UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
COMPAÑÍA CERVECERÍAS UNIDAS S.A.
(Exact name of Registrant as specified in its charter)
UNITED BREWERIES COMPANY, INC.
(Translation of Registrant’s name into English)
Republic of Chile
(Jurisdiction of incorporation or organization)
Vitacura 2670, 23rd floor, Santiago, Chile
(Address of principal executive offices)
_________________________________________
Securities registered or to be registered pursuant to section 12(b) of the Act.
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
CCU REPORTS CONSOLIDATED FIRST QUARTER 2021 RESULTS[1],[2]
Santiago, Chile, May 5, 2021 – CCU announced
today its consolidated financial and operating results for the first quarter 2021, which ended March 31, 2021.
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·
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Consolidated Volumes increased 4.8%. Volume
variation per Operating segment was as follows:
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|
|
o
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International Business 5.1%
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|
·
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Net sales were up 11.4%
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|
·
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EBITDA reached CLP 126,547 million, a 39.5%
increase. EBITDA variation per Operating segment was as follows:
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o
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International Business 68.5%
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|
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·
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Net income reached a gain of CLP 64,384
million, an increase of 99.7%
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|
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·
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Earnings per share reached of CLP 174.2
per share
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Key figures
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1Q21
|
1Q20
|
Total
change %
|
|
(In ThHL or CLP million unless stated otherwise)
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|
|
Volumes
|
|
9,042
|
8,630
|
4.8
|
|
Net sales
|
|
569,639
|
511,233
|
11.4
|
|
Gross profit
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|
289,369
|
253,795
|
14.0
|
|
EBIT
|
|
99,749
|
62,438
|
59.8
|
|
EBITDA
|
|
126,547
|
90,730
|
39.5
|
|
Net income
|
|
64,384
|
32,235
|
99.7
|
|
Earnings per share (CLP)
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|
174.2
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87.2
|
99.7
|
[1] For an explanation of the terms used in this report,
please refer to the Glossary in Additional Information and Exhibits. Figures in tables and exhibits have been rounded and may not add
up exactly to the total shown.
[2] All growth or variation references in this Earnings
Release refer to 1Q21 compared to 1Q20, unless otherwise stated.
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PRESS
RELEASE
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During the first quarter 2021, we continued implementing
a regional plan with three priorities during the Covid-19 pandemic: the safety of our people and the community we interact with, operation
continuity and financial health. This plan allowed us to operate and supply our products to our clients and consumers in a still very
challenging scenario, where restrictions continue to be implemented across the region to control new outbreaks of the virus. Within this
context, as we have been mentioning since the beginning of the pandemic and stating in every quarter, we have put a special focus to maintain/grow
business scale (market shares and volumes), with the purpose of gradually recover profitability over time, by implementing revenue management
initiatives and efficiencies; this strategy started to yield results in 4Q20, and showed a better result in this quarter, where in addition
to continue growing our business scale in all our Operating segments, we delivered an improvement in our profitability.
In terms of our performance, in the first quarter
of 2021, CCU’s consolidated volumes grew 4.8% (compared with a 1Q20 that recorded a growth of 6.4% versus 1Q19), with an expansion
in all our Operating segments. The positive volume growth was mainly explained by a solid commercial execution and the strength of our
portfolio of brands. Regarding financial results, EBITDA was up 39.5% to CLP 126,547 million, and EBITDA margin improved 447 bps, from
17.7% to 22.2%. The better financial result was mainly driven by: (i) the expansion in consolidated volumes, as mentioned above, (ii)
the implementation of revenue management initiatives and positive mix effects, (iii) efficiency gains from the ExCCelencia CCU program,
with MSD&A expenses as a percentage of Net sales decreasing from 38.2% to 34.1%, and (iv) positive external effects from the 9.8%[3]
appreciation of the CLP against the USD, affecting favorably our USD-denominated costs, partially compensated by currency translation
effects, wine export revenues in foreign currencies, and higher cost in raw materials. As result of the above, Net income recorded a 99.7%
hike, reaching CLP 64,384 million.
