0001104659-15-061754.txt : 20150825 0001104659-15-061754.hdr.sgml : 20150825 20150825172646 ACCESSION NUMBER: 0001104659-15-061754 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150825 FILED AS OF DATE: 20150825 DATE AS OF CHANGE: 20150825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANDINA BOTTLING CO INC CENTRAL INDEX KEY: 0000925261 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13142 FILM NUMBER: 151074056 BUSINESS ADDRESS: STREET 1: AVENIDA EL GOLF 40, PISO 4 STREET 2: LAS CONDES CITY: SANTIAGO CHILE STATE: F3 ZIP: 00000 BUSINESS PHONE: 5623380520 MAIL ADDRESS: STREET 1: AVENIDA EL GOLF 40, PISO 4 STREET 2: LAS CONDES CITY: SANTIAGO STATE: F3 ZIP: 00000 6-K 1 a15-18512_16k.htm 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

August 2015

Date of Report (Date of Earliest Event Reported)

 

Embotelladora Andina S.A.

(Exact name of registrant as specified in its charter)

 

Andina Bottling Company, Inc.

(Translation of Registrant´s name into English)

 

Avda. Miraflores 9153

Renca

Santiago, Chile

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x       Form 40-F o

 

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o       No x

 

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o       No x

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form 6-K is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934

Yes o       No x

 

 

 



 

 

Contacts in Santiago, Chile

 

August 25, 2015

 

Andrés Wainer, Chief Financial Officer

Paula Vicuña, Head of Investor Relations

(56-2) 2338-0520 / paula.vicuna@koandina.com

 

Coca-Cola Andina announces

Consolidated Results for the Second Quarter of 2015

 

Figures included in this analysis are set according to IFRS, in nominal Chilean Pesos. All variations are calculated regarding the same quarter of the previous year. For a better understanding of the analysis, we include figures in nominal local currency.

 

 

Consolidated Sales Volume for the quarter was 180.8 million unit cases, a 0.1% increase. Consolidated Sales Volume for the first half was 400.2 million unit cases, a 0.6% decrease.

 

 

 

 

Consolidated Net Sales for the quarter amounted to Ch$409,760 million, representing a 6.1% growth. Consolidated Net Sales for the first half amounted to Ch$913,481 million, representing a 9.5% growth.

 

 

 

 

Consolidated Operating Income* for the quarter reached Ch$39,117 million, increasing 39.7%. In the first half Consolidated Operating Income reached 105,061 million, a 31.2% growth.

 

 

 

 

Consolidated EBITDA** increased 18.4% reaching Ch$63,705 million during the quarter. In the first half Consolidated EBITDA reached Ch$155,609 million, a 19.4% growth.

 

 

 

 

Net Income for the quarter reached Ch$8,688 million, which represents a 107.0% growth. Net Income for the first half reached Ch$44,753 million, which represents a 56.8% growth

 

Comment by Mr. Miguel Ángel Peirano, Chief Executive Officer

 

“We closed this second quarter of 2015 with very positive results in the four franchises where we operate, which were leveraged not only on efficiency and productivity improvements, but also on the outstanding implementation of our pricing and formats strategy. Our Operating Income and EBITDA recorded significant growths, which also resulted in profitability improvements of our operations, which was reflected in the margin level expansions achieved.

 

Also, during the second quarter of the year we continued increasing market share in our operations in Brazil, Chile and Paraguay, resulting from execution quality and excellent service level developed by our operations.

 

Additionally, in July we were again recognized by and among our peers in the Chilean market, for the second consecutive year, as a model of management and good business practices, receiving the award as the second most admired company in Chile, awarded by PricewaterhouseCoopers and Diario Financiero.

 

Looking at the second half of the year, we see many opportunities in all our franchises, which we will use to continue generating value for our customers, consumers, employees and shareholders. However, we are also concerned about the macroeconomic environment in Brazil, which will probably continue affecting our sales volume in the coming months.”

 


*: Operating Income considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.

**: EBITDA: Operating Income + Depreciation

 

NYSE: AKO/A; AKO/B

BOLSA DE COMERCIO DE SANTIAGO: ANDINAA; ANDINAB

www.koandina.com

 

1



 

CONSOLIDATED SUMMARY

 

2nd Quarter 2015 vs. 2nd Quarter 2014

 

All figures included in this analysis are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Argentine Peso, the Brazilian Real, the Chilean Peso and the Paraguayan Guaraní depreciated against the U.S. Dollar by 11.1%, 37.8%, 11.3% and 14.6%, respectively. Regarding the Chilean Peso, the Argentine Peso appreciated 0.2%, the Brazilian Real depreciated 19.2%, and the Paraguayan Guaraní depreciated by 2.8%. This generated a negative accounting impact on the conversion of figures from Brazil.

 

Consolidated Sales Volume for the quarter reached 180.8 million unit cases, representing a 0.1% growth with respect to the same period of 2014, explained by a slight contraction in soft drink volumes, which was not able to be offset by the growth of the other categories. Our Sales Volume was affected by (i) macroeconomic factors which are negatively impacting the economies of the countries where we operate having an effect over consumption; and (ii) price increases implemented above local inflations, in some countries.

 

Net Sales reached Ch$409,760 million, a 6.1% growth, explained by price increases in all the franchises where we operate, negatively impacted by the depreciation of the Brazilian Real with respect to the Chilean Peso.

 

Operating Costs increased 1.9%, which is mainly explained by (i) increased sales of juices in Argentina, Chile and Paraguay, which carry a greater unit cost; (ii) depreciation of local currencies with respect to the U.S. Dollar, which has a negative impact on the value of U.S. dollar denominated raw materials; (iii) increased sales, having a direct incidence over concentrate costs; and (iv) higher labor costs in Argentina. The foregoing was partially offset by (i) a lower cost of sugar in Paraguay and (ii) the effects of lower volumes and translation of figures from our subsidiary in Brazil.

