XML 34 R12.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Financial Information as per operating segments
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [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, 2023 and 2022:

 

 

                   
  Chile International Business Wines Others Total
  2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
  ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$
Net sales 1,714,560,272 1,627,114,439 566,277,644 761,302,617 234,510,659 268,794,991 – – 2,515,348,575 2,657,212,047
Others income 22,428,784 25,681,177 19,740,170 19,374,495 5,495,301 6,840,932 2,543,237 2,326,297 50,207,492 54,222,901
Sales revenue between segments 21,982,179 20,553,741 466,547 1,886,239 12,819,535 20,713,970 (35,268,261) (43,153,950) – –
Net sales 1,758,971,235 1,673,349,357 586,484,361 782,563,351 252,825,495 296,349,893 (32,725,024) (40,827,653) 2,565,556,067 2,711,434,948
  Change % 5.1 – (25.1) – (14.7) – – – (5.4) –
Cost of sales (953,938,348) (972,143,151) (285,512,340) (389,025,772) (156,502,790) (183,138,062) 17,341,512 29,381,676 (1,378,611,966) (1,514,925,309)
  % of Net sales 54.2 58.1 48.7 49.7 61.9 61.8 – – 53.7 55.9
Gross margin 805,032,887 701,206,206 300,972,021 393,537,579 96,322,705 113,211,831 (15,383,512) (11,445,977) 1,186,944,101 1,196,509,639
  % of Net sales 45.8 41.9 51.3 50.3 38.1 38.2 – – 46.3 44.1
MSD&A (1) (601,496,981) (544,219,910) (243,405,220) (332,194,128) (77,362,794) (75,131,811) (14,007,196) (16,377,702) (936,272,191) (967,923,551)
  % of Net sales 34.2 32.5 41.5 42.4 30.6 25.4 – – 36.5 35.7
Others operating income (expenses) 1,049,865 (233,217) (13,487) 1,569,929 1,058,998 966,449 515,889 541,907 2,611,265 2,845,068
Adjusted operating result  (2) 204,585,771 156,753,079 57,553,314 62,913,380 20,018,909 39,046,469 (28,874,819) (27,281,772) 253,283,175 231,431,156
  Change % 30.5 – (8.5) – (48.7) – – – 9.4 –
  % of Net sales 11.6 9.4 9.8 8.0 7.9 13.2 – – 9.9 8.5
Net financial expense – – – – – – – – (37,620,556) (53,060,337)
Share of net income (loss) of joint ventures and associates accounted for using the equity method – – – – – – – – (19,217,758) (10,978,068)
Gains (losses) on exchange differences – – – – – – – – (65,944,570) (20,173,381)
Result as per adjustment units – – – – – – – – (14,025,895) 1,198,565
Other gains (losses) – – – – – – – – (13,316,208) (12,669,540)
Income before taxes                 103,158,188 135,748,395
Income tax (expense) benefit                 15,267,255 (263,943)
Net income for year                 118,425,443 135,484,452
Non-controlling interests                 12,772,715 17,316,101
Net income attributable to equity holders of the parent                 105,652,728 118,168,351
Depreciation and amortization 78,823,699 70,252,736 28,010,403 38,909,547 12,165,441 12,328,271 7,119,655 5,006,939 126,119,198 126,497,493
ORBDA (3) 283,409,470 227,005,815 85,563,717 101,822,927 32,184,350 51,374,740 (21,755,164) (22,274,833) 379,402,373 357,928,649
  Change % 24.8 – (16.0) – (37.4) – – – 6.0 –
  % of Net sales 16.1 13.6 14.6 13.0 12.7 17.3 – – 14.8 13.2
                     
(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, 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$
Net sales 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
Others 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
Others 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)
Share of net income (loss) of joint ventures and associates accounted for using the equity method – – – – – – – – (10,978,068) 226,026
Foreign currency exchange differences – – – – – – – – (20,173,381) (10,149,345)
Result 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 (expense) benefit                 (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).

 

Sales information by geographic location

 

     
Net sales per geographical location For the years ended as of December 31,
2023 2022 2021
ThCh$ ThCh$ ThCh$
Chile (1) 1,960,179,879 1,896,472,434 1,781,697,146
Argentina (2) 479,815,516  700,321,546 612,603,034
Uruguay         34,750,501          28,961,604 21,643,168
Paraguay          70,348,122          65,639,419          48,286,593
Bolivia          20,462,049          20,039,945         20,482,339
Foreign countries        605,376,188        814,962,514        703,015,134
Total 2,565,556,067 2,711,434,948 2,484,712,280
(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 S.R.L., registered under the Wines Operating segment and Chile Operating segment, respectively.