In the Chile Operating segment, our top line expanded
15.2%, due to 4.2% growth in volumes, revenue management initiatives and positive mix effects, mainly based on a strong performance of
premium brands in beer. Volume growth was driven by all main categories. Gross profit grew 16.3%, and Gross margin rose 50 bps, from 52.2%
to 52.7%, mainly as a result of the top line expansion, mentioned above, a positive external effect from the appreciation of the CLP against
the USD, affecting favorably our USD-denominated costs, and efficiencies in manufacturing. This was partially offset by higher cost in
raw materials. MSD&A expenses as percentage of Net sales improved 497 bps, in line with cost control initiatives through the ExCCelencia
CCU program. In all, EBITDA reached CLP 103,946 million, a 40.8% increase, and EBITDA margin improved 480 bps, from 21.6% to 26.4%.
The International Business Operating segment,
which includes Argentina, Bolivia, Paraguay and Uruguay, posted a 0.1% rise in revenues, due to an increase of 5.1% in volumes, offset
by 4.8% lower average prices in CLP. Volume growth was mostly driven by Argentina. Lower average prices in CLP, were explained by negative
currency translation effects in Argentina, from the sharp depreciation of 65.0%[4] of the ARS against the CLP, as we executed
revenue management initiatives to compensate local inflation. The latter in Argentina allowed us to compensate higher USD-denominated
costs from the depreciation of the ARS against the USD, and higher cost in raw materials. In addition to this, we had positive mix effects
in the portfolio, that allowed us a Gross profit expansion of 9.6% and an improvement of 427 bps in Gross margin, from 45.0% to 49.3%.
MSD&A expenses as a percentage of Net sales improved by 209 bps due to efficiencies from the ExCCelencia CCU program. Altogether,
EBITDA reached CLP 16,706 million, an expansion of 68.5% and EBITDA margin increased from 8.0% to 13.4%.
The Wine Operating segment reported a 13.9% rise
in revenue, due to a 16.7% expansion in volumes, as average prices contracted 2.4% during the quarter. The volume expansion was driven
by both the domestic markets and exports, all posting double-digit growth, with market share gains in the domestic markets of Chile and
Argentina. The lower prices in CLP were mainly a consequence of the appreciation of the CLP against the USD and its negative impact on
export revenues, and a negative mix effect. Gross profit was up 4.0% and Gross margin decreased 380 bps, mostly reflecting a lower average
price and a higher cost of wine. MSD&A expenses as a percentage of Net sales improved by 344 bps, thanks to efficiencies. In all,
EBITDA reached CLP 10,180 million, a 5.6% increase, while EBITDA margin decreased from 19.5% to 18.0%.
In Colombia, where we have a joint venture with
Postobón, we continued in a positive trend in volumes and financial results. In terms of volumes, we grew over 30% during the quarter.
In terms of results, we have posted positive EBITDA for a second quarter in a row, based on a higher business scale, the development of
our beer portfolio, and efficiencies. We will focus on continuing on this positive path, by developing a strategy that involves new consumer
experiences, quality and innovation.
Summarizing, during the 1Q21, in a still challenging
scenario due to the pandemic, CCU continued developing a regional plan with three priorities, the safety of the people, operation continuity
and financial health. At the same time, the strategy implemented in this context gave positive results during the quarter, where we delivered
volume growth in all the Operating segments and a recovery in our financial results, the latter with an improvement in our profitability.
In 2021, we will continue to face a challenging and uncertain scenario due to new outbreaks of Covid-19 in the region. In this context,
we will keep executing with discipline the strategy that we have been carrying out, in order to continue delivering profitable and sustainable
growth.
[3] The CLP currency variation against the USD considers 2021 average of
period (aop) compared to 2020 aop.