 

Selling, General and Administrative Expenses (SG&As) increased 7.3% mainly due to (i) local inflations, particularly in Argentina, which affects the majority of these expenses, specially labor costs, (ii) greater freight fees in Chile, and (iii) greater marketing expenses in Brazil and Paraguay.

 

The foregoing mentioned impacts, led to a Consolidated Operating Income of Ch$39,117 million, a 39.7% growth.  Operating Margin was 9.5%.

 

Consolidated EBITDA amounted to Ch$63,705 million, an increase of 18.4%.  EBITDA Margin was 15.5%, an increase of 161 basis points compared to the previous year.

 

Net Income Attributable to the Controllers for the quarter was Ch$8,688 million, an increase of 107.0% regarding the previous year, with which net margin reached 2.1%.

 

 

2



 

SUMMARY BY COUNTRY: ARGENTINA

 

2nd Quarter 2015 vs. 2nd Quarter 2014

 

The following figures are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Argentine Peso depreciated against the US Dollar by 11.1%, which has a direct negative effect over our costs in dollars. With respect to the Chilean peso it appreciated by 0.2% generating a slightly positive accounting impact on the conversion of figures upon consolidation. For a better understanding of Argentine Operations, we include figures in local nominal currency.

 

Sales Volume for the quarter increased 9.2%, reaching 50.9 million unit cases, explained by the growth recorded in all the categories where we participate and driven by the categories of juices, waters and others.  Our soft drinks market share reached 61.2 points, decreasing 80 basis points with respect to the same period of the previous year. The increase of the other categories is explained by the good performance of the juice category driven by the launch of the Cepita hotfill bottle during 2014, as well as by the growth of Flavored Waters.

 

Net Sales reached Ch$130,255 million, a 48.6% increase, explained by the implementation of price increases and volume growths.  In local currency, Net Sales increased 48.2%.

 

Operating Costs increased 43.9%, explained by (i) the devaluation effect of the Argentine Peso over our costs expressed in US Dollars, (ii) increased sales, which has a direct incidence over concentrate costs, (iii) an increase in the juice mix, which carries a higher unit cost, and (iv) increased labor costs, mainly as a consequence of local inflation. In local currency Operating Costs increased 43.1%.

 

SG&A expenses increased 40.3%, principally explained by the effect of local inflation upon expenses such as labor, freights and services provided by third parties. In local currency SG&A expenses increased 40.6%.

 

The foregoing effects led to an Operating Income of $7,464 million, a 387.5% growth. Operating Margin was 5.7%. In local currency Operating Income increased 393.3%.

 

EBITDA amounted to Ch$12,424 million, reflecting a 111.8% growth. EBITDA Margin was 9.5%, an expansion of 285 basis points regarding the previous year. On the other hand, in local currency, EBITDA increased 112.4%.

 

 

3



 

SUMMARY BY COUNTRY: BRAZIL

 

2nd Quarter 2015 vs. 2nd Quarter 2014

 

The following figures are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Brazilian Real depreciated by 37.8% against the US Dollar, having a direct negative impact over our costs expressed in US Dollars. Regarding the Chilean Peso it depreciated by 19.2%, which has a significant negative accounting impact on the conversion of figures upon consolidation. For a better understanding of Brazilian Operations, we include figures in local nominal currency.

 

Sales Volume during the quarter reached 63.2 million unit cases, a 10.0% decline, explained by volume contractions in all categories where we participate. Volumes during the quarter were influenced by (i) macroeconomic factors that are negatively affecting the Brazilian economy and which have an impact over consumption, (ii) high food inflation levels, affecting our consumers’ disposable income, and (iii) implementation of price increases above local inflation. Soft drinks market share in our franchises in Brazil reached 61.3 points, 70 basis points higher regarding the same quarter of the previous year.

 

Net Sales reached Ch$135,263 million a 16.8% decrease, mainly explained by the already mentioned effect upon translation of figures.  In local currency, Net Income increased 2.9%, explained by price increases and partially offset by the negative effect of the drop in volumes.

 

Operating Costs decreased 22.1% explained by the effect upon translation of figures.  In local currency operating costs decreased 3.7%, which in part is explained by lower sales volume, partially offset by (i) the devaluation effect of the Brazilian Real over our costs expressed in US Dollars, and (ii) increased sales, which has a direct incidence over concentrate costs.

 

SG&A Expenses decreased 17.0% in the reporting currency.  In local currency, SG&A Expenses increased 2.8% which in part is explained by (i) increased labor costs and (ii) greater marketing expenses.  This increase was partially offset by lower distribution and freight fees given the readjustment of structures on the basis of lower sales volume, facilitated by the internalization of this function.

 

The aforementioned effects led to an Operating Income of Ch$16,059 million, a 27.5% growth.  Operating Margin was 11.9%.  In local currency, Operating Income increased 57.8%.

 

EBITDA amounted to Ch$22,645 million, increasing 7.0% with respect to the previous year. EBTDA Margin was 16.7%, an increase of 373 basis points regarding the previous year. In local currency EBITDA recorded a 32.4% growth.

 

 

4



 

SUMMARY BY COUNTRY: CHILE

 

2nd Quarter 2015 vs. 2nd Quarter 2014

 

The following figures are set according to IFRS, in nominal Chilean Pesos. All variations regarding 2014 are in nominal terms. On average during the quarter, the Chilean Peso depreciated by 11.3% against the US Dollar, which has a negative impact over our costs expressed in US Dollars.

 

During the quarter, Sales Volume reached 53.3 million unit cases, a 5.6% increase, explained by growths in all categories in which we participate, leveraged on (i) a gain of 110 basis points of volume market share for soft drinks, compared to the same period of the previous year, reaching 69.7 points during the period, (ii) more favorable weather conditions, and (iii) the realization of the Copa America during June.

 

Net Sales reached Ch$117,535 million, an 8.0% growth, explained by greater volumes and increased average prices.

