Embotelladora Andina S.A. Annual Report 2022

FY2022 Annual Report · Embotelladora Andina S.A.

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INTEGRATED
/ANNUAL
REPORT_

2022

Table_of
Contents

TOTAL BEVERAGE
COMPANY
A purpose for new challenges
Business system and operations
Our sustainable value creation strategy
Our stakeholders and partners
Presence and networks

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15
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29

LEADERSHIP AND
TRANSPARENCY
Corporate governance model
Board of Directors
Our ethical culture
Crime prevention
Principal officers
Main policies and guidelines
Managing our risks

31
33
48
50
53
58
60

CUSTOMER AND
CONSUMER CENTRIC
Clients and market share
Breadth of portfolio and brands
Nutrition and healthier products
Channels and territories
Customer and consumer satisfaction
Digital transformation
Information security and cybersecurity

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INNOVATION AND
OPERATING EFFICIENCY
Innovation in the value chain
Technology, data and automation of our
processes
Agility and flexibility
Food loss and food waste

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95

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98

Returnable and environmentally
responsible model
Packaging and circular economy
Waste management
Water management
Energy management
Climate action

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111
119
122

ANDINA
TALENT
Andina Team
Demographics of our employees
Training
Diverse and inclusive
Fair compensation
Occupational health and safety
Talent development and attraction
Work climate and commitment
Awards and acknowledgements

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137
141
143
146
148
148

VALUE CREATION IN
THE TERRITORY
Economic and social development of
communities
Our main community initiatives
Responsible supply chain

151

153
159

FINANCIAL AND
ECONOMIC SUMMARY
Regulatory framework
Ownership and control
Company structure
Subsidiaries, equity investees
and associates
Properties and facilities
Bottling agreements
Distribution agreements
Production capacity
Distribution: truck fleet
Principal clients and suppliers by country
Investment plan

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174
175

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190
191
193
194
194
199

FINANCIAL
INFORMATION
Material events
Risk Factors
Summarized financial statements - Subsidiaries
Consolidated Financial Statements

203
205
230
238

SUSTAINABILITY
STANDARDS
About this Integrated Annual Report
Materiality Process
ESG impact tables and indicators
Norms and standards table of contents
Glossary and acknowledgements
EY Assurance statement
Carbon Footprint verification letter
Statement of Responsibility

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330
377
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403
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405

MESSAGE_FROM THE
_CHAIRMAN OF THE
BOARD OF_DIRECTORS

In order to strengthen this path and because we
understand that during volatile times, stronger
conviction in what we do is required, it became
essential to discuss and review our raison d’être, as well
as our contribution to society and the environment,
through a participatory process to unveil our purpose.

We also seek to contribute to the sustainable
development of our host communities by
coordinating various stakeholders to implement
initiatives that contribute to the improvement of
their quality of life and well-being, with a particular
emphasis on local procurement.

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a t the conclusion of a new year, which was

marked by a return to pre-pandemic activities

and an ever-changing political, economic, and
social framework, it is undeniable that we live in a
challenging world that generates both uncertainty
and opportunity.

This year brought new factors that have challenged
the corporate sector in general and our business in
particular, including high levels of inflation in the
markets where we operate, rising raw material
costs, shifting consumer preferences, and changes
in the political and regulatory environment, all of
which have created a new scenario for the
development of our business.

Reach together every corner,
to refresh moments and open
opportunities.

Under this guiding principle, we have fostered an agile,
flexible, and committed culture, which has enabled us
to strengthen our leadership in the markets where we
are present, in line with the expectations of our
customers and consumers, by operating with
efficiency and productivity and by incorporating
automation and digitization into our processes, so that
we can reach more territories every day, with a
broader offering and through multiple channels.

Under this scenario, and thanks to the
implementation of our strategy, we have continued
the path toward becoming a Total Beverage
Company, which enables us to be present in all
beverage categories in Chile and to continue
growing our other operations.

Sustainability - structured under the Environmental,
Social and Governance (ESG) pillars –has also been
a focus of attention and priority, where we have
continued to foster a culture of greater inclusion,
diversity and innovation among our employees,
suppliers, customers and consumers.

As a result, we achieved a consolidated adjusted
EBITDA of Ch$464,510 million in 2022, a 16.9%
increase over the previous year and a 33.1%
increase over 2019, the year before the pandemic.
Sales volume for the year was 873.6 million unit
cases, an increase of 5.5% over the previous year,
and without taking into account the volume of
wines in Chile, which the company began
commercializing in November 2021, volume
increased by 5.1% in the period.

In this line, we reaffirm our commitment to
contributing to the achievement of the Sustainable
Development Goals (SDGs) of the United Nations,
by promoting a circular view of our processes,
enhancing the returnability of our packaging,
addressing greater water efficiency and
incorporating concrete alternatives to reduce our
emissions, in accordance with the global agenda to
address climate change.

These guidelines, along with the unwavering
commitment and dedication of every member of the
Andina team, as well as our partner The Coca-Cola
Company, have enabled us to consolidate our
position as one of the most relevant bottlers in the
region, not only in terms of results, but also in terms
of the quality of our products and services.

Juan Claro G.

Chairman of the Board of Directors

We are aware that the year 2023 will
bring new and significant challenges,
which, with the help of the Andina
team and the proper implementation
of our strategy, we will be able to
overcome and thus continue on our
path to achieving our goals.

MESSAGE-FROM THE
CHIEF EXECUTIVE‹‹
››OFFICER

The world and markets have
been undergoing rapid changes
and transformations in multiple
directions, which prompted Coca-Cola
Andina to undergo a transformation
process a few years ago in order to
become a flexible Company capable of
adapting quickly to new challenges,
with a primary focus on customer
service and attention, the digitization
process, and sustainability.

In this context, it was necessary to confront the
pandemic and its effects on consumption, logistics,
markets, and society. Despite this complex
circumstance, we were able to move forward, causing
a catalytic effect within our organization that
encouraged us to take more risks and make more
decisions in order to accelerate this transformation.

As a result, and as a consequence of the progressive
implementation of this vision, we closed 2022 with
positive financial results compared to the previous
year, where consolidated net sales increased by
19.9%, sales volume by 5.5% and accumulated
consolidated adjusted EBITDA by 16.9%.

The reality and conditions of each country where
we operate are different, which has required us to
visualize this transformation in a non-homogeneous
but adaptive way. In this way, we have gradually
taken advantage of the diversity of opportunities
that these markets have offered us, adding the
natural synergies that can occur between them, but
always keeping our Sustainable Value Creation
Strategy as a common thread.

Under this scenario, we have implemented several
actions that have allowed us to consolidate our
position as one of the largest and most relevant
bottlers in the region, becoming a Total Beverage
Company, where -in addition to all the products of
The Coca-Cola Company- we distribute spirits,
beers, wines and pisco in Chile, in part of our
territory in Argentina we distribute beer, wines, and
ciders, among other alcoholic beverages, and in
Brazil, along with beer, where we already have our
own brand “Therezópolis”, we signed a sales and
distribution agreement with Campari, which will allow
us to continue expanding our product portfolio.

Regarding our non-alcoholic beverage offer, it is
worth noting that 34.6% of the total volume
corresponds to low or sugar-free categories.

Innovation and the digitization of processes and
channels have been fundamental for Coca-Cola
Andina, both from an operational standpoint and
from the relationship with our customers and
consumers, where we have designed and
implemented various tools and digital platforms to
provide them with an optimal shopping experience
and a high level of service excellence.

In everything we do, sustainability is an integral
component of the decision-making process, as
evidenced by our commitment to continue
promoting the circularity of our processes, not only
for our customers and consumers, but also in the
communities in which we operate.

Thus, we continued to increase the use of recycled
resin - replacing virgin resin - in our packaging,
reaching 22.1% in Brazil and 14.3% in Argentina. In
Paraguay, where we began incorporating this
material during the last quarter of the year, after
the creation of the company Circular Pet, of which
we are partners and whose objective is the
collection and recycling of PET resin, we have
already reached 4%, whereas in Chile, we are
working -from 2021- on the construction project of
a plant for the recycling of plastic bottles, which will
enable us to begin using this resin starting 2024.

Regarding water and energy consumption, we have
reduced the use ratio by 15% and 8.4%, respectively,
over the last 5 years, incorporating state-of-the-art
technology in production processes and transforming
the energy matrix towards renewable sources (solar,
hydro and wind), where possible.

Another relevant pillar of the Company’s strategy is
its performance in the social area, which is
highlighted by the initiatives implemented with
collaborators, suppliers and communities adjacent
to our operations. In this regard, we continue to
promote respect for diversity and equity, by
ensuring bias-free recruitment, hiring and
evaluation processes. In 2022, the percentage of
women in our organization reached 16.4%, and we
remain committed to reaching 26.6% by 2030.

The generation of shared value in the territories
where we operate is one of our daily priorities,
where more than 90% of our suppliers are from
the countries where we operate and approximately
800 thousand people participated in the various
initiatives we implemented in neighboring
communities, addressing issues such as recycling
and material recovery, training and development of
storekeepers, and environmental education and
environmental care workshops.

Undoubtedly, these accomplishments are the result
of the permanent effort, commitment and
dedication of the more than 16,000 people that
make up the Coca-Cola Andina team, who -aligned
under a common goal- have been able to
implement each component of this plan.

Miguel Ángel Peirano

Chief Executive Officer

We are proud to share with you in
our 2022 Integrated Report the many
milestones achieved during this period,
and which are the result of the hard
work and passion of each of our
collaborators in achieving
these results.

RISK RATINGS

Local

Agency

ICR Sociedad Clasificadora
de Riesgo Ltda.

Fitch Chile Clasificadora
de Riesgo Limitada

International

Agency
Standard & Poor ́s

Fitch Ratings, Inc

Rating

AA+

Rating
BBB

BBB+

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COMPANY IDENTIFICATION

Embotelladora Andina S.A.

Open Stock Corporation
RUT 91.144.000-8
Legal Address: Av. Miraflores 9153,
Renca, Santiago.
www.koandina.com

CONTACT INFORMATION

Investor Relations

Paula Vicuña
Investor Relations Manager
andina.ir@koandina.com
Av. Miraflores 9153, Piso 7, Renca, Santiago.
Tel.: (56-2) 2338 0520

Sustainability

Mara Agustina Rey Caro
Corporate Manager of Management Control,
Risks and Sustainability
andina.ir@koandina.com
Ruta Nacional 19, Km 3,7, Córdoba.
Tel.: (54-351) 496 8888

ADDRESSES

Argentina

Ruta Nacional 19, Km 3,7, Córdoba.
Tel: (54-351) 496 8888

Brazil

Rua André Rocha 2299, Taquara, Jacarepaguá,
Rio de Janeiro.
Tel: (55-21) 2429 177

Chile

Av. Miraflores 9153, Renca, Santiago.
Tel: (56-2) 26115838

Paraguay

Acceso Sur, Ruta Ñemby, Km 3,5, Barcequillo,
San Lorenzo, Asunción.
Tel: (595-21) 959 1000

INDEPENDENT AUDITORS

Financial Statements audited by

PricewaterhouseCoopers Consultores,
Auditores Spa.
RUT 81.513.400-1

GRI - SASB reporting and

Carbon Footprint verified by:

EY Servicios Profesionales de Auditoría
y Asesoría Ltda.
RUT 77.802.430-6

_WE ARE
COCA-COLA
/ANDINA

With a significant presence in
Argentina, Brazil, Chile, and Paraguay,
Andina is one of the largest
Coca-Cola bottlers in Latin America.
In all of our operations, we strive
to generate value and be sustainable,
while maintaining a commitment to
excellence, people, and
the environment.

E mbotelladora Andina S.A. (hereinafter

“Coca-Cola Andina”, “Andina” or the

“Company”) is one of The Coca-Cola Company’s
largest franchisees in Latin America. Its principal
activity is the production, bottling, commercialization,
and distribution of The Coca-Cola Company’s
(TCCC) registered brands, as well as the
commercialization and distribution of brands owned
by Monster, AB InBev, Diageo, Capel, Campari,
and Santa Rita, among others.

The Company maintains operations and is licensed
to produce, market and distribute such products in
certain territories in Argentina (through
Embotelladora del Atlántico S.A., hereinafter
“EDASA” or “Coca-Cola Andina Argentina”), Brazil
(through Rio de Janeiro Refrescos Ltda, hereinafter
“Coca-Cola Andina Brazil”), Chile (through
Embotelladora Andina S.A., hereinafter “Coca-Cola
Andina Chile”) and throughout Paraguay (through
Paraguay Refrescos S.A., hereinafter “Paresa”).

During 2022, it serviced territories with
approximately 55.7 million inhabitants, to whom it
delivered 4,960 million liters of soft drinks, juices,
bottled waters, beers and other alcoholic beverages,
equivalent to 873.6 million unit cases*.

The Company is equally controlled by the Chadwick
Claro, Garcés Silva, Said Handal and Said Somavía
families. Its proposal for generating value is to
become a Total Beverage Company that uses its
resources efficiently and sustainably. To achieve this,
it maintains a relationship of excellence with its
collaborators, customers, suppliers, the community
and its strategic partner The Coca-Cola Company,
in order to increase the return for its shareholders
and all of its stakeholders.

*Unit case: volume measurement unit and is equivalent to
24 - 237 cc (8 oz.) bottles or 5.678 liters.

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REACH
TOGETHER

WE WORK TOGETHER TO
CREATE A SUSTAINABLE
FUTURE THAT ALLOWS
US TO MAKE A
DIFFERENCE IN THE
LIVES OF INDIVIDUALS,
COMMUNITIES, AND
OUR PLANET.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIESTOTAL BEVERAGE/
COMPANY

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES|

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A PURPOSE FOR
NEW CHALLENGES_

In this way, we moved forward integrating the axes
and thus the purpose that unites us and mobilizes
us day by day as an organization emerges.

e have established ourselves as a
company that is focused on its
customers and consumers, the environment,
and its relationships with its investors,
collaborators, neighboring communities, and
suppliers over the course of our 76-year history.

To strengthen our alignment with our many
stakeholders, we worked on unveiling our
purpose in 2022, which reflects who we are
now and the challenges we face.

The process was divided into three major stages:
convene, unveil, and integrate. As a starting
point, we welcomed representatives from our
operations in Argentina, Brazil, Chile, and
Paraguay, as well as collaborators and executives,
who actively participated in recognizing our
Company’s qualities, spirit, and distinguishing traits.

We also involved our strategic partner The
Coca-Cola Company, in order to continue
strengthening the bond that unites us, by
emphasizing the qualities that have made us one of
its main partners in Latin America.

The recognition of our purpose is anchored in the
history of Coca-Cola Andina, through its various
milestones and lessons learned, which have allowed
us to position ourselves as one of the most
important bottling companies in the Coca-Cola
System in Latin America, in addition to reflecting
the actions that make this commitment a reality
and the challenge it represents for each person
who is a part of our system.

LLEGAR JUNTOS A TODOS LOS RINCONES PARA
REFRESCAR MOMENTOS Y ABRIR OPORTUNIDADES.
-
JUNTOS CHEGAR A TODOS OS CANTOS PARA
REFRESCAR MOMENTOS E CRIAR OPORTUNIDADES.
-
ÑEgUAHe OÑONDIVE OPA RUPI ÑAMBOPIRO´Y HA
JAIPYKÚIVO ÑANDE APERÃ
-
REACH EVERY CORNER TOGETHER, TO REFRESH
MOMENTS AND OPEN OPPORTUNITIES.

This collaborative approach enabled us to identify
four essential features of our company, which
became our guiding axes.

System

Together
We are part of a system, where we actively
collaborate with many stakeholders, including our
strategic partner The Coca-Cola Company, our
suppliers, customers, employees in the four
countries and the communities in which we operate.

Outreach

Reach every corner
Working to reach every corner where we operate
and sell our products, through a powerful and
extensive distribution network and a human team
that allows us to meet this challenge.

Moments

Refresh Moments
The core of our business is to refresh moments,
for this we work every day, focused on our
customers and consumers.

Opportunities

Open opportunities
We do what we do by opening opportunities
for everyone involved in our value chain.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

OUR MISSION
Add value by growing in a sustainable way,
refreshing our consumers and sharing
moments of optimism with our clients.

OUR VISION
Lead the beverage market by being recognized
for our management of excellence, people
and welcoming culture.

OUR COMMITMENT IS
REINFORCED BY THE VALUES
THAT DEFINE US.

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Integrity

We inspire by example
•Honesty
•Transparency
•Respect
•Consistency of actions

Teamwork

Together we are more
•Trust
•Collaboration
•Diversity in our work
environments

Attitude

Austerity

Everything looks better with passion
•Passion
•Commitment
•Perseverance
•Desire to always improve our work

We care responsibly for
our resources
•Care for resources
•Responsible cost management

Results-oriented

Our objective is to meet the goals
•Efficient work
•Achievement of proposed objectives

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

OUR HISTORY
The Company’s long and consistent
history demonstrates how we have
progressed to be present in the
territories, refreshing moments and
opening opportunities. This was
accomplished by incorporating a
sustainable business vision into the
Company’s strategy, which has guided
Coca-Cola Andina’s actions until today.

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1946

Andina incorporates
Benedictino to its
water portfolio.

The Garcés Silva, Said
Handal, Said Somavía and
Hurtado Berger families
acquire control.
1985

Acquisition in Argentina
of the Coca-Cola bottlers
in Rosario, Mendoza and
Córdoba, and packaging
and filling in Buenos Aires.
1995 – 1996

Acquisition in Brazil of the
Coca-Cola bottler Niteroi,
Vitoria and Governador
Valadares (NVG).
2000

Publication of
First Sustainability
Report.
2008

1946

1955

1994

1996

2007 -2008

2011

Embotelladora Andina is
born with the license to
produce and distribute
products of The
Coca-Cola Company
in Chile.

Andina begins trading on
the Santiago Stock
Exchange.

Andina begins trading on
the New York Stock
Exchange.

The Coca-Cola Company
acquires 11% ownership
interest in Andina.

Joint venture with the
Coca-Cola System for the
water and juice business
in Brazil.

The plant located in
the commune of
Renca in Chile
begins operations.

Acquisition of the bottler
Rio de Janeiro Refrescos
in Brazil.

Sustainability pillars are
incorporated into the
Business Strategy.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

Merger with Coca-Cola Polar
incorporating new territories
in Argentina, Chile and
Paraguay.

Andina acquires 40%
ownership in Sorocaba
Refrescos in Brazil.

The Chadwick Claro family
joins the Controlling Group
of the Company formed also
by the Hurtado Berger, Said
Handal, Said Somavía, and
Garcés Silva families.
2012

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Publication of Corporate
Human Rights Policy.

Corporate Policy on
Non-Discrimination and
Harassment, Respect for
People, Diversity and
Inclusion.
2017

Publication of Coca-Cola
Andina’s Corporate
Sustainability Policy.
2015

New agreement to distribute
Pisco Capel in Chile.
2019

New agreement to
distribute Viña Santa Rita
products in Chile.

New agreement to
distribute Estrella Galicia
beers in Brazil.

Publication of the
Corporate Policy on
Diversity of the Board of
Directors.
2021

2022

2013

2016

2018

2020

Andina acquires
Companhia de Bebidas
Ipiranga, a Coca-Cola
bottler in Brazil.

Creation of the
Coca-Cola del Valle New
Ventures S.A. Joint
Venture along with
Coca-Cola de Chile S.A.
and Coca-Cola Embonor
S.A., for the production
and distribution of
non-carbonated
beverages.

Coca-Cola Andina
enters the Dow Jones
Sustainability Chile
Index.

Acquisition of Guallarauco
along with the Coca-Cola
System in Chile.

New agreement for the sale, commercialization and
distribution of the main brands of AB InBev Chile in
certain regions in Chile.

The Hurtado Berger family sells the Company’s Series A
shares and is no longer part of the Controlling Group.

New agreement with
Diageo for the distribution
of alcoholic beverages.

The new Duque de
Caxias Plant begins
operating in Brazil.

Coca-Cola Andina
voluntarily adheres to
UN’s Global Compact.

2022

Unveil the purpose of
Coca-Cola Andina.

Signing of an agreement for
the sale and distribution of
Campari in the State of
Espiritu Santo in Brazil.

Publication of the
Corporate Policy on
Environmental
Management.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

BUSINESS SYSTEM/AND OPERATIONS

INDICATORS

PERFORMANCE OF OUR
OPERATIONS 2022

At Coca-Cola Andina, networking is key to achieve our purpose.
Together with our stakeholders, we manage our value chain by embodying our guiding
principles and generating sustainable value for all of them.

2,861,800

km2 franchise

SUSTAINABLE VALUE CHAIN

The Coca-Cola
Company is our main
strategic partner. We
work together to create a
more sustainable future
that enables us to make
a difference in the lives
of people, communities
and our planet.

Our suppliers for the
supply of raw materials
(sugar, carbon dioxide,
concentrate, preforms
and caps, among others)
and services (water,
energy, maintenance,
etc.) are key to the
success of our products.

Our production and
bottling process has
state-of-the-art
equipment, which enables
the bottling of returnable
containers and single-use
bottles (plastic and glass),
as well as cans and tetra
containers.

The Coca-Cola
Company

Suppliers of raw
materials and services

Production and
bottling

Our teams are
fundamental because
they have the talent,
knowledge and
commitment to carry out
all the processes involved
in our value chain.

Collaborators

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Recyclers

Consumers

Clients

Distribution

Recyclers enable us to
return packaging to the
production chain and
thus contribute to the
development of a
circular economy.

We reach the final
consumer with our
products indirectly
through our customers
and directly through
digital platforms.

This process includes
the logistics and
distribution of products
to clients and to our
distribution centers
through third party and
our own trucks.

Our clients are a
fundamental link in our
value chain and are at
the center of our
process. We classify
them as “On premise”
(on premise
consumption, pubs,
restaurants, nightclubs,
etc.) and “Off premise”
(mom & pops, liquor
stores, kiosks, self-service
stores, supermarkets,
wholesalers, etc.).

Sales (US$ million)

3,058.4

42%

26%

24%

EBITDA (US$ million)

13%

534.7

37%

26%

24%

EBITDA Margin (%)

%
4
7
1

%
8
7
1

%
6
5
1

%
7

9
2

%
5
7
1

144.5
Net Income (US$ million)

2,057.1
Market capitalization at
December 31, 2022
(US$ million)

8,468

Suppliers

Bottling plants

Subsidiary plants

16,484

Collaborators

Distribution centers

273,553

Clients

55,671,000

Potential consumers

14,155

Argentina

Brazil

Chile

Tons of resin (tons of PET/year)

Paraguay

Total Andina

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

|OUR SUSTAINABLE
VALUE/CREATION
STRATEGY

n order to fulfill our purpose and mission,
Coca-Cola Andina has developed a sustainable
business strategy that enables us to deliver value to
our stakeholders, providing opportunities for
long-term profitable and sustainable growth.

Our 2030 Strategy incorporates five business
growth and sustainability pillars whose objectives
and strategic focuses are aligned with the
challenges presented by the operation and all of
our stakeholders.

As part of our commitment to sustainable
development, we have defined work areas and
priority axes with The Coca-Cola Company. From
our Sustainable Value Creation Strategy, we look to
the present and the future, committing to goals,
objectives and indicators for the medium and long
term. Among them, the impact or material topics
raised by our stakeholders are of special relevance.
We continue to pay close attention to them in
order to optimize our management and improve
our performance indicators.

Sustainability runs transversally
through our business and we have
made it tangible through challenging
and measurable objectives, thereby
enabling us to manage them. In this
way, we have defined for the year 2030,
among other things, a reduction in
water consumption, an increase in the
growth of the returnable mix and a
reduction in energy consumption; clear
indications that our commitment to
sustainability is total and of equal
importance as the other categories.

Miguel Ángel Peirano

Chief Executive Office

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REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

SUSTAINABLE
VALUE CREATION
STRATEGY

Pillars

Market leadership

Broad portfolio, channels
and geographies

Efficiency and productivity
of value chain

Objectives

enter into new categories.

containing costs.

• Core portfolio growth (The Coca-Cola Company products) and

• Generate efficiencies and productivity while

• Implement opportunities for inorganic growth.

• Achieve the Digital Transformation of the business.

• Customer satisfaction.

• Market execution.

• Consumer availability.

• Portfolio development.

• Omnichannel model via B2B and B2C.

• Growth alternatives in new markets.

• Operational productivity improvement projects.

• Development of new distribution contracts.

• Automation, robotization and digitization.

• Environmental management.

• Adaptation to climate change.

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Sustainable
strategic focuses

Material
topics

Customer
satisfaction

Nutrition and
product portfolio

Water
management

Energy
Management

Climate
action

Returnability
and recycling

Stakeholders

The Coca-Cola
Company

Consumers

Clients

Communities

Collaborators

Regulators

NGO’s

Investors

Suppliers

Robust and
efficient
operation

Media and
Communications

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

SUSTAINABLE
VALUE CREATION
STRATEGY

Pillars

Agility, flexibility and commitment

Excellence in Corporate Governance

Objectives

• Develop our talent
in the value chain.

• Articulation for economic

and environmental
development in our direct
communities.

• Generate sustainable

supply chains.

• Move towards a robust

and sustainable
Corporate Governance.

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Sustainable
strategic focuses

Material
topics

• People management and

organizational
commitment.

• Talent attraction and
retaining our talents.

• Incentive models aligned

with the strategy.

• Local liaison programs.

• Cost efficiency.

• Management of

environmental and social
impacts of the supply
chain.

• Management of critical

suppliers.

• Respect for human

rights.

• Risk management.

• Internal culture.

• Continuous improvement.

• Human rights.

Committed and
diverse team

Community
outreach

Supply chain
management

Robust and
efficient operation

Stakeholders

The Coca-Cola
Company

Consumers

Clients

Communities

Collaborators

Regulators

NGO’s

Investors

Suppliers

Media and
Communications

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

STRATEGIC PILLARS

Market leadership & Broad portfolio,

Efficiency and productivity of value chain

Agility, flexibility and commitment

channels and geographies

We work to become a total beverage company and
thus strengthen the beverage market, by leading
and consolidating the beverage sales, distribution
and manufacturing processes, maintaining the
growth of our core business and accelerating the
development of new product categories. We do
this within the framework of our sustainable
principles and values, and the strategic relationship
with our main partner, The Coca-Cola Company.