[4] The ARS currency variation against the CLP or the USD considers 2021
end of period (eop) compared to 2020 eop
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PRESS RELEASE
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CONSOLIDATED INCOME STATEMENT HIGHLIGHTS
– FIRST QUARTER (Exhibit 1 & 2)
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·
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Net sales were up 11.4%, explained by 4.8%
increase in consolidated volumes (compared with a 1Q20 that recorded a growth of 6.4% versus 1Q19), along with positive mix effects and
revenue management initiatives. The higher average prices in CLP were explained by the Chile Operating segment, due to the implementation
of revenue management initiatives and a positive mix effect, mainly based on a strong performance of premium brands in beer, partially
offset by: (i) a contraction in the International Business Operating segment, explained by negative currency translation effects in Argentina
from the sharp depreciation of 65.0%4 of the ARS against the CLP, as we executed revenue management initiatives to compensate
local inflation, and (ii) a contraction in the Wine Operating segment, mainly as a consequence of the appreciation of the CLP against
the USD and its negative impact on export revenues, and a negative mix effect. The higher volume was driven by a 4.2% rise in the Chile
Operating segment, 5.1% increase in the International Business Operating segment, and 16.7% jump in the Wine Operating segment, mainly
explained by a solid commercial execution and the strength of our portfolio of brands.
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·
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Cost of sales was up 8.9%, explained by
4.8% higher volumes and a 3.9% increase in Cost of sales per hectoliter. The Chile Operating segment reported a 9.4% growth in Cost of
sales per hectoliter, driven by mix effects and higher costs in raw materials, partially compensated by the appreciation of the CLP against
the USD, affecting favorably our USD-denominated costs. In the International Business Operating segment, the Cost of sales per hectoliter
decreased 12.2% in CLP, mostly explained by currency translation effects in Argentina, as in local currency Cost of sales per hectoliter
was up, as a result of higher USD-linked costs, largely due to the 42.7%4 devaluation of the ARS against the USD, mix effects,
and a higher cost in raw materials. In the Wine Operating segment, the Cost of sales per hectoliter grew 4.2%, mostly reflecting a higher
cost of wine.
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·
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Gross profit reached CLP 289,369 million,
a 14.0% expansion. Gross margin grew 115 bps, from 49.6% to 50.8%, as a consequence of the effects described above.
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·
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MSD&A expenses were down 0.8%, and
as a percentage of Net sales improved 420 bps, mainly due to cost control measures through the ExCCelencia CCU program in all our Operating
segments. The performance by segment was as follows: In the Chile Operating segment, MSD&A expenses were down 0.9%, and as a percentage
of Net sales decreased 497 bps. In the International Business Operating segment MSD&A expenses in CLP were down 4.4%, and as a percentage
of Net sales decreased 209 bps. In the Wine Operating segment, MSD&A expenses were up 1.2%, and as a percentage of Net sales improved
344 bps.
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·
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EBIT reached CLP 99,749 million, an expansion
of 59.8%, mainly due to higher volumes, positive mix effects and efficiencies from the ExCCelencia CCU program.
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·
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EBITDA was up 39.5%, driven by all our
Operating segments, as follows: a 40.8% rise in the Chile Operating segment, a 68.5% hike in the International Business Operating segment,
and a 5.6% expansion in the Wine Operating segment. In addition, EBITDA margin grew 447 bps, from 17.7% to 22.2%.
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·
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Non-operating result totalized a loss of
CLP 6,772 million, an expansion of 9.5% when compared to a loss of
CLP 6,184 million last year, due to: (i) a lower result in other gains/(losses) by CLP 8,429 million, mostly explained by a lower result
on forward contracts entered into to mitigate the impact of foreign exchange rate fluctuations on our foreign currency denominated assets,
caused by a sharp appreciation of the USD against the CLP in 1Q20, (ii) a lower loss of CLP 2,502 million in Foreign currency exchange
differences, mainly in Argentina, (iii) a better result of
CLP 2,267 million in Results as per adjustment units, explained by Argentina, and a lower net UF-linked liabilities (cross-currency swaps),
(iv) a lower loss in Equity and income of JVs and associated by CLP 2,229 million, due to a better financial results in Colombia, and
(v) a lower loss in Net financial expenses by CLP 842 million, due to higher Cash and cash equivalents.