 

Operating Costs increased by 6.7%, explained mainly by (i) the depreciation of the Chilean Peso which has a negative impact over dollarized costs, mainly sugar and PET, partially offset by the lower cost in dollars of these raw materials, (ii) an increase in the mix of distributed products (juices and waters), which carry a higher unit cost, and (iii) greater concentrate costs due to the price increases implemented.

 

SG&A Expenses increased 8.6%, which is mainly explained by (i) higher labor costs, and (ii) greater costs of distribution freights resulting from increased volumes sold and increased volumes carried to the Northern zone of the country.

 

The aforementioned effects led to an Operating Income of Ch$12,018 million, 15.1% higher when compared to the previous year.  Operating Margin reached 10.2%.

 

EBITDA reached Ch$21,950 million, an increase of 8.9%.  EBITDA Margin was 18.7%, which is 15 basis points higher than the previous year.

 

 

5



 

SUMMARY BY COUNTRY: PARAGUAY

 

2nd Quarter 2015 vs. 2nd Quarter 2014

 

The following figures are set according to IFRS, in nominal Chilean Pesos. All 2014 variations are nominal. On average during the quarter, the Paraguayan Guaraní depreciated 14.6% with respect to the US Dollar, which has a direct negative impact over our costs expressed in US Dollars. Regarding the Chilean Peso it depreciated by 2.8%, generating a negative accounting impact on the conversion of figures upon consolidation. For a better understanding of Paraguayan Operations, we include figures in local nominal currency.

 

Sales Volume during the quarter reached 13.2 million unit cases, reflecting a 0.4% growth, explained by the growth in Other Categories which was not able to be offset by the slight contraction of the soft drinks category. Our volume market share for soft drinks reached 63.4 points during the quarter, 140 basis points higher compared to the previous year.

 

Net Sales reached Ch$27,068 million, reflecting a 0.2% decrease, explained by the effect upon translation of figures resulting from the depreciation of the Paraguayan Guaraní with respect to the Chilean Peso.  In local currency Net Sales increased 2.6%.

 

Operating Costs decreased 0.3%, mainly explained by the effect upon translation of figures to Chilean Pesos.  In local currency, Operating Costs increased 2.5%, principally explained by (i) the change in the sales mix towards distributed products which carry a higher unit cost, such as juices and flavored waters, (ii) greater depreciation charges resulting from investments in property, plant and equipment, and (iii) depreciation of the Paraguayan Guaraní, which has a negative incidence over dollarized costs.  This was partially offset by a lower cost of sugar.

 

SG&A Expenses increased 5.3% and in local currency they increased 8.6%.  This increase is mainly explained by: (i) greater labor costs and (ii) increased marketing expenses, which were not able to be offset by lower depreciation expenses.

 

The aforementioned effects led to an Operating Income of Ch$4,580 million, 5.8% lower compared to the previous year. Operating Margin was 16.9%.  In local currency Operating Income decreased 3.2%.

 

EBITDA reached Ch$7,691 million a 4.4% decrease and EBITDA Margin was 28.4%. In local currency EBITDA decreased 1.7%.

 

 

6



 

OTHER INFORMATION

 

·                  Net Financial Income and Expense account recorded a Ch$12,661 million expense, which is compared to a Ch$15,355 million expense for the same quarter of the previous year, and it is mainly explained by the effect on translation of figures, given the depreciation of the Brazilian Real against the Chilean Peso.

·                  Results by Investment in Related Companies account went from a Ch$967 million profit to a Ch$1,248 million loss, mainly due to the negative variation on Proportional Equity Value (PEV) of equity investees in Brazil, mainly Sorocaba.

·                  Other Income and Expenses account recorded a Ch$3,331 million loss compared to the Ch$5,855 million loss reported during the same quarter of the previous year.  This is mainly explained because greater contingency provisions were recorded in the same quarter of 2014, which did not recur during 2015.

·                  Results by Adjustment Units and Exchange Rate Differences account went from a Ch$5,948 million loss to a Ch$4,091 million loss.  This loss was lower than that of the same quarter of the previous year given that the UF recorded a lower variation during this quarter (1.46%) compared to that of the same period last year (1.76%).

·                  Income Tax went from Ch$1,889 million to -Ch$9,206 million, mainly due to increased results from our operations in Argentina and Brazil and because a positive effect on the revaluation for deferred tax liabilities was recorded in the second quarter of 2014.

 

BALANCE SHEET ANALYSIS

 

·             At June 30, 2015, the Company’s Net Debt reached US$784.7 million. This figure is calculated considering the effect of Cross Currency Swaps (“CCS”) entered into to hedge the debt in U.S. dollars.

·             Total financial assets, including CCS amounted to US$452.5 million. Excluding the CCS, financial assets amounted to US$299.9 million. This cash surplus is invested in short-term fixed income money markets and time deposits, and 41.9% is denominated in UFs, 13.3% in Chilean Pesos, 38.2% in Brazilian Real, 1.5% in U.S. Dollars, 1.6% in Argentine Pesos and 3.0% in Paraguayan Guaraní.

·             On the other hand, financial debt level reached US$1,237.2 million, US$575 million of which correspond to the bond issuance in the U.S. market carried out in September, 2013.  For this bond, CCS were entered into in Real and UFs so that, of the total debt, (after considering the CCS effect) 58.1% is denominated in UFs, 39.2% in Brazilian Real, 2.0% in Argentine Pesos, and 0.4% in U.S. Dollars.

 

RECENT EVENTS

 

·                  In July, for the second consecutive year, we ranked second place in the fifteenth version of the survey “The most admired companies in Chile” carried out by PwC and Diario Financiero, and which aims to contribute to the country’s business development, highlighting management models which stand out among its peers.

 

·                  In June we were nominated by the 2020 Sustainable Leaders Agenda - ALAS20 - in the categories of Leading Sustainability Company, Leading Corporate Governance Company and Leading Investor Relations Company as well as in the individual categories of Director of Leading Sustainability Company and General Manager of Leading Sustainability Company.