We manage a broad portfolio of healthy, high-
quality products to offer our customers and
consumers excellence and variety. We develop
diverse channels, which allow us to reach our
customers and consumers in the territories where
we operate in a timely and efficient manner. We
measure and manage the variables that impact
their level of satisfaction in order to meet their
requirements and develop innovative solutions.

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Excellence in Corporate Governance

We have a management team of excellence that
operates with robust Corporate Governance
standards to ensure that the management system
creates value for all our stakeholders in an ethical,
responsible and sustainable manner.

The resilience of the Company and our business is
a reflection of the capabilities and flexibility of a
great team. We have a comprehensive view of our
collaborators, paying close attention to their health,
safety and all the physical and emotional conditions
that contribute to their well-being, good working
environment, training and talent development.

We take care of nurturing and maintaining the
commitment of a team whose analytical and global
perspective enables us to adapt and be sustainable
over time. We value and encourage the
development of human talent and a workforce that
is diverse and inclusive in all its dimensions (gender,
generations, disabilities, among others).

We are committed to making Coca-Cola Andina
the best place to work and we are convinced that
happiness at work is key to the development of our
activities, the well-being of our people, economic
growth and the success of the organization.

We encourage the socioeconomic development of
local communities. We take on this responsibility by
developing relationship programs with our
neighboring communities, contributing with shared
value initiatives and maintaining ethical and
transparent relationships with our stakeholders.

We work to strengthen our production, sales and
distribution network, focusing on the sustainable
management of our costs. We are implementing a
digital transformation that, through automation and
robotization processes, allows us to operate with the
highest levels of efficiency and productivity. The
digitization of the system reaches our physical
processes and every decision we make through data
analytics and artificial intelligence, both in our pricing
and promotions processes, as well as in the order
suggestions we make to our clients.

We optimize the supply chain and continuously
monitor operations to ensure our contribution to
people and the environment by improving the
relevant performance indicators.

Environmental management is essential for achieving
sustainability and overcoming the current climate
crisis. We seek to reduce our water consumption on
a continuous basis and to preserve local water
sources for future generations. We work on four
strategic axes: reduce, reuse, recycle and replenish.

We are committed to managing projects that will
further reduce our environmental impact. The
reuse of returnable packaging is the most
responsible solution and the foundation of our
packaging strategy, along with collect, recycle and
reduce pillars.

We work actively to reduce our energy
consumption, increase the percentage of energy
derived from renewable sources, and lower
greenhouse gas (GHG) emissions throughout the
entire value chain.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

VALUE CREATION AND CONTRIBUTION
TO THE SUSTAINABLE DEVELOPMENT
GOALS (SDGs)
Coca-Cola Andina has maintained its commitment
to a more sustainable planet over time and has
transversally integrated it into its Sustainable Value
Creation Strategy.

Strategic pillar

Material topics

The Company has formalized goals, objectives and
indicators with expected values in the medium and
long term, in accordance with the Sustainable
Development Goals (SDGs), which are part of the
United Nations 2030 Agenda.

WE INVITE YOU TO LEARN MORE
ABOUT OUR COMMITMENTS AND THE
PROGRESS ACHIEVED DURING 2022.

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Market leadership

& Broad portfolio,

channels and

geographies

Nutrition and product portfolio
We are constantly working to expand our portfolio and offer consumers a wide
variety of great-tasting beverages, including more sugar-free and low-sugar
options and by reformulating our products.

Learn more about our management in Chapter 3

Customer satisfaction
The closeness with our clients allows us to achieve their constant
development and to reach the highest levels of service. We measure
and manage the variables that have an impact on their satisfaction,
address their concerns and requirements, and carry out innovations,
especially in the digitization area.

Learn more about our management in Chapter 3

Adherence
to SDGs

2022 Progress

2030 Commitments

40.75
Kilocalories sold
per 200ml.

49.55
Kilocalories sold
per 200ml.

-19%
in the last 5 years.

Maintain closeness,
boost digitization and
increase their
satisfaction.

3.d

12.a

8.2

17.7

Efficiency and

productivity of

value chain

Water Management
At Coca-Cola Andina we are conscious and careful in our use of water.
We seek to reduce our water consumption and preserve local sources for
future generations. We work on four strategic axes: reduce, reuse, recycle
and replenish.

1.71
Liters of water
consumed per liter of
beverage produced.
Water Ratio (WUR)

1.27
Liters of water
consumed per liter of
beverage produced.
Water Ratio (WUR)

6.3, 6.4

Learn more about our management in Chapter 5

-15%
in the last 5 years.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

Strategic pillar

Material topics

Adherence
to SDGs

2022 Progress

2030 Commitments

Returnability and recycling
We are committed to managing our waste, reducing the impact of our
packaging on the environment. Our pillar of reuse through returnable
packaging is at the core of our packaging strategy, along with the pillars of
collect, recycle and reduce.

Learn more about our management in Chapter 5

12.5

15.5

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Efficiency and

productivity of

value chain

Energy management
We actively work to reduce our energy consumption and increase the
percentage of renewable sources in all our operations.

Climate action
We take action to reduce GHG emissions and manage our carbon
footprint throughout our value chain.

Learn more about our management in Chapter 5

7.2

13.1, 13.2

Robust and efficient operation
We work to enhance our sales, distribution and manufacturing network,
focusing on the sustainable management of our costs, as well as on the
ongoing pursuit of greater efficiency and productivity.

Learn more about our management in Chapter 3

28%
of sales in the
returnable segment
on NARTD sold.

42.8%
of sales in the
returnable segment
on NARTD sold.

World Without
Waste (WWW)

100%
recyclability of our
packaging.

21.4%
of recovery of
bottles sold.

12.8%
of recycled resin
to produce our
bottles.

100%
of recovery of
bottles sold.

50%
of recycled resin
to produce our
bottles.

0.306
Megajoules of energy
consumed per liter
of beverage produced.

0.255
Megajoules of energy
consumed per liter
of beverage produced.

-8.4%
in the last 5 years.

40%
of the energy
consumed is from
renewable sources.

464,510
Consolidated Adjusted
EBITDA (Ch$ million)

43%
5-year growth

Sustained
Consolidated
Adjusted EBITDA
growth.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

Strategic pillar

Material topics

Adherence
to SDGs

2022 Progress

2030 Commitments

Supply Chain Management
Together with The Coca-Cola Company, we work collaboratively with our
suppliers across the entire value chain to generate a positive impact on our
community through the sourcing process. To this end, we have a Code of
Ethics for Suppliers and Third Parties, a Corporate Procurement Policy and a
Corporate Human Rights Policy and Guiding Principles.

Learn more about our management in Chapter 7

356
critical suppliers
ESG assessed

Contribute to
consolidating
sustainable supply
chains.

8.2

10.2

11.6

17.15

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Agility, flexibility and

commitment

Excellence in

governance

Committed and diverse team
At Coca-Cola Andina we strive to create the best workplace for our
collaborators. We believe that creating respectful, diverse, and inclusive
environments where people feel valued and happy will result in the
achievement of our objectives, shared economic growth, and the success of
the organization.

Learn more about our management in Chapter 6

Community Outreach
At Coca-Cola Andina we are committed to the social and economic
development of the communities in which it operates by generating shared
value, fostering ethical and transparent relationships, and, most importantly,
improving the quality of life for individuals.

Learn more about our management in Chapter 7

5.5, 5.b, 5.c

8.2, 8.8

11.4, 11.6

Robust and efficient operation
Our Corporate Governance system and management is essential for value
creation, not only for our shareholders, but also for all our stakeholders. We
also consider the integration of business risks as cross-cutting elements for
the entire Company.

16.5, 16.6,
16.7

Learn more about our management in Chapter 2

16.4%
Women’s participation
within the Company

26.6%
of women within the
Company.

808
thousand Beneficiaries

Contribute to the
progress of the local
economies where we
operate.

Strengthen Coca-Cola
Andina’s institutional
framework for
sustainability and
increase the definition
of social indicators
and goals.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

OUR STAKEHOLDERS
| AND ALLIES

he relationship of trust we maintain with
our stakeholders is based on permanent

communication and the delivery of clear,
transparent and timely information regarding
Coca-Cola Andina’s management. We have
several communication channels available to all
of them in order to maintain this constant
communication.

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INVESTORS
(shareholders, potential investors and
financial analysts)
Fixed income and equity investors, credit
institutions, insurance companies, financial analysts,
financial risk rating agencies, and ESG
(Environmental, Social and Governance).

Why we commit

It is essential to have the confidence and support
of the financial community in order to effectively
manage our value proposition, strategy, and
company valuation.
On the other hand, daily investment decisions
incorporate more ESG criteria, which presents an
opportunity for Coca-Cola Andina.

How we commit

Key issues

By integrating sustainability into our strategy, we
are able to offer a long-term business model and
positively impact the lives of others.

• Operation and performance of the Company.
• Risk management.
• Our future plans.
• Other significant events.

How we communicate

Channels

Through our Investor Relations Department’s
regular meetings with analysts and investors, we
maintain constant communication with investors.
In addition, we receive a quarterly report from an
external source that evaluates the team’s
management and includes suggestions for
implementing improvements.

• General Shareholders’ Meeting (GSM).
• Events and conferences.
• Investor days.
• Conference calls.
• Corporate presentations.
• Integrated Annual Report.
• Roadshows.
• Sustainability reporting frameworks (SASB, GRI,

IIRC, TCFD).

• Financial Statements (FECU).
• 20-F document.
• Corporate website.
• Press publications.

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COLLABORATORS
All the people who make up the Coca-Cola Andina
team and those who make it possible for us to
deliver our products to customers and consumers
in Argentina, Brazil, Chile and Paraguay.

Why we commit

Our collaborators are the Company’s change
agents and representatives. Their commitment,
loyalty, and dedication are crucial to the
realization of our purpose, mission, and vision.

How we commit

Key issues

We strive to know the relevant aspects for them and
maintain a good internal work environment. We are
committed to ensuring that each of our
collaborators can pursue a career path that enables
them to develop their skills and talents, so that we
can jointly identify and address the challenges
Coca-Cola Andina is facing.

How we communicate

We maintain direct, continuous, and effective
communication in order to resolve challenges we
face in a timely manner.

• Company strategy and performance.
• Diversity, equality and inclusion.
• Training and development.
• Health, safety and well-being.
• Remuneration and benefits.

Channels

• Corporate intranet.
• Emailing.
• Physical posters.
• Bulletin boards.
• Leaders and headships.
• Work climate and satisfaction surveys.
• Newsletter.
• Informative meetings.
• Anonymous Whistleblowing Channel
• Website.
• Integrated Annual Report.

CONSUMERS
Everyone who consumes our products.

Why we commit

Along with our customers, consumers are the
focal point of our strategy. Our business model
has progressed in incorporating components that
enhance the connection with our end consumer,
in addition to the strong relationship we have built
with our customers, who are the main link with
the end consumer.

How we commit

Key issues

Through a diverse portfolio of products that aims
to meet the preferences of every moment of the
day, while adhering to the principles of
sustainable management.

• Breadth of the portfolio.
• Product quality and safety.
• Product alternatives lower in sugar.
• Product alternatives with health benefits.

How we communicate

Through advertising campaigns for our products
and the development of digital channels.
Together with The Coca-Cola Company, we aim
to understand the tastes and preferences of our
consumers through the collection of data on their
perception of our products.

Channels

• Digital channels (www.micoca-cola.cl and
www.nasuacasa.coca-cola.com.br).
• Surveys and questionnaires.
• Hotlines and call centers.
• Events and marketing campaigns.
• Corporate website.
• Integrated Annual Report.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

CLIENTS
Correspond to sellers of our products to consumers
and are classified as: “On premise” (on-site
consumption, pubs, restaurants, discos, among
others) and “Off premise” (mom & pop stores, liquor
stores, kiosks, self-service stores, supermarkets,
wholesalers, among others).

Why we commit

Our clients are essential in the value chain of
Coca-Cola Andina, as they are the ones who
interact with and sell our products to the
end consumer.

How we commit

Channels

We are concerned with measuring the satisfaction
of our customers and managing the variables that
affect them.

How we communicate

Our account executives interact with each client on
a strategic level, while our sales team (salespeople
and distributors) provides ongoing guidance on the
company’s product portfolio and orders.

Key issues

• Customer satisfaction.
• Relationship quality.
• Fulfillment and attention.
• Effectiveness and solving requirements.
• Product breadth and capacity.
• Being proactive in addressing their concerns.

• Regular communication channels.
• Digital channels.
• Training.
• Interviews.
• Corporate website.
• App.
• Mobile.
• Integrated Annual Report.
• Telephone hotline.
• Meetings with sales and commercial teams.
• Satisfaction surveys and analysis.
• Service and client development centers,

call centers.
• Plant visits.

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THE COCA-COLA COMPANY
Is our main strategic partner and licenses us to
produce and distribute its branded products in part
of the territories of Argentina, Brazil, Chile and
throughout Paraguay.

Why we commit

Is our strategic partner, which develops the
beverage brands we bottle and distribute. It is our
supplier and franchisor; together we seek to satisfy
our clients, consumers and local communities by
generating shared and sustainable value.

How we commit

Key issues

Through the use of returnable packaging, we work
together to create a more sustainable future that
allows us to make a difference in the lives of people
on the planet.

How we communicate

We engage in ongoing communication to develop
joint initiatives, and we participate in planning
sessions to address the challenges confronting our
industry.

• Product quality and safety.
• Commitment to a sustainable operation.

Channels

• Regular meetings.
• Participation in initiatives and direct relations

with specific areas.

• Construction of joint plans.
• Audits.
• Corporate website.
• Integrated Annual Report.

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COMMUNITIES
These are the groups that fall within the direct
influence radius of our operations.

Why we commit

Key to Coca-Cola Andina’s sustainable growth are
its close ties with the communities in which it
operates, its relationship with the people, and its
understanding of their needs. We strive to
enhance the quality of life of those who reside in
the communities in which we conduct business.

How we commit

With the intention of articulating the various social
actors, we aim to contribute to the economic and
environmental development of our immediate
communities. To accomplish this, we have designed
and implemented a number of initiatives relating to
youth employability, storekeeper development, and
recycling projects, among others.

How we communicate

In addition to our own contacts from our
community relations programs and projects and
visits to our Happiness Factory, we have
community relations departments in each of our
operations, coordinate with neighborhood
organizations to participate in public-private
working groups, and hold periodic meetings with
the leaders of neighboring communities.

We also have an Anonymous Whistleblowing
Channel and we permanently generate
publications in the press, social media, corporate
website and Integrated Annual Report.

Key issues

• Local economic and labor development.
• Water use.
• Climate change.
• Recycling actions.

Channels

• Permanent meetings.
• Integration of tables for citizen dialogue.
• Anonymous Whistleblowing Channel
• Integrated Annual Report

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SUPPLIERS
This group includes contractors,
suppliers and business partners that are part of the
supply process of raw materials and services.

Why we commit

Everyone involved in our value chain is an
essential component of our process, which is why
mutual cooperation enables us to address the
daily social and environmental challenges we face.

How we commit

Key issues

Integrating a fair and ethical management with all
of our suppliers, acting as a good partner to both
large and small suppliers who assist us in achieving
our objectives.

• Health, safety and fair working conditions.
• Responsible supply chain management.
• Environmental and social impact.
• Responsible marketing practices.

How we communicate

Channels

We maintain a close relationship with them by
continuously evaluating environmental, social, and
governance (ESG) topics, sharing knowledge,
experiences, and ways to use our resources in the
most cost-effective manner, thereby reducing costs,
and simultaneously providing opportunities to
suppliers who are part of our close community.

• Regular communication channels.
• Digital channels.
• Regular meetings.
• Interviews.
• Corporate website.
• Bids.
• Training.
• Integrated Annual Report.
• Anonymous Whistleblowing Channel.

REGULATORS
In Chile our main regulator is the Financial Market
Commission (CMF), while in the United States it is
the Securities and Exchange Commission (SEC). In
addition, governmental authorities (including
legislators), intergovernmental organizations,
regulatory agencies, standard-setting bodies and
customs organizations are considered
influential actors.

Why we commit

Being available to authorities, government, and
regulators enables us to comprehend their
priorities and concerns and to communicate our
own concerns, expertise, and experience.

How we commit

Key issues

We relate continuously with the authorities,
government, and regulators, participating in
events, seminars, and working groups of the
various trade associations in each country.

How we communicate

We hold permanent meetings with regulatory
bodies, in addition to our publications in the
press, social media, corporate website and
Integrated Annual Report.

• Sustainability management.
• Corporate Governance.
• Compliance.
• Innovation.
• Regulatory compliance.

Channels

• 20-F document.
• Integrated Annual Report.

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MEDIA
We consider the relationship and contribution of
local, national, and international traditional and
digital media to the dissemination of our identity
and activities.

Why we commit

At Coca-Cola Andina, we have an External
Communications Policy which is implemented by
the External Communications and Media
Relations Management.

How we commit

Key issues

Through the permanent dissemination of relevant,
timely and transparent information to the various
stakeholders, which seeks to convey our
sustainable value creation strategy, with a special
focus on the generation of shared value with
neighboring communities.

How we communicate

We disseminate information through publications
in local, national and international press, social
media, corporate website and Integrated Annual
Report, which is carried out with the assistance of
a strategic communications agency.

• Local and national economic contribution.
• Community programs.
• Environmental care.
• Corporate responsibility.

Channels

• Traditional media.
• Digital media.
• Social media.
• Integrated Annual Report.
• Relationships and public relations.

NON-GOVERNMENTAL
ORGANIZATIONS (NGOs)
We value the scientific and expert perspective
provided by many NGOs, which aspire to solve the
challenges posed by our industry.

How we communicate

Channels

Directly and through the Company’s public
information, which is available on our
official platforms.

• Regular meetings.
• Website.
• Integrated Annual Report.
• Quarterly results.

Why we commit

Integrating the perspectives of all of our
stakeholders is essential for addressing upcoming
challenges. Continuous dialogue with various
NGOs enables us to identify their priorities in
relation to our industry and to convey to them our
sustainability commitments and progress.

Key issues

• Climate change.
• Waste reduction (plastics).
• Water and energy management.
• Diversity and Human Rights.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

Economic value delivered
to our stakeholders

Driven by our Sustainable Value
Creation Strategy, during 2022
we GENERATED value for all our
stakeholders by distributing
resources as follows:

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$25,320,573

Total retained economic
value

$605,758

Total payments in
social investment

$2,605,135,775

Total payments to
suppliers, contractors
and distributors

$3,756,569,263
Total generated
economic value

$274,316,051

Total dividend
payments

$406,286,328

Total Government
payments

$186,702,179

Total payments for
purchase of fixed and
intangible assets

$258,202,599

Total remuneration
payments

All figures are shown in thousands of Chilean pesos.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

PARTICIPATION
AND_NETWORKS

oca-Cola Andina recognizes the importance of
dialogue and social participation; consequently,

we continually seek to create opportunities in the
territories where we operate. This allows us to be in
tune with the realities of each country and to
collaborate with unions and other industry
stakeholders. We consider these instances to be
essential for discussing and reflecting on strategic
issues that must be addressed collectively, such as
sustainability and the climate crisis.

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Affiliations and memberships
We actively participate in guilds and business
groups, where we share the different experiences
of Coca-Cola Andina, allowing us to better face the
ever-changing market and social challenges. The
following are the main participations during the
year 2022:

Argentina

Asociación de Fabricantes Argentinos

de Coca-Cola (AFAC)

Brazil

· Associação Fabricantes Brasileiros de
Coca-Cola (AFBCC)

· Associação Recreativa e Beneficente dos
Empregados da Rio de Janeiro Refrescos
Ltda. (ARBERISA)
· Associação Brasileira das Indústrias de
Refrigerante (ABIR)

Chile

· Sociedad de Fomento Fabril (SOFOFA)

· Alimentos y Bebidas de Chile (AB Chile)

· Asociación Gremial de Industrias
Proveedoras (AGIP)

· Fundación Generación Empresarial (FGE).

Paraguay

· Cámara de Alimentos y Bebidas

· PRO Desarrollo

Note: During 2022 we contributed US$961,328 to tax-exempt
associations and/or groups.

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIES

_LEADERSHIP AND
TRANSPARENCY |

REACH/ TOGETHEREVERY-CORNERTO REFRESH MOMENTS_AND OPEN OPPORTUNITIESCORPORATE
/GOVERNANCE
MODEL_

Coca-Cola Andina has a Corporate
Governance Model that allows
it to efficiently manage the
relationships between the various
bodies that manage the Company,
in order to generate sustainable
economic, social and environmental
value for the various stakeholders.

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sing this model, management and control
structures, functions, and methodologies are

defined and implemented, as well as plans to
integrate these principles into the organizational
culture, in order to create the requisite conditions
for achieving strategic objectives.

To ensure adequate decision-making and safeguard
the Company’s interests, the Board of Directors
determined that the vast majority of the powers of
representation of both the parent company and
the subsidiaries must be exercised through
jointly acting proxies.

The Company, which directly operates its franchise
territories in Chile, is structured as a holding
company to which operating companies in each of
the franchised territories in Argentina, Brazil and
Paraguay report. It is led by a Board of Directors,
whose mission is to exercise corporate
management, safeguarding the interests of the
shareholders, protecting and valuing the Company’s
assets in accordance with current legislation.

In order to carry out daily management, the Board
of Directors formally delegates the exercise of
authority to the management, in accordance with
the provisions of the Corporate Policy of
Delegation of Authority, which establishes the
responsibilities, in terms of functions and powers of
Coca-Cola Andina’s executives.

Thus, management must ensure the design,
dissemination, follow-up, compliance, effectiveness,
and updating of the Corporate Governance Model,
establishing the necessary parameters to ensure its
execution and effective control, and getting directly
involved in achieving the planned objectives
through periodic meetings with key teams and visits
to the Company’s operating countries and units.

Objectives of the Corporate
Governance model

• To guarantee the generation of sustainable value,
that is, taking into account the interests of the
Company’s main stakeholders such as the
community in which we operate, our
collaborators, suppliers, customers and investors,
both from an economic-financial, social and
environmental point of view.

• To promote a business ethics culture that assists

the Board of Directors and management in
preventing potential irregularities.

• To provide an effective framework of

transparency, control, and responsible
management, establishing decision-making
policies and standards.

• To maintain the company’s reputation in order to

contribute to the long-term creation of value.

• To enhance the transparency and reliability of the

Company’s financial information.

• To track management effectiveness, process
enhancement, and regulatory compliance.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

CORPORATE GOVERNANCE

GSM

Shareholders

Independent
Auditor

Committees

Executive

Finance

Culture/Ethics/
Sustainability

Audit/
Directors

s
r
e
d
o
h
e
k
a
t
S

Internal
Audit

Investor
Relations

Integrated
Annual
Report

Sustainability and
External
Communications

Board of
Directors

Induction
and training

Experts

Visits

Chief
Executive
Officer

Crisis
Management

s
r
e
d
o
h
e
k
a
t
S

Management
Team:
Corporate
Officers and
General
Managers

Compliance
Culture

Risk
Management

Whistleblowing
Channels

Management / Areas / Collaborators

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Responsibility delegation for
Environmental, Social, and
Governance (ESG) impacts.
The Corporate Governance Model includes
sustainability as one of its fundamental principles,
establishing responsibilities and a management
model that seeks to ensure the creation of
sustainable value within a framework of
transparency, ethics, and corporate responsibility.

In monthly performance meetings, each team
reports on the business’s progress, including
financial, commercial, logistical, human resources,
and sustainability indicators, as well as projections
for the current year and evaluations of investments,
among other factors. This information is presented
to the Corporate Managers and the Chief
Executive Officer, who then presents it with the
same frequency to the Board of Directors.

Environmental, Social, and Governance (ESG)
impacts are also addressed by the different
committees, particularly the Culture, Ethics, and
Sustainability Committee.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Board-of
Directors-
a

Board of Directors elected by the shareholders’
meeting is responsible for the administration of

the Company. Its mission is to look after the
interests of the shareholders, protect and enhance
the value of the Company’s assets and define
business guidelines.

Adherence to national and international codes

The Board of Directors of Coca-Cola Andina has
adopted several practices recommended by the
different codes of good Corporate Governance,
notwithstanding the fact that the Company has not
formally adhered to any of them. The Board of
Directors is empowered to evaluate the
convenience, if necessary, of adhering to any of the
codes of good Corporate Governance.

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Nomination and election process
of the Board of Directors
The election of the members of the Board of Directors
is carried out in accordance with the election process
contained in Chile’s Corporations’ Law, which
establishes the mechanisms for each shareholder to
nominate a candidate, as well as the deadlines for
such nomination. The regulation indicates that
nominations may be received even at the General
Shareholders’ Meeting, except in the case of
candidates for independent director, which must be
submitted at least 10 days prior to the meeting.

A director is considered to be independent when
none of the situations described in Article 50 bis of
the Corporations Law apply to him/her. In
accordance with its legal obligation, the Board of
Directors has complied with the number of
independent directors required by law.

The election of the members of the Board of
Directors is generally carried out by means of the
ballot system, through which the shareholders
express their choice for the candidate of their
preference among those proposed to the Board.
The Board of Directors of Embotelladora Andina
S.A. is composed of 14 directors, all of whom are
nominated and elected every three years by the
General Shareholders’ Meeting, by separate voting
of the Series A and B shareholders. The holders of
Series A shares elect 12 directors and the holders of
Series B shares elect 2 directors, in accordance with
the provisions of Article 5 of the Company’s Bylaws,
and those candidates receiving the highest number
of votes are elected, and there must always be at
least one candidate among them who meets the
proper conditions to be considered independent in
accordance with the provisions of the Law.

The last election of the Board of Directors took
place at the General Shareholders’ Meeting held
on April 15, 2021, at which the Board of Directors
was renewed in its entirety.

Directors may or may not be shareholders and will
remain in office for three years, and may be
re-elected for an indefinite number of terms. The
Chairman of the Board, who does not hold
executive or management positions within the
Company, is elected at the first meeting held after
the renewal of the Board. Chilean law and the
Company’s bylaws do not establish a procedure
according to which this election must be carried
out, nor do they establish any special requirements
for holding this position.

Separation of functions

In accordance with article 49 of the Corporations
Law, the position of manager or executive in publicly
traded corporations is incompatible with that of
director, which is detailed in article 17 of our bylaws.