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·
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Income taxes reached CLP 23,532 million,
a 15.7% increase, mostly explained by a higher taxable income, partially compensated by lower taxes resulting from our foreign currency
denominated assets, as a consequence of a high comparison base in 2020, as a result of a sharp appreciation of the USD against the CLP
in 1Q20.
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·
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Net income reached a gain of CLP 64,384
million, an increase of 99.7%, explained by the reasons described above.
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PRESS RELEASE
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HIGHLIGHTS OPERATING SEGMENTS FIRST QUARTER
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CHILE OPERATING SEGMENT
In the Chile Operating segment, our top line expanded
15.2%, due to 4.2% growth in volumes, revenue management initiatives and positive mix effects, mainly based on a strong performance of
premium brands in beer. Volume growth was driven by all main categories. Gross profit grew 16.3%, and Gross margin rose 50 bps, from 52.2%
to 52.7%, mainly as a result of the top line expansion mentioned above, a positive external effect from the appreciation of the CLP against
the USD, affecting favorably our USD-denominated costs, and efficiencies in manufacturing. This was partially offset by higher cost in
raw materials. MSD&A expenses as percentage of Net sales improved 497 bps, in line with cost control initiatives through the ExCCelencia
CCU program. In all, EBITDA reached CLP 103,946 million, a 40.8% increase, and EBITDA margin improved 480 bps, from 21.6% to 26.4%.
In terms of brands, in the non-alcoholic category,
our mineral water brand Cachantun, once again sponsored the Chile Open ATP and the Santiago Challenger ATP, the most important tennis
tournaments in the country. In addition, we relaunched the campaign K-Pepsi, under the slogan “Why not a Pepsi – Dare yourself
to do things differently”, a disruptive campaign oriented to develop brand equity among the young population. For beer brands, we
developed the campaigns “Escudo - Generation with character”, and “Heineken – Pure quality malt-based”,
while Kunstmann launched X3 NEIPA. In spirits, our locally produced gin “Kantal”, obtained the silver medal in the World Spirits
Awards by World Spirits.
Regarding sustainability, the Environmental Ministry
of Chile granted CCU a zero solid industrial waste to landfills certification, in recognition of our achievements in the valorization
of industrial solid waste, a goal set in our 2020 and 2030 Environmental vision plans.
In terms of innovation, during the quarter we
announced the winner of our 2020 Innpacta program, which enhance start-ups to seek disruptive solutions for the beverage industry, allowing
them to implement pilot programs of their ideas in CCU. After receiving 150 postulations, the winner project attempts to monitor in real
time the consumption and freshness of beer kegs, allowing beverage companies to know when a customer is out of stock of a product and
to monitor consumers’ behavior.
INTERNATIONAL
BUSINESS OPERATING SEGMENT
The International Business Operating segment, which
includes Argentina, Bolivia, Paraguay and Uruguay, posted a 0.1% rise in revenues, due to an increase of 5.1% in volumes, offset by 4.8%
lower average prices in CLP. Volume growth was mostly driven by Argentina. Lower average prices in CLP, were explained by negative currency
translation effects in Argentina, from the sharp depreciation of 65.0% of the ARS against the CLP, as we executed revenue management initiatives
to compensate local inflation. The latter in Argentina allowed us to compensate higher USD-denominated costs from the depreciation of
the ARS against the USD, and higher cost in raw materials. In addition to this, we had positive mix effects in the portfolio, that allowed
us a Gross profit expansion of 9.6% and an improvement of 427 bps in Gross margin, from 45.0% to 49.3%. MSD&A expenses as a percentage
of Net sales improved by 209 bps due to efficiencies from the ExCCelencia CCU program. Altogether, EBITDA reached CLP 16,706 million,
an expansion of 68.5% and EBITDA margin increased from 8.0% to 13.4%.