 

These last two categories are reserved for those professionals who, according to the perception of different stakeholders, demonstrate leadership in the integration of sustainability to the businesses that they manage and oversee.

 

The nomination recognizes the following qualities both in the Director and in the General Manager:

 

·                  Deep understanding of the impact of sustainability in the business

·                  Credibility for its role in favor of sustainability

·                  Consideration of stakeholders in the sustainable development

·                  Skills for the creation of teams focused on sustainability

 

·             In April, we published the Sustainability Report for 2014, which can be found on our website, in Spanish and English, under the section “The Company - CSR”. The report was prepared in accordance with the principles and guidelines of the Sustainability Reporting Guidelines, G4 version, of the Global Reporting Initiative - GRI, in accordance with Core disclosures, together with the sector supplement for the food industry, along with the International Standard of Responsibility ISO 26.000: 2010.

 

7



 

CONFERENCE CALL

 

We will be hosting a conference call for investors and analysts, where we will review the Second Quarter’s Results as of June 30, 2015, on Thursday, August 27, 2015 at 10:00 am (New York time) - 11:00 am (Santiago time).

 

To participate please dial: USA 1 (800) 311-9401 - International (outside USA) 1 (334) 323-7224 - Chile toll free: 1-230-020-3417 Access Code: 87604.  A replay of this conference call will be available until midnight (Eastern time) of September 17, 2015. To obtain the replay please dial: USA 877-919-4059 — International (Outside USA) 1 (334) 323-7226. Access Code: 38702712. The audio shall be available on the Company’s website: www.koandina.com beginning Tuesday, September 1, 2015.

 

 

Coca-Cola Andina is among the three largest Coca-Cola bottlers in Latin America, servicing franchised territories with almost 52 million people, delivering during 2014 more than 4.7  billion liters of soft drinks, juices, and bottled waters. Coca-Cola Andina has the franchise to produce and commercialize Coca-Cola products in certain territories in Argentina (through Embotelladora del Atlántico), in Brazil (through Rio de Janeiro Refrescos), in Chile, (through Embotelladora Andina) and in all of Paraguay (through Paraguay Refrescos). The Chadwick Claro, Garcés Silva, Hurtado Berger, Said Handal and Said Somavía families control Coca-Cola Andina in equal parts. The Company’s proposal to generate value is being leader in the non-alcoholic beverages market, developing a relationship of excellence with consumers of its products, as well as with its employees, customers, suppliers and with its strategic partner Coca-Cola. For more company information visit www.koandina.com.

 

This document may contain projections reflecting Coca-Cola Andina`s good faith expectation and are based on currently available information. However, the results that are finally obtained are subject to diverse variables, many of which are beyond the Company’s control and which could materially impact the current performance. Among the factors that could change the performance are: the political and economic conditions on consumer spending, pricing pressures resulting from competitive discounts of other bottlers, weather conditions in the Southern Cone and other risk factors that would be applicable from time to time and which are periodically informed in reports filed before the appropriate regulatory authorities, and which are available on our website.

 

8



 

Embotelladora Andina S.A.

Second Quarter Results for the period ended June 30, 2015 IFRS GAAP

(In nominal million Chilean Pesos, except per share)

 

 

 

April-June 2015

 

April-June 2014

 

 

 

 

 

Chilean
Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

Chilean
Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

% Ch.

 

VOLUME TOTAL BEVERAGES (Million UC)

 

53.3

 

63.2

 

50.9

 

13.2

 

180.8

 

50.5

 

70.3

 

46.7

 

13.2

 

180.6

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

117,535

 

135,263

 

130,255

 

27,068

 

409,760

 

108,786

 

162,621

 

87,673

 

27,126

 

386,032

 

6.1

%

COST OF SALES

 

(71,224

)

(81,037

)

(76,700

)

(16,932

)

(245,533

)

(66,770

)

(104,048

)

(53,286

)

(16,989

)

(240,918

)

1.9

%

GROSS PROFIT

 

46,311

 

54,226

 

53,555

 

10,136

 

164,227

 

42,016

 

58,574

 

34,387

 

10,137

 

145,114

 

13.2

%

Gross Margin

 

39.4

%

40.1

%

41.1

%

37.4

%

40.1

%

38.6

%

36.0

%

39.2

%

37.4

%

37.6

%

 

 

MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES

 

(34,293

)

(38,167

)

(46,091

)

(5,556

)

(124,106

)

(31,576

)

(45,974

)

(32,856

)

(5,276

)

(115,682

)

7.3

%

CORPORATE EXPENSES (2)

 

 

 

 

 

 

 

 

 

(1,004

)

 

 

 

 

 

 

 

 

(1,434

)

-30.0

%

OPERATING INCOME (3)

 

12,018

 

16,059

 

7,464

 

4,580

 

39,117

 

10,440

 

12,600

 

1,531

 

4,861

 

27,998

 

39.7

%

Operating Margin

 

10.2

%

11.9

%

5.7

%

16.9

%

9.5

%

9.6

%

7.7

%

1.7

%

17.9

%

7.3

%

 

 

EBITDA (4)

 

21,950

 

22,645

 

12,424

 

7,691

 

63,705

 

20,156

 

21,165

 

5,866

 

8,044

 

53,797

 

18.4

%

Ebitda Margin

 

18.7

%

16.7

%

9.5

%

28.4

%

15.5

%

18.5

%

13.0

%

6.7

%

29.7

%

13.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL EXPENSE/INCOME (Net)

 

 

 

 

 

 

 

 

 

(12,661

)

 

 

 

 

 

 

 

 

(15,355

)

-17.5

%

RESULTS FROM AFFILIATED

 

 

 

 

 

 

 

 

 

(1,248

)

 

 

 

 

 

 

 

 

967

 

-229.0

%

OTHER INCOME/(EXPENSE)