As of December 31, 2022, directors Eduardo
Chadwick Claro, José Antonio Garcés Silva,
Gonzalo Said Handal and Salvador Said Somavía,
directly and/or indirectly, hold ownership interests
in the Company. None of the Company’s other
directors own any shares of the Company. More
information on ownership and control is available
in Chapter 8.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

BOARD INDUCTION

OUR BOARD OF DIRECTORS

Juan Claro González

RUT N°5.663.828-8

Chairman of the Board of Directors

Entrepreneur

Chilean

Salvador Said Somavía

RUT N°6.379.626-3

Business Administrator

Chilean

We have an induction procedure for
new board members. This procedure
consists in that, within 15 days
following the appointment of each
new director, the Chief Executive
Officer delivers a folder with
relevant information, describing
the business and addressing topics
such as mission, vision, strategic
objectives, principles and values,
inclusion, sustainability, diversity
and risk management policies,
as well as the legal framework
applicable to the Company, the
Board of Directors and its main
executives.

The folder also contains an explanation of the
duties that, according to current legislation, fall
on each member of the Board, including
examples of local rulings, sanctions or
pronouncements issued locally with respect to
these duties; as well as a description of what
constitutes a conflict of interest for this Board
under the Company’s Conflict of Interest Policy.

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Appointment: He has been a member of the board
of directors, and also the Chairman since 2004.

Experience: He has studies of civil engineering at
the Pontificia Universidad Católica de Chile, he has
developed an outstanding business representation
activity by chairing the Sociedad de Fomento Fabril
(SOFOFA), between 2001 and 2005, the
Confederación de la Producción y del Comercio
(CPC), between 2002 and 2005, and the Chile-
China Bilateral Business Council, between 2005
and 2007. He has served on the boards of Gasco
S.A. (1991-2000), CMPC S.A. (2005-2011) and Entel
S.A. (2005-2011). He was Chairman of Metrogas
S.A. (1994-2000) and Emel S.A. (2001-2007).

Other positions: With more than 17 years of
experience in the mass consumption and beverage
industry, he is a director of Cemento Melón, of
Agrosuper S.A., where he is a member of the Risk
Committee, and of Antofagasta PLC, where he is a
member of the Sustainability and Stakeholders
Committee. He is also an honorary member of the
Centro de Estudios Públicos (CEP).

In addition, a meeting with the Chief Executive
Officer, Chief Legal Officer, Audit Unit, and
Chief Financial Officer is part of the procedure.

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

Appointment: He has been member of the board
of directors of the Company since 1992.

Experience: He holds a business administration
degree from Universidad Gabriela Mistral, with
specialization in business management. He was a
member of the board of Envases del Pacífico S.A.
and Envases CMF S.A. He also participates in
non-profit organizations, such as Endeavor Chile,
where he was the chairman for six years and
currently he continues as a member of the board.
He is advisor of the Centro de Estudios Públicos
(CEP).

He has 30 years of experience in the beverage and
mass consumption industry, has knowledge and
experience in risk management, due to his capacity
as director of banks since 2011 and member of
committees related to that matter.

Other positions: Currently, he is the chairman of
Scotiabank Chile S.A. and of Parque Arauco S.A.,
member of the board of Inversiones Caburga SpA,
Inversiones Cabildo SpA, SM-Salud S.A., Idelpa
Energía S.A., Inversiones Sevillana S.A., Inmobiliaria
Atlantis S.A., Inversiones del Pacífico S.A., and
Administradora Costanera S.A.

Member of the controlling group: Yes
Non-officer director
Independent pursuant to Law 18,046: No

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Eduardo Chadwick Claro

RUT N°7.011.444-5

José Antonio Garcés Silva

RUT N°8.745.864-4

Vice Chairman of the Board of Directors

Business Administrator

Civil Industrial Engineer

Chilean

Gonzalo Said Handal

RUT N°6.555.478-K

Business Administrator

Chilean

Appointment: He has been a member of the board
of directors of the Company since 1992.

Appointment: He has been member of the board
of directors of the Company since April 1993.

Experience: He holds a business administration
degree from Universidad Gabriela Mistral with a
specialization in Finance. He has an Executive MBA
and PADE from the ESE of the Universidad de Los
Andes and a master’s in philosophy and ethics from
the Universidad Adolfo Ibáñez. He is Chairman of
the Board of Banvida S.A., Past President of USEC
and director of Fundación Paternitas, as well as
General Manager of Inversiones San Andrés (family
holding) and member of the Board of SOFOFA. He
has 25 years of experience in the beverage and
mass consumption industry and a vast experience
in risk and cybersecurity in the financial sector.

Other positions: He is also currently a director of
Banco Consorcio, CN Life Compañía de Seguros,
Consorcio Nacional de Seguros, Banvida S.A. and
Andes Iron SpA.

Experience: He holds a business administration
degree from Universidad Gabriela Mistral, with
specialization in finance, best practices and
corporate governance. He is advisor of SOFOFA
and director of Fundación Generación Empresarial,
from where he promotes his vision on Corporate
Governance and good business practices.

With 30 years of experience in the beverage and
mass consumption industry, he is a member of the
Risk Committee of Scotiabank Chile and of the
Culture, Ethics and Sustainability Committee of
Coca-Cola Andina, contributing with his experience
in Corporate Risk and ESG matters.

Other positions: he serves as director of
Scotiabank Chile S.A. and of Holding de Empresas
Said Handal.

Member of the controlling group: Yes
Non-officer director
Independent pursuant to Law 18,046: No

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Appointment: He has been member of the board
of directors of the Company since June 2012.

Experience: He holds a civil industrial engineering
degree from the Pontificia Universidad Católica de
Chile and elected UC Engineer of the Year in 2017.
He is a recognized entrepreneur in the agricultural
sector, mainly in the wine, beverage and mass
consumption industry, with more than 30 years of
experience, both in Chile and abroad, where he is
considered one of the main modernizers of the
wine industry in Chile. He also successfully
participated at Oxford University in The Oxford
Strategic Leadership Programme in 2013. He was
President of Coca-Cola Polar until 2012 and is
currently a member of the Culture, Ethics and
Sustainability Committee of Coca-Cola Andina. He
was also President of Cervecería Austral until 2007
and Director of SOFOFA until 2015.

Other Positions: He is Chairman of Holding Chadwick
Group, Founder and Director of Hatch Mansfield Co.
in England and Maltexco S.A. He was ABAC/APEC
representative since 2018 and selected in 2021 as one
of the 25 people chosen from Imagen de Chile to be
part of the “Chilen@s Creando Futuro” Network,
which helps to represent the different sectors with
which the image of our country is built abroad.
Currently, he is a Fellow member of the Advance
Leadership Initiative Program at Harvard University,
which he is attending during the year 2022.

Member of the controlling group: Yes
Non-officer director
Independent pursuant to Law 18,046: No

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Marco Antonio Fernández De Araujo

Domingo Cruzat Amunátegui

Georges Antoine De Bourguignon Arndt

Passport N°YE446161

Industrial Engineer

Brazilian

RUT N°6.989.304-K

Civil Industrial Engineer

Chilean

RUT N°7.269.147-4

Economist

Chilean

Appointment: He has been a member of the board
of directors of the Company since April 2020.

Appointment: He has been member of the board
of directors of the Company since 2021.

Appointment: He has been a member of the board
of directors of the Company since April 2016.

Experience: He holds a systems and industrial
engineering degree, and he also holds a master’s in
finance from the Pontificia Universidad Católica de
Rio de Janeiro, Brazil. He also holds a postgraduate
degree in Accounting FGV in Rio de Janeiro, Brazil.
With 30 years of experience in the mass
consumption and beverage industry, focusing on
finance, mergers and acquisitions, risk management
and sustainability, he is currently Chief Financial
Officer (CFO) in the Latin America Operating Unit
at The Coca-Cola Company.

Other positions: At The Coca-Cola Company he
has served as Finance VP & CFO Japan Business
Unit; Finance VP & CFO Brazil Business Unit;
Finance VP & CFO Mexico Business Unit; M&A
Manager for Latin America, Atlanta-USA; Finance
Director, Madrid, Spain; Finance Manager SE
Region, Brazil Division; and Financial Planning
Analyst/Manager, Brazil Division.

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

Experience: He holds a civil industrial engineering
degree from the Universidad de Chile and an MBA
from The Wharton School of the University of
Pennsylvania. With more than 12 years of
experience in the beverage and mass consumption
industry, he served as Commercial Manager at
Pesquera Coloso-San José; CEO of Watt’s
Alimentos; CEO of Loncoleche, CEO of Bellsouth
Chile and Deputy General Manager of Compañía
Sudamericana de Vapores. He is a university
professor in the areas of marketing and sales at the
ESE of Universidad de Los Andes. He has also
served on the Boards of Conpax, Construmart,
Copefrut, Essal, Principal Financial Group,
Compañía Sudamericana de Vapores and Viña San
Pedro de Tarapacá. In addition, he was Chairman of
the Board of Correos de Chile and Chairman of
the Sistema de Empresas Públicas (SEP).

Other positions: Currently, he is member of the
board of directors of Enel Américas, IP Chile, SEP
and Stars (Family Office). Additionally, he is founding
partner of Fundación La Esperanza, a foundation
dedicated to rehabilitating young drug addicts.

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: Yes

Experience: He holds an economist degree from
the Pontificia Universidad Católica de Chile and
has an MBA from Harvard University. In the
academic field, he has been a professor of
Economics at the Universidad Católica de Chile,
while in the business world, he is co-founder and
currently President of Asset Chile S.A., a corporate
finance consulting firm, and Asset AGF, an
investment fund management company. He also
serves as a Director in several companies, including
Vivo Spa, where he has been Chairman since
August 2022, and Tanica S.A., since May 2017. With
more than 10 years of experience in mass
consumption issues, he was a Director of
Soquimich S.A. (2019 - April 2022), Empresas La
Polar S.A. (2011-2015), Sal Lobos S.A. (2006-2018)
and Chairman of the Directors’ Committee of
Latam Airlines Group (2012-2019).

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Felipe Joannon Vergara

RUT N°6.558.360-7

Economist

Chilean

Roberto Mercadé

Passport N°567901030

Engineer

Puerto Rican

Gonzalo Parot Palma

RUT N°6.703.799-5

Civil Industrial Engineer

Chilean

Appointment: He has been member of the board
of directors of the Company since April 2018.

Appointment: He has been member of the board
of directors of the Company since April 2019.

Appointment: He has been member of the board
of directors of the Company since 2009.

Experience: He holds a business administration
degree with a major in economics from Pontificia
Universidad Católica de Chile and an MBA from
The Wharton School. Previously, he was member of
the board of directors of the companies of Grupo
Luksic, development manager of Quiñenco S.A.,
general manager of Viña Santa Rita and assistant
general manager of Cristalerías de Chile S.A. In the
academic field, he is a professor at the School of
Administration and Economics of the Pontificia
Universidad Católica de Chile.

Other positions: Currently, he is a member of the
board of Forestal O’Higgins (parent company of the
Matte Group), Quimetal Industrial S.A., Icom
Gestión Inmobiliaria SpA, Altis S.A. AGF,
Maquinarias y Construcciones Río Loa S.A.,
Almendral S.A., Constructora e Inmobiliaria EBCO
S.A., Wenco S.A and VIVO S.A.

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

Experience: He holds a civil industrial engineering
degree from the Georgia Institute of Technology,
Atlanta (United States). Previously, he was member
of the board of directors of ARCA-Lindley in Peru,
Escuela Campo Alegre in Venezuela and American
International School of Johannesburg in South
Africa. Has 29 years of experience in the beverage
and mass consumption industry. He was
responsible for the risk management operation at
The Coca-Cola Company’s Latin Center. In the
sustainability area, he was responsible for co-
creating and managing the World Without Waste
strategy for the same unit. He has developed his
experience in the regions of Latin America, Africa
and Asia.

Other positions: Currently serves as president of
Coca-Cola Mexico in The Coca-Cola Company

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

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Experience: He holds an industrial engineering and
economist degree from the Universidad de Chile, a
master’s in industrial engineering degree from the
Universidad de Chile and a master’s in economics from
the University of Chicago. His areas of specialization are
business economics and finance. With 17 years of
experience in the beverage and mass consumption
industry, he has worked as Head of Studies at CCU
S.A., Corporate Manager of Studies and Development
at Empresas CMPC S.A., Executive President of Filiales
Envases y Productos de Papel CMPC S.A., General
Manager and Director of Celulosa de Celulosa S.A.,
and Chief Executive Officer of Celulosa de Celulosa
S.A., and Chief Executive Officer and Director of
Celulosa de Celulosa S.A., General Manager and
Director of Celulosa del Pacífico, Corporate General
Manager of CMPC Tissue S.A. and Director and
Corporate General Manager of Copesa S.A. During his
career he has served as Director, Chief Executive
Officer and Director of the Corporación Municipal and
Teatro Municipal de Santiago; Director of the National
Press Association and of the Chilean-Argentine
Chamber of Business, Professor and Director of the
School of Economics and Business of the Universidad
de Chile; Professor and Dean of Economics and
Administration of the Universidad Gabriela Mistral.

Other positions: Currently serves as Director of
AES Andes S.A.

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: Yes

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Carmen Román Arancibia

RUT N°10.335.491-9

Attorney at Law

Chilean

Mariano Rossi

DNI N°17761559

Business Administrator

Argentinean

Rodrigo Vergara Montes

RUT N°7.980.977-2

Business Administrator

Chilean

Appointment: She has been member of the board
of directors of the Company since 2021.

Appointment: He has been member of the board
of directors of the Company since June 2012.

Appointment: He has been member of the board
of directors of the Company since April 2018.

Experience: She holds a law degree from
Universidad Gabriela Mistral. Former chief legal
officer and head of corporate affairs of Walmart
Chile. She has developed a solid experience in the
retail industry, working for 11 years at Walmart,
seven years at Cencosud and 4 years at Santa
Isabel. She has knowledge and experience in risk
management, due to her role as Director of
Compliance and Ethics at Walmart. Due to her
knowledge and experience in Corporate
Governance, Sustainability and Shared Value, she
was appointed Co-Chair of the Sustainability and
Corporate Governance Committee of SOFOFA. In
the area of diversity and inclusion, she has
knowledge and experience as a mentor and trainer
of women’s leadership programs.

Other positions: She is currently a member of the
Legal Sustainability Council of the Universidad
Católica, member of the Legal Circle of Icare,
advisor in Comunidad Mujer and Director of
Fundación Generación Empresarial.

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

Experience: He holds a business administration
degree from the School of Economics of the
Universidad de Buenos Aires, specializing in
Finance. He has participated in Executive Programs
at the University of Michigan and IESE (Switzerland)
as well as in Executive Development Programs at
The Coca-Cola Company of Emory & Wharton
Universities (USA). With 31 years of experience in
the beverage and mass consumption industry, he
has been Chief Financial Officer in Spain, Chief
Financial Officer (CFO) in Latin America and
General Manager in Argentina at The Coca-Cola
Company. He has participated as Director in
different bottlers of the Coca-Cola System: Chile
(Embonor and Polar), Peru (JRL Lindley) and
Uruguay (Monresa), between 1999 and 2008.

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

Experience: He holds a business administration
degree from the Pontificia Universidad Católica de
Chile and a PhD in Economics from Harvard
University. In the academic field, he is a professor at
the Economics Institute of the Universidad Católica
de Chile, while in his professional career he was
President of the Central Bank of Chile (2011-2016)
and Director of the same entity (2009-2011). He was
a director at Moneda S.A., Moneda AGF, Entel S.A.
and Banco Internacional. Due to his experience in
the Central Bank, he has extensive knowledge of
Risk Management and Financial Matters, as well as
Cybersecurity and Sustainability.

Other positions: He is a Director of Banco
Santander Chile and Besalco S.A. He holds the
position of Senior Economist at the Centro de
Estudios Públicos (CEP) and Research Associate at
the Mossavar- Rahmani Center at Harvard
University’s School of Governance. He is also
Director of the Fundación Nacional para la
Superación de la Pobreza (National Foundation for
Overcoming Poverty).

Member of the controlling group: No
Non-officer director
Independent pursuant to Law 18,046: No

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

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Knowledge, skills and experience
matrix of the Directors

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Juan Claro

Eduardo Chadwick

José Antonio Garcés

Gonzalo Said

Salvador Said

Marco A. Fernandes de Araujo

Domingo Cruzat

Georges de Bourguignon

Felipe Joannon

Roberto Mercadé

Gonzalo Parot

Carmen Román

Mariano Rossi

Rodrigo Vergara

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

DIVERSITY OF THE BOARD OF DIRECTORS
Diversity is a key characteristic for long-term
success, as it allows us to better understand the
challenges, opportunities and risks we face on a
daily basis, thus enriching the decision-making
process and the relationship with our stakeholders.

In this way, we have a Policy on Diversity in the
Board of Directors, which establishes conditions
and general qualities that shareholders should
consider when proposing candidates for director of
Coca-Cola Andina, in an effort to mitigate gender,
social, or cultural barriers that may inhibit the
natural diversities of capabilities, experiences,
visions, and conditions that should prevail in the
Board of Directors of the Company.

This Policy is posted on the Company’s website

Total members of the Board of Directors

(1 Woman - 13 Men)

Chilean

Foreigners

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Age range of the Board of Directors

Less than
30

Between
30 and 40

Between
41 and 50

Between
51 and 60

Between More than
61 and 70

Women

Men

All members of the Board of Directors are regular directors.

Seniority of the Board of Directors

Less than
3 years

Between
3 and 6 years

Between
7 and 9 years

Between
10 and 12 years

More than
12 years

Women

Men

All members of the Board of Directors are regular directors.

Total

Nationality of the Board of Directors

Chilean

Foreign

Total

Women

Men

Nationality: Argentinean (1), Brazilian (1), and Puerto Rican (1).

Directors with disabilities

No disability

Disabled

Women

Men

All members of the Board of Directors are regular directors.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Due to the nature of the Company, its operations,
and its geographical dispersion, a group of senior
executives make periodic visits to the plants and
facilities to meet with those responsible for each
operation, analyze risks, and review challenges in
order to implement solutions. A group of directors
visits the four operations with the Chief Financial
Officer, the Chief Strategic Planning & Digital
Development Officer, and the Chief Executive
Officer at least once per year. In August 2022, the
Company’s facilities in Brazil, Argentina, and
Paraguay were visited.

The Board’s 2022 agenda included. Among other
relevant topics, employee safety, finance,
technology, sustainability and risks, and the progress
of the Company’s main operations. The agenda
does not exclude the possibility of including
additional topics, if necessary, throughout the year.

Activities of the Board of Directors

The Board of Directors of Coca-Cola
Andina meets in regular sessions at
least once a month.

The dates of each meeting are established in an
annual agenda and are communicated with due
notice. The directors can determine whether board
meetings will be held in-person, remotely, or in a
hybrid format. Alternatively, and in contingency or
crisis situations, the Board of Directors has
continued to operate in accordance with the legal
standards and guidelines of the Financial Market
Commission (CMF) regarding remote operation,
despite the lack of a specific policy in this regard.

The topics to be discussed at each meeting are
determined based on the interests and needs of
the Company, with the objective of covering all
issues relevant to the development of the business.
On the other hand, the quorum is established by
the presence of the absolute majority of the
directors and resolutions are approved with the
affirmative vote of the absolute majority of the
directors present at the meeting, unless the law or
the Bylaws require a higher quorum.

The Board of Directors met 12 times in 2022,
complying with 100% of their scheduled meetings.
In accordance with the CMF’s General Rule No.
450, these meetings were held in person or
remotely, and the average attendance of directors
was 91.1%.

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Secure, remote and permanent

information access system

Since 2020, the Company has had a
dedicated digital system through which
directors can access the Board of
Directors’ notice, documents to be
presented at the respective meeting, and
meeting minutes. The notice to the Board
of Directors is the document that
summarizes the topics to be discussed at
each meeting and is promptly distributed
to all Board of Directors members. In the
aforementioned system, the directors have
permanent access to all the
aforementioned documents for

consultation at any time.

In addition, the Company always
makes available to its
directors the book of Minutes
of Board Meetings, which
contains all the information
historically discussed at each
of these meetings.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

TRAINING AND PERFORMANCE
EVALUATION OF THE BOARD OF DIRECTORS
Even though there is no formal performance
evaluation policy for the Board of Directors and its
committees, Coca-Cola Andina is committed to
being attentive and aware of relevant issues for
people and the Company’s environment.

Despite the preceding, the members of the Board
of Directors receive regular training via lectures and
presentations. In addition, they have access to a
digital library containing various documents and
materials pertinent to their functions.

The Board of Directors of the Company does not
disclose annually the subjects on which training
activities were conducted for the Board of
Directors in the previous year.

Although there is no policy regarding the hiring of
experts, the Board of Directors and its committees
have the authority and resources to hire expert
advice as they deem necessary for the proper
management of the company.

For the year ended December 31, 2022, the Board
of Directors incurred expenses of Ch$508,754,896
million, which were related, among other items, to
audits and legal advice.

During the year 2022, the Board of Directors did not
contract with the auditing firm responsible for the
audit of the financial statements or any other entities
for services that, due to their cost, are deemed
relevant to the Board of Directors’ annual budget.

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Remuneration Policy of the
Board of Directors
The remuneration of the members of the Board of
Directors is defined annually by the Company’s
shareholders at the General Shareholders’ Meeting.
The shareholders agreed at the General
Shareholders’ Meeting held in April 2022, to maintain
a gross monthly remuneration of $6,000,000 for
each of the members of the Board of Directors.
Likewise, an additional remuneration of
$6,000,000 per month was agreed upon for the
Chairman of the Board of Directors.
During that same meeting it was also agreed to pay
each of the directors who are members of the
Executive Committee (excluding the Chairman and
the Chief Executive Officer) a gross monthly
compensation of $7,500,000 during Fiscal Year
2022; a gross monthly compensation of
$1,000,000 for each director who is a member of
the Culture, Ethics and Sustainability Committee;

and a gross monthly compensation of $2,000,000
for each director who is a member of the Directors
and Audit Committee. These remunerations are
paid without regard to gender, and the members of
the Board of Directors receive no other royalties,
allowances or other forms of compensation besides
those listed above.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Remuneration of the Board of Directors

Allowance

Board of

Directors

Ch$ million

Executive

Directors’

Culture, Ethics

Total

Committee

and Audit

and Sustainability

Ch$ million

Committee (SOX)

Committee

Ch$ million

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

Juan Claro Gonzalez 1

144

Gonzalo Said Handal

Jose Antonio Garces Silva

Salvador Said Somavía

Eduardo Chadwick Claro

Gonzalo Parot Palma 2

Georges de Bourguignon Arndt

Rodrigo Vergara Montes

Felipe Joannon Vergara

Carmen Roman 3

Domingo Cruzat 2;4

Mariano Rossi

Roberto Mercadé Rovira

Marco Antonio Fernandes De Araujo

Pilar Lamana Gaete 5

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144

165

181

165

144

174

186

174

Total gross

1,068

1,080 339

360

1. Includes an additional $72 million as Chairman of the Board of Directors.
2. He is an independent director of the Company, in accordance with current regulations.
3. Joined the Board of Directors in March 2021
4. Joined the Board of Directors in April 2021
5. Left the Board of Directors in April 2021

1,513

1,560

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Board Committees
The Board of Directors has several committees, which deal with matters relevant to the management of the
Company. In this process, the Board of Directors is assisted by the Internal Audit area for the monitoring
processes and compliance with corporate policies, as well as by independent auditors who evaluate the
financial statements and the internal control environment of the Company.

Executive Committee

Date of creation
Board of Directors meeting held on April 22, 1986.

Role and Main Functions
It is a representative body of the Board of Directors
charged with overseeing the company’s ongoing
operations. It has fewer and more restricted powers
than the Board of Directors, which is not deprived of
such powers by virtue of its existence.

Members of the current and previous fiscal years
• Mr. Eduardo Chadwick Claro
• Mr. José Antonio Garcés Silva
• Mr. Gonzalo Said Handal
• Mr. Salvador Said Somavía
• Mr. Juan Claro González
• Mr. Miguel Ángel Peirano

Main Activities of the Year
Supervise the general progress of the corporate
business and exercise control over operations on an
ongoing basis, through monthly meetings, in addition
to proposing guidelines for the administration of
the business.

Meetings and expenses
This Committee meets monthly throughout the year.
In 2022, 12 meetings were held. No expenses were
incurred by this Committee during 2022.

Reporting to the Board of Directors
This Committee reports monthly to the Company’s
Board of Directors.

Culture, Ethics and Sustainability Committee

Date of creation
Board of Directors meeting held on January 28,
2014.

Role and Main Functions
Monitor, identify, and implement the measures
required to ensure that all collaborators and
executives adhere to the values and principles
established by the Board of Directors.

Its main functions are:

• Propose, promote, and follow up on initiatives to

develop the organizational culture, develop talent,
and strengthen the commitment and motivation of
collaborators, in an effort to align individual goals
with those of the Company.

• Establish and develop procedures to promote the
ethical behavior of individuals, as defined in the
Code of Ethics and Business Conduct of the
Company.

• Establish mechanisms for disseminating the Code
of Ethics and Business Conduct as well as general
ethical issues.

• Receive, understand, and investigate reports of
irregularities entrusted to it by the Board of
Directors, and recommend appropriate action in
each case. This Committee is also authorized to
suggest modifications or amendments to the Code
of Ethics and Business Conduct.

• Monitor compliance with the objectives associated

with the various sustainability material topics.

Members current fiscal year
• Mrs. Carmen Román Arancibia (Chairman)
• Mr. José Antonio Garcés Silva
• Mr. Gonzalo Said Handal
• Mr. Eduardo Chadwick Claro
• The Chairman of the Board of Directors is an ex

officio member.

Mr. Felipe Joannon Vergara was a member of this
Committee during part of the previous fiscal year.

Meetings and expenses
In 2022, 12 meetings were held. During 2002, this
Committee did not incur any expenses.

Reporting to the Board of Directors
Each time this Committee meets, it reports to the
Board of Directors at its next meeting.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Directors’ Committee

Date of last election
Appointment of its current members at the Board of
Directors’ Meeting held on April 27, 2021, pursuant
to Article 50 bis of Law No. 18,046 on Corporations,
and in accordance with the provisions of Circular
No. 1,956 of the Financial Market Commission.

Role and Main Functions
The main role of the Directors’ Committee is to
comply with the provisions of Article 50 bis of Law
No. 18,046 on Corporations.