During the quarter, in Bolivia we launched the
water brand “De La Sierra”, a packaged water elaborated with the highest quality standards, with a triple purification filtration
technology, available in both still and sparkling in two formats, 600 ml and 2 liters. In Colombia, we launched the beer Tecate in a 330
ml can format. In Uruguay, we reached a record beer volume, in line with our strategic plan to increase the beer mix in this country,
and in Argentina in a record time, we put in place a new can line for beer, as part of our expansion program announced last year.
INTERNATIONAL
WINE
OPERATING SEGMENT
The Wine Operating segment reported a 13.9% rise
in revenue, due to a 16.7% expansion in volumes, as average prices contracted 2.4% during the quarter. The volume expansion was driven
by both the domestic markets and exports, all posting double-digit growth, with market share gains in the domestic markets of Chile and
Argentina. The lower prices in CLP were mainly a consequence of the appreciation of the CLP against the USD and its negative impact on
export revenues, and a negative mix effect. Gross profit was up 4.0% and Gross margin decreased 380 bps, mostly reflecting a lower average
price and a higher cost of wine. MSD&A expenses as a percentage of Net sales improved by 344 bps, thanks to efficiencies. In all,
EBITDA reached CLP 10,180 million, a 5.6% increase, while EBITDA margin decreased from 19.5% to 18.0%.
During the quarter, VSPT changed its corporate
image, incorporating tones that evoke land and wine, in a modern design. Its main isotype represents the guardian of Andean culture, the
Condor, a majestic bird that connects Chile and Argentina, where VSPT’s wines are produced. For the second consecutive year, our
Molina plant was recognized by the certification of the Environmental Ministry of Chile as a zero solid industrial waste to landfill facility.
This recognition motivates us to continue working for a circular economy.
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PRESS RELEASE
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ADDITIONAL INFORMATION AND EXHIBITS
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ABOUT CCU
CCU is a multi-category
beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. CCU is one of the largest players in each
one of the beverage categories in which it participates in Chile, including beer, soft drinks, mineral and bottled water, nectar, wine
and pisco, among others. CCU is the second-largest brewer in Argentina and also participates in the cider, spirits and wine industries.
In Uruguay and Paraguay, the Company is present in the beer, mineral and bottled water, soft drinks and nectar categories. In Bolivia,
CCU participates in the beer, water, soft drinks and malt beverage categories. In Colombia, the Company participates in the beer and in
the malt industry. The Company’s principal licensing, distribution and / or joint venture agreements include Heineken Brouwerijen
B.V., PepsiCo Inc., Seven-up International, Schweppes Holdings Limited, Société des Produits Nestlé S.A., Pernod
Ricard Chile S.A., Promarca S.A. (Watt’s) and Coors Brewing Company.
CORPORATE HEADQUARTERS
Vitacura 2670,
26th floor
Santiago
Chile
STOCK TICKER
Bolsa de Comercio
de Santiago: CCU
NYSE: CCU
CAUTIONARY STATEMENT
Statements made
in this press release that relate to CCU’s future performance or financial results are forward-looking statements, which involve
known and unknown risks and uncertainties that could cause actual performance or results to materially differ. We undertake no obligation
to update any of these statements. Persons reading this press release are cautioned not to place undue reliance on these forward-looking
statements. These statements should be taken in conjunction with the additional information about risk and uncertainties set forth in
CCU’s annual report on Form 20-F filed with the US Securities and Exchange Commission and in the annual report submitted to the
CMF (Chilean Market Regulator) and available on our web page.
GLOSSARY
Operating segments
The Operating segments are defined with respect to
its revenues in the geographic areas of commercial activity:
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·
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Chile: This segment commercializes Beer,
Non Alcoholic Beverages and Spirits in the Chilean market, and also includes the results of Transportes CCU Limitada, Comercial CCU S.A.,
Creccu S.A. and Fábrica de Envases Plásticos S.A.
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·
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International Business: This segment commercializes
Beer, Cider, Non-Alcoholic Beverages and Spirits in Argentina, Uruguay, Paraguay and Bolivia.