 

 

 

 

 

 

 

 

 

(3,331

)

 

 

 

 

 

 

 

 

(5,855

)

-43.1

%

RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE

 

 

 

 

 

 

 

 

 

(4,091

)

 

 

 

 

 

 

 

 

(5,948

)

-31.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST

 

 

 

 

 

 

 

 

 

17,787

 

 

 

 

 

 

 

 

 

1,807

 

884.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

 

 

 

 

 

 

 

(9,206

)

 

 

 

 

 

 

 

 

1,889

 

587.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

 

 

 

 

 

 

 

8,581

 

 

 

 

 

 

 

 

 

3,696

 

132.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MINORITY INTEREST

 

 

 

 

 

 

 

 

 

107

 

 

 

 

 

 

 

 

 

501

 

-78.7

%

NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

 

 

 

 

 

 

 

 

 

8,688

 

 

 

 

 

 

 

 

 

4,198

 

107.0

%

Net Margin

 

 

 

 

 

 

 

 

 

2.1

%

 

 

 

 

 

 

 

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

946.6

 

 

 

 

 

 

 

 

 

946.6

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

9.2

 

 

 

 

 

 

 

 

 

4.4

 

 

 

EARNINGS PER ADS

 

 

 

 

 

 

 

 

 

55.1

 

 

 

 

 

 

 

 

 

26.6

 

107.0

%

 


(1)         Total may be different from the addition of the four countries because of intercountry eliminations

(2)         Corporate expenses partially reclassified to the operations.

(3)         OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.

(4)         EBITDA: Operating Income + Depreciation

 

9



 

Embotelladora Andina S.A.

Second Quarter Results for the period ended June 30, 2015 IFRS GAAP

(In nominal million US$, except per share)

 

 

 

Exch. Rate :             617.65

 

 

 

 

 

 

 

Exch. Rate :               554.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April-June 2015

 

April-June 2014

 

 

 

 

 

Chilean
Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

Chilean Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

% Ch.

 

VOLUME TOTAL BEVERAGES (Million UC)

 

53.3

 

63.2

 

50.9

 

13.2

 

180.8

 

50.5

 

70.3

 

46.7

 

13.2

 

180.6

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

190.3

 

219.0

 

210.9

 

43.8

 

663.4

 

196.1

 

293.1

 

158.0

 

48.9

 

695.8

 

-4.7

%

COST OF SALES

 

(115.3

)

(131.2

)

(124.2

)

(27.4

)

(397.5

)

(120.4

)

(187.5

)

(96.0

)

(30.6

)

(434.3

)

-8.5

%

GROSS PROFIT

 

75.0

 

87.8

 

86.7

 

16.4

 

265.9

 

75.7

 

105.6

 

62.0

 

18.3

 

261.6

 

1.7

%

Gross Margin

 

39.4

%

40.1

%

41.1

%

37.4

%

40.1

%

38.6

%

36.0

%

39.2

%

37.4

%

37.6

%

 

 

MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES

 

(55.5

)

(61.8

)

(74.6

)

(9.0

)

(200.9

)

(56.9

)

(82.9

)

(59.2

)

(9.5

)

(208.5

)

-3.6

%

CORPORATE EXPENSES (2)

 

 

 

 

 

 

 

 

 

(1.6

)

 

 

 

 

 

 

 

 

(2.6

)

-37.1

%

OPERATING INCOME (3)

 

19.5

 

26.0

 

12.1

 

7.4

 

63.3

 

18.8

 

22.7

 

2.8

 

8.8

 

50.5

 

25.5

%

Operating Margin

 

10.2

%

11.9

%

5.7

%

16.9

%

9.5

%

9.6

%

7.7

%

1.7

%

17.9

%

7.3

%

 

 

EBITDA (4)

 

35.5

 

36.7

 

20.1

 

12.5

 

103.1

 

36.3

 

38.1

 

10.6

 

14.5

 

97.0

 

6.4

%

Ebitda Margin

 

18.7

%

16.7

%

9.5

%

28.4

%

15.5

%

18.5

%

13.0

%

6.7

%

29.7

%

13.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL EXPENSE/INCOME (Net)

 

 

 

 

 

 

 

 

 

(20.5

)

 

 

 

 

 

 

 

 

(27.7

)

-25.9

%

RESULTS FROM AFFILIATED

 

 

 

 

 

 

 

 

 

(2.0

)

 

 

 

 

 

 

 

 

1.7

 

-215.9

%

OTHER INCOME/(EXPENSE)

 

 

 

 

 

 

 

 

 

(5.4

)

 

 

 

 

 

 

 

 

(10.6

)

-48.9

%

RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE

 

 

 

 

 

 

 

 

 

(6.6

)

 

 

 

 

 

 

 

 

(10.7

)

-38.2

%

INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST

 

 

 

 

 

 

 

 

 

28.8

 

 

 

 

 

 

 

 

 

3.3

 

784.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

 

 

 

 

 

 

 

(14.9

)

 

 

 

 

 

 

 

 

3.4

 

537.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

 

 

 

 

 

 

 

13.9

 

 

 

 

 

 

 

 

 

6.7

 

108.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MINORITY INTEREST

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

0.9

 

-80.8

%

NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

 

 

 

 

 

 

 

 

 

14.1

 

 

 

 

 

 

 

 

 

7.6

 

85.9

%

Net Margin

 

 

 

 

 

 

 

 

 

2.1

%

 

 

 

 

 

 

 

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

946.6

 

 

 

 

 

 

 

 

 

946.6

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

0.01

 

 

 

 

 

 

 

 

 

0.01

 

 

 

EARNINGS PER ADS

 

 

 

 

 

 

 

 

 

0.09

 

 

 

 

 

 

 

 

 

0.05

 

85.9

%

 


(1)         Total may be different from the addition of the four countries because of intercountry eliminations

(2)         Corporate expenses partially reclassified to the operations.

