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Compañía Cervecerías Unidas S.A. (CCU), also referred to in English as United Breweries Company, Inc., is a multi-category beverage company incorporated in the Republic of Chile. According to its SEC filings, CCU has operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay and participates in several alcoholic and non-alcoholic beverage categories across these markets.

CCU reports that in Chile it is one of the largest players in each beverage category in which it participates. These categories include beer, soft drinks, mineral and bottled water, nectar, wine and pisco, among others. In Argentina, CCU states that it is the second-largest brewer and that it 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, while in Colombia it participates in the beer and malt industry.

Business segments and operations

CCU’s interim consolidated financial statements describe three operating segments used for reporting purposes: Chile, International Business and Wine. The Chile segment covers its activities in the Chilean market. The International Business segment encompasses operations in Argentina, Bolivia, Paraguay, Uruguay and joint ventures or associates in other countries, while the Wine segment focuses on wine-related activities, including domestic and export markets.

The company’s financial statements, prepared in thousands of Chilean pesos, present information on net sales, cost of sales, distribution expenses, administrative expenses and other income and expenses by function. CCU also discloses segment information, foreign currency effects, risk management, inventories, biological assets, property, plant and equipment, intangible assets, goodwill and investments accounted for using the equity method. This structure highlights that CCU’s business model is based on producing, marketing and distributing a diversified range of beverages across multiple geographies and categories.

Geographic footprint and categories

According to its 6-K filings, CCU’s presence in South America is organized by country and beverage category:

• Chile: beer, soft drinks, mineral and bottled water, nectar, wine and pisco, among others.
• Argentina: beer (where CCU is the second-largest brewer), cider, spirits and wine.
• Uruguay and Paraguay: beer, mineral and bottled water, soft drinks and nectar.
• Bolivia: beer, water, soft drinks and malt beverages.
• Colombia: beer and malt.

This mix of categories provides exposure to both alcoholic and non-alcoholic beverages, with different product types in each market as described in the company’s disclosures.

Partnerships and agreements

CCU’s filings state that its principal licensing, distribution and/or joint venture agreements include relationships with 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. These agreements support CCU’s participation in various beverage categories and allow it to market and distribute brands associated with these counterparties in its operating territories, as indicated in the SEC documents.

Regulatory reporting and corporate structure

CCU files reports with the U.S. Securities and Exchange Commission as a foreign private issuer on Form 20-F and periodically furnishes information on Form 6-K. The interim consolidated financial statements outline the basis of preparation, consolidation principles, revenue recognition policies, and segment reporting. They also describe financial instruments, risk administration, provisions, employee benefits, leases and tax positions.

The company is incorporated in the Republic of Chile. Its filings reference a parent company, Inversiones y Rentas S.A., and note that CCU’s Board of Directors has acknowledged corporate governance policies adopted by this parent entity for the election of directors in subsidiary companies, in line with Chilean corporate law and regulations issued by the Comisión para el Mercado Financiero (CMF).

Financial reporting focus

CCU’s interim consolidated financial statements provide detail on:

• Statements of financial position (assets; liabilities and equity).
• Statements of income and comprehensive income.
• Statements of changes in equity and cash flows.
• Notes covering operating segments, financial instruments, inventories, biological assets, property, plant and equipment, goodwill and other intangibles, provisions, employee benefits and contingencies.

These disclosures allow investors to analyze how CCU’s multi-category beverage operations across Chile and other South American markets translate into net sales, margins, operating profit and net income, as well as to understand the company’s capital structure and risk exposures as presented in its filings.

Dividend policy and shareholder returns

In one of its 6-K reports, CCU’s Board of Directors approved the distribution of an interim dividend to be charged against net profit for the year, specifying a dividend amount per share and per ADR and the total amount to be distributed. The filing also indicates the record date and payment start date for this dividend. This demonstrates that CCU uses dividends as a mechanism to distribute a portion of its earnings to shareholders, as described in its official communications.

Summary

Overall, Compañía Cervecerías Unidas S.A. is described in its SEC filings as a multi-category beverage company with a diversified presence across South American markets and beverage types. Its operations span beer, soft drinks, water, nectar, wine, pisco, cider, spirits and malt beverages, with activities organized into Chile, International Business and Wine segments. The company’s relationships with global beverage and consumer companies through licensing, distribution and joint venture agreements are a notable feature of its business profile as disclosed to investors.