(283,850) | --- | --- | |-------------------------------------------------------------------------------------------------|---------| | Business Growth (volume, price and efficiencies – ExCCelencia / Plan deTransformación CCU) | 412,133 | | EBITDA 2022 | 357,929 | (1) Excludes the one-time effect compensation of CLP 18,882 million at EBITDA level received by our Argentine subsidiary CICSA during 2Q14 for the termination of the contract which allowed us to import and distribute on an exclusive basis Corona a ...

CompañÃa CervecerÃas Unidas S.A. (NYSE:CCU) Q2 2023 Earnings Conference Call August 10, 2023 12:00 PM ET Company Participants Claudio Heras - Head of IR Felipe Dubernet - CFO Conference Call Participants Felipe Ucros - Scotiabank Fernando Olvera - Bank of America Henrique Brustolin - BTG Pactual Operator Good day, everyone. And welcome to CCU's Second Quarter 2023 Earnings Conference Call. Please note that today's conference is being recorded. At this time, I would like to turn the conference over to Claudi ...

Financial Data and Key Metrics Changes - In Q1 2023, revenues increased by 4.5%, driven by an 8.1% growth in average prices in Chilean pesos, despite a low single-digit drop in volumes [28][30] - Gross profit rose by 9.6%, and gross margin improved by 227 basis points, attributed to lower cost pressures from favorable packaging material costs [29] - EBITDA saw a slight increase of 0.2%, while EBITDA margin contracted by 80 basis points, indicating a need for further efforts to consolidate profitability [30] Business Line Data and Key Metrics Changes - The International Business Operating segment experienced a 4.7% rise in net sales, driven by a 13.9% increase in average prices, although volumes contracted by 8.1% [32] - The Wine operating segment faced significant challenges, with revenues down 17.7% due to weaker volumes, particularly in exports, which dropped in the low-20s percentage [33] - Domestic volumes in Chile dropped mid-single digits, leading to a 32.5% decline in gross profit and a 69.5% fall in EBITDA [11] Market Data and Key Metrics Changes - The consumption environment in Argentina weakened, contributing to lower volumes across all geographies, particularly affecting the International Business segment [32] - The wine business is experiencing a global reduction in consumption, impacting inventory levels and sales [16][22] Company Strategy and Development Direction - The company is focusing on the six pillars of the HerCCUles 2023 plan, which include maintaining business scale, enhancing revenue management, optimizing capital expenditures, and investing in brand equity [2][27] - There is an emphasis on improving efficiency and managing costs to navigate the inflationary environment [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough economic environment but noted a recovery in financial results, primarily driven by the implementation of the HerCCUles plan [54] - The company expects to continue facing challenges in the wine segment due to global inventory adjustments and reduced consumption [39][46] Other Important Information - The company reported stronger cash generation, with net cash inflow from operating activities expanding compared to the previous year [8] - Marketing expenses as a percentage of net sales deteriorated, but the company plans to continue investing in brand equity despite the modest demand [7][62] Q&A Session Summary Question: How is the consumer reacting to price increases in Chile? - Management indicated that consumer resilience is observed despite price increases, with a slight volume decrease of 1.1% [14][36] Question: What actions are planned for the wine business? - Management acknowledged the need to enhance the HerCCUles plan within the wine business, focusing on efficiency improvements [15][39] Question: How are marketing expenses being managed in light of modest demand? - The company plans to protect brand equity and continue investing in marketing, aligning with their strategic pillars [62] Question: What is the outlook for volume recovery in international markets? - Management expressed that recovery in Argentina is unlikely due to high inflation, while other markets may stabilize [52][64]

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) 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) | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|--------------------------------------------------------------------- ...

Compañía Cervecerías Unidas S.A. (NYSE:CCU) Q4 2022 Earnings Conference Call March 1, 2023 10:00 AM ET Company Participants Claudio Las Heras - Head-Investor Relations Felipe Dubernet - Chief Financial Officer Conference Call Participants Felipe Ucros - Scotiabank Lucas Ferreira - JPMorgan Sorabh Daga - HSBC Henrique Brustolin - BTG Operator Ladies and gentlemen, thank you for standing by. Good day, and welcome to CCU's Fourth Q2022 Earnings Conference Call on the 1 March 2023. Today's conference call is be ...

CompañÃa CervecerÃas Unidas S.A. (NYSE:CCU) Q3 2022 Earnings Conference Call November 9, 2022 10:00 AM ET Company Participants Claudio Las Heras – Head-Investor Relations Felipe Dubernet – Chief Financial Officer Conference Call Participants Henrique Brustolin – BTG Carlos Laboy – HSBC Thiago Bortoluci – Goldman Sachs Felipe Ucros – Scotiabank Operator Good day, and welcome to the CCU's 3Q 2022 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference ...