(3)         OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.

(4)         EBITDA: Operating Income + Depreciation

 

10



 

Embotelladora Andina S.A.

Six Months Results for the period ended June 30, 2015 IFRS GAAP

(In nominal million Chilean Pesos, except per share)

 

 

 

January-June 2015

 

January-June 2014

 

 

 

 

 

Chilean
Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

Chilean
Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

% Ch.

 

VOLUME TOTAL BEVERAGES (Million UC)

 

116.3

 

141.0

 

113.3

 

29.6

 

400.2

 

114.0

 

150.5

 

108.3

 

30.0

 

402.7

 

-0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

253,086

 

314,147

 

284,358

 

62,631

 

913,481

 

238,053

 

339,278

 

197,763

 

59,563

 

834,343

 

9.5

%

COST OF SALES

 

(151,876

)

(186,802

)

(163,921

)

(37,706

)

(539,563

)

(143,231

)

(212,496

)

(115,028

)

(37,000

)

(507,440

)

6.3

%

GROSS PROFIT

 

101,210

 

127,346

 

120,437

 

24,925

 

373,918

 

94,822

 

126,782

 

82,735

 

22,563

 

326,903

 

14.4

%

Gross Margin

 

40.0

%

40.5

%

42.4

%

39.8

%

40.9

%

39.8

%

37.4

%

41.8

%

37.9

%

39.2

%

 

 

MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES

 

(71,613

)

(84,729

)

(96,424

)

(13,975

)

(266,741

)

(68,140

)

(91,609

)

(71,478

)

(12,969

)

(244,195

)

9.2

%

CORPORATE EXPENSES (2)

 

 

 

 

 

 

 

 

 

(2,115

)

 

 

 

 

 

 

 

 

(2,651

)

-20.2

%

OPERATING INCOME (3)

 

29,598

 

42,617

 

24,012

 

10,949

 

105,061

 

26,682

 

35,173

 

11,258

 

9,594

 

80,056

 

31.2

%

Operating Margin

 

11.7

%

13.6

%

8.4

%

17.5

%

11.5

%

11.2

%

10.4

%

5.7

%

16.1

%

9.6

%

 

 

EBITDA (4)

 

49,416

 

56,718

 

34,091

 

17,499

 

155,609

 

45,956

 

51,253

 

19,871

 

15,866

 

130,296

 

19.4

%

Ebitda Margin

 

19.5

%

18.1

%

12.0

%

27.9

%

17.0

%

19.3

%

15.1

%

10.0

%

26.6

%

15.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL EXPENSE/INCOME (Net)

 

 

 

 

 

 

 

 

 

(25,520

)

 

 

 

 

 

 

 

 

(27,185

)

-6.1

%

RESULTS FROM AFFILIATED

 

 

 

 

 

 

 

 

 

(328

)

 

 

 

 

 

 

 

 

1,509

 

-121.7

%

OTHER INCOME/(EXPENSE)

 

 

 

 

 

 

 

 

 

(8,495

)

 

 

 

 

 

 

 

 

(8,424

)

0.8

%

RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE

 

 

 

 

 

 

 

 

 

(4,825

)

 

 

 

 

 

 

 

 

(10,462

)

-53.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST

 

 

 

 

 

 

 

 

 

65,893

 

 

 

 

 

 

 

 

 

35,495

 

85.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

 

 

 

 

 

 

 

(21,048

)

 

 

 

 

 

 

 

 

(7,099

)

196.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

 

 

 

 

 

 

 

44,845

 

 

 

 

 

 

 

 

 

28,396

 

57.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MINORITY INTEREST

 

 

 

 

 

 

 

 

 

(93

)

 

 

 

 

 

 

 

 

136

 

-167.9

%

NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

 

 

 

 

 

 

 

 

 

44,753

 

 

 

 

 

 

 

 

 

28,532

 

56.8

%

Net Margin

 

 

 

 

 

 

 

 

 

4.9

%

 

 

 

 

 

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

946.6

 

 

 

 

 

 

 

 

 

946.6

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

47.3

 

 

 

 

 

 

 

 

 

30.1

 

 

 

EARNINGS PER ADS

 

 

 

 

 

 

 

 

 

283.7

 

 

 

 

 

 

 

 

 

180.9

 

56.8

%

 


(1) Total may be different from the addition of the four countries because of intercountry eliminations

(2) Corporate expenses partially reclassified to the operations.

(3) OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.

(4) EBITDA: Operating Income + Depreciation

 

11



 

Embotelladora Andina S.A.

Six Months Results for the period ended June 30, 2015 IFRS GAAP

(In nominal million US$, except per share)

 

 

 

Exch. Rate :             621.14

 

 

 

 

 

 

 

Exch. Rate :               553.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January-June 2015

 

January-June 2014

 

 

 

 

 

Chilean
Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

Chilean Operations

 

Brazilian
Operations

 

Argentine
Operations

 

Paraguayan
Operations

 

Total (1)

 

% Ch.

 

VOLUME TOTAL BEVERAGES (Million UC)

 

116.3

 

141.0

 

113.3

 

29.6

 

400.2

 

114.0

 

150.5

 

108.3

 

30.0

 

402.7

 

-0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

407.5

 

505.8

 

457.8

 

100.8

 

1,470.6

 

430.1

 

613.0

 

357.3

 

107.6

 

1,507.4

 

-2.4

%

COST OF SALES

 

(244.5

)

(300.7

)

(263.9

)

(60.7

)

(868.7

)

(258.8

)

(383.9

)

(207.8

)

(66.9

)

(916.8

)

-5.3

%

GROSS PROFIT

 

162.9

 

205.0

 

193.9

 

40.1

 

602.0

 

171.3

 

229.1

 

149.5

 

40.8

 

590.6

 

1.9

%

Gross Margin

 

40.0

%

40.5

%

42.4

%

39.8

%

40.9

%

39.8

%

37.4

%

41.8

%

37.9

%

39.2

%

 