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·
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Wine: This segment commercializes Wine,
mainly in the export market reaching over 80 countries, as well as the Chilean and Argentine domestic market.
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·
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Other/Eliminations: Considers the non-allocated
corporate overhead expenses and eliminations of transactions and volumes between segments.
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PRESS RELEASE
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ARS
Argentine peso.
CLP
Chilean peso.
Cost of sales
Formerly referred to as Cost of Goods Sold (COGS),
includes direct costs and manufacturing costs.
Earnings per Share (EPS)
Net profit divided by the weighted average number of
shares during the year.
EBIT
Earnings Before Interest and Taxes. For management
purposes, EBIT is defined as Net income before other gains (losses), net financial expenses, equity and income of joint ventures, foreign
currency exchange differences, results as per adjustment units and income taxes. EBIT is equivalent to Adjusted Operating Result used
in the 20-F Form.
EBITDA
EBITDA represents EBIT plus depreciation and amortization.
EBITDA is not an accounting measure under IFRS. When analyzing the operating performance, investors should use EBITDA in addition to,
not as an alternative for Net income, as this item is defined by IFRS. Investors should also note that CCU’s presentation of EBITDA
may not be comparable to similarly titled indicators used by other companies. EBITDA is equivalent to ORBDA (Adjusted Operating Result
Before Depreciation and Amortization), used in the 20-F Form.
Exceptional Items (EI)
Formerly referred to as Non-recurring items (NRI),
Exceptional Items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are
presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to
their size or nature.
Gross profit
Gross profit represents the difference between
Net sales and Cost of sales.
Gross margin
Gross profit as a percentage of Net sales.
Liquidity ratio
Total current assets / Total current liabilities
Marketing, Sales, Distribution and Administrative
expenses (MSD&A)
MSD&A includes marketing, sales, distribution
and administrative expenses.
Net Financial Debt
Total Financial Debt minus Cash & Cash Equivalents.
Net Financial Debt / EBITDA
The ratio is based on a twelve month rolling
calculation for EBITDA.
Net income
Net income attributable to the equity holders
of the parent.
UF
The UF is a monetary unit indexed to the Consumer
Price Index variation in Chile.
USD
United States Dollar.
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PRESS RELEASE
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Exhibit 1: Consolidated Income Statement (First Quarter 2021)
|
|
First Quarter
|
2021
|
2020
|
Total
|
|
|
(CLP million)
|
Change %
|
|
Net sales
|
569,639
|
511,233
|
11.4
|
|
Cost of sales
|
(280,271)
|
(257,438)
|
8.9
|
|
% of Net sales
|
49.2
|
50.4
|
|
|