Main Activities of the Year
As prescribed in Article 50 bis of Law No. 18,046 on
Corporations, we report on the tasks implemented
by the Directors’ Committee of Embotelladora
Andina S.A. During the year 2022, the Committee
developed, among others, the following activities:

• Examination of reports of the independent

auditors, the balance sheet and other financial
statements presented by the Company’s
administrators, expressing its opinion on them
prior to their presentation to the Board of
Directors and shareholders for their approval.
• Analysis and preparation of the proposal to the

Board of Directors of the names of the
independent auditors and private risk rating
agencies, if any, that were suggested to the
respective shareholders’ meeting.

• Examination of background information regarding
the operations referred to in Title XVI of Law No.
18,046, and report on such operations.*

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• Examination of remuneration systems and

compensation plans for managers, principal
executives and employees of the Company.

• Review of anonymous complaints.
• Review and approval of 20F Report, and compliance

Members of the current fiscal year
• Mr. Gonzalo Parot Palma (Chairman and

independent director)

• Mr. Domingo Cruzat Amunátegui (independent

director)

with Rule 404 of the Sarbanes-Oxley Act.

• Mr. Salvador Said Somavía.

Between April 26, 2018 and April 27, 2021, the
Directors’ Committee was composed of Gonzalo
Parot Palma (as Chairman and independent director),
Pilar Lamana Gaete and Salvador Said Somavía.

Sessions and Expenses
In 2022, 12 meetings were held. During 2022 the
Committee incurred expenses of Ch$157,023,664.
These expenses are related to legal and compliance
advisory services, among other expenses.

Reporting to the Board of Directors
This Committee reports monthly to the Company’s
Board of Directors.

• Preparation of the Committee’s operating budget

proposal.

• Review of Internal Audit reports.
• Periodic meetings with representatives of the

Company’s Independent Auditors.

• Review of the budget for Operations between
Related Entities ( production Joint Ventures).

• Review of Corporate Insurance.
• Review and approval of each Press Release
associated with Company communications.
• Review of Internal Control standards in the four
Operations of the Company, including Critical
Risks in Accounting Processes, Compliance with
Corporate Policies, Tax Contingencies, and status
of Internal and External Audit Observations.

• Analysis of Risk Management Model.
• Review of Crime Prevention Model Law 20.393.
• Review of advances in Cybersecurity and

Information Technology.

• Review of legal proceedings and analysis of

contingencies.

• Review of tax situation.
• Authorization of non-prohibited services.
• Impairment Test Analysis.
• CMF official notices review.
• Preparation of Annual Management Report.

*At a regular meeting held on April 25, 2022, the Committee examined the background of a transaction involving the sale to The Coca-Cola Company of certain water sources located within the Duque de Caxias
and Ribeiro Preto facilities by the Company’s subsidiary in Brazil, Rio de Janeiro Refrescos Limitada. The Committee determined that the terms of the aforementioned transaction are consistent with market
conditions in Brazil and that the proposed sale appears beneficial for the Company. This transaction has not yet materialized.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

SARBANES-OXLEY Audit Committee

Date of creation
Established by the Board of Directors on July 26,
2005, as required by the NYSE and the U.S. SEC
regarding compliance with the Sarbanes-Oxley Act.
The current Audit Committee was elected at the
Board of Directors meeting held on April 27, 2021.

Role and main functions
The Sarbanes-Oxley Audit Committee is directly
responsible for the Company’s independent auditors
and for the proper performance of their duties. It is
also responsible for analyzing the financial statements
and overseeing their dissemination, supporting
financial oversight and accountability, ensuring that
management develops reliable internal controls,
ensuring that the Audit Department and independent
auditors respectively fulfill their roles, and reviewing the
Company’s evaluation practices.
Lastly, the Audit Committee establishes the systems
and procedures for the receipt and treatment of
reports and complaints received by the Company
regarding accounting, internal accounting controls, or
other auditing matters, as well as the confidential and
anonymous communication of accounting irregularities
and auditing practices by employees to the Company.

Its composition and attributes are outlined Sarbanes-
Oxley Audit Committee Rules, which are available on
our website.

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Members current and previous fiscal years:
Mr. Gonzalo Parot Palma (Chairman and
independent director) - Mr. Domingo Cruzat
Amunátegui (independent director)
Mr. Salvador Said Somavía.

Ms. Pilar Lamana Gaete was a member of this
Committee during part of the previous fiscal year.

Domingo Cruzat Amunátegui and Gonzalo Parot Palma
comply with the independence standards established
in the Sarbanes-Oxley Act, SEC and NYSE rules. In
addition, Gonzalo Parot Palma was appointed by the
Board of Directors as a financial expert as defined by
NYSE and Sarbanes-Oxley standards.

Meetings
The resolutions, agreements and organization of
the Sarbanes-Oxley Audit Committee are regulated
by the rules related to the meetings of the Board of
Directors and the Directors’ Committee of the
Company. Since its creation, the Sarbanes-Oxley
Audit Committee has met jointly with the
Directors’ Committee since their functions are very
similar and both Committees are composed of the
same members.

Expenses
During the year 2022, the Sarbanes-Oxley Audit
Committee did not incur any expenses.

Reporting to the Board of Directors
This Committee reports monthly to the Company’s
Board of Directors.

Finally, the Company has a special committee
comprised of directors with expertise in
financial matters that meets at the request
of the Board of Directors to discuss issues
within their area of expertise. The Board is
informed of the results of these meetings
at its next meeting.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Board of Directors and Directors’ Committee
frequency and monitoring of strategic units

Risk Management

The Company has a risk management process, the
Board of Directors has approved its guidelines, and
the Directors’ Committee oversees management.
The Committee meets with Corporate Management
Control, Risk and Sustainability Management at least
once per year. In turn, the Board of Directors meets
once a year with this unit to verify the proper
functioning of the risk management process, analyze
the risk matrix -as well as the main sources of risks
and methodologies for the detection of new risks, as
well as the probability and impact of occurrence of
the most significant risks-, and incorporate
recommendations and pertinent improvements. The
participation of the Company’s principal officers in
this session is evaluated on a case by case basis.

Internal Audit

The Corporate Internal Audit Manager attends
monthly meetings of the Directors’ Committee,
which periodically monitors its operation. The
Board of Directors has also agreed to meet every six
months with the Corporate Internal Audit Manager
to analyze the following matters: the annual audit
program, any serious deficiencies detected,
irregular situations that by their nature should be
reported to the competent supervisory bodies or
the Public Prosecutor’s Office, recommendations
and improvements that in the opinion of the unit
would be appropriate to minimize irregularities and
the effectiveness of the crime prevention models
implemented by the Company. The presence of the
Company’s principal officers in these sessions is
analyzed on a case-by-case basis, depending on the
issue to be addressed.

The Internal Audit Department
contributes to the Company in
achieving its objectives with a
systematic approach to improve the
effectiveness of risk management,
control and governance processes,
reporting directly to the Board
of Directors and the Directors’
Committee.

The main pillars of the department are:
• Process Audit.

• IT Audit (Cybersecurity, Ethical Hacking,

Business and Risk Impact Analysis).

• Fraud Prevention Program.

• Corporate Risk Matrix (Testing).

• Corporate Policy Audit.

• SOX Matrix Audit (Testing).

• Design of anti-corruption models for laws
(FCPA, Law N°20.393 of Chile and Law
N°27.401 of Argentina).

• Continuous monitoring of strategic variables.

• Operational audits (territorial coverage:
inventories, cash audits, among others).

• Anonymous complaints and investigations

(EthicsPoint).

• Follow up (standardized implementation

follow-up model).

Sustainability

The Company realizes that sustainability requires a
long-term strategy that must be adjusted over time.
Therefore, an annual meeting of the Corporate
Management Control, Risk and Sustainability
Management with the Board of Directors and
monthly meetings with the Culture, Ethics and
Sustainability Committee have been established to
review the gaps and progress made in each of the
work pillars, as well as the disclosure and
dissemination plan for the various stakeholders. The
presence of the Company’s principal officers at this
meeting is evaluated on a case-by-case basis.

Similarly, the Board of Directors is responsible for
approving the Integrated Annual Report - prior to its
presentation to the General Shareholders’ Meeting
- whose purpose is to provide relevant information
on Environmental, Social, and Governance matters
to the Company’s stakeholders.

External Audit

The Board of Directors meets with the External
Audit firm at least three times per year to review
the audit plan and identify any differences detected
in the audit regarding accounting practices,
administrative and internal audit systems, any
serious deficiencies that may have been detected
and those irregular situations that, by their nature,
must be reported to the competent supervisory
bodies, results, and any potential conflicts of
interest that may exist in the relationship between
the Board of Directors and the External Audit firm.
The Directors’ Committee meets with the External
Audit firm at least four times per year. Depending
on the matter to be discussed, the presence of the
Company’s principal officers at these meetings is
evaluated on a case-by-case basis.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

OUR ETHICAL/
CULTURE

t Coca-Cola Andina we foster a corporate
culture focused on compliance with the law
and the Company’s values through various policies
and documents such as the Corporate Governance
Manual, Codes of Ethics and Business Conduct,
Crime Prevention Model and Free Competition in
the Market Policy, among others, which guide the
actions of all our employees, contractors,
consultants, executives and members of the Board
of Directors.

As part of our commitment to ethics, the
Company is a partner of Fundación Generación
Empresarial, a non-profit organization that, since
1995, seeks to promote integrity in organizations,
supporting companies and institutions in the
management of their culture of ethics and
compliance.

Training and dissemination are essential for each of
our employees to internalize the Company’s
culture of ethics and integrity. For this reason, we
have a permanent training and dissemination
program that allows all employees to learn about
the Corporate Governance Policies, Code of Ethics
and Business Conduct, Anonymous
Whistleblowing, Crime Prevention, Free
Competition in the Markets and Corporate Risk
Management Policy, among others.

For information on the training conducted during
2022 on the Code of Ethics and Business Conduct,
which includes a section on the prohibition of
corrupt practices and the channels established to
report any violations.

For more information, see Chapter 10.

Code of Ethics and Business Conduct
The principles established in this document guide
the actions of all Coca-Cola Andina employees,
executives and members of the Board of Directors.
This code, which is publicly available on our
website, establishes the minimum standards of
conduct and the Company’s commitment to
operate respecting legal and regulatory compliance,
and to care for natural resources.

Failure to comply with this code may result in
disciplinary action, which could result in
termination of employment or even civil or criminal
penalties against violators.

The Code of Ethics and Business Conduct was last
updated in April 2021 and communicated to the
entire Company and subsidiaries.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

• Conflicts of interest: We have policies and

• Leaders’ responsibility: The Company is

Code of Ethics and

Business Conduct Principles

• Respect for people and the work environment:
Because everyone has the right to work in an
environment where their dignity is respected,
Coca-Cola Andina rejects all forms of
discrimination and promotes fair, responsible,
and equal treatment. Taking care of people’s lives
and health will always be a top priority for the
company, so we promote a healthy and safe
workplace by implementing best practices and
spaces for continuous improvement in areas that
ensure people’s physical and mental integrity.

• Legal and regulatory requirements: In the

performance of their duties, all individuals must
adhere to the applicable legal and regulatory
requirements, as well as the Company’s internal
regulations, policies, and procedures.

• Respect and responsibility for union activity:
We recognize and respect union activity as an
exercise of freedom and rights that ensures the
representation of its members, constructive
dialogue, and the common good.

• Prohibition of corrupt practices and bribery:

We reject any corrupt act or act that could result
in corruption among third parties. We are
committed to complying with the letter and the
spirit of all anti-corruption laws and regulations in
every country in which we operate.

• Fraud: We view fraud as a serious Code violation

that should be severely punished.

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procedures in place to prevent situations that
could jeopardize the public’s trust in the
Company and to prevent any type of conflict of
interest.

• Company’s interactions with public officials,
customers, and suppliers: Our policies and
practices prohibit hiring a public official,
domestic or foreign, to provide services for an
improper purpose or in conflict with their duties
or obligations.

• Competition and fair treatment: Because we
respect free competition, it is our policy and
objective to outperform our competitors in a fair
and honest manner, seeking competitive advantages
through improved performance and never through
unethical or illegal business practices.

• Protection and proper use of the Company’s
assets and information: Company assets and
instruments should only be used for legitimate
business purposes, and individuals should take
precautions to prevent their theft, misuse, or
damage. Individuals who have access to confidential
information are required, in accordance with the
Company’s internal policies, to maintain secrecy and
prevent unauthorized access.

• Internal loans: Our policies and practices

prohibit making loans to the Company’s directors
and principal officers.

• Obligation to report any illegal or unethical
Company behavior: We have established
channels for reporting violations of the Code.

• Accounting data: The Company’s Financial

Statements are a true and fair representation of
its financial position and equity. We have policies
and procedures in place to ensure compliance.

• Communities and environment: The Company
is committed to ensuring that its expansion is
accompanied by socially responsible management
that protects the environment and its resources.

committed to promoting high standards of
conduct, disseminating the Code’s content, and
ensuring its application.

Code of Conduct for Suppliers
and Third-Parties
Coca-Cola Andina expects its suppliers to adhere
to the Company’s values and the law in all of the
countries in which it operates. For this reason, we
have a Code of Ethics for Suppliers and Third
Parties that outlines the minimum principles of
conduct by which the actions of suppliers,
contractors, and subcontractors doing business
with the Company and its subsidiaries, as well as
their respective collaborators and intermediaries,
must be governed.

The Code of Ethics for Suppliers and Third Parties is
available on our website. In addition, on-site
evaluations or evaluations based on supporting
documentation are conducted on a variety of topics,
including legal compliance and business integrity.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Crime
Prevention

T he Company has a Corporate Policy for Crime

Prevention and Corrupt Practices, which
establishes the guidelines that support the Crime
Prevention Model. The objective of this model is to
manage and supervise the prevention of acts
prohibited by Law 20,393 and other anti-corruption
regulations, which the Company accomplishes
through regulatory compliance programs that
promote law-abiding conduct.

This model, whose scope includes
the Company’s directors, senior
management, representatives,
executives, collaborators, and third-
party contractors in all franchised
territories, is continuously updated
to reflect legislative changes.

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CRIME PREVENTION MODEL (CPM)

Board of Directors
of Embotelladora
Andina S.A.

Board of
Directors and/or
highest
management
authority
Subsidiaries

General
Management of
Embotelladora
Andina S.A. and
its Subsidiaries

Audit
Committee

Culture, Ethics
and Sustainability
Committee

Anti-corruption standards and laws

Crime Prevention Policy

Crime Prevention Manager

Prevention
Activities

Detection
Activities

Response
Activities

CPM
Supervision and
Monitoring

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Support
Areas

Administration
and Finance
Management

Legal
Management

Human Resources
Management

Audit
Management

Other Managements

Control
Environment

Code of Ethics
and Business
Conduct

Legal and Labor
Instruments

Chapter Internal
Order, Hygiene and
Safety Regulations

Complaints
Procedure

Appendix to Work
Contract

Output

Internal Order,
Hygiene and Safety
Regulations and
Procedures

Appendix to
Service Contract

Affidavits of
Directors and
Senior Officers

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Certification of the Crime Prevention Model

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

In order to provide transparency to this process,
this document is continuously audited and certified
by an external entity authorized by the Financial
Market Commission (CMF). The latest certification
was obtained on December 9, 2022 and is valid for
two years.

The focus of this model is the prevention of
conduct prohibited by Law No. 20,393 and corrupt
practices in general, and its purpose is the
company-wide implementation of compliance
programs. To this end, the Board of Directors
appoints a person in charge of auditing,
supervising, and updating this model, as well as
establishing with management the procedures for
its effective application and oversight.

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This model takes into account various anti-
corruption regulations in effect, such as the Chilean
Criminal Liability Law for Legal Entities (Law No.
20,393), the Foreign Corrupt Practices Act of the
United States of America (FCPA), and similar
applicable laws, such as the Argentine Criminal
Liability Law for Legal Entities (Law No. 27,401).

Coca-Cola Andina is committed to ensuring
compliance with all anti-corruption laws, which
govern relationships with public officials, donations
(both for social and charitable purposes as well as
contributions to political parties and candidates),
contractors, and suppliers. Under no
circumstances and by no means may any person
acting on behalf of the Company offer, promise, or
consent to give a public or private official, whether
Chilean or foreign, an improper economic benefit.
Similarly, collaborators must ensure that the
Company’s funds or assets, as well as the
execution of acts and contracts, are never used for
illegal and/or criminal purposes, and they must
report any potential conflicts of interest to their
hierarchical superior.

Regarding the Company’s relationship with public
officials, only the Chief Executive Officer, General
Managers of the Company’s four operations, or
those expressly authorized by them in Argentina,
Brazil, Chile, and Paraguay are permitted to
communicate with them.

Conflicts of Interest
Coca-Cola Andina has a corporate policy that
outlines a model for preventing and mitigating risks
associated with conflict of interest situations. In
addition, the Company requires formal
declarations from its directors and a portion of its
executives that identify its affiliated entities. This is
not public information.

Executives with obligation to
inform related entities:

Directors

Executive Vice President

Corporate Managers, their direct
reports, their assistants and all
Corporate personnel

General Managers

Managers (first line of the
General Manager)

All IT, Procurement, Credit &
Collections and second line
Sales Management personnel

Learn more about our Corporate Policy on
Conflicts of Interest here.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Anonymous Whistleblowing Channel
The Directors and Audit Committee of
Embotelladora Andina S.A. have established on the
Company’s corporate website an Anonymous
Whistleblowing Channel designed to receive,
evaluate and investigate complaints from employees
and third parties in general, regarding accounting,
accounting controls or auditing matters, as well as
those related to possible violations of anti-corruption
regulations that may occur within Embotelladora
Andina S.A., such as Law 20,393, the Foreign
Corrupt Practices Act of the United States of
America, and those similar laws applicable in the
countries where the Company operates.

This anonymous Whistleblowing Channel guarantees
the anonymity of the whistleblowers who use it, who
-through a code- can know the status of their report.

All members of the Board of Directors have
unrestricted, remote, immediate and permanent
access to all reports received through the
Anonymous Whistleblowing Channel.

Despite the fact that the vast majority of complaints
and claims received through this channel are
unrelated to its intended purpose, each and every
one of them is reviewed and investigated according
to their nature and possible seriousness. At the
conclusion of 2021, all pending claims and
complaints were reviewed, addressed, and closed.

Of the total number of claims and complaints
received during 2022, 40 were reviewed, addressed
and closed, while 22 are under review at year-end.
Below is a detail of the complaints received in 2022:

Number of complaints by subject matter

Policy violations

Conflicts of interest

Corruption

Workplace harassment

Discrimination

Environment, safety and health

Relations with indigenous peoples

Sexual harassment

Human rights

Other

Total

Coca-Cola Andina’s Management has taken the
following actions in response to the different
complaints received during 2022 through the
Anonymous Whistleblowing Channel:

• Communication reinforcements and institutional

trainings.

• Analysis of work environment and behavior in the

Company.

• Reassignment of employee positions.

• Internal Audit investigations and reports.

• Field visits.

• Analysis of behaviors according to the Company’s

Code of Ethics.

• Analysis and comparison of performance of

reported sales channels.

• Implementation of coaching programs.

• Analysis of the grounds for dismissal due to
restructuring without personal reasons.

• Investigations.

• Reorganization of processes and creation of new

workflows.

Control and follow-up
of complaints
No cases of corruption of public officials,
money laundering, financing of terrorism or
unfair competition were detected during the
reporting period. There is also no information
regarding legal proceedings related to
corruption that have been filed against the
Company or its employees during the
reporting period.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

PRINCIPAL
_OFFICERS

ADMINISTRATIVE STRUCTURE

BOARD OF DIRECTORS

The group of principal officers, also known as the
Executive Team, is made up of the Chief Executive
Officer and nine executives who report directly to
him (Corporate Officers and General Managers).
The latter in turn lead the teams of the four
countries where Coca-Cola Andina is located.

Finance
Committee

Culture,
Ethics and
Sustainability
Committee

Executive
Committee

Chief
Executive
Officer

Directors’
Committee

Audit
Committee

Internal
Audit

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General Manager
Argentina

General Manager
Brazil

General Manager
Chile

General Manager
Paraguay

Chief
Financial
Officer

Chief Strategic
Planning and
Digital
Development
Officer

Chief
Legal
Officer

Chief
Human
Resources
Officer

Chief
Information
Technology
Officer

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

CORPORATE OFFICERS

Miguel Ángel Peirano

Chief Executive Officer
Electrical Engineer
In office since January 1, 2012
Rut 23.836.584-8

Andrés Wainer

Chief Financial Officer
Economist
In office since November 1, 2010.
Rut 10.031.788-5

He holds an electronic engineer degree from the Instituto
Tecnológico de Buenos Aires and has postgraduate studies
at Harvard Business School and Stanford University. He
joined the Company and became Executive Vice President
in 2011. Previously, he was senior engagement manager at
McKinsey & Company and was president of Coca-Cola
Femsa Mercosur.

He holds a business administration degree with a major in
economics from the Pontificia Universidad Católica de
Chile and a master’s degree in finance from the London
Business School. He joined the Company in 1996 and since
2011 he has been Chief Financial Officer. Previously, he was
development manager at Coca-Cola Andina Argentina,
administration and finance manager at Coca-Cola Andina
Chile and research and development corporate manager at
the Corporate Office.

Fernando Jaña

Chief Strategic Planning & Digital Development Officer
Industrial Civil Engineer
In office since May 1, 2019.
Rut 12.167.257-K

He holds an industrial civil engineering degree from
Universidad Adolfo Ibáñez and a master’s degree in logistics
and supply chain management from The University of Sydney,
Australia. He joined the Company in 2014 and has held his
current position since 2019. He was general manager of
Coca-Cola del Valle, manager of innovation and projects in
Coca-Cola Andina Chile, ecommerce manager at Cencosud
Supermercados and logistics and distribution manager at
CCU. He has also worked as a teacher and researcher at
Universidad Adolfo Ibáñez.

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Jaime Cohen

Chief Legal Officer
Attorney at Law
In office since September 1, 2008.
Rut 10.550.141-2

Gonzalo Muñoz

Chief Human Resources Officer
CPA
In office since January 1, 2015.
Rut 7.691.376-5

Martín Idígoras

Chief Information Technology Officer
Systems Engineer
In office since November 5, 2018.
Rut 22.526.397-3

He holds a law degree from the Universidad de Chile and a
master law degree from the University of Virginia, United
States. He joined the Company in 2008. Previously, he was
manager of legal affairs at Socovesa S.A. (2004-2008);
corporate banking lawyer at Citibank N.A., Santiago de Chile
(2000-2004); international associate at Milbank, Tweed,
Hadley & McCloy, New York (2001-2002); associate lawyer at
Cruzat, Ortúzar & Mackenna, Baker & McKenzie (1996-1999)
and lawyer in the area of financial and real estate advisory at
Banco Edwards (1993-1996).

He holds an auditor accountant degree from Universidad de
Chile. He joined the Company in 2015. Previously, he was
director of finance, general manager and director of human
resources in various Latin American countries in the British
American Tobacco company. He has also served as a
professor of marketing at Universidad de Chile.

He holds a bachelor’s degree in systems from Universidad
John F. Kennedy in Argentina, with a specialization in
information technology. He joined the Company in 2018.
Previously he worked for 18 years at Cencosud. During that
time, he served as CIO for the home improvement division
(2015-2018), regional manager of the SAP center of
expertise (2014-2015) and regional CTO (2010- 2014). He
also worked in different technology positions in different
companies such as Correo Argentino and Arcor.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Executive teams by country

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Argentina

Fabián Castelli

General Manager
Industrial Engineer
In office since April 1, 2014
DNI 17.744.981

Brazil

Renato Barbosa

General Manager
Economist
In office since January 1, 2012
CPF 183.430.901-87

Chile

Paraguay

José Luis Solórzano

Francisco Sanfurgo

General Manager
Business Administrator
In office since April 1, 2014
Rut 10.023.094-1

General Manager
Mechanical Engineer
In office since January 1, 2005
Rut 7.053.083-K

He holds an industrial engineering degree
from Universidad Nacional de Cuyo, with
specialization in a management development
program at IAE, Argentina and Donald R.
Keough System Leadership Academy. He
joined the Company in 1994 and since 2014
he has been general manager of Coca-Cola
Andina Argentina. Previously he held the
positions of head of the Mendoza sales
department, business development and
planning manager, marketing manager and
commercial manager. He was also director of
AdeS in Argentina, vice president of
Asociación de Fabricantes Argentinos de
Coca-Cola (AFAC) and Director of Cámara
Argentina de Industria de Bebidas sin Alcohol
(Argentine Chamber of Non-Alcoholic
Beverages Industry).

Fernando Ramos
Administration and Finance Manager

Paola Rolando
Human Resources Manager

Pablo Bardin
Operations Manager

Santiago López Novotny
Supply Chain and Logistics Manager

Diego Garavaglia
Commercial Manager

Ariel Molina
Legal Manager

Daniel Caridi
General Manager Andina Empaques
Argentina S.A.

He holds an economist degree from
Universidade do Distrito Federal Brazil,
with specialization in business and
post-graduation studies in business from
FGV Sao Paulo, Brazil and an MBA in
marketing from the FGV Rio de Janeiro,
Brazil. He joined the Company in 2012 as
general manager of Coca-Cola Andina
Brazil. Previously held the position of
general manager of Brasal Refrigerantes
(Coca-Cola bottler in the central-eastern
region of Brazil).

He holds a business administration
degree from Universidad Adolfo Ibáñez,
with specialization in the areas of
marketing and finance. He joined the
Company in 2003 and since 2014 he has
been general manager of Coca-Cola
Andina Chile. He previously held the
positions of general manager of
Coca-Cola Andina Argentina and
commercial manager of Coca-Cola
Andina Chile. Prior to that, he was
commercial manager of Coca-Cola Polar.

He holds a mechanical engineering
degree from Universidad de Concepción
and a specialization in project
management from Universidad Adolfo
Ibáñez. He joined the Company in 1988
and has been general manager of
Coca-Cola Paresa since 2005. Previously,
he was manager of Comercial Dimetral in
Punta Arenas, branch manager of
Citicorp Punta Arenas and general
manager of Cervecería Austral in
Punta Arenas.

Marcio Bauly
Sales Manager

Rodrigo Klee
Operations Manager

David Parkes
Administration and Finance Manager

Max Ciarlini
Human Resources Manager

Fernando Fragata
Legal and Institutional Relations Manager

Isabel Salvador
Marketing Manager

Alejandro Zalaquett
Administration and Finance Manager

Eduardo Yulita
Finance Manager

Rodrigo Ormaechea
Growth, Strategy and Digital
Transformation Manager

Rodrigo Marticorena
Human Resources Manager

Javier Urrutia*
Legal Manager

Alejandro Vargas
Operations Manager

Rodolfo Peña
Market Manager

Luz De Maria Gonzalez
IT Business Manager

Alvaro Felix Rio Garcia
Alcoholic Beverages Manager

*He was replaced in February 2023
by Pia Fertilio.