 

MARKETING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES

 

(115.3

)

(136.4

)

(155.2

)

(22.5

)

(429.4

)

(123.1

)

(165.5

)

(129.1

)

(23.4

)

(441.2

)

-2.7

%

CORPORATE EXPENSES (2)

 

 

 

 

 

 

 

 

 

(3.4

)

 

 

 

 

 

 

 

 

(4.8

)

-28.9

%

OPERATING INCOME (3)

 

47.7

 

68.6

 

38.7

 

17.6

 

169.1

 

48.2

 

63.5

 

20.3

 

17.3

 

144.6

 

16.9

%

Operating Margin

 

11.7

%

13.6

%

8.4

%

17.5

%

11.5

%

11.2

%

10.4

%

5.7

%

16.1

%

9.6

%

 

 

EBITDA (4)

 

79.6

 

91.3

 

54.9

 

28.2

 

250.5

 

83.0

 

92.6

 

35.9

 

28.7

 

235.4

 

6.4

%

Ebitda Margin

 

19.5

%

18.1

%

12.0

%

27.9

%

17.0

%

19.3

%

15.1

%

10.0

%

26.6

%

15.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL EXPENSE/INCOME (Net)

 

 

 

 

 

 

 

 

 

(41.1

)

 

 

 

 

 

 

 

 

(49.1

)

-16.3

%

RESULTS FROM AFFILIATED

 

 

 

 

 

 

 

 

 

(0.5

)

 

 

 

 

 

 

 

 

2.7

 

-119.3

%

OTHER INCOME/(EXPENSE)

 

 

 

 

 

 

 

 

 

(13.7

)

 

 

 

 

 

 

 

 

(15.2

)

-10.1

%

RESULTS BY READJUSTEMENT UNITS AND EXCHANGE RATE DIFFERENCE

 

 

 

 

 

 

 

 

 

(7.8

)

 

 

 

 

 

 

 

 

(18.9

)

-58.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES; AND MINORITY INTEREST

 

 

 

 

 

 

 

 

 

106.1

 

 

 

 

 

 

 

 

 

64.1

 

65.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

 

 

 

 

 

 

 

(33.9

)

 

 

 

 

 

 

 

 

(12.8

)

164.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

 

 

 

 

 

 

 

72.2

 

 

 

 

 

 

 

 

 

51.3

 

40.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MINORITY INTEREST

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

0.2

 

-160.5

%

NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

 

 

 

 

 

 

 

 

 

72.0

 

 

 

 

 

 

 

 

 

51.6

 

39.8

%

Net Margin

 

 

 

 

 

 

 

 

 

4.9

%

 

 

 

 

 

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

946.6

 

 

 

 

 

 

 

 

 

946.6

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

 

 

 

 

 

0.1

 

 

 

EARNINGS PER ADS

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

 

 

 

 

 

0.3

 

39.8

%

 


(1)   Total may be different from the addition of the four countries because of intercountry eliminations

(2)   Corporate expenses partially reclassified to the operations.

(3)   OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.

(4)   EBITDA: Operating Income + Depreciation

 

12



 

Embotelladora Andina S.A.

Second Quarter Results for the period ended June 30, 2015 IFRS GAAP

(In nominal local currency of each period)

 

 

 

April-June 2015

 

April-June 2014

 

 

 

Chile Million
Ch$

 

Brazil Million
R$

 

Argentina
Million AR$

 

Paraguay
Million G$

 

Chile Million
Ch$

 

Brazil Million
R$

 

Argentina
Million AR$

 

Paraguay
Million G$

 

TOTAL BEVERAGES VOLUME (Million UC)

 

53.3

 

63.2

 

50.9

 

13.2

 

50.5

 

70.3

 

46.7

 

13.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

117,535

 

672.7

 

1,888.2

 

221,722

 

108,786

 

653.5

 

1,274.2

 

216,028

 

COST OF SALES

 

(71,224

)

(403.0

)

(1,111.5

)

(138,682

)

(66,770

)

(418.3

)

(776.8

)

(135,343

)

GROSS PROFIT

 

46,311

 

269.7

 

776.7

 

83,040

 

42,016

 

235.2

 

497.4

 

80,685

 

Gross Margin

 

39.4

%

40.1

%

41.1

%

37.5

%

38.6

%

36.0

%

39.0

%

37.3

%

SELLING AND ADMINISTRATIVE EXPENSES

 

(34,293

)

(189.8

)

(668

)

(45,604

)

(31,576

)

(184.6

)

(475.4

)

(41,999

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (1)

 

12,018

 

79.9

 

108.5

 

37,436

 

10,440

 

50.6

 

22.0

 

38,686

 

Operating Margin

 

10.2

%

11.9

%

5.7

%

16.9

%

9.6

%

7.7

%

1.7

%

17.9

%

EBITDA (2)

 

21,950

 

112.6

 

180.4

 

62,923

 

20,156

 

85.1

 

85.0

 

64,030

 

Ebitda Margin

 

18.7

%

16.7

%

9.6

%

28.4

%

18.5

%

13.0

%

6.7

%

29.6

%

 


(1)         OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.

(2)         EBITDA: Operating Income + Depreciation

 

13



 

Embotelladora Andina S.A.