Gross profit
|
289,369
|
253,795
|
14.0
|
|
MSD&A
|
(193,964)
|
(195,542)
|
(0.8)
|
|
% of Net sales
|
34.1
|
38.2
|
|
|
Other operating income/(expenses)
|
4,344
|
4,186
|
3.8
|
|
EBIT
|
99,749
|
62,438
|
59.8
|
|
EBIT margin %
|
17.5
|
12.2
|
|
|
Net financial expenses
|
(3,815)
|
(4,658)
|
(18.1)
|
|
Equity and income of JVs and associated
|
(596)
|
(2,825)
|
(78.9)
|
|
Foreign currency exchange differences
|
(1,387)
|
(3,890)
|
(64.3)
|
|
Results as per adjustment units
|
68
|
(2,199)
|
(103.1)
|
|
Other gains/(losses)
|
(1,041)
|
7,388
|
(114.1)
|
|
Non-operating result
|
(6,772)
|
(6,184)
|
9.5
|
|
Income/(loss) before taxes
|
92,977
|
56,254
|
65.3
|
|
Income taxes
|
(23,532)
|
(20,339)
|
15.7
|
|
Net income for the period
|
69,445
|
35,916
|
93.4
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
The equity holders of the parent
|
64,384
|
32,235
|
99.7
|
|
Non-controlling interest
|
(5,061)
|
(3,681)
|
37.5
|
|
|
|
|
|
|
EBITDA
|
126,547
|
90,730
|
39.5
|
|
EBITDA margin %
|
22.2
|
17.7
|
|
|
|
|
|
|
|
OTHER INFORMATION
|
|
|
|
|
Number of shares
|
369,502,872
|
369,502,872
|
|
|
Shares per ADR
|
2
|
2
|
|
|
|
|
|
|
|
Earnings per share (CLP)
|
174.2
|
87.2
|
99.7
|
|
Earnings per ADR (CLP)
|
348.5
|
174.5
|
99.7
|
|
|
|
|
|
|
Depreciation
|
26,798
|
28,291
|
(5.3)
|
|
Capital Expenditures
|
30,102
|
37,782
|
(20.3)
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|
PRESS RELEASE
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|
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Exhibit 2: Segment Information (First Quarter 2021)
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|
|
1. Chile Operating segment
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|
2. International Business Operating segment
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|
3. Wine Operating segment
|
|
First Quarter
|
|
|
|
(In ThHL or CLP million unless stated otherwise)
|
2021
|
2020
|
YoY %
|
|
2021
|
2020
|
YoY %
|
|
2021
|
2020
|
YoY %
|
|
Volumes
|
6,249
|
5,997
|
4.2
|
|
2,462
|
2,341
|
5.1
|
|
353
|
302
|
16.7
|
|
Net sales
|
393,220
|
341,369
|
15.2
|
|
124,662
|
124,542
|
0.1
|
|
56,403
|
49,512
|
13.9
|
|
Net sales (CLP/HL)
|
62,925
|
56,921
|
10.5
|
|
50,639
|
53,194
|
(4.8)
|
|
159,921
|
163,848
|
(2.4)
|
|
Cost of sales
|
(186,071)
|
(163,227)
|
14.0
|
|
(63,224)
|
(68,476)
|
(7.7)
|
|
(33,782)
|
(27,771)
|
21.6
|
|
% of Net sales
|
47.3
|
47.8
|
|
|
50.7
|
55.0
|
|
|
59.9
|
56.1
|
|
|
Gross profit
|
207,149
|
178,142
|
16.3
|
|
61,438
|
56,066
|
9.6
|
|
22,621
|
21,741
|
4.0
|
|
% of Net sales
|
52.7
|
52.2
|
|
|
49.3
|
45.0
|
|
|
40.1
|
43.9
|
|
|
MSD&A
|
(120,488)
|
(121,583)
|
(0.9)
|
|
(54,943)
|
(57,494)
|
(4.4)
|
|
(15,392)
|
(15,214)
|
1.2
|
|
% of Net sales
|
30.6
|
35.6
|
|
|
44.1
|
46.2
|
|
|
27.3
|
30.7
|
|
|
Other operating income/(expenses)
|
442
|
391
|
|
|
3,725
|
3,423
|
|
|
162
|
320
|
|
|
EBIT
|
87,103
|
56,949
|
52.9
|
|
10,221
|
1,995
|
412.2
|
|
7,391
|
6,847
|
7.9
|
|
EBIT margin
|
22.2
|
16.7
|
|
|
8.2
|
1.6
|
|
|
13.1
|
13.8
|
|
|
EBITDA
|
103,946
|
73,848
|
40.8
|
|