 

Sales information by customer

 

     
Net Sales For the years ended as of December 31,
2023 2022 2021
ThCh$ ThCh$ ThCh$
Domestic sales 2,448,913,805 2,559,606,624 2,354,364,404
Exports sales 116,642,262 151,828,324 130,347,876
Total 2,565,556,067 2,711,434,948 2,484,712,280

 

Sales information by product category

 

     
Sales information by product category For the years ended as of December 31,
2023 2022 2021
ThCh$ ThCh$ ThCh$
Alcoholic business     1,618,117,846     1,818,810,903     1,713,348,191
Non-alcoholic business        897,230,729        838,401,144       728,440,268
Others (1)          50,207,492          54,222,901         42,923,821
Total 2,565,556,067 2,711,434,948 2,484,712,280

 

(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,
2023 2022 2021
ThCh$ ThCh$ ThCh$
Chile operating segment          78,823,699         70,252,736          73,082,403
International Business operating segment          28,010,403          38,909,547          34,289,517
Wines operating segment          12,165,441          12,328,271          12,011,674
Others (1)            7,119,655            5,006,939            4,733,145
Total 126,119,198 126,497,493 124,116,739

 

(1)Includes 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,
  2023 2022 2021
  ThCh$ ThCh$ ThCh$
Cash flows from operating activities               294,097,407               45,937,153             293,355,573
Chile operating segment               131,525,546               16,363,598             121,754,766
International business operating segment                 69,414,222               68,638,330             101,401,629
Wines operating segment                 21,783,654                 6,000,923               19,545,855
Others (1)                 71,373,985             (45,065,698)               50,653,323
         
Cash flows from investing activities             (137,231,817)           (236,456,796)           (178,992,533)
Chile operating segment               (60,441,964)           (144,848,367)             (40,365,451)
International business operating segment               (38,973,597)             (67,910,992)             (63,129,231)
Wines operating segment               (11,310,213)             (13,030,601)                (8,920,470)
Others (1)               (26,506,043)             (10,666,836)             (66,577,381)
         
Cash flows from financing activities             (118,036,175)             537,101,943           (233,643,855)
Chile operating segment               (27,109,286)               45,534,885           (107,692,241)
International business operating segment                   1,426,434                 3,751,919                (9,003,717)
Wines operating segment                  (5,351,845)             (30,597,389)             (40,134,129)
Others (1)               (87,001,478)             518,412,528             (76,813,768)
         

 

(1)Others include Corporate Support Units.

 

Capital expenditures as per operating segments

 

        
Capital expenditures (property, plant and equipment and software additions) For the years ended as of December 31,
2023 2022 2021
ThCh$ ThCh$ ThCh$
Chile operating segment            80,678,753        146,703,164          94,336,053
International Business operating segment            36,284,427          42,064,662          63,288,453
Wines operating segment            11,600,973          13,869,824            8,977,284
Others (1)                 883,687               965,840            5,252,192
Total   129,447,840 203,603,490 171,853,982

 

(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, 2023 As of December 31, 2022
ThCh$ ThCh$
Chile operating segment 1,750,524,550 1,705,948,397
International Business operating segment 541,973,292 742,411,775
Wines operating segment 433,443,907 443,365,402
Others (1) 698,004,531 703,353,405
Total 3,423,946,280 3,595,078,979

 

(1)Includes assets corresponding to the Corporate Support Units.

 

Assets per geographic location

 

   
Assets per geographical location As of December 31, 2023 As of December 31, 2022
ThCh$ ThCh$
Chile (1) 2,847,015,037 2,799,011,955
Argentina (2) 465,498,008 658,747,694
Uruguay 35,961,224 31,045,777
Paraguay 32,405,738 66,096,952
Bolivia 40,639,592 38,276,794
Others (3)                  2,426,681                  1,899,807
Total 3,423,946,280 3,595,078,979

 

 

(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.
(3)Includes the assets of the subsidiaries VSPT UD LLC, VSPT UK Ltd. and VSPT Winegroup (Shangai) Limited.

 

Liabilities as per operating segments

 

   
Liabilities as per Operating segment As of December 31, 2023 As of December 31, 2022
ThCh$ ThCh$
Chile operating segment 703,705,503 814,262,800
International Business operating segment 265,663,942 316,320,502
Wines operating segment 161,313,082 161,308,309
Others (1) 955,881,172 867,218,315
Total 2,086,563,699 2,159,109,926

 

(1)Others 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 December 31, 2023, 2022 and 2021:

 

     
  For the years ended December 31,
2023 2022 2021
ThCh$ ThCh$ ThCh$
Net income of year 118,425,443 135,484,452 219,050,681
Add (Subtract):      
Other gains (losses) (13,316,208 (12,669,540 (9,590,450)
Finance income (39,402,492) (22,870,538) (14,263,669)
Finance costs 77,023,048 75,930,875 35,660,493
Share of net income (loss) of joint ventures and associates accounted for using the equity method (19,217,758 (10,978,068 (226,026)
Gains (losses) on exchange differences 65,944,570 20,173,381 10,149,345
Result as per adjustment units 14,025,895 (1,198,565) (2,529,298)
Income tax (expense) benefit (15,267,255) 263,943 82,629,773
Adjusted operating result 253,283,175 231,431,156 320,880,849
Depreciation and amortization 126,119,198 126,497,493 124,116,739
ORBDA 379,402,373 357,928,649 444,997,588

 

 

 

The following is a reconciliation of the consolidated 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.
2023 2022 2021
ThCh$ ThCh$ ThCh$
Consolidated statement of income      
Distribution costs (470,120,810) (504,184,248) (438,601,936)
Administrative expenses (197,256,571) (187,421,796) (161,390,779)
Others expenses by function (270,703,334) (278,757,105) (284,087,358)
Others expenses included in ´Others expenses by function´ 1,808,524 2,439,598 1,902,692
Total MSD&A (936,272,191) (967,923,551) (882,177,381)