Melina Bogado
Commercial Manager

Leonardo Calvete
Quality Manager

Maria Teresa Llamosas
Human Resources Manager

Alejandro Varas
Production Manager

Julio Fiandro
Logistics & Supply Chain Manager

Angel Almada
PAC Manager (Public Affairs and
Communications)

Rafael Ramos
Maintenance Manager

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Diversity of the
management team
The management team is comprised of the
following Corporate Officers and General
Managers of each operation.

Executives

Chilean

Foreigners

*No women
*None with disabilities

Management Team Age Range

Less than
30

Between
30 and 40

Between
41 and 50

Between
51 and 60

Between More than
61 and 70

Total

Men

Seniority of the Management Team

Less than
3 years

Between
3 and 6

Men

Between
7 and 9

Between
10 and 12

More than
12

Total

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Remuneration policy for
principal officers
The Company lacks a Compensation Committee.
Nevertheless, the Directors’ Committee with third
party consulting firms (Korn Ferry HAY and Mercer)
reviews once a year the remuneration systems and
compensation plan for the Company’s managers,
senior officers, and employees, which are not
submitted to shareholders for approval. The plans
consist of a fixed remuneration and a performance
bonus, which are adapted to the reality and
competitive conditions of each market, and the
amounts vary based on the position held and/or the
responsibility exercised. These performance
bonuses are only paid if the previously defined
personal and organizational objectives of each
executive and the company are met.
In the case of the Chief Executive Officer, the
consolidated adjusted EBITDA1 is the primary
variable affecting his performance bonus, whereas
for Corporate Officers, the consolidated adjusted
EBITDA1 in Chilean pesos and certain personal
goals, if so determined by the Chief Executive
Officer of the Company, are the primary variables.

There is a performance bonus payment scheme
that is deferred in up to five years and indexed to
the Company’s share price for key executives who,
by nature of their position, are directly related to
investors. In addition, the compensation structure
includes permanence bonuses for a subset of key
executives who fulfill the agreed terms of service.

1. Consolidated adjusted EBITDA: consists of revenue, cost of
sales, distribution costs, and administrative expenses, as included
in the Financial Statements filed with the Financial Market
Commission and calculated in accordance with IFRS, plus
depreciation.

The General Managers of the operations have
as main variables the EBITDA generated by
their operation in local currency, the
consolidated adjusted EBITDA in Chilean
pesos, market share and operating cash flow
in local currency, sustainability indicators
(water consumption, % of returnability over
NARTD2 volume and % of resin recycled in
bottles in applicable operations), goals
associated with digital development and
certain personal goals, in the event that the
Chief Executive Officer so determines.
General Managers repeat to their direct
reports the corresponding indicators,
considering the nature of each line
manager’s function.

2 NARTD: Non Alcoholic Ready To Drink

Remuneration of key
executives in 2022

Ch$5,406
million

Fixed compensation paid to

key executives

(2021 Ch$4,401 million)

Ch$3,400
million

Performance bonus compensation paid

to key executives

(2021 Ch$3,107 million)

Ch$0 pesos

Staff severance indemnities paid to

key executives

(2021 Ch$0)

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See Chapter 10 for information on the wage gap
between male and female executives.

None of the principal officers
hold an ownership interest
in the Company.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Main policies/
| and guidelines

In order to reinforce corporate
governance practices and ensure
their proper operation, we have
mandatory corporate policies and
standards that are continuously
updated and applicable to operations
and the corporate office.
Internal Audit monitors the
application of these standards in
order to document the degree of
compliance and report the findings to
the Directors’ and Audit Committee.

The following excerpts represent the most relevant
Company policies and standards by area.

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GOVERNANCE

Corporate Governance Handbook

Corporate Policy on Free Competition in

It is the one that enables efficient management of
the relationships between the entities that manage
the Company in its management function and the
control model established to achieve economic,
social, and environmental outcomes for the various
stakeholders. As a prerequisite for achieving
operational efficiency objectives and strategic goals,
the Manual defines and implements structures,
functions, and methodologies of administration,
management, and control, as well as plans to
integrate these guidelines into the Company’s
culture and operation.

Corporate Policy on Diversity of the Board of
Directors

The purpose of this Policy is to establish in general
terms the conditions and qualities that shareholders
of the Company should consider when submitting
proposals for the position of Coca-Cola Andina
director. This policy seeks to mitigate any gender,
social, or cultural barriers that could inhibit the
natural diversity of skills, experiences, visions,
characteristics, and proper conditions that should
prevail in the Board of Directors, thereby enhancing
the business’s long-term sustainability and value.

Code of Ethics and Business Conduct

Set of principles and ethical conduct that guide the
behavior of all employees, executives, members of
the Board of Directors and third parties acting on
their behalf. Among other things, it regulates
conflicts of interest, accounting information,
internal loans, fraud, dealings with public officials,
customers and suppliers, political and
humanitarian contributions, Law 20,393 and
the Ethics Committee.

the Markets

Free competition in the markets is a fundamental
pillar in our way of doing business. It is Coca-Cola
Andina’s policy to fully comply with the regulations
governing free competition in the markets, which, in
general terms, penalizes anyone who executes any
act, deed or convention that prevents, limits,
restricts or hinders free competition or tends to
produce such effects, or that constitutes an abuse
of a dominant position in a market in a way that may
be detrimental to the general economic interest.

CRIME PREVENTION

Corporate Policy for the Prevention of

Crime and Corrupt Practices

This document is intended to establish the
guidelines for the adoption, implementation, and
operation of the Crime Prevention Model of the
Company and its Subsidiaries in accordance with
the provisions of Law No. 20,393, the FCPA, and
other anti-corruption laws.

Corporate Gift and Hospitality Policy

The purpose of this policy is to mitigate the
corruption risk associated with the offering and
acceptance of gifts and/or hospitality.

Corporate Donations Policy

Safeguards the interests of the Company by
preventing it from becoming involved in corrupt
situations resulting from donations. Regardless of
the size or nature of the contribution, all donations
must comply with this Policy.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Anonymous Complaint Procedure

Corporate Policy on Non-Discrimination and

Finance and accounting

It addresses the procedures and competencies to
receive, evaluate, and investigate complaints from
employees and third parties in general, regarding
accounting, accounting controls, and auditing
matters, as well as those related to possible violations
of anti-corruption regulations within Embotelladora
Andina S.A., such as Law 20,393, the Foreign
Corrupt Practices Act of the United States of
America, and those similar laws that are applicable in
the countries in which the company operates. This
Policy establishes that, in accordance with the
Company’s Policies, no member of the Company
may directly or indirectly retaliate or attempt to
retaliate against any person who makes a complaint
in good faith.

RECURSOS HUMANOS

Harassment, Respect for People,

• Accounting Policies

Diversity and Inclusion

• Internal Control System Corporate Policy

This Policy seeks to advance the integration of
diversity and inclusion by prioritizing respect for the
dignity of each individual, regardless of race, sex,
origin, age, religion, marital status, sexual
orientation, gender identity and/or expression,
disability, veteran status, education, life experience,
ideas, and beliefs.

• Financial Investments and Financing Corporate

Policy

• Credit Granting Corporate Policy

• Corporate Policy on Currency Hedging for

Commodity Purchases

• Corporate Tax Policy

Other policies of interest:

Governance

• Audit Committee Regulations

• Policy on Habituality

• Corporate Delegation of Authority Policy

• Corporate Purchasing and Investment Policy

• Corporate Annual Budget Policy

• Corporate Insurance Policy

Human resources

• Corporate Compensation Policy

• Corporate Policy on International People

Corporate Policy on Human Rights

• Suppliers and Third Parties Code of Ethics

Movements

Coca-Cola Andina’s Human Rights Policy follows
the international human rights principles outlined
in the Universal Declaration of Human Rights, the
International Labor Organization’s Declaration on
Fundamental Principles and Rights at Work, the
United Nations Global Compact, and the United
Nations Guiding Principles on Business and
Human Rights.

• Corporate Policy on Conflict of Interest

• Corporate Performance Policy

For more information about our policies, visit
www.koandina.com.

Management and Related Party Transactions

• Corporate Sustainability Policy

• Corporate Environmental Management Policy

• Corporate Food and Beverage Loss Policy

• Corporate External Communications Policy

• Insider Trading and Information of Interest to the

Market Handbook

• Corporate Power of Attorney Policy

• Corporate Risk Management Policy

• Management Framework of Corporate Policies

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

-MANAGEMENT
OF OUR RISKS-

e have a Risk Management Model that reaches
all operations and collaborators of the Company

and it is implemented by the Corporate Management
Control, Risk and Sustainability Management area. We
promote a culture in which everyone is responsible for
this management. Our comprehensive risk
management process is constantly evolving and allows
us to establish governance and a regulatory body
applicable to the entire Company.

For more information, please review our
“Corporate Risk Management Policy”.

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GOVERNANCE AND RISK MANAGEMENT MODEL

Design of the risk
management strategy

Monitoring and
continuous survey

Structure, policy and
methodology design

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Improvement
and
implementation
of risk response
plans

Risk
identification
and assessment
and mitigation
plans

Approval of the risk
response plan

Critical analysis,
benchmarking and
feedback

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Design of the risk management strategy

Risk identification and assessment

Improvement and implementation of

This stage seeks to develop a culture and processes
for the management of relevant business risks, so
that if such risks materialize, the impact is
manageable and plans are in place.

Structure, policy and methodology design

The Board of Directors is responsible for leading
the Risk Management Model in conjunction with
the Corporate Internal Audit areas and the
Corporate Sustainability and Risk Committee,
which evaluate the effectiveness of the systems and
define the level of risk readiness, so that it is
aligned with the Company’s objectives.

Control, Risk and Sustainability Corporate
Management is responsible for the general
coordination and follow-up of the process,
reporting to the office of the Chief Financial Officer
and to the Directors and Audit Committee.

Likewise, the general managers of the operations
and the Risk Management Board interact in the
management, whose mission is to coordinate and
standardize identification criteria so that all
operations can evaluate and draw up their risk
maps and monitoring, promote the dissemination
of good practices and lessons learned, and
implement improvements in risk assessment
methodologies.

In defining our policy and methodology, we are
guided by the principles, guidelines and
recommendations of the Committee of Sponsoring
Organizations of the Treadway (COSO) and,
specifically, in the case of risks related to climate
change, by the Task Force on Climate-related
Financial Disclosure (TCFD).

and mitigation plans

risk response plans

Annually, Internal Audit verifies the mitigation plans
and issues reports on the findings so that the
responsible parties can define remediation action
plans to close the gaps, the progress of which is
periodically monitored.

Monitoring and continuous survey

In the final phase of the process, the risk
management actions are encouraged to be
incorporated into the Company’s processes,
considered in the strategies and budgets, and
actively monitored to ensure their continuity
and effectiveness.

During this stage, the Company identifies risk
pillars together with the internal or external factors
that could lead to their materialization, such as
changes in applicable regulations, new regulations
and audits. These factors are referred to as specific
risks and for each of them, the probability of
occurrence and impact are estimated. This enables
the determination of the criticality or severity of
the risk, allowing the prioritization and identification
of potential preventive and/or contingency actions
to be developed.

Critical analysis, benchmarking and feedback

This stage includes the detailed analysis of new
risks and the review of mitigation plans, as well as
the development of operational benchmarks and
the identification of synergies.

Approval of the risk response plan

Once the risks have been identified, those with a
high impact (severity) are escalated to the Corporate
level and the Board of Directors, where the
incorporation of new standards, such as greater
controls on outsourcing (proper working conditions,
financial and operational performance metrics,
guarantees, etc.) and/or having operational continuity
plans, among other aspects, are evaluated. The
mitigation and residual risk plans are approved, and
the status of the remediation action plans’
implementation is monitored.

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Governance Model for Risk and Sustainability Management

DIRECTIVE
LEVEL

EXECUTIVE
LEVEL

CORPORATE
LEVEL

OPERATIONAL
LEVEL

Among its primary responsibilities is the protection of the company’s value in the face of various
risks, as well as the knowledge, comprehension, and improvement of the risk management culture.

BOARD OF DIRECTORS

DIRECTORS’ AND AUDIT COMMITTEE

CULTURE, ETHICS AND SUSTAINABILITY COMMITTEE

CHIEF EXECUTIVE OFFICER

Internal Audit
Dependent on the
Audit Committee
and verifies that
mitigating actions
are taken when
applicable.

MANAGEMENT TEAM*

CORPORATE SUSTAINABILITY
AND RISK COMMITTEE**

COCA-COLA SYSTEM
FORUMS

They are responsible for adequately
managing relevant risks and material
sustainability issues for the entire
Company.

It is responsible for ensuring the
conditions necessary for
adequate risk mitigation and
defining the strategic objectives
for sustainability material topics.

Sustainability and Risk
Management system best
practices dissemination
forums (ERM).

Corporate Management Control, Risk and Sustainability Management

Head of Environment

Head of Risk

Head of Community
Outreach

Work Tables with Operations

They meet periodically and independently to standardize criteria and promote best practices.

General Managers and 1st Line

It is responsible for ensuring that relevant risks and material sustainability issues are adequately
managed in its operations.

*Composed of the Chief Executive Officer, the Corporate Officers and general managers of the operations.
**The Corporate Sustainability and Risk Committee is comprised of: Chief Executive Officer, Chief Legal Officer, Chief Financial
Officer, Chief Human Resources Officer, Chief Strategic Planning & Digital Development Officer and Corporate Control, Risk and
Sustainability Manager, and also the Executive Secretary.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Relevant business risk matrix
The following are the main risks affecting our
business and how they relate to our strategic
pillars and material topics.

Main risks

Description

Impact

Strategic pillar

Material topic

Mitigation actions

Failure in collection/
recycling of
containers

Failure to be
effective in the
collection for
recycling of
containers.

The materialization of this risk would affect
our operational continuity, our relationship
with the community and the environment,
and financial results.

Business impact:
• Sanctions, fines.
• Damage to corporate image.
• Negative exposure in the media,
advertising and social media.

• Impact on sales.

Contamination by
residues

Contamination
derived from failures
or non-compliance in
waste treatment.

The materialization of this risk would affect
our operational continuity, our relationship
with the community and the environment,
and financial results.

Business impact:
• Sanctions, fines.
• Damage to corporate image.
• Negative exposure in the media,
advertising and social media.
• Impact on sales.

Risks related to
health and safety of
consumers

Damage to the
health of our
consumers due to
contamination of
inputs or products
or by finished
products in poor
condition.

The materialization of this risk would affect
our relationship with the community and
financial results.

Business impact:
• Sanctions and eventual indemnities.
• Damage to corporate image.
• Impact on sales.

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Efficiency and
productivity of
value chain

Returnability
and Recycling

Market
leadership

Customer
satisfaction

Efficiency and
productivity of
value chain

Returnability
and Recycling

Market
leadership

Customer
satisfaction

Broad portfolio,
channels and
geographies

Nutrition
and product
portfolio

• Encourage the use of returnables.
• Dissemination of good internal waste

management practices and support for
initiatives with stakeholders.

• Communication of actions carried out in

our own social media, those of third
parties and Coca-Cola Journey.

• Comprehensive Waste Management
Program, which ensures the correct
conditioning and final disposal of waste
generated in the plants.

• Periodic external audits of legal

compliance of industrial processes and
internal audits of legal compliance.

• Contractor regulations include

environmental policies, supplier audits and
fines for non-compliance.

We are committed to producing products
of the highest quality. To comply with
customer satisfaction, regulations and our
high standards, we have three main lines of
action: certifications, sensory analysis
program and monitoring of the consumer
complaints indicator.

For more information see Chapter 3

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Main risks

Description

Impact

Strategic pillar

Material topic

Mitigation actions

Portfolio
diversity

We depend on
maintaining an
adequate diversity of
products to satisfy
the tastes and
demands of
customers and
consumers.

The materialization of this risk would
affect our relationship with the
community and financial results.

Business impact:
Impact on sales

Changes in brand
image and product
quality

Perception that the
products are not of
good quality or are
harmful to health,
affecting the
brand’s image.

The materialization of this risk would
affect our relationship with the
community and financial results.

Business impact:
• Damage to corporate image.
• Negative exposure in the media,
advertising and social networks.

• Impact on sales.

Instability in the
supply and price
of certain raw
materials

The price of certain
raw materials, such
as PET resin and
sugar, are volatile
and their supply
could eventually be
interrupted.

The materialization of this risk would
affect our operational continuity
and financial results.

Business impact:
• Increase in raw material costs.
• Interruption in the production of
some SKUs.

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Constant development of products in
line with changes in the population’s
consumption habits.

• Portfolio development: strengthening
healthy, low or sugar-free proposals.
• Providing nutritional information of our

products.

• Evaluations of brand reputation
perception, environmental and
community programs.

• Communication on our own social media,

third parties and Coca-Cola Journey
about the actions carried out.

• Promoting the use of bottles with
RPET resin (recycled).
• Development of more suppliers
• Sugar price coverage

Market
leadership

Customer
satisfaction

Broad portfolio,
channels and
geographies

Nutrition
and product
portfolio

Market
leadership

Customer
satisfaction

Broad portfolio,
channels and
geographies

Nutrition
and product
portfolio

Efficiency and
productivity of
value chain

Supply chain
management

Market
leadership

Customer
satisfaction

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Main risks

Description

Impact

Strategic pillar

Material topic

Mitigation actions

Failures in the
production and/or
distribution of
products.

Our products are
not available to
clients and
consumers.

The materialization of this risk would
affect our operational continuity and
financial results.

Business impact:
• Damage to corporate image.
• Negative exposure in the media,
advertising and social media.

• Impact on sales.

Water scarcity,
pollution and poor
water quality

Water is one of the
main inputs for our
products.

The materialization of this risk would affect
our operational continuity, our relationship
with the community and the environment,
and our financial results.

Business impact:
Increased production costs to ensure
the quality of the products offered.

The materialization of this risk would
affect our operational continuity and
financial results.

Business impact:
• Sanctions, fines.
• Damage to corporate image.
• Impact on sales.

Risks related to
information
security

Security breaches or
infrastructure failures
may create
interruptions and
downtime in the
systems or
unauthorized access
to confidential
information or
third-party data.

Market
leadership

Customer
satisfaction

Efficiency and
productivity of
value chain

Water
management

Corporate
Governance
Excellence

Robust and
efficient
operation

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Dependence on
the relationship
with The Coca-Cola
Company

Coca-Cola Andina
purchases
concentrate from
The Coca-Cola
Company under a
bottling and
distribution
agreement.

The materialization of this risk would
affect our operational continuity and
financial results.

Business impact:
Impossibility of accessing The
Coca-Cola Company’s brands.

Market
leadership

Customer
satisfaction

Currently, except in the case of risks related to climate change (see TCFD section), we have not identified any opportunities.

• Preventive maintenance plans for

equipment and critical spare parts
policies.

• Finished product stock policy.
• Third-party management model:
comprehensive evaluation of
transportation suppliers.

• Ensure stable sources of supply.
• Increase efficiency/reduce water use in

production.

• Information security policy: sets out the

responsibility, safeguarding and risk
management of information; and general
guidelines on access, handling,
processing, transmission, protection,
storage or any other activity carried out
on Coca-Cola Andina’s information
assets.

• Information security culture:

communications are permanently sent
and specific trainings are conducted.
• Master cybersecurity plan, to which new
controls and systems are added annually.

For more information, see Chapter 3.

Joint planning process with The
Coca-Cola Company, coordination of
campaigns and launches, joint execution
of projects.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

The following is an explanation of our main
emerging risks:

Changes in brand image and

product quality:

Perception that products are not of good quality or
are harmful to health, which has materialized in the
growing concern of authorities and consumers
about the effects produced by sugar and
sweeteners, specifically in obesity. The impact of
this risk is long-term, significant and specific to our
business, since in a few years it could lead to
important changes through current legal actions or
threats against companies regarding to the
commercialization, labeling or sale of beverages,
which could strongly affect our profitability.

Water scarcity, pollution and poor quality:

Since it is one of the main inputs to produce our
products, the potential impact of this risk is long-
term, significant and specific to our business. In this
sense, if global demand continues to rise and the
quality of available water continues to deteriorate,
production costs would increase significantly or we
could face restrictions in terms of capacity. Likewise,
if periods of drought continue and are prolonged
over time, the costs of our operations could be
significantly affected due to water and energy
shortages, while changes in government regulations
regarding the ownership or use of water resources
could also affect the supply of this resource.

Risk Management Training
During the reporting period, 225 collaborators
received training on topics related to conflict of
interest, sustainability, gifts, hospitality and
donations, insider information, risk management,
and diversity and inclusion.

Risks related to free competition
Contravening the rules governing free competition
could have severe repercussions for our community
relations and financial performance. Among the
most significant effects this would have on our
company are:
• Sanctions and possible indemnifications
• Damage to our company’s reputation
• Impact on sales.

To mitigate this risk, the Company has a
Compliance Program on Antitrust matters (the
“Compliance Program”), which is based on an
analysis of the business’s risks and consists of a
series of documents and activities that seek to
mitigate each of the identified risks, assigning an
opportunity and a specific responsible to each of
these activities.

One of the fundamental pillars of the Compliance
Program is an annual training program for our
executives and collaborators, each of which has
been specifically designed in terms of its depth and
frequency based on the responsibilities of the
various roles involved.

The Compliance Program is implemented in each
of the four Operations and its execution is
audited annually.

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Description of emerging risks
At Coca-Cola Andina, we classify as “emerging”
those risks that are new or growing in significance
and that meet the following criteria: they originate
from events outside the company, are specific to
our activity, have the potential for a long-term
impact and are projected to be significant, and may
impact operations and require adjusting the
Company’s strategy and/or business model.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Risks and opportunities associated
with climate change (TCFD)
During 2021 and 2022, our Sustainability, Risk
Management and Finance areas, together with our
partner Corporate Citizenship, initiated a study
process under TCFD (Task Force on Climate-
related Financial Disclosures) standards.

The TCFD recommendations are an important step
towards establishing a framework for voluntary
disclosure and reporting of climate-related risks.
Our commitment is to continue to develop the
core elements of the four TCFD pillars, with a
focus on existing gaps, in order to promote
complete compliance with the disclosure standard.

We identified the physical and transitional risks and
opportunities that our operations in the four
countries could face as a result of climate change
under two different scenarios. These were then
prioritized according to their potential financial
impact and quantified.

TCFD Disclosure Framework: Scopes

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Metrics
and goals

Governance

The above-described Risk and Sustainability
Management Governance Model incorporates
climate-related risks and opportunities into
corporate governance. The Culture, Ethics, and
Sustainability Committee is responsible for
monitoring the progress of sustainability material
topics, while the Directors and Audit Committee
are responsible for reviewing the Risk Management
Model. At least once a year, the Corporate
Management Control, Risk and Sustainability
Management and operations managers present
their results to their respective committees, and
the committee chairman reports to the Board of
Directors. The primary ESG metrics, including the
carbon footprint, are included in the monthly
report to the Board of Directors.

Regarding the role of management, the monitoring
of strategic sustainability topics is conducted by:

The Corporate Sustainability and Risk
Committee, which meets at least 3
times a year.

In monthly performance meetings, the
Management Team monitors the progress of
the business and its key indicators. The
Chief Executive Officer then presents to the
Board of Directors the month’s most
pertinent information.

Corporate Management Control, Risk and
Sustainability Management reports to the
Board of Directors on the company’s
strategy and progress regarding its
sustainability material topics.

Another follow-up instance are the
Environmental and Risk Working Groups,
with participants from all operations.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Strategy and Metrics

In order to understand the potential risks and opportunities of climate change, two future scenarios
and time horizons up to 2030 were considered in the 2021–2022 exercise. These scenarios and
time horizons are aligned with the time horizon of the sustainability strategy.

Selected scenarios to evaluate potential climate change outcomes:

CO2

A scenario with a gradual transition to
a low-carbon economy.

A no-action scenario to mitigate global
GHG emissions.

Objective:
to understand potential transition risks
and opportunities

Objective:
to understand the potential physical risks
and opportunities

IEA1 Sustainable Development Scenario

UN IPCC2 RCP8.53

• Describes a roadmap for achieving a
target of a temperature increase
between 1.5°C and 1.65°C - aligned
with the Paris Agreement.

• Projects a major transformation in the

global energy system, including
technology, policy and market
changes.

• Achieve global net zero by 2070.

• Describes the worst-case scenario of

high greenhouse gas (GHG) emissions
over the course of the 21st century.

• The scenario represents changes in

atmospheric GHG emission
concentrations.

• The effects of this are projected in

Global Climate Models developed by
scientific research institutes and are
used to inform international policy
formulation.

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1) IEA- lnternational Energy Agency. 2) IPCC - lntergovernmental Panel on Climate Change. 3) RCP - Representative Concentration Pathway

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

The analysis of the scenarios identified physical risks and opportunities of climate change and the transition to a low-carbon economy:

Ingredients

Packaging

Manufacturing

Distribution

Cold equipment

Physical risks of a scenario of no emissions mitigation leading to high warming of >4 degrees by 2100.

Chronic: Climatic factors limit the availability of raw materials,
affecting agricultural activity.

Chronic: Decrease in productivity
due to extreme heat.

Chronic: Lack of river flow limits
the availability of energy from
hydroelectric sources.

Chronic: Lack of river flow limits
availability of energy from
hydroelectric sources.

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Chronic: Water scarcity due to reduced rainfall and droughts.

Acute: Climate events generate disruption to the continuity of the value chain.

Products / Services: Increased demand for beverages due to higher temperatures.

Resilience: Participation in public-private initiatives for water scarcity solutions.

Resilience: Better preparedness to adapt to climate change.

Risks of gradual transition to a low-carbon economy aligned with global warming <2 degrees by 2100.

Regulatory: Increase in (new or expanded) regulations and taxes on emissions and energy use.

Market: Increased energy, raw material and input costs.

Reputational: Change in stakeholder perceptions with negative impact on companies without decarbonization plans.

Resource efficiency: Technology will become more accessible, reducing costs and emissions.

Products / Services: Positive positioning with regard to stakeholder expectations.

Resilience: Regulations for returnability.