Company Overview - CCU is a regional multi-category beverage player with operations in Chile, Argentina, Paraguay, Uruguay, and Bolivia [10] - As of September 30, 2022, CCU's market capitalization was 2 billion USD [9] - In 2021, CCU's total volume was 34.7 million HL, net sales were 3.272 billion USD, and EBITDA was 586 million USD [10] - CCU has a diversified brand portfolio with leading market shares in core and synergic categories [16] Financial Performance - From 2002 to 2021, CCU's CAGR was 6.7% for net sales, 9.4% for EBITDA, and 12.3% for net income [25] - In Q3 2022, CCU's consolidated net sales increased by 9.9% compared to Q3 2021, reaching 684.106 million CLP [79] - However, in Q3 2022, CCU's consolidated EBITDA decreased by 33.4% compared to Q3 2021, reaching 67.607 million CLP [79] - CCU's balance sheet shows strong financial ratios, with an interest coverage of 5.94 and a debt-to-equity ratio of 0.45 as of September 30, 2022 [81] Sustainability - CCU is focused on profitable and sustainable growth, with a commitment to economic, social, and environmental responsibility [24] - CCU aims to reduce greenhouse gas emissions per liter produced by 50% by 2030 compared to a 2010 baseline [43] - CCU aims to use 75% energy generated from renewable sources [43]

Financial Data and Key Metrics Changes - The company reported an 18.8% increase in revenues, driven by a 22.4% rise in average prices in Chilean pesos, while volumes contracted by 2.9% [5][6] - EBITDA decreased by 47.3% to 32,470 million Chilean pesos, with EBITDA margin dropping from 13.1% to 5.8% [6][7] - The company incurred a net loss of 10,455 million Chilean pesos compared to a profit of 18,968 million Chilean pesos in the previous year [7] Business Line Data and Key Metrics Changes - In the Chile operating segment, revenues grew by 3.7% due to a 7.3% increase in average prices, while volumes declined by 3.4% [8] - The International Business Operating segment saw net sales rise by 70.9%, with volumes contracting by 1.7% [10] - The Wine Operating segment's revenues increased by 16.7%, attributed to a 17.4% growth in average prices, while volumes decreased by 0.5% [11][12] Market Data and Key Metrics Changes - In Argentina, Paraguay, and Bolivia, volumes expanded compared to pre-pandemic levels, while Uruguay remained flat and Bolivia saw a decline [10] - The company noted a 17.6% devaluation of the Chilean peso against the US dollar, impacting costs [9] Company Strategy and Development Direction - The company aims to focus on revenue management and efficiency improvements to recover profitability while maintaining business scale [5][6] - Management emphasized the importance of brand equity and marketing investments to protect market share and pricing power [35][36] Management Comments on Operating Environment and Future Outlook - The management acknowledged a challenging macroeconomic environment with high inflation and cost pressures, impacting margins [4][6] - Future expectations include stable volume growth with low single-digit increases anticipated for 2023 [25][56] Other Important Information - The company plans to continue with revenue management initiatives and cost efficiencies to recover profitability [5][6] - Management expressed confidence in achieving better profitability in 2023 despite the current challenges [39] Q&A Session Summary Question: Can you comment on the dynamics between consumption at home and away from home during the quarter? - Management noted that on-premise consumption has recovered significantly from pandemic lows, expecting further recovery [16] Question: How did the demand behave between premium and non-premium brands during the quarter? - Premium brands accounted for 43% of volumes in Q2 2022, down from higher levels in late 2021, indicating a shift in consumer preferences [18][21] Question: What is the outlook for the consumption environment in Chile? - Management expects a stable consumption environment with low growth in 2023, focusing on revenue management and efficiency [25][26] Question: What is the incremental pricing needed to offset ongoing cost inflation? - Management did not disclose specific figures but emphasized the need for further price increases to recover profitability [32] Question: How much further room is there for efficiency to protect margins? - Management indicated there are still opportunities for efficiency improvements across various operational areas [37][38] Question: How does the competitive environment look after recent price increases? - Management acknowledged potential market share loss in the short term due to price increases but remains committed to adjusting prices as necessary [42][43] Question: Will the company consider separating Argentina's performance from the international division? - Management acknowledged the unique challenges in Argentina but did not commit to separating its financial reporting [45][46] Question: Is there a possibility of exploring a hedging policy for raw materials? - Management expressed skepticism about the effectiveness of long-term hedging strategies, preferring to manage volatility directly [48][49]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

CompañÃa CervecerÃas Unidas S.A. (NYSE:CCU) Q2 2021 Earnings Conference Call August 6, 2021 12:00 PM ET Company Participants Claudio Las Heras – Head of Investor Relations Patricio Jottar – Chief Executive Officer Felipe Dubernet – Chief Financial Officer Conference Call Participants Fernando Olvera – Bank of America Felipe Ucros – Scotiabank Mohammed Ahmad – FGP Felipe Ucros – Scotiabank Claudio Las Heras [Call Starts Abruptly] these statements should be taken in conjunction with the additional information ...