16,706
|
9,917
|
68.5
|
|
10,180
|
9,639
|
5.6
|
|
EBITDA margin
|
26.4
|
21.6
|
|
|
13.4
|
8.0
|
|
|
18.0
|
19.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Other/eliminations
|
|
Total
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
(In ThHL or CLP million unless stated otherwise)
|
2021
|
2020
|
YoY %
|
|
2021
|
2020
|
YoY %
|
|
|
|
|
|
Volumes
|
(22)
|
(10)
|
|
|
9,042
|
8,630
|
4.8
|
|
|
|
|
|
Net sales
|
(4,646)
|
(4,190)
|
10.9
|
|
569,639
|
511,233
|
11.4
|
|
|
|
|
|
Net sales (CLP/HL)
|
|
|
|
|
62,999
|
59,236
|
6.4
|
|
|
|
|
|
Cost of sales
|
2,806
|
2,036
|
37.8
|
|
(280,271)
|
(257,438)
|
8.9
|
|
|
|
|
|
% of Net sales
|
|
|
|
|
49.2
|
50.4
|
|
|
|
|
|
|
Gross profit
|
(1,840)
|
(2,154)
|
(14.6)
|
|
289,369
|
253,795
|
14.0
|
|
|
|
|
|
% of Net sales
|
|
|
|
|
50.8
|
49.6
|
|
|
|
|
|
|
MSD&A
|
(3,140)
|
(1,251)
|
151.0
|
|
(193,964)
|
(195,542)
|
(0.8)
|
|
|
|
|
|
% of Net sales
|
|
|
|
|
34.1
|
38.2
|
|
|
|
|
|
|
Other operating income/(expenses)
|
15
|
51
|
|
|
4,344
|
4,186
|
|
|
|
|
|
|
EBIT
|
(4,965)
|
(3,353)
|
48.1
|
|
99,749
|
62,438
|
59.8
|
|
|
|
|
|
EBIT margin
|
|
|
|
|
17.5
|
12.2
|
|
|
|
|
|
|
EBITDA
|
(4,284)
|
(2,675)
|
60.2
|
|
126,547
|
90,730
|
39.5
|
|
|
|
|
|
EBITDA margin
|
|
|
|
|
22.2
|
17.7
|
|
|
|
|
|
|
PRESS RELEASE
|
|
|
Exhibit 3: Balance Sheet
|
|
|
March 31
|
December 31
|
|
|
2021
|
2020
|
|
|
(CLP million)
|
|
ASSETS
|
|
|
|
Cash and cash equivalents
|
467,671
|
196,369
|
|
Other current assets
|
539,379
|
592,913
|
|
Total current assets
|
1,007,050
|
789,282
|
|
|
|
|
|
PP&E (net)
|
1,095,146
|
1,071,730
|
|
Other non current assets
|
472,250
|
492,679
|
|
Total non current assets
|
1,567,396
|
1,564,409
|
|
Total assets
|
2,574,446
|
2,353,691
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Short term financial debt
|
73,492
|
68,386
|
|
Other liabilities
|
481,289
|
414,896
|
|
Total current liabilities
|
554,781
|
483,282
|
|
|
|
|
|
Long term financial debt
|
439,734
|
261,769
|
|
Other liabilities
|
158,241
|
165,712
|
|
Total non current liabilities
|
597,975
|
427,481
|
|
Total Liabilities
|
1,152,756
|
910,763
|
|
|
|
|
|
EQUITY
|
|
|
|
Paid-in capital
|
562,693
|
562,693
|
|
Other reserves
|
(187,768)
|
(137,503)
|
|
Retained earnings
|
929,959
|
902,863
|
|
Total equity attributable to equity holders of the parent
|
1,304,884
|
1,328,054
|
|
Non - controlling interest
|
116,806
|
114,873
|
|
Total equity
|
1,421,690
|
1,442,927
|
|
Total equity and liabilities
|
2,574,446
|
2,353,691
|
|
|
|
|
|
OTHER FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
Total Financial Debt
|
513,226
|
330,155
|
|
|
|
|
|
Net Financial Debt
|
45,554
|
133,786
|
|
|
|
|
|
Liquidity ratio
|
1.82
|
1.63
|
|
Total Financial Debt / Capitalization
|
0.27
|
0.19
|
|
Net Financial Debt / EBITDA
|
0.14
|
0.45
|
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Compañía Cervecerías Unidas S.A.
(United Breweries Company, Inc.)
|
|
|
|
|
/s/ Felipe Dubernet
|
|
|
Chief Financial Officer
|
|
|
|
Date: May 5, 2021
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