Risks

Opportunities

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Selected risks and opportunities for impact quantification, actions and main metrics are:

Type of
impact

Description

Estimated level
LP 2030

Management actions

Metrics

Transition
risk

Increased costs of raw
packaging materials

Materiality: Returnability and Recycling
• Increase the share of returnable packaging in total NARTD sales.
• Increase use of recycled resin and collection of single-use bottles.
• Bottle lightweighting.

2030 Target & World Without Waste Coca-Cola System:
• Sales volume of returnable packaging s/NARTD.
2030 Target: 42.8%.
• Use of recycled resin as a % of total. 2030 target: 50%.
• Recyclability of packaging. 2030 target: 100%.
• Collection of the packaging we sell. 2030 target: 100%.
• Tons of virgin resin reduced through bottle lightweighting.
• Life cycle analysis of packaging (carbon footprint).

Transition
risk

Rising fossil fuel prices

Materiality: Energy Management and Climate Action
• Carbon Footprint Management: implementing clean energy for all
our operations where possible and improving energy efficiency in
our plants.

• Investments in more fuel-efficient distribution fleets and efficient

truck routing.

• Carbon footprint emissions Scope 1,2,3.
• Efficiency in energy consumption. Target 2030 EUR= 0.255.
• Renewable energy as % of total.
• Transport / fleet: % of trucks EURO V standard or higher over total.
• Emissions of the logistics fleet.
• Distance traveled (km, own, third parties).

Physical
risk

Lack of water due to reduced
rainfall and drought.

Materiality: Water management
• Improve water use efficiency.
• Communities: Access to water and water replenishment.

• Water use ratio (total water withdrawn/liters produced).
2030 target WUR= 1.27.
• Ratio of water use (total water withdrawn/liters produced) in

water-stressed areas.

• Target Coca-Cola System: return 100% of the water used in the

production of our beverages.

Physical
risk

Climate factors impact
agricultural ingredient suppliers

Materiality: Nutrition and product portfolio
• Grow in portfolio and sales of reduced and sugar-free products,
reducing the amount of kilocalories sold over total liters sold.

• Kilocalories sold over total liters sold.
Target 2030: 40.75 kilocalories sold per 200ml.
• Percentage of sales of reduced and sugar-free categories.

Opportunity

New environmental regulations
benefit returnable containers

Materiality: Returnability and Recycling
• Increase the share of returnable packaging in total NARTD sales.

• Sales volume of returnable packaging s/NARTD.
Target 2030: 42.8%.

Opportunity

Increased consumption of fluids
due to temperature increase.

Materiality: Nutrition and product portfolio
• Breadth of the portfolio to satisfy consumer preferences.
• Master plan of production and logistics capacities.

• Sales volume.

Opportunity

New, cheaper technology
provides opportunities to
improve efficiency and reduce
operating costs

Materiality: Robust and efficient operation
*Investment in technologies to improve operational efficiency
and reduce costs.

• Consolidated adjusted EBITDA.

Reference: Accumulated effect on consolidated adjusted EBITDA
through 2030.
Risks and Opportunities:

High:

Medium:

Low:

We anticipate that the transition will not affect our capital
costs in the short term. However, one of the motivations for
developing our climate change strategy is to ensure that the
company aligns with investor expectations and can access
competitive and sustainable financing in the long term.

Risk management:

We will incorporate the climate change risks identified in
the exercise conducted and their factors into our “Risk
Management Model”, described in this chapter and in the
“Risk Management Policy and Methodologies” published
on our website.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

We are always
innovating in
distribution and
logistics to be present
in the lives of our
clients in the four Latin
American countries
where we operate.

EVERY CORNER

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESCUSTOMER |
AND CONSUMER
›CENTRIC

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES|

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CLIENTS and
/MARKET SHARE

W ith a wide range of products, the use of

cutting-edge technology in our operations,
and close communication with our stakeholders,
we aim to lead the markets in which we compete
and create sustainable value.

The Company’s main source of business is non-
alcoholic beverages, which account for 94.7% of
sales volume. We are the largest beverage bottler of
the Coca-Cola System in Chile and Argentina, the
third largest in Brazil and the only one with a
presence in Paraguay. This geographic breadth allows
us to diversify our sources of volume, revenues and
consolidated adjusted EBITDA margin.

See Chapter 1 for more information about
our operations.

We believe that our franchises have significant
expansion potential, as they all offer at least one
beverage category in which per capita consumption
presents an opportunity for growth.

273,553

Total clients

55.7 MILLION

Total potential consumers

KEY MARKET FIGURES

Market share

Total annual per capita consumption (237 cc bottles)

64%

45%

38%

264

Soft
drinks

Juices and
others

Waters

Soft
drinks

Juices and
others

Waters

Percentage of volume by distribution channel

Percentage of volume per product category

11%

28%

38%

23%

12%

71%

Traditional (Mom & Pops) Wholesalers

Soft drinks

Juices and other non-alcoholic beverages

Supermarkets

On-premise

Waters

Beers and other alcoholic beverages

Percentage of volume low or reduced

Percentage of volume per format

sugar (over NARTD)

over NARTD

35%

28%

Low, Reduced, No Sugar

Returnable

Non-Returnable

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

MAIN MARKET OPERATING FIGURES

Market share

Total annual per capita

Percentage of volume

consumption

(237 cc bottles)

per distribution channel

per product category

low or reduced sugar

per format over total

(over NARTD)

NARTD

59%

47%

293

26%

35%

28%

37%

Argentina

15%

32%

84%

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63%

52%

221

29%

64%

377

40% 44%

Brazil

Chile

33%

23%

19%

33%

22%

81%

116

28%

46%

13%

18%

52%

56%

28%

75%

63%

193

55%

Paraguay

13%

36%

12%

38%

27%

34%

81%

Soft drinks
Juices and others
Waters

Soft drinks
Juices and other
non-alcoholic beverages

Waters

Traditional
Wholesalers
Supermarkets
On-premise

Soft drinks
Juices and other non-alcoholic beverages
Waters
Beers and other alcoholic beverages

Low, Reduced, No Sugar

Returnable
Non-Returnable

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES7%7%13%10%17%8%2%13%13%12%

COMPETITION
The company faces intense competition in franchised
territories, primarily from soft-drink bottlers.

Areas of increased soft drink competition

Product
Image

Prices

Advertising

Availability of
popular size bottles

Distribution
capacity

Availability of returnable
bottles at retailers or
consumers

Largest competitor

Argentina

Brazil

Chile

Paraguay

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ABInBev

American Beverage Company
or AmBev

Embotelladora Chilenas Unidas
(ECUSA), subsidiary of Compañía
Cervecerías Unidas S.A. (CCU).

Embotelladora Central S.A

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Argentina

Chile

“Our commercial operations set all-time market share
records in all non-alcoholic beverage categories, and our
Bonaqua mineral water brand became the number one
brand in the category of plain water.

With Monster, we achieved a category-leading 50.6%
record market share in energy drinks during the year. We
also introduced new products with novel flavors,
categories, and packaging. We began our own
production of seed-based AdeS fruity beverages, and the
Topo Chico and Schweppes Premium Drink ready-to-drink
alcoholic beverages at the Córdoba plant.

In the Coca-Cola Store, which is a digital solution for
shopkeepers and households, we have continued to
expand, which has allowed us to capture Cybermonday
and Black Friday with attractive products and
promotions.”

Diego Garavaglia

Commercial Manager

Brazil

“Our primary objective in 2022 was to broaden our
product offering to consumers, which allowed us to
achieve very good results in the soft drinks and stills
markets and to increase sales volume in all non-alcoholic
beverage categories. Finally, we released a limited edition
of Coca-Cola Zero Sugar (CCZS) in a 473-ml can
featuring artwork referencing the Qatar 2022 World Cup.

In addition, we are making steady progress with “Na Sua
Casa,” the digital solution that allows us to get our entire
portfolio directly into homes in a straightforward,
dependable, and cost-effective manner.”

Isabel Salvador

Commercial Manager

“Our digital transformation strategy continues to produce
very positive results, as our consumers continue to value
and choose the shopping experience and access to the
entire product portfolio offered by www.miCoca-Cola.cl.
In this period, the returnable mix for sparkling beverages
reached 70%, which is another positive indicator of this
platform’s success.

We have also made progress in food delivery, working
together with customers and online sales applications,
we have achieved the highest per capita turnover in
Latin America and the highest incidence of our products
in orders, which means that Chile is the country in the
region where our beverages are the ones that most
accompany food orders.

Conversely, in “grocery delivery” (e-commerce and
home delivery platforms), we have achieved a sales
share that is three percentage points higher than that
of physical stores by collaborating with the e-commerce
areas of our supermarket channel customers and with
last-mile platforms.”

Rodrigo Ormaechea

Growth, Strategy, and Digital
Transformation Manager.

Paraguay

Market Share Position

1°

Soft drinks

Juices and
others

1°

Soft drinks

Juices and
others

1°

2°

“This was a challenging period, but we were able to
reverse the consequences of the pandemic, which affected
our portfolio, mainly in the personal consumption mix.

Soft drinks

Juices and
others

In this way, we generated initiatives to contribute to the
development of personal consumption at home, creating
new consumption occasions. We are also committed to
growing with a lighter proposal, through the juice
category, with the launch of Del Valle fresh, and we
maintained our leadership in isotonic, which has an
average share of 80%, one of the highest in the Coca-
Cola System. To consolidate our position in this category,
we launched a 990 ml bottle, which is more convenient
for consumers.

Melina Bogado

Commercial Manager

1°

Soft drinks

Juices and
others

2°

Waters

1°

Waters

2°

Waters

1°

Waters

Argentina

Brazil

Chile

Paraguay

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESAWARDS AND RECOGNITIONS

Argentina

Paraguay

Latam RGM 2022 Certification

Brazil

Latam Ouro Certification of RGM 2022

Chile

Latam Certification RGM 2022

Prospera
Recognized as the best in the region in strategic
initiatives most relevant to Latin America in the
traditional channel by Coca-Cola Latin America
COPA of excellence.

Top of Mind (TOM)
Coca-Cola was the brand recognized in the soft
drink category, while Ades and Powerade, in
tetra and isotonic juices, respectively.

Top of TOM
For the eighth consecutive year, Coca-Cola was
the brand most remembered by Paraguayans.

Prestige
The brand most valued by consumers in
the soft drinks category was Coca-Cola.

Brand Ranking
Coca-Cola was the winning brand in the
soft drink category, while Frugos in the
juices category and Dasani in water.

Latam Revenue Growth Management Certification

RECOGNIZED IN GOLD CATEGORY BY THE
COCA-COLA COMPANY, ACHIEVING 100% COMPLIANCE
IN OUR RGM PROCESSES.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESPORTFOLIO_DIVERSIFICATION_
AND BRANDS

w e manage a broad portfolio of products

to connect with consumers at different

times of the day, adapting to their
preferences.

ARG BRA CHI

PAR

Juices

ARG BRA CHI

PAR

Soft drinks

Cantarina

Coca-Cola

Coca-Cola Light

Coca-Cola Plus Café

Coca-Cola Zero/Sin azúcar

Crush Light/Zero/Sin azúcar

Fanta

Fanta Zero/Sin azúcar

Inca Kola

Inca Kola Zero

Kuat

Nordic

Nordic Agua Tónica

Nordic Zero

Quatro Light/Liviana/zero/Sin azúcar

Schweppes

Schweppes Light/Zero/Sin azúcar

Schweppes Tónica

Schweppes Tónica Light

Sprite

Sprite Zero/ Sin azúcar

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Andina Del Valle

Andina Del Valle Light

Cepita

Cepita Fresh

Cepita Nutridefensas

Del Valle 100%

Del Valle Fresh

Del Valle Frut

Del Valle Mais

Del Valle Mais Light

Frugos Light/Sin azúcar/0%

Guallarauco Aloe Vera

Guallarauco Jugo

Guallarauco Limonada

Guallarauco Néctar

Kapo

ARG BRA CHI

PAR

Waters

Aquarius

Aquarius Zero

Benedictino

Benedictino Sabores

Bonaqua

Crystal

Dasani

Glaceau Smart Water

Glaceau Vitamin Water

Guallarauco Agua de Fruta

Vital

Other non-alcoholic beverages

AdeS Frutales

AdeS Leches

Burn

Guaraná Power

I9 Isotónico

Leão Ice Tea

Leão Ice Tea Light/Zero/sin azúcar

Matte Leão

Matte Leão Zero

Monster

Monster Zero/Light/Sin azúcar

Powerade

Powerade Zero/Light/Sin azúcar

Reign

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Alcoholic beverages

Argentina

Brazil

Chile

In Brazil we distribute beers of the following brands
Bavaria, Kaiser, Sol, Therezópolis, Estrella Galicia,
Eisenbahn and Tiger; Liquors of the brands Aperol,
Bulldog, Campari, Cinzano, Cynar, Dreher,
Drury’S, Old Eight, Sagatiba and Skyy; Wines and
sparkling wines of the brand Liebfraulmilch and
Cinzano, and other alcoholic products of the Topo
Chico and Schweppes brands.

In Argentina we distribute Amstel, Heineken, Sol,
Imperial, Palermo, Schneider, Kunstmann,
Isenbeck, Miller, Blue Moon, Grolsch, Warsteiner,
Iguana, Salta Cautiva, Schneider, Kunstmann,
Isenbeck, Miller, Blue Moon, Grolsch, Warsteiner,
Iguana, Salta Cautiva, Santa Fe and Antares; wines
and sparkling wines of the brands Colón, La Celia,
Eugenio Bustos, Graffigna, Alaris, Alma Mora,
Colección Privada, Dadá, Dolores, Don David, El
Bautismo, Elementos, Fair for Life, Finca Las Moras,
Fond de Cave, Los Árboles, Los Intocables, Navarro
Correas, Paz, San Telmo, Suter, Termidor and
Trapiche; Baileys liqueurs, Tanqueray Gin, Smirnoff
Vodka, J&B Whisky, Johnnie Walker Whisky, Old
Parr Whisky, Vat-69 Whisky, White Horse Whisky
and Legui, and other alcoholic products under the
Schweppes, Sidra 1888, Sidra Real, Sidra Pehuenia
and Frizze brands.

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In Chile we distribute beers of the following brands
Budweiser, Corona, Stella Artois, Becker, Becks,
Cusqueña, Báltica, Kilómetro 24.7, Quilmes, Bud
light, Michelob Ultra, Modelo, Pilsen del Sur, Malta
del Sur, Leffe, Goose Island, Hoegaarden; we also
distribute Baileys, Bourbon Bulleit, Gin Tanqueray,
Gin Gordon, Ron Cacique, Ron Pampero, Zacapa
Rum, Sheridan’s, Tequila Don Julio, Ciroc Vodka,
Smirnoff Vodka, Bell’s Whisky, Whisky Buchanan’s,
J&B Whisky, Johnnie Walker Whisky, Old Parr
Whisky, Sandy Mac Whisky, Singleton Whisky,
Whiskey Vat-69, Whiskey White Horse, Pisco
Monte Fraile, Pisco Hacienda La Torre, Pisco Alto
del Carmen/Alto del Carmen Ice, Pisco Carmen/
Alto del Carmen Ice, Pisco Capel/Capel Ice, Pisco
Brujas de Salamanca, Pisco Artesanos del
Cochiguaz, Ron Maddero Cochiguaz, Ron
Maddero. We also distribute Wines and Sparkling
Wines of the brands Prologo Late Harvest, Vino
Grosso, Vino Huancara, Sparkling Wine Pkador,
Francisco de Aguirre, Sensus, Nola Zero, Myla,
120, Amaranta/ Amaranta Spritz, Bodega Uno,
Cabernario, Carmen, Casa Real, Cavanza, Doña
Paula, Floresta, Hermanos Carrera, Heroes,
Invictas, Los Cardos, Medalla Real, Rita, Sangria
Guay, Santa Rita, Stellar-Ice, Terra Andina, and
other alcoholic products of the Sour Inca de Oro,
Topo Chico and Schweppes brands.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

In 2022, we incorporated the production of Lemon
Dou, Schweppes, Topo Chico, and soon
Jack&Coke, with the intention of expanding our
product line further. Along this line, we also
included the sale and distribution of Campari in the
state of Espiritu Santo in Brazil.

NEW PRODUCTS AND INNOVATION
In accordance with our objective of becoming a Total
Beverage Company, we have entered into a number
of strategic alliances with the aim of providing our
customers and consumers with a diverse portfolio.

In 2018, we began the commercialization and
distribution of alcoholic beverages in Chile,
incorporating Diageo products; in 2019, Capel was
added; in 2020, AB InBev (formerly Cervecera
Chile S.A.); in 2021, Viña Santa Rita; and in the
same year, in Brazil, a distribution agreement was
reached with the Estrella Galicia brewery and the
Brazilian beer brand “Therezópolis” was acquired
together with FEMSA.

2022 LAUNCHES

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Waters

Juices and
others

Alcoholic
beverages

Coca-Cola Byte is the first soft drink

to be introduced in the metaverse

Coca-Cola introduced Coca-Cola Byte in
collaboration with Fortnite, one of the most
popular online games. This new packaging and
format proposal for the classic sugar-free
Coca-Cola is a nod to gamers and digital
generations, who can access a game via a code,
thereby creating shared digital experiences
between the product and its consumers.

Coca-Cola Marshmello’s

Together with the well-known music producer and
DJ, The Coca-Cola Company launched this limited
edition of its sugar-free version, connecting music
and the experiences it evokes with its global
consumers and communities.

Fanta Misterio

This version of Fanta Misterio was introduced by
The Coca-Cola Company in an effort to provide
consumers with a moment of indulgence and to
capitalize on the Halloween holiday. The Coca-Cola
Company introduced this version of Fanta Misterio
in “Mango” and “Tropical” flavors.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Sensory analysis program

Consumer complaints rate

NUTRITION AND
/HEALTHIER/
PRODUCTS_

Maximum safety and quality
With our portfolio, we aim to provide consumers
with options for every stage of their lives. We make
an effort to get to know them in order to offer
them a variety of products bearing the quality and
purity seal for which we are known on the market.
The relationship between food and the quality of
life and health is direct, and we are committed to
the creation of superior products.

The Company evaluates the organoleptic
properties of its products on a regular basis with
the help of a panel of collaborators whose goal is to
measure, analyze, and interpret the sensory
perception of food in order to determine the level
of consumer acceptance. These studies
supplement our portfolio’s quality measurement
and are part of the validation process preceding
commercialization.

Through this program, we encourage the
participation of our collaborators, who are trained
to detect deviations and assist us in maintaining the
flavor and quality of our products.

To ensure customer satisfaction and regulatory
compliance, we employ three primary strategies:
certifications, a sensory analysis program, and the
monitoring of an indicator of consumer claims.

2022 Program Figures

466

Trained panelists

Assurance of food safety
The four franchised territories of Coca-Cola Andina
are certified in accordance with the food safety
standard FSSC22000.

100%

% of tested products

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The Food Safety System Certification assures our customers and
consumers that we have a food safety management system that
meets the strictest international requirements, that we incorporate
good distribution practices, and that we adhere to the principles
of Hazard Analysis and Critical Control Points (HACCP).

In addition, it certifies that we comply with the legal requirements
of the food industry in each of our franchised territories.

5.6

3.2

3.4

0.4

arg

bra

chi

par

5.5

2.3

2.5

0.4

arg

bra

chi

par

2021

2022

Notes: Complaints rate= No. of Operational Complaints
*1,000,000 / Bottles Sold.
Target 2022= ARG 3.2; BRA 5.0; CHI 6.0; PAR 0.5

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

The pandemic compelled people to alter many of
their daily routines, including working from home
and participating in fewer social activities. These
changes influenced the purchasing decisions of
consumers, who opted for sugar-sweetened
beverages, thereby impacting the previously
sustained growth of low-sugar beverages.

During 2022, the Company endeavored to increase
this segment once more by utilizing strategies
related to its classic products, such as Coca-Cola
Sin Azúcar.

In addition, the stills category, which includes
waters, juices, energy drinks, and isotonic
beverages, has been strengthened by the
introduction of new products and the development
of a solid market execution strategy.

NEW HABITS, NEW PRODUCTS
In accordance with our business strategy and in
collaboration with The Coca-Cola Company, we
have reformulated the recipes of various soft drinks
and juices to produce beverages with fewer
calories and less sugar.

34.6%

of the volume of beverages produced and
marketed by Coca-Cola Andina are low or
reduced in sugar (over NARTD).

Kcal/Liter sold in 2022

Percentage change compared to 2021

282
-5%

261
-16%

310
-4%

248
-10%

185
-12%

ARG

BRA

CHI

PAR

total

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Percentage of stills volume of total NARTD*

16%

2022

18%

2022

33%

2022

19%

2022

22%

2010

13%

2010

Total

2010

2022

Note 1: Includes the volume of soft drinks, waters, juices, and other
non-alcoholic beverages sold exclusively in Andina’s territory.
Note 2: Considering Paraguay as if it had been part of Andina in
2010, the source is the 2010 Polar analysis of the financial statements.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

CHANNELS_AND
TERRITORIES

PERCENTAGE OF CUSTOMER PER CHANNEL

T o continue generating value for our customers

and consumers, we are constantly identifying

their preferences so that we can provide them with
a portfolio of products that meet their needs, as
well as readily accessible points of sale. In this way,
we have strengthened our presence in the
territories where we operate, enabling us to have
273,553 customers.

Traditional

68%

80%

70%

65%

46%

arg

bra

chi

par

TOTAL

Supermarkets

Coca-Cola Andina develops strategies for each of its
sales channels, incorporating the strategies of the
brands it commercializes, so that consumers
recognize us across all sales channels and occasions.

In order to be accessible in every moment and in
every corner, we have expanded and created new
channels in our digitization of customers and
consumers during the year 2022.

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Wholesalers

arg

bra

chi

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TOTAL

51%

27%

32%

27%

18%

On premise

arg

bra

chi

par

TOTAL

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

SATISFACTION_OF
_CUSTOMERS AND
CONSUMERS

Our customers are the focal point of our strategy,
and together with them, we aim to reach every
corner in order to enhance our consumers’
experiences. With this objective in mind, we aim to
maintain a diverse product portfolio, fortify our
points of sale, and deliver exceptional service.

CONSUMERS SATISFACTION INDICATORS
In this context, customer satisfaction is a key
variable for our management. We have a systematic
and methodologically aligned measurement system
in each of the four countries in which we operate.
In order to continue to improve our customers’
experience and become a more attractive partner
in their development and growth, we aim to
ascertain how they perceive our level of service
and processes as a whole.

% Consumer Satisfaction

Min
-100%

Max
100%

Conversation with Andina Chile’s customers

The purpose of this initiative was to listen to our customers across all sales channels and identify areas
for improvement in order to continue fostering customer loyalty and providing them with a superior
level of service. Thus, we identified 3 areas for improvement: operational improvements, training in
service, and formalization of promises, implementing approximately 10 projects in each of them.

CONSUMER INFORMATION AND LABELING
The Company lacks procedures to prevent and
detect regulatory noncompliance regarding the
protection of its customers’ rights. Despite the
foregoing, there is a Customer and Consumer
Service Center (“CACC”) with an active phone line
for receiving complaints from end-consumers and
commercial customers regarding service and
quality issues.

Through our products and advertising campaigns,
Coca-Cola Andina continuously disseminates
information to all of our stakeholders, particularly
our consumers.

In order to standardize this process, we have a
responsible marketing policy that regulates the
advertising of our products and advertising
strategies. According to this policy, no Company
brand may depict children under the age of 13
consuming its products without the presence of a
responsible adult, and we do not advertise in media
outlets whose audience is comprised of more than
30 % children under the age of 13.

INFORMATION IS ALWAYS AVAILABLE
In accordance with our commitment to provide
consumers with accurate and up-to-date nutritional
information, the Daily Dietary Guidelines (GDA, for
its acronym in Spanish)-recommended information
is included on product labels.

In accordance with the global policy of The
Coca-Cola Company, all labels, with the exception
of those on glass containers and water, must
include the information requested by the Daily
Dietary Guidelines (GDA), which is included on
product labels, wherein the number of calories in a
product is displayed alongside the percentage of
the daily value (%DV) in calories. In addition, a
nutrition information panel containing data on
protein, carbohydrates, fiber, minerals, and
vitamins is included. Regarding product labeling
information, no non-compliance, fines, or sanctions
were identified during this reporting period, and
the same was true for marketing communications
and regulations or codes to which Coca-Cola
Andina adhered voluntarily.

We do not manufacture or distribute any products
containing genetically modified organisms (GMOs).

4
A
0
7
2
-
B
N
-
B
F

,
3
.
A
0
7
2
-
B
N
-
B
F

,
2
.
A
0
7
2
-
B
N
-
B
F

,
1
.
A
0
7
2
-
B
N
-
B
F

B
S
A
S

1
.
1
.
8

F
M
C

3
-
7
1
4

,
2
-
7
1
4

,
1
-
7
1
4

,
3
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3

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

OUTSTANDING CUSTOMER
PROGRAMS

Prospera

Brazil

Chile

TO STRENGTHEN THE TERRITORIAL
LEADERSHIP OF LATIN AMERICA’S
GROCERS, THE COCA-COLA SYSTEM
LAUNCHED THIS INITIATIVE IN 2020 WHICH
SEEKS TO COMPREHENSIVELY IMPROVE
THE BUSINESSES OF THE TRADITIONAL
CHANNEL, ADVISING BUSINESS
OWNERS ON HOW TO IMPROVE THEIR
MANAGEMENT AND BOOST THEIR SALES
THROUGH TRAINING ON TOPICS SUCH
AS: RETHINKING STORES, DEVELOPMENT
OF MANAGEMENT AND SALES TOOLS,
MARKETING AND DIGITAL STRATEGIES TO
IMPROVE THE SHOPPING EXPERIENCE OF
THEIR CUSTOMERS, AMONG OTHERS.

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This initiative, which brought together

This program, which added

1,700

customers from the Small Retail (Mini-Market and
Traditional) and Rota (Bar and Restaurant), aims to
train the owners of these stores to improve their
commercial management, along with the delivery of
materials and accessories for their points of sale,
providing cold equipment, support in commercial
plans and advertising, among others.

2,200

customers during this time period, aims to
support the development and growth of stores,
with a particular emphasis on the Traditional
Channel, and entrepreneurship through the
delivery of point-of-sale materials such as cold
equipment. During the course of this initiative,
these businesses have grown steadily due,
among other factors, to an increase in the
number of in-store touchpoints and the
creation of a simple and efficient shopping
experience for the end consumer.