Six Months Results for the period ended June 30, 2015 IFRS GAAP

(In nominal local currency of each period)

 

 

 

January-June 2015

 

January-June 2014

 

 

 

Chile Million
Ch$

 

Brazil Million
R$

 

Argentina
Million AR$

 

Paraguay
Million G$

 

Chile Million
Ch$

 

Brazil Million
R$

 

Argentina
Million AR$

 

Paraguay
Million G$

 

TOTAL BEVERAGES VOLUME (Million UC)

 

116.3

 

141.0

 

113.3

 

29.6

 

114.0

 

150.5

 

108.3

 

30.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

253,086

 

1,483.7

 

4,031.6

 

492,611

 

238,053

 

1,411.3

 

2,786.4

 

481,696

 

COST OF SALES

 

(151,876

)

(883.7

)

(2,324.9

)

(296,918

)

(143,231

)

(883.4

)

(1,625.0

)

(299,358

)

GROSS PROFIT

 

101,210

 

600.0

 

1,706.7

 

195,692

 

94,822

 

527.9

 

1,161.4

 

182,337

 

Gross Margin

 

40.0

%

40.4

%

42.3

%

39.7

%

39.8

%

37.4

%

41.7

%

37.9

%

SELLING AND ADMINISTRATIVE EXPENSES

 

(71,613

)

(401.7

)

(1,368

)

(109,740

)

(68,140

)

(380.1

)

(1,007.5

)

(105,031

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (1)

 

29,598

 

198.3

 

338.3

 

85,952

 

26,682

 

147.8

 

154.0

 

77,307

 

Operating Margin

 

11.7

%

13.4

%

8.4

%

17.4

%

11.2

%

10.5

%

5.5

%

16.0

%

EBITDA (2)

 

49,416

 

265.3

 

481.4

 

137,640

 

45,956

 

214.5

 

275.9

 

127,933

 

Ebitda Margin

 

19.5

%

17.9

%

11.9

%

27.9

%

19.3

%

15.2

%

9.9

%

26.6

%

 


(1)         OPERATING INCOME: Considers the following items of the income statement by function included in the financial statements filed with the Chilean Superintendence of Securities and Insurance: Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses.

(2)         EBITDA: Operating Income + Depreciation

 

14



 

Embotelladora Andina S.A.

 

Consolidated Balance Sheet

(In million of constant 06/30/15 Chilean Pesos)

 

ASSETS

 

06-30-2015

 

12-31-2014

 

06-30-2014 (*)

 

%Ch

 

Cash + Time deposits + market. Securit.

 

182,238

 

186,091

 

149,351

 

22.0

%

Account receivables (net)

 

137,566

 

204,105

 

153,863

 

-10.6

%

Inventories

 

142,546

 

149,728

 

129,920

 

9.7

%

Other current assets

 

15,574

 

13,812

 

19,879

 

-21.7

%

Total Current Assets

 

477,924

 

553,736

 

453,012

 

5.5

%

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

1,267,818

 

1,308,586

 

1,298,706

 

-2.4

%

Depreciation

 

(602,415

)

(595,510

)

(581,333

)

3.6

%

Total Property, Plant, and Equipment

 

665,403

 

713,076

 

717,373

 

-7.2

%

 

 

 

 

 

 

 

 

 

 

Investment in related companies

 

59,928

 

66,050

 

76,006

 

-21.2

%

Goodwill

 

107,612

 

116,924

 

127,027

 

-15.3

%

Other long term assets

 

834,405

 

819,387

 

785,902

 

6.2

%

Total Other Assets

 

1,001,946

 

1,002,361

 

988,935

 

1.3

%

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

2,145,273

 

2,269,173

 

2,159,321

 

-0.7

%

 

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

06-30-2015

 

12-31-2014

 

06-30-2014 (*)

 

%Ch

 

Short term bank liabilities

 

41,883

 

41,676

 

58,520

 

-28.4

%

Current portion of bonds payable

 

18,362

 

17,624

 

17,058

 

7.6

%

Other financial liabilities

 

6,230

 

8,120

 

4,966

 

25.4

%

Trade accounts payable and notes payable

 

196,094

 

284,146

 

175,492

 

11.7

%

Other liabilities

 

70,617

 

58,647

 

57,562

 

22.7

%

Total Current Liabilities

 

333,185

 

410,213

 

313,597

 

6.2

%

Long term bank liabilities

 

32,913

 

46,415

 

59,933

 

-45.1

%

Bonds payable

 

674,774

 

657,220

 

623,531

 

8.2

%

Other financial liabilities

 

19,840

 

22,981

 

32,704

 

-39.3

%

Other long term liabilities

 

208,235

 

213,347

 

210,455

 

-1.1

%

Total Long Term Liabilities

 

935,762

 

939,963

 

926,624

 

1.0

%

 

 

 

 

 

 

 

 

 

 

Minority interest

 

21,015

 

21,703

 

21,137

 

-0.6

%

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

855,311

 

897,294

 

897,963

 

-4.7

%

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY

 

2,145,273

 

2,269,173

 

2,159,321

 

-0.7

%

 

Financial Highlights

(In million of constant 06/30/15 Chilean Pesos)

 

 

 

Year to Date

 

ADDITIONS TO FIXED ASSETS

 

06-30-2015

 

12-31-2014

 

06-30-2014 (*)

 

Chile

 

18,217

 

45,110

 

26,162

 

Brazil

 

9,273

 

30,280

 

12,622

 

Argentina

 

10,358

 

25,724

 

11,761

 

Paraguay

 

2,546

 

13,103

 

7,472

 

 

 

40,394

 

114,217

 

58,017

 

 

 

 

 

 

 

 

 

DEBT RATIOS

 

06-30-2015

 

12-31-2014

 

06-30-2014 (*)

 

Financial Debt / Total Capitalization

 

0.48

 

0.46

 

0.46

 

Financial Debt / EBITDA L12M

 

2.52

 

2.74

 

2.91

 

EBITDA L12M / Interest Expense (net) L12M

 

5.06

 

4.58

 

5.60

 

 

 

 

 

 

 

 

 

L12M: Last twelve months

 

 

 

 

 

 

 

 


(*) To ease figure comparison we include June 30, 2014 only on this chart, since mandatory SVS information does not require it.

 

15


 


 

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, in the city of Santiago, Chile.

 

 

 

EMBOTELLADORA ANDINA S.A.

 

By:

/s/ Andrés Wainer

 

Name:

Andrés Wainer

 

Title:

Chief Financial Officer

 

Santiago, August 25, 2015

 

16


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