 12,011,674 | 11,575,351
Others (1) | 5,006,939 | 4,733,145 | 2,580,279
Total | 126,497,493 | 124,116,739 | 109,813,976
| (1) | I ncludes depreciation and amortization corresponding to the Corporate Support Units.
Cash flows Operating Segments
Cash flows Operating Segments | For the years ended as of December 31,
2022 | 2021 | 2020
ThCh$ | ThCh$ | ThCh$
Cash flows from (used in) Operating activities |  | 45,937,153 | 293,355,573 | 280,669,513
Chile operating segment |  | 16,363,598 | 121,754,766 | 151,303,443
International business operating segment |  | 68,638,330 | 101,401,629 | 46,144,420
Wines operating segment |  | 6,000,923 | 19,545,855 | 30,806,504
Others (1) (*) |  | (45,065,698) | 50,653,323 | 52,415,146
Cash flows from (used in) Investing Activities |  | (236,456,796) | (178,992,533) | (140,545,147)
Chile operating segment |  | (144,848,367) | (40,365,451) | (127,007,063)
International business operating segment |  | (67,910,992) | (63,129,231) | (31,326,275)
Wines operating segment |  | (13,030,601) | (8,920,470) | (13,617,314)
Others (1) (*) |  | (10,666,836) | (66,577,381) | 31,405,505
Cash flows from (used in) Financing Activities |  | 537,101,943 | (233,643,855) | 64,749,555
Chile operating segment |  | 45,534,885 | (107,692,241) | (32,340,146)
International business operating segment |  | 3,751,919 | (9,003,717) | 8,883,672
Wines operating segment |  | (30,597,389) | (40,134,129) | 23,435,811
Others (1) (*) |  | 518,412,528 | (76,813,768) | 64,770,218
| (1) | Others include Corporate Support Units.
(*) It includes cash flow related to joint ventures. See Note 8 - Cash and cash equivalents . Capital expenditures as per operating segments
Capital expenditures (property, plant and equipment and software additions) | For the years ended as of December 31,
2022 | 2021 | 2020
ThCh$ | ThCh$ | ThCh$
Chile operating segment |  | 146,703,164 | 94,336,053 | 74,932,872
International Business operating segment |  | 42,064,662 | 63,288,453 | 31,573,930
Wines operating segment |  | 13,869,824 | 8,977,284 | 13,214,298
Others (1) |  | 965,840 | 5,252,192 | 3,065,629
Total |  | 203,603,490 | 171,853,982 | 122,786,729
| (1) | Others include the capital investments corresponding to the Corporate Support Units.
Assets as per operating segments
Assets as per Operating segment | As of December 31, 2022 | As of December 31, 2021
ThCh$ | ThCh$
Chile operating segment | 1,705,948,397 | 1,586,202,143
International Business operating segment | 742,411,775 | 637,642,711
Wines operating segment | 443,365,402 | 442,524,176
Others (1) | 703,353,405 | 180,381,607
Total | 3,595,078,979 | 2,846,750,637
| (1) | I ncludes assets corresponding to the Corporate Support Units.
Assets per geographic location
Assets per geographical location | As of December 31, 2022 | As of December 31, 2021
ThCh$ | ThCh$
Chile (1) | 2,800,911,762 | 2,162,818,404
Argentina (2) | 658,747,694 | 557,983,133
Uruguay | 31,045,777 | 27,854,154
Paraguay | 66,096,952 | 60,700,994
Bolivia | 38,276,794 | 37,393,952
Total | 3,595,078,979 | 2,846,750,637
| (1) | Includes the assets corresponding to the Corporate Support Units and eliminations between geographic location and investments in associates and joint ventures. Additionally, includes part of Wines Operating segment and excludes its argentine subsidiary Finca La Celia S.A.
| (2) | Includes the assets of the subsidiaries Finca La Celia S.A. and Los Huemules S.R.L. registered under the Wines Operating segment and Chile Operating segment, respectively.
Liabilities as per operating segments
Liabilities as per Operating segment | As of December 31, 2022 | As of December 31, 2021
ThCh$ | ThCh$
Chile operating segment | 814,262,800 | 737,711,189
International Business operating segment | 316,320,502 | 269,896,961
Wines operating segment | 161,308,309 | 172,223,909
Others (1) | 867,218,315 | 241,403,275
Total | 2,159,109,926 | 1,421,235,334
| (1) | O thers include liabilities corresponding to the Corporate Support Units.
Operating Segment’s additional information The following is a reconciliation of on Net income for the period, the main comparable IFRS measure to Adjusted Operating Result for the periods ended Dec ember 31, 2022, 2021 and 2020:
| For the years ended December 31,
2022 | 2021 | 2020
ThCh$ | ThCh$ | ThCh$
Net income | 135,484,452 | 219,050,681 | 108,194,856
Add (Subtract): |  |  |
Other gains (losses) | 12,669,540 | (9,590,450) | 11,410,085
Finance income | (22,870,538) | (14,263,669) | (3,451,143)
Finance costs | 75,930,875 | 35,660,493 | 28,714,063
Share of net income (loss) of joint ventures and associates accounted for using the equity method | 10,978,068 | (226,026) | 8,437,209
Gains (losses) on exchange differences | 20,173,381 | 10,149,345 | (2,551,823)
Result as per adjustment units | (1,198,565) | (2,529,298) | 429,198
Income tax (expense) benefit | 263,943 | 82,629,773 | 35,408,420
Adjusted operating result | 231,431,156 | 320,880,849 | 186,590,865
Depreciation and amortization | 126,497,493 | 124,116,739 | 109,813,976
ORBDA | 357,928,649 | 444,997,588 | 296,404,841
The following is a reconciliation of the co nsolidated amounts presented for MSD&A with the comparable amounts presented on the face of our consolidated statement of income:
| For the years ended December 31,
2022 | 2021 | 2020
ThCh$ | ThCh$ | ThCh$
Consolidated statement of income |  |  |
Distribution costs | (504,184,248) | (438,601,936) | (337,101,549)
Administrative expenses | (187,421,796) | (161,390,779) | (138,811,668)
Other expenses by function | (278,757,105) | (284,087,358) | (230,349,566)
Other expenses included in ´Other expenses by function´ | 2,439,598 | 1,902,692 | 1,472,538
Total MSD&A | (967,923,551) | (882,177,381) | (704,790,245)
The Administration of the Company review the financial position and result of operations of their joint ventures and associates that is described in Note 16 - Investments accounted for using equity method .

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