Paraguay

Argentina

This program has a twofold objective, in addition to
contributing to the traditional channel, it also
contributes to the sustainability of customers.
During this period, close to

3,796

customers participated in a strengthening plan
through marketing and sales training, with an
investment of

US$100,000.

The implementation of this initiative -during
2022- reached

3,500

customers, where the main focus was the
implementation of digital tools, especially digital
payments. As a way of rewarding them, they were
supported with point-of-sale materials such as cold
assets, furniture or racks, and also the best
performers were given benefits from the value
programs.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

DIGITAL ››TRANSFORMATION
C oca-Cola Andina has established an ambitious agenda for digital transformation, based on the belief that

innovation and new technologies enable us to strengthen our relationship with customers and consumers,

increase productivity and efficiency, and remain a profitable and sustainable organization.

CO-CREATION MODEL, GENERATING
VALUE TOGETHER WITH THE
CUSTOMER AND THE CONSUMER

Multichannel

ensuring that all our customers have
the same experience, whether using
our digital or physical platforms.

Profitability

in our solutions
ensuring the generation
and capture of
financial value.

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Agility

in the analysis,
acting with speed
and clarity.

Customer &

Consumer Centric

Data Analytics

We can deliver a
better value
proposition by
incorporating
feedback into our
platforms and
processes.

Governance

and integration of
Coca-Cola
Andina in the
business
processes: sales,
distribution, and
Back Office.

Digital Strategy Framework

Our Digital Framework consists of four components:
Strategy, Governance Model, Project Portfolio, and
the Development of the digital team and talent.
During 2022, these aspects were incorporated into
strategic planning, with specific KPIs and budgets
established for their implementation and
development.

Defined
Strategy

Governance
Model

ANDINA’S DIGITAL
TRANSFORMATION

Value and productivity

Security

making the complex
simple.

for operational continuity
and protection
for all our clients.

Project
Portfolio

Digital Team
& Talent

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

PROJECTS PORTFOLIO

Digital Clients

Goal
Through digitization, put the customer at the
center by capturing their expectations and
communicating with them in a timely manner.

PRESENTLY, MORE THAN 119,000
CUSTOMERS ARE REGISTERED WITH ONE
OF THE DIGITAL SOLUTIONS WE HAVE MADE
AVAILABLE TO THEM, AND APPROXIMATELY
35,000 OF THEM GENERATE REGULAR
TRANSACTIONS ON THE PLATFORM.

Mi Andina / Mi Coca-Cola Clientes
What are they?
They are digital platforms that act on our SAP
transactional processes, allowing our customers to
independently access offers, promotions, and
catalogs of the seller, as well as discounts, contests,
and payments, as well as displaying a suggested
order, built specifically for each client using
Machine Learning and artificial intelligence.

Where?
These initiatives have been implemented in Chile,
Argentina, and Paraguay. In the latter, the objective
for 2022 was to incorporate 100% of the key
accounts, which, in conjunction with a virtual
portfolio model that provides a fully digital
customer service, allowed for the incorporation of
3,800 new customers.

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KOBOSS (Brazil and Paraguay)
Additionally, we have a WhatsApp solution that allows
us to make sales in a simple and intuitive way, guided
by a BOT. This solution was developed by The
Coca-Cola Company and integrated into our systems
for small-sized customers (5 to 7 SKUs per order.)
For Key Account customers (Fast Food Chains), we
have Coke Net, developed by The Coca-Cola
Company, for orders that do not require assistance,
and that can be placed anytime, anywhere.

Lastly, we have implemented Robotic Process
Automation (RPA), where we combine digital tools
with artificial intelligence that is applied to
repetitive tasks, which not only allows cost and
productivity savings, but also increases sales, for
instance, by alerts for lack of stock in supermarket
sales rooms, allowing us to run replenishment,
capturing consumption.

Digital Platforms for Consumers

Platform

Registered in 2022

With orders in 2022

Argentina

MI COCA-COLA

EDI

Brazil

MI COCA-COLA*

COKE.NET

EDI

Chile

MI ANDINA

EDI

Paraguay

MI COCA-COLA

MI COCA-COLA*

EDI

*Whatsapp - KOBOOS.

49,944

728

26,332

1.570

355

39,307

888

1,111

509

392

121,136

3,598

678

19,619

1,490

265

8,636

545

711

204

382

36,128

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Coca-Cola Store
What exactly is a Coca-Cola Store?
It is a model of direct sales to consumers that The
Coca-Cola Company has implemented. With it, we
provide consumers with access to various locations
where they can pick up their e-commerce orders.

Digital Promos
What are digital promos?
Digital promotions for our consumers. The user
obtains a redemption key by scanning a QR code,
and the customer verifies the code before delivering
the promotion to the consumer.

Where can I find it?
The Coca-Cola store is operational in multiple
Argentinean cities and continues to grow in this
franchised territory. We are developing a robust
expansion strategy for the remaining
Argentine territory.

+ THAN 7,300

consumers made purchases.

Where is it carried out?
Together with The Coca-Cola Company, they
are being implemented in all Argentinian
franchised territories.

46,576

Consumers participated

123,086

Exchanges

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Digital Consumers

Goal
Establish a connection with consumers in order to
comprehend their preferences and attitudes in
order to identify opportunities for process
improvement.

Mi Coca-Cola / Coca-Cola na sua casa
What exactly is it?
It is a digital sales and direct service channel for our
consumers (D2C), through which they can
purchase and receive directly at their homes the
entire portfolio of Coca-Cola Andina’s marketed
products, including returnable products and
alcoholic beverages, among others. The
development was conducted with the consumer
experience in mind at all times. This has enabled us
to achieve a level of customer satisfaction of 85.6%
in Chile and 60% in Brazil, utilizing a world-class
and cost-effective solution. This operational and
digital business experience has allowed us to
continue capitalizing on the expansion of the online
world throughout the pandemic.

Where can it be obtained?
This platform is accessible in Brazil and Chile.

Consumers who purchased:

Mi Coca-Cola:

+ THAN 86 THOUSAND

Na sua casa:

+ THAN 8 THOUSAND

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

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Internal processes

Data & Analytics

Digital payments

Objectives
To continue digitizing our operational processes in
order to produce a company that is increasingly
agile and data-driven in order to maximize its
productivity, efficiency, and profitability. By 2022,
we will have completed three significant initiatives:

Front Office
In a span of five years, Coca-Cola Andina was able
to consolidate its digital work environment in the
four countries in which it operates, thereby
generating efficiency opportunities. This unification
of processes and systems enables us to accelerate
digital transformation by replicating successful
developments from one nation to the next.

Digital control tower
Cloud-hosted analytical data platform that our
operators can access via the Internet, enabling us
to make real-time decisions regarding
transportation, overtime, product transport,
production plans, etc. This project has more than
230 users with daily access and more than three
and twenty operational management panels.

The Load Optimizer
Software developed in-house by a multidisciplinary
team at Coca-Cola Andina with the assistance of
external consultants, optimizes the utilization of
delivery trucks and increases productivity during
the picking process, thereby achieving efficiencies
in our logistics route to market.

Objective
Through data analysis, transform Coca-Cola Andina
into a data-driven organization. We will complete
two significant projects by 2022:

Suggested Orders
This project, which was developed entirely by
internal teams, allows us to make personalized
purchase recommendations for each of our
customers based on their past behavior and other
environmental factors. This solution has been
implemented for 100% of our Brazilian clients and
50% of our Argentine clients, resulting in a 6.1%
increase in their purchase volume.

Cooler connectivity in the market
Consists of a solution based on the Internet of
Things (IoT) and advanced analytics that collects
data from our coolers and integrates it with
information from our SAP system in order to
predict failures that could affect our customers’
experiences and, as a result, our sales volume.
More than 35% of our coolers in Argentina are
connected to this platform.

Objective
To provide our customers with a set of solutions that
allow them to improve their shopping experience by
making it simpler and faster, along with the physical,
monetary, and sanitary security of the process. In
2022, we concluded three significant projects:

Mi Coca-Cola (Argentina)
We have a digital payment solution on this platform
that replaces cash payments to truck drivers. By
2022, more than 10,000 customers used it, and in
Argentina, it generated cost savings associated with
cash handling of USD$1,5 million.

KOBOSS (Brazil) & Nina (Argentina)
By 2022, more than 21,000 customers will have
interacted with this payment solution, which will
receive immediate attention. In addition to improving
the customer experience, these digital channels have
contributed to customer service cost savings.

Digital payment options
In Chile and Paraguay, these options are available
both at the time of order delivery via POS terminals
and via payment portals that permit transfers and
credit card and debit card transactions. In Chile,
22% of transactions utilized digital payment
methods, while in Paraguay, only 2.5% utilized
digital payment methods.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Talent & Digital Team
Coca-Cola Andina has promoted the digital
transformation process by establishing two large
work teams that enable ambidextrous operation.
On the one hand, we have the “Lean” team,
whose goal is to make our product portfolio and
sales channels available to consumers while
achieving maximum efficiency and productivity
at minimum cost.

Alternatively, we have 14 “Agile” cells that push and
develop digital products that enable the
organization to operate more effectively through
digital tools, solutions, and platforms for the various
business teams.

Digital transition in numbers

Agile Digital Product Cells

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ALIGNMENT

STRUCTURE

COMPENSATION

TALENT

COMMUNICATIONS

DEVELOPMENT

Align leaders
with respect to
strategic
objectives and
communicate
the vision to
create
commitment

Recognize new
roles, cultivate a
culture focused
on digital
transformation,
and evaluate the
effects on the
business.

Reward
employees
appropriately,
keep the
company
competitive in
the market, and
motivate
performance.

Capitalize on
human talent,
identify and
recruit people
with the
necessary skills
and experience.

Define what
digital
transformation
means for each
individual and
translate the
vision of change
into reality for
them.

Deliver the
necessary
tools to the
people to
move the
organization
to the desired
state.

Cultural and Strategic Change
put the customer first, generate
value in digital products, and
simplify work.

Organization with a Focus on
Productivity and Efficiency
To meet customer demands with an
emphasis on organizational balance
and economic viability, it is necessary
to be flexible in the face of change
and to be able to adapt quickly.

Focus on managing change,
generating digital culture,
managing remote work dynamics,
developing talent, and
organizational capabilities.

+100

Employees working on the development
of digital products

+50,000

Automated hours

+36,000

customers transacting daily

+2,000

Employees trained in Data Analytics

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

INFORMATION
SECURITY AND_
_CYBERSECURITY

C oca-Cola Andina recognizes information

security and cyber-attacks as potential business

risks, so it has designed and implemented a
comprehensive strategy that enables it to identify
the context, protect systems and assets (such as
data), detect deviations, respond to incidents, and
recover business operations.

INFORMATION SECURITY MANAGEMENT
The Audit Committee is responsible for establishing
information security risk-related strategy, policies,
and guidelines in accordance with national and
international standards. This committee is
responsible for evaluating the scope and efficacy of
the management-established information security
and cybersecurity systems.

In order to protect against cybersecurity incidents,
however, a Cybersecurity Committee has been
established, under the direction of the Technology
Security Management, which meets whenever a
situation arises or a decision is made, and at least
once a year. It is responsible for reviewing and
approving the direction and strategy on cybersecurity
and contingency issues presented by the Technology
Security Management, as well as defining the
Company’s required level of cybersecurity and the
published standards and/or procedures.

It is comprised by the Chief Human Resources
Officer, Chief Legal Officer, Chief Technology
Officer, Management Control, Risk and
Sustainability Corporate Manager, Representative
of the Corporate Internal Audit area, and the Chief
Information Security Officer.

Policy for Information Security

Policy for Information Security
Information security is an ongoing process
designed to protect information assets from threats
that could compromise their availability,
integrity, or confidentiality. In order to
strengthen this pillar, the corporate
information security policy was developed
throughout the year. This policy aims to
establish general guidelines regarding the
responsibility, protection, and management
of information risks, as well as provide
general guidelines on the access, handling,
manipulation, processing, transmission,
storage, or any other activity performed on
Coca-Cola Andina’s information assets.

This policy is implemented via a
classification of information and a definition
of responsibilities, along with digital
solutions that strengthen its execution, such
as the unification of the mechanisms of
storage and transfer of information and its
protection via Data Lost Prevention (DLP)
practices and the encryption of information
at rest in the Company’s critical equipment.

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Information Security Measurements

Systems Analysis (MSA)

Infrastructure and information security services are
outsourced as part of the Service Organization
Control (SOC) and are audited and certified under
the ISAE 3402 attestation standards, which are
equivalent to the SSAE-18 and AT-320 standards.

Employee alertness and responsibility

EVERY MEMBER OF THE COMPANY
IS RESPONSIBLE FOR PROTECTING
TECHNOLOGICAL ASSETS,
PROTECTING INFORMATION IN
CYBERSPACE, AND SUPPORTING
INFRASTRUCTURE. IN ORDER TO
KEEP ALL ANDINA MEMBERS
INFORMED, WE HAVE MANY
COMMUNICATION CHANNELS.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

CYBERSECURITY FRAMEWORK
This system, which is managed with a vision that
integrates people, processes, and technology,
incorporates the highest industry standards and
continuously tests Business Continuity (BC) and
Disaster Recovery (DR).

Compliance Evolution

No. of Controls

Percentage of standard compliance

The Company has a master plan for cybersecurity,
to which it adds new controls and systems each
year, such as those related to business continuity, in
order to increase its cyber resilience. This entails
frequent and thorough testing of vulnerability
mitigation measures identified through Ethical
Hacking and Pentesting assessments, as well as a
risk management methodology based on a Business
Impact Analysis (BIA) and Risk Impact Analysis
Information Technology (RIA IT) model to unify risk
and processes deemed crucial to the company. In
addition to implementing a “Zero Trust” model for
platform access.

Business Resiliency Framework (BRF) establishes a
set of controls validated by international bodies and
high market standards, primarily from the following
standards: CIS (CSC 7.1), COBIT 5, ISO (ISO 27001
/ 27002:2013), NIST (NIST SP 800-53 Rev. 4 / NIST
800-82 rev. and NIST CSF v1.1).

Executive level responsibility

Chief Information Security Officer (CISO) is
responsible for ensuring the management and
control of the Company’s cybersecurity matters,
supervising the risk position through controls that
derive from the established criteria of procedures
and available technology.

Corporate Cybersecurity Policy

This provides a framework for action and permits
the definition of effective security management
processes for IT systems and the assets involved.
Consequently, it generates a control model for the
protection of the confidentiality, integrity, and
availability of information systems, in accordance
with the applicable laws and regulations in the
countries in which we operate.

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2019

70%

2020

85%

2021

2022

78.6%

82.8%

DISSEMINATION AND TRAINING
Coca-Cola Andina provides continuous information
about the measures implemented to promote
cybersecurity, ensuring that all employees are aware
of and trained on cybersecurity concepts and threats
to information security and cybersecurity. Focusing
on software and services based on the Company’s
digital transformation, the IT and Human Resources
specialized areas coordinate specific training through
various channels, using communications and e-mails
with contents that address information management
and information security.

In this manner, and in 2022, the first mandatory
cybersecurity training course was held for all
company employees across all four operations. In
this line, phishing exercises are also conducted to
identify vulnerabilities and train end users.

A double identification factor for the protection of
information in 2022 required the establishment of a
complex password model. Currently, we are adding
password-less functionalities to the password system
and MFA system to generate a system access model
with application identification, access location, and
random code access.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

INNOVATION AND
/OPERATIONAL
EFFICIENCY/

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESINNOVATION /iN THE
VALUE_CHAIN/

INNOVATION IS AN INTEGRAL PART
OF COCA-COLA ANDINA’S CULTURE,
ADDING VALUE TO OUR PRODUCTION
PROCESS AND INCORPORATING NEW
INTERNAL AND EXTERNAL IDEAS,
WHICH ALLOWS US TO CONSOLIDATE
A BET TER VALUE PROPOSITION AND
TO CONTRIBUTE TO THE COMPANY’S
SUSTAINABLE DEVELOPMENT AND TO
OUR COMMERCIAL PARTNERS.

In 2022, Coca-Cola Andina will invest USD$3,7
million to develop its innovation strategy, which
is based on three pillars: i) corporate culture,
ii) relationship with the innovation ecosystem,
and iii) connection with the customer experience
system. These pillars permit us to concentrate on
innovation, generating efficiency and productivity
throughout all of our operations.

See Chapter 8 for more information on our
investment strategy.

INNOVATION ECOSYSTEM
We recognize the value of new perspectives, tools,
methodologies, and experiences in addressing the
challenges posed by our customers and
consumers. For this reason, we have issued
challenges and developed Proofs of Concept
(POC), which, if successful, have resulted in
projects and/or final solutions, such as the following
examples implemented by our Company:

Internet of Things (IoT) in
Manufacturing - Paraguay

In 2022, we conducted a Proof of Concept
(POC) with Webee to validate the viability of
capturing data from the production plant, which
we extended to the water and energy processes.

Inventory support via drones - Argentina

By using programmed drone flights in exterior
sectors and manual manipulation in interior
sectors, we expedite the inventory process
while increasing its precision and decreasing
its length of time.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

››TECHNOLOGY, DATA
AUTOMATION-OF
OUR-PROCESSES

Process Automation

At Coca-Cola Andina, a team specializing
in processes and technology identifies
opportunities to reduce effort, gain
speed, and enhance service to
customers, consumers, and employees.

During this time period, we developed
automation solutions across our entire
value chain, freeing our teams from
repetitive tasks and enabling them to
focus on company-enhancing activities.

These are some of the initiatives
implemented through BOTS*:

Argentina

• Orders for the supply of industrial replacement

parts.

• Document 55% of supplier invoices.
• Approve electronic checks that produce tax

savings.

Brazil

• Issue more than 3 thousand purchase orders per

month.

• Manage more than 300 cold equipment invoices

per month.

Chile

I n 2022, Coca-Cola Andina implemented new

technologies and digital projects that enabled it

to capture value in its processes based on two
primary pillars:

Operational Predictability

Increasing process visibility in our
information and data flow is a priority,
which is why we’ve developed “real-time
and near-real-time” solutions that enable
us to make data-driven decisions and
enhance the efficiency, productivity, costs,
and service level of our processes.

Algorithm return prediction in Chile

Together with a specialized Data &
Analytics provider, our in-house team has
developed an algorithm that predicts the
probability that an order will not be
received, allowing us to take preventative
measures and avoid reverse logistics costs.

The use of artificial intelligence in
supermarket restocking

PROGRAMMED BOTS -THROUGH
PHOTOGRAPHS AND IMAGE
RECOGNITION- DISTINGUISH ASPECTS
SUCH AS THE DISPOSITION AND
LOCATION OF OUR PRODUCTS ON
THE SHELF AND STOCK-OUTS. THIS
GENERATES SPECIFIC AND PRIORITY
OPERATIONAL TASKS FOR THE
FOLLOWING DAY.

• Enter nearly 70% of the sales orders processed

by the Call Center.

• Budgets are transferred between cost centers in

accounting.

• Carry out the liquidation and post-liquidation of

trucks.

Paraguay

• Daily retentions are approximately 300.
• Verify the existence of 1,200 outsourced workers

with social security.

• Determine the loss of Simple Syrup (Sugar).

*Computer programs that perform repetitive, predefined
and automated tasks.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESFLEXIBILITY
AND AGILITY^

COCA-COLA ANDINA HAS RECENTLY
DEVELOPED ITS TOTAL BEVERAGE COMPANY
STRATEGY, INCORPORATING NEW PRODUCTS
AND ENHANCING ITS VALUE PROPOSITION
TO CONSUMERS AND CLIENTS. THIS
SUCCESSFUL STRATEGY HAS PRESENTED
LOGISTICAL CHALLENGES FOR WHICH WE
HAVE DEVELOPED INCREASED CAPACITY,
FLEXIBILITY, AND AGILITY.

OPERATIONAL EFFICIENCY: ARGENTINA
The Company acted with agility in 2022 to adapt to
complex market conditions and maintain its supply
chain of inputs such as glass and cans.
The focus was on ensuring business
continuity and maintaining our high
level of customer service.

In terms of capacity, we designed and approved the
incorporation of a new returnables line that will go
online in 2024 and allow us to produce 320
bottles per minute during this time frame.

In addition, we aimed to digitalize our front-office
system, achieving the transition from analog to
digital processes from order entry to settlement,
across planning, production, picking, vehicle
loading, transport, distribution and settlement.

Alternatively, in order to increase our returnable
production capacity, we modified an existing line at
the Trelew plant, thereby increasing our flexibility,
capacity, and operational savings.

Finally, we began manufacturing Ades at the
Córdoba plant for the entire nation, thereby
becoming the supplier for the entire Coca-Cola
System in Argentina.

SCHOOL OF LOGISTICS
Coca-Cola Andina Argentina established the
School of Logistics five years ago to address
digital issues, strategies, legislation, negotiation
tactics, and projects, among others, to
standardize logistics knowledge. This training
instance is a theoretical and practical space
devoted to enhancing the logistics of the
Company through the exchange of
knowledge and best practices. 554
employees have received more than 4,600
hours of training over the past five years.
-
CONFORMITY TO FRONT LABELING
Coca-Cola Andina Argentina completed
the front labeling production line
modification in 2022. This allowed us to
change the labels on all our returnable
packaging from painted to recyclable
biaxially oriented polypropylene (BOP).

OPERATIONAL EFFICIENCY: BRAZIL
In 2022, Ribeirão Preto was incorporated as a
production center of Monster brand products and
products containing alcohol (ARTD) for all bottlers
in the country.

In our distribution and route to market process, we
expanded our own fleet by purchasing 150 trucks
that comply with the most recent European
regulations for gas emissions, thereby advancing
our goal of assembling a modern and
sustainable fleet.

We installed new Laser Guided Vehicles (LGV) at
our Duque de Caxias facility, thereby enhancing
our efficiency and productivity and reducing
accident risks.

WE ARE ENHANCING OUR LOGISTICS
AND SUPPLY CHAIN OPERATIONS IN
DUQUE DE CAXIAS BY INTEGRATING
ROBOTS AND THE INTERNET OF THINGS
(IOT) TO INCREASE OUR AGILITY,
EFFICIENCY, AND PRODUCTIVITY.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESCHILE’S OPERATIONAL EFFICIENCY:
In terms of flexibility, we sought to convert our
soft drink lines into water and juice lines as well,
allowing us to implement two of the four lines
with this dual condition by 2022.

We launched our line of 20-liter bottles of plain
water in Renca, to offer a returnable solution for
households and clients, and began construction of
a new One Way line of super-liter formats for soft
drinks and stills, which will be operational by the
end of 2024.

Furthermore, we implemented a new production
line sanitation system to reduce water consumption
and speed up the internal washing process,
allowing us to handle multiple flavors on the lines
without sacrificing production capacity. We also
added a new washing machine for returnable Ref
PET format bottles.

We were able to reduce water use by 6% compared
to the previous year, and we automated well
control, allowing us to have online monitoring of
consumption, which is reported to the General
Water Directorate (GWD).

In terms of logistics, we are developing the
necessary engineering projects to keep up with the
expansion of our operations in Antofagasta,
Calama, Copiapó, and Coquimbo. During 2024, we
will make the necessary investments in the Santiago
facilities to support the growth of the various
product categories, as well as incorporate
technology that will allow us to increase our
operational productivity.

NEW DISTRIBUTION CENTER MI COCA-COLA
In November 2022 we implemented a new
distribution center for www.micoca-cola.cl, which
will allow us to increase platform sales in the
coming years and reduce delivery time.

In terms of digitalization, we created “real
time” order flow information panels from
order entry to settlement, allowing us to
better manage service levels while also
increasing efficiency and productivity.

THE KAIZEN AWARD
We received recognition for
implementing the “Andina Excellence
System” in the Renca plant. This is a
work model whose goal is to promote
continuous improvement in the
company’s industrial processes by
adapting and implementing the best
practices, tools, and methodologies
from around the world in order to
generate long-term results that
transcends individuals. This allowed us
to reduce our accident rate by 19% ,
33% in complaints, and 13 % in water
consumption, which allowed us to
improve efficiency by 8% .

OPERATIONAL EFFICIENCY: PARAGUAY
As part of the Master Investment Plan 2019 - 2027, a
new production line was implemented in 2022,
allowing for greater process flexibility and an annual
production capacity of 14 million unit cases. With this
investment, the operation’s production increased
from 68.6 million unit cases in 2021 to 73.8 million
unit cases in 2022, allowing it to maintain and
consolidate its market leadership and enhance its
Sales and Operations Planning (S&OP) processes.

As part of the digitalization process, we have been
using SAP front office for two years, which has
enabled significant improvements in our processes;
for example, the Load Optimizer, which, using
internally developed software, enables us to
determine the optimal weight of a pallet for
maximum distribution process efficiency.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESThe elements mentioned in each of our operations
allow us to make our production process more
efficient and capture opportunities, increasing our
profitability. We have made investments and
improvements in our operations and logistics
network, incorporating cutting-edge technology,
which has allowed us to increase our results in this
line of business.

Consolidated Adjusted EBITDA Evolution
(CH$ millions/year)

Loss_and
_waste of
Food_

AS A COMPANY WE FOLLOW THE
GUIDELINES ESTABLISHED IN THE
UN’S SUSTAINABLE DEVELOPMENT
GOALS (SDGs), IN THE YEAR 2021
WE PUBLISHED OUR CORPORATE
FOOD AND BEVERAGE LOSS POLICY,
WHICH DEFINES THE GUIDELINES
AND STRATEGIES TO MINIMIZE THIS
IMPACT IN ALL OF THE COMPANY’S
OPERATIONS.

Along these lines, we have integrated this
management approach into our Sustainable
Value Strategy, under the Efficiency and
productivity of the value chain, where we
address the main indicators, action plans,
associated programs and monitoring routines
to reduce food and beverage waste.

In addition to these initiatives, we collaborate
with food banks and charitable organizations to
make a positive impact in the communities
where we operate, providing 1,124,169 liters of
product during 2022.

0
1
5
4
6
4

3
1
2
7
9
3

Percentage of Food Loss
(total weight loss/total
weight of food sales)

0.68%

0.09%

0.78%

Finished
Product

Sweetener

Total

9
6
8
8
4
3

2
3
5
0
5
3

4
6
9
4
2
3

For more information, see the Corporate Food and Beverage Loss Policy.

2018

2019

2020

2021

2022

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESOur diversity is not
only geographical,
but also cultural, in
terms of customs and
histories, and we want
to be present in every
moment of people’s lives
through this diversity.

REFRESHING
MOMENTS

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESRETURNABLE AND
ENVIRONMENTALLY
RESPONSIBLE
MODEL

100

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES-Packaging
and circular
economy//

C oca-Cola Andina is dedicated to addressing the

challenges posed by climate change through a

strategy that allows us to maintain a solid position in
the sales mix of returnable packaging and to
strengthen the availability of these containers on the
market in order to promote their use among our
customers and consumers, as they enable us to
reduce Greenhouse Gas (GHG) emissions.

This strategy is consistent with our commercial goals,
as it aims to create incentives that increase the
preference for our offer and eliminate obstacles that
discourage the purchase of returnable containers.

Moreover, as part of The Coca-Cola Company
System, we adhere to the “World Without Waste”
initiative, which promotes the circular economy
through the following objectives:

• Achieve a total portfolio of 100% recyclable

packaging by 2025.

• Collect and recycle 100% of PET bottles placed

on the market by 2030.

• Use at least 50% recycled resin in PET bottles by

2030.

• Achieve 25% returnable packaging by 2030.

These are the goals that have inspired Coca-Cola
Andina to define the strategic axes in
packaging management.

Strategic axes in
packaging management

Reuse

Recycle

Recover

Reduce

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

3
-
3

R
G

101

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Packaging use cycle

Reduce

Recycle

Reuse

Recover

Raw material
(virgin PET resin)

Production of
PET preforms

Packaging design
Manufacturing

Distribution

Consumption

Waste
(post-consumer)

Transformation
(recycled PET resin)

Waste
(post-industrial)

Collection
(reverse logistics)

Returnable bottle cycle

One-way bottle cycle

Recycling
(sorting and grinding)

Collection
(post-consumer)

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

2
-
6
0
3

,
1
-
6
0
3

,
3
-
3

R
G

Reuse
To address this issue, we have centered our
sustainability strategy on the use of returnable plastic
containers, which require less resource consumption
than glass and disposable plastic containers. To
determine the environmental impact of our
packaging, we analyze its entire life cycle, from the
raw materials used in its production to its distribution
and collection, as well as its final destination as waste
and whether it is recycled or not.

Thanks to these studies, we have concluded
that PET returnable plastic bottles
guarantee us a better solution because they
can be reused at least 12 times, thereby
reducing environmental impact and achieving
a high level of circularity, a priority
objective for the Company’s strategy.

102

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Packaging emissions

Progress Coca-Cola Andina

Operations with returnable plastic
REF PET universal bottle

112
GCO2EQ/L

Returnable PET

+21.4%

disposable 100%
recycled resin

+38.4%

Returnable Glass

+48.2%

Sparkling REF PET

Stills REF PET

Disposable PET

+188.4%

Aluminum Cans

Operations with returnable glass
RGB universal bottle

Sparkling RGB Glass

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

In light of this, we encourage the development of a universal bottle that can be used for a variety of
products and flavors. To accomplish this, we have begun implementing it with PET returnable bottles and
have also made progress with the design of glass universal bottles.

Stills RGB Glass

Source: TCCC Decarbonization Guidebook

103

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

360° returnability strategy

At Coca-Cola Andina we have implemented actions aimed at our customers, consumers,
sales force and communities in each country where we operate, according to the material
possibilities of our plants, local culture and environmental sensitivity. In Chile, Brazil, and
Paraguay, we are the Coca-Cola Company bottler with the highest returnable mix, and we
are second in Argentina.

Progress Coca-Cola Andina

New launches sparkling REF PET

Fanta Limón
2L

Schweppes
Pomelo 2L

Coca-Cola
2.5L

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

Fanta Piña 2L

Fanta Frutilla 2L

New launches Stills REF PET

Universal Bottle Project

This initiative allows us to use the same bottle for
different products, by changing the label and its
contents, thereby increasing efficiency, by reducing
the time and inputs required for sorting, washing
and filling of bottles. It also allows us to reduce
reverse logistics costs and, together with this, to
reduce emissions by approximately 40% compared
to non-returnable PET bottles. On the other hand,
as the information is on the label and not on the
bottle, we can use them in a better way and this
has also facilitated the launching of new flavors in
returnable bottles, helping us to expand our
portfolio and contributing to the growth strategy in
the mix of this type of packaging.

Del Valle Fresh Laranja 2L

Agua Benedictino 20L

Longer
life cycle
12 average uses in PET and 35 in glass.

Same design
The label and its contents change.

100%
Recyclable packaging.

Broader
commercial portfolio.

Greater change
flexibility
for the consumer.

More efficient
Production system optimization.

104

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Digital bottle

This project aims to facilitate the purchase of
returnable products, since the physical bottle is not
required at the time of purchase. Through an
application, our consumers have a certain amount of
virtual bottles, which they can use until they run out
of stock, at which time they must physically return
them to a point of sale.

This year, together with INNOVA360, we launched
an open innovation challenge to develop portability
solutions with consumers and container management
with customers.

Initiatives to make progress in returnability

In 2022, we developed several initiatives and actions
to promote the use of returnable packaging:

• We invested in assets to promote the availability

and consumption of returnable products.
• Returnable promotions aimed at consumers.
• We encourage smart and environmentally friendly

savings.

• We expanded the returnable portfolio.
• We promoted universal bottles in different formats

according to country.

• We defined sales incentives for returnable bottles.
• We assured the competitiveness of our returnable

products, according to price and volume.
• We developed the virtual bottle campaign to

encourage the purchase of returnable products.

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

Market share of returnable Sparkling
Soft Drinks (SSD).

Argentina

Brazil

Chile

Paraguay

2021

90.4%

95.7%

76.3%

98.1%

2022

90.1%

95.3%

79.0%

98.8%

Source: Reports published by A.C. Nielsen.

Leaders in returnability 2022

In 2022, the Company remained the leading
bottler in the system in terms of sales of
returnables in its four operations, with 28%
of total non-alcoholic beverages and
associated investments in bottles and cases
totaling US$46 million. In Argentina, Brazil
and Paraguay, the market share in
returnables exceeds 90%.

This achievement is the result of
collaborative effort in which Coca-Cola
Andina has made progress both in its
operations, managing to develop production
and logistics processes with returnable
containers, and by generating environmental
awareness campaigns among its customers
and consumers, focusing on the value of
circular economy.

Returnables on NARTD* volume*

2022 NARTD
Sales volume

28%

2030 NARTD
Sales volume Target

42.8%

*NARTD: Non-alcoholic ready-to-drink beverages

105

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Recycle
Coca-Cola Andina is committed to maximizing the
value of the materials used and preventing them
from becoming waste in accordance with our goals
of developing 100% recyclable packaging by 2025
and using at least 50% recycled material in PET
bottles by 2030. Thus, we continue to work toward
the replacement of virgin resin with recycled resin,
and with this goal in mind, we develop scalable
solutions through alliances with recyclers and our
suppliers that enable us to act progressively and at
competitive prices.

Recycling of materials in the industrial area

In addition to recycling initiatives in the
commercial area, we have also implemented a
number of initiatives in the industrial area to
reduce the use of materials such as aluminum,
glass, and cardboard. By reusing boxes in Brazil,
for instance, we were able to save more than
US$178 thousand annually and reduce more
than 34 tons of cardboard waste.

In our four operations, we reuse metal preform
baskets, which are then returned to the
manufacturer to continue the reuse cycle. In

the case of Paraguay,
we utilize 100%
recycled returnable
transportation boxes.

Target achieved: increase in the use of
recycled PET resin

In 2022, we achieved our goal of increasing the
use of recycled PET resin compared to the
previous period, reaching a total Andina value
of 12.8%. Our challenge is to expand the
availability of recycled PET resin for all four
operations. To accomplish this, we are making
major efforts and investments in food-grade
recycled resin plants, in addition to alliances
with large collectors.

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

2
-
6
0
3

,
3
-
3

R
G

Our progress in 2022

100% recycled bottles
During 2022, we commercialized 100%
recycled bottles in our operations
in Argentina, Brazil and Paraguay
under the Coca-Cola, Sprite and
Powerade brands as well as the
Waters category.

In this line, we completed -in our four operations-
the color change of the green Sprite bottle to
transparent, in order to increase its recyclability. In
Argentina, we developed the first Coca-Cola brand
bottles with 100% rPET resin, i.e., produced entirely
with recovered resin, while in Brazil, Sprite bottles
and some of the water category bottles were also
made with this material.

106

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Chile: New RE-CICLAR S.A. plant

Since 2021, the Company has been working -together with
Embonor- on the project to build a plant for recycling plastic
bottles, which will allow the Company to start using this resin in
bottles beginning 2024.

Paraguay: New CIRCULAR PET plant

The new food-grade recycled resin plant with an annual
capacity of 6,000 tons of PET went into operation.

Recover
The recovery of packaging is
undoubtedly one of the main challenges
for our Company’s operations, as it
requires important logistical processes.
To advance in the circular economy, we
are creating and consolidating alliances
with strategic partners who can ensure
the collection and subsequent recycling
of disposable packaging.

Percentage use of recycled resin

Recovery focus

ARG

BRA

PAR

TOTAL

14.3%

13.0%

Our leadership in returnable packaging, coupled
with our recovery programs, enables us to achieve
a high degree of circularity, whereas in disposable
packaging, we continue to innovate in design and
production by reducing packaging weight and
incorporating recycled material.

22.1%

22.0%

What types of packaging can be recovered?
In all our operations we distinguish 2 types of
packaging for recovery:

4.0%

6.7%

12.8%

12.7%

Post-industrial

Packaging that has reached the end of its useful
life and/or losses from the plant process.

Post-consumer

Packaging that is collected directly or indirectly
from the market. These are the ones that present
the greatest challenge as it is necessary to go out
and collect them as well as to seek out mechanisms
to facilitate and ensure this process.

2022

2022 Target

*In Chile we are developing a PET PCR resin plant.

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

2
-
6
0
3

,
2
-
1
0
3

,
1
-
1
0
3

,
3
-
3

R
G

Our progress in 2022

• Andina Paraguay took a great step forward in its
collection indicator, reaching recovery levels of
38.9% of the volume sold, thanks to the alliance
generated with the country’s main waste
collector and recycler. At the same time, several
programs continue to promote collection, such
as “My neighborhood without waste” and
“Asunción zero waste”.

• Coca-Cola Argentina was able to recover more
than 2,000 tons of PET sold through alliances
with local stakeholders, such as municipalities,
NGOs and the agreement signed with the
country’s largest waste management, in addition
to the installation of eco points and the design
of green routes.

• Our operation in Brazil managed to recover

36.8% of the PET containers sold, representing
more than 9,000 tons that would otherwise be
waste. Its main program is “Reciclar pelo Brasil”,
carried out in partnership with The

Coca Cola Company.

• In Chile, the implementation of the REP Law
has influenced the definition of strategies and
goals to increase the collection of

plastic containers.

107

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Percentage of post-consumer recovery

Resimple

We are a part of the first collective packaging
management system in Chile for the fulfillment
of the REP Law’s objectives and obligations.
The association, which is comprised of the
country’s leading mass-consumption companies,
aims to organize, finance, connect, and
generate synergies around the recycling of
containers and packaging generated by
producers in order to promote their
collection, pretreatment, and recovery.

2022 Target achieved:
Post-consumer recovery

As a result of all these actions, we have met our
post-consumer recovery target with respect to
the previous year, achieving a total Andina value
of 21.4% during 2022. The Company has
reclaimed more than 30,000 tons of PET over
the past 3 years.

ARG

BRA

PAR

TOTAL

12.7%

10.0%

36.8%

34.5%

38.9%

23.0%

21.4%

19.7%*

2022

2022 Target

*In Chile, the implementation of the REP Law has influenced
the definition of strategies and goals to increase the collection
of plastic packaging.

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

3
-
1
0
3

,
3
-
3

R
G

Reduce
Following the 3R rule, the circular economy cycle
begins with reduction, followed by reuse and
recycling. We have made progress in reducing the
levels of plastic, which is the most important
material to reduce, by minimizing the
incorporation of single-use packaging materials in
an effort to generate less waste and reduce costs.

Main PET reductions

Argentina

Sprite 500 cc

Sprite sin azúcar 500 cc

Brazil

Pet 2l

Pet 1.5l

Pet 200 ml

Pet 250 ml

Pet 300 ml

Chile

Aquarius 1,6l

Benedictino flavors 1.5l

Coca-Cola original 2.5l

12.7%
5.9%

7.3%
7.3%
6.7%
6.7%
6.7%

16.5%
16.5%
11.4%

108

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

2022 Target Achieved: Lightweighting

We met our lightweighting goal for both bottles
and secondary packaging, even though
lightweighting has a technical limitation, the
Company has avoided sending more than
3,200 accumulated tons of PET to the market
during the last five years. Notably, all
lightweighting, whether for primary or
secondary packaging, retains its new condition
permanently into the future.

Secondary packaging advances

Brazil: lightweighting of returnable universal bottle

Polyethylene Lightweighting (ton) 2022

Argentina

Chile

Total Andina

68.7
31.0
99.7

In addition to increasing the number of returnable
bottles, Brazil made progress in reducing the
weight of the universal bottle, through pioneering
work by the industrial team, managing to create a
2-liter plastic returnable bottle weighing 91 grams
as opposed to the conventional 106 grams. In
addition to achieving this, it incorporated 10%
recycled material, something that had never been
done with returnable bottles before.

2
.

A
0
1
4
-
B
N
-
B
F

B
S
A
S

PET savings evolution 2021-2022

Total tons saved

482

558

2021

2022

Total US$ saved

732,838

883,097

2021

2022

14%

lighter

less grams
per bottle

10%

Recycled material

109

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

WASTE-
-MANAGEMENT-

w e have a Comprehensive Waste Management Plan and procedures that define the

parameters for proper management, with the goal of minimizing waste and maximizing

recycling. We monitor the generation of solid waste per liter of beverage produced and the
percentage of solid waste that is recycled using our own standardized indicators.

Solid waste generation (gr of solid waste / liter of beverage produced)

3
-
6
0
3

,
1
-
6
0
3

R
G

Argentina

Brazil

Chile

Paraguay

TOTAL

2020

13.9

7.8

13.0

18.1

11.8

Solid waste recycling (% of total)

Argentina

Brazil

Chile

Paraguay

TOTAL

2020

92%

90%

94%

91%

2021

13.0

7.9

13.9

18.1

11.9

2021

92%

88%

92%

91%

2022

12.5

8.4

13.3

15.7

11.5

2022

92%

94%

90%

92%

110

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

WATER»MANAGEMENT 2022 Water use cycle [m3/year]

A t Coca-Cola Andina we are aware that water is

an essential resource for the life of people and
the planet. It is a key input for the development of
the communities that host us and for our
operations, so we are committed to continue
reducing its use in our processes through
innovative and efficient means.

The origin of the water we use in our operations is
diverse and depends on the geographic context of
each facility. In general terms, groundwater
accounts for the largest portion of the resource
used, and is the primary input for beverage
production and, indirectly, for auxiliary services.

During the production phase, we reuse the water,
and the remaining water is treated as effluent and
returned to the hydrologic cycle under suitable
conditions. We achieve this by adhering to the
strictest local regulations and developing our own
quality and efficiency controls for water use in the
countries where we conduct business.

OUR WATER SOURCES

Surface

Network

Underground

Rainfall

Other

Bottled value:
7,032,728

Value of other processes:
447,146

HOW WE USE WATER

Production
Process
4,114,381

Beverages
4,114,381

Auxiliary
Services
3,365,493

Losses/
Wastage
93,919

Other
processes
7,120

Discarding of
effluents
3,264,454

4
5
5
3
5
0
,
1

e
s
u
e
R

2
.

A
0
4
1
-
B
N
-
B
F

B
S
A
S

5
-
3
0
3

4
-
3
0
3

,
3
-
3
0
3

,
2
-
3
0
3

,
1
-
3
0
3

,
3
-
3

R
G

Note: Includes water used for bottling and water used in
other processes such as sugar production, cogeneration of
energy and sanitary uses.

Own
treatment

Third party
treatment

2,410,575

853,879

111

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Our water management strategy follows the four
strategic axes we have defined:

STRATEGIC AXES IN WATER
MANAGEMENT

2
.

A
0
4
1
-
B
N
-
B
F

B
S
A
S

1
-
3
0
3

,
3
-
3

R
G

Reduce

Reuse

Recycle

Replenish

The understanding of the circular water cycle by all
of those who work at the Company and our value
chain is fundamental to the success of this strategy.
In addition, investments in technology, innovation,
and plans to enhance performance are being
considered so as to reduce water losses in facilities
and production processes.

Reduce
At Coca-Cola Andina we are permanently
implementing initiatives that allow us to reduce
water losses and achieve efficient consumption,
with the objective of continuing to reduce water
consumption through the efficiency of production
processes, in order to achieve a water use ratio of
1.27 liters of water per liter of beverage produced
by 2030.

In this regard, progress has been
sustained over time, and since 2017, the
Company has presented a permanent
reduction in the amount of water
used per liter of beverage produced,
which it monitors using the water use
ratio indicator WUR, which allows it to
distinguish the amount of water required
to produce one liter of beverage.

Our progress in 2022

During this period, we developed different initiatives
and actions that promote the reduction of water
consumption and use in our production processes:

• Raise employee awareness of the importance of
water and their responsibility to protect this
resource.

• Implement weekly consumption monitoring

meetings among those responsible for
management.

• Optimize equipment for reverse osmosis to
increase permeated water and decrease
rejection.

• Digitize flow meter monitoring to optimize

decision-making through online data collection.

• Implement improved bottle washing technology

to reduce water consumption.

• Optimize the CIP system and explore ozone

process alternatives.

Success story: digitization of consumption in Paraguay

The installation of 27 out of a total of 47 flowmeters will provide a global map of water use and
flow rates via a data intelligence platform that will provide sufficient data to optimize water
consumption. This project will also enable improvements in energy utilization and industrial
maintenance planning, allowing for the adoption of measures that will result in substantial water
and energy savings.

112

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Our 2030 target

Water ratio evolution per operation

We achieved our goal of reducing our water
consumption with respect to the previous year,
accumulating a 15% reduction per liter produced
since 2018. We have important challenges ahead to
achieve the 1.27 ratio by 2030, so water
management remains one of the most relevant
issues in our materiality, leveraged by important
investment plans and research to reduce our
consumptions.

Our progress in 2022

1.71

liters of water used per liter of
beverage produced in 2022

2
.

A
0
4
1
-
B
N
-
B
F

B
S
A
S

1
-
3
0
3

R
G

Our 2030 target

1.27

liters of water used per liter of
beverage produced in 2030

Argentina

Brazil

Chile

Paraguay

Total

Coca-Cola

Andina

2018

2022

113

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

WATER STRESS PRIORITY
The Company has its own comprehensive
evaluation process for the risks associated with
water stress zones, which is supplemented by
periodic studies developed in collaboration with
The Coca-Cola Company on the vulnerability of
water sources in the facilities, enabling the
Company to prioritize its efforts and investments.

The central region of Chile is regarded as having a
high level of water stress; consequently, the
Company continuously monitors the indicators
associated with its facilities in this region. It
conducted a hydrogeological study in the Maipo
river basin in Santiago, the results of which, based
on the water stress classification of the World
Resources Institute, allowed it to prioritize
investment plans in the Renca plant in Chile.

This plant produces between 20% and 25% of
Coca-Cola Andina’s total volume and has a water
use ratio of 1.84 for 2022. The good performance
of this production plant, as a result of the focus on
accelerating investments in this location, has
allowed it to reduce the ratio above the Company’s
average levels to 13.8% over the past two years.

2
.

A
0
4
1
-
B
N
-
B
F

B
S
A
S

5
-
3
0
3

,
1
-
3
0
3

,
3
-
3

R
G

Evolution of water use ratio in RENCA

2.13

1.96

1.84

2020

2021

2022

Water priority classification

Low
(< 10%)

Medium-Low
(10-20%)

Medium-High
(20-40%)

High
(40-80%)

Extremely High
(>80%)

Only one of our ten production plants is located in a water stress zone.
Source: WRI.ORG - Aqueduct Water Risk Atlas.

Dry and low water
consumption

114

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Reuse
In order to reuse the water that is a part of its
production process, the company has
implemented technological advancements that
allow it to safely reintroduce the water into the
system, thereby increasing the efficiency of the
process and gradually decreasing the amount
of water withdrawn from natural sources.

2
.
a
0
4
1
-
B
N
-
B
F

B
S
A
S

1
-
3
0
3

,
3
-
3

R
G

SECONDARY
EFFLUENT

ULTRAFILTERED
(AFTER UF)

INDUSTRIAL WATER
(AFTER OR)

Success story: expansion of effluent
recovery system in Brazil

Expansion of the effluent recovery system at the
Jacarepaguá plant, with a capacity of more than
1,440 m3 per day, producing high-quality water and
reducing the amount of drinking water used.

Project benefits:

Produced water
of high-quality.

Cost savings for
drinking water.

Improvement of factory
water indicator.

Focus on
sustainability.

US$800,000

Total Project Investment.

115

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Our progress in 2022

During this period, we developed different initiatives
and actions to promote the reuse of water
consumption and use in our production processes:

Design and expand effluent treatment systems.

Implement the reuse of water rejected by osmosis.

Change nanofiltration plant matrix.

Recognize water reuse standards.

2
.
a
0
4
1
-
B
N
-
B
F

B
S
A
S

1
-
3
0
3

R
G

Our 2030 target

We achieved our objective by increasing water
reuse by 39.3% compared to the previous year.
Since 2018, we have recovered more than 2.5
million cubic meters of water, achieving a 15%
recovery rate of water over the total extracted by
2022. Through major investment projects, our
primary challenge is to approach total water
recovery levels for permitted reuse standards,
for which we continue to develop and validate
processes with The Coca-Cola Company to
expand our future reuse capacity.

+39.3%

increase in water reuse compared to
the previous period.

15%

of water recovered over total
water extracted.

Water reuse evolution (m3 /year)

515,799

221,342

286,488

1,053,554

756,489

2018

2019

2020

2021

2022

116

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Recycle
Recycling the water we use is one of our
Company’s greatest challenges, so we permanently
treat effluents, returning it to its source or to
nature in a manner that is safe for human and
environmental life.

Thus, our manufacturing facilities treat 100% of
their effluents, both in their own facilities and in
those of third parties guaranteeing the required
final quality. To this end, we conduct daily
samplings that measure, among other things,
temperature, pH, and total dissolved solids, in strict
accordance with the technical standards
established in each country and The Coca-Cola
Company’s Operational Requirements.

Our progress in 2022

In 2022, we developed different initiatives and
actions that promote water recycling in our
production processes:

Moved forward in our future wastewater treatment
plant in Renca, Chile.

Improve the aeration system of the aerobic reactor.

Adapted effluent treatment plant facilities.

Our target for 2030

We achieved our goal of
treating 100% of effluents
produced by our operations,
resulting in the recycling
and return of 2,772,966 cubic
meters of water.

100%

of effluents generated in our
operations is treated

+2.5

million m³ of water recycled
and returned in 2022

Effluent treatment 2022 (% of total)

100%

96%

89%

73%

2
.

A
0
4
1
-
B
N
-
B
F

B
S
A
S

4
-
3
0
3

,
2
-
3
0
3

,
1
-
3
0
3

,
3
-
3

R
G

11%

Own

Third
parties

arg

bra

chi

par

total

arg

bra

chi

par

total

27%

117

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Replenish
In this strategic axis, we have developed a number of
initiatives aimed at conserving water in nature and
caring for underground aquifers, as well as ensuring
people’s access to water resources and raising
awareness of their value and significance. Thus, by
2030, we aim to return 100% of the water volume
used at our Renca plant (Leadership Location).

Under its Allies for Water initiative,
The Coca-Cola Company collaborates
with its bottlers to increase local
water replenishment volumes and
develop innovative projects with
local startups.

2
.

A
0
4
1
-
B
N
-
B
F

B
S
A
S

2
-
3
0
3

,
1
-
3
0
3

,
3
-
3

R
G

Allies for water

This initiative, led by The Coca-Cola Company,
provides us with guidelines for advancing water
replenishment in the communities where our
operations are located, with the goal of increasing
replenishment volumes in priority plant basins,
accounting for everything we do as a system in this
area, and expanding and accelerating greater water
efficiency in production facilities.

Community water access programs
We recognize that caring for water is a company-
wide responsibility, but it is also a community-wide
responsibility. Thus, we have proposed to move
forward with this challenge and seek initiatives with
our neighbors that allow us to connect and share
the value we place on water.

For more information, see Chapter 7

Objectives and goals of water allies

100%

of water replenishment
at leading plants

100%

national replenishment
by country

100%

of leading locations with
water replenishment
projects by 2030

75%

of the volume collected at
leading locations will be
returned to the watersheds
by 2025.

118

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

ENERGY››
‹‹MANAGEMENT

ENERGY IN OUR VALUE CHAIN

Scope

1 y 2

1 y 3

We promote the efficient use of
energy by implementing action
plans with two primary goals in
mind: reducing energy consumption
and increasing the proportion of
renewable energies in the
energy matrix.
In order to reduce greenhouse gas
emissions and better manage the
potential effects of climate change,
we also seek to consolidate the
good practices of our operations in
their value chains and those of
our suppliers.

Energy
Source

Fossil
fuel

Biofuel

Network
electricity

Renewable
electricity

Main action
axes

2
-
2
0
3

,
3
-
3

R
G

Ingredients

Packaging

Manufacturing*

Distribution

Cold Equipment

Sugar use
ratio per liter
of beverage
sold

Packaging
returnability

Energy use ratio
(EUR)

% fuel-optimized
fleet

Cold
equipment
efficiency

Use of virgin and
recycled PET resin

% renewable
energy

Packaging
lightweighting

At Coca-Cola Andina we have defined two strategic axes for proper energy management:

STRATEGIC AXES
FOR ENERGY
MANAGEMENT

Energy efficiency

Renewable energy

119

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES* Direct energy consumption

Evolution of energy ratio by operation

2018

2019

2020

2021

2022

Energy efficiency
To manage energy consumption, we monitor
performance based on energy use ratio, i.e. the
amount of energy required to produce and store
one liter of beverage. During 2022, the Company
achieved a ratio of 0.306 MJ per liter of beverage
(EUR), accumulating an improvement of 8.4%
from 2018.

Argentina

Brazil

Chile

Paraguay

0.360

0.280

0.300

0.510

Total Coca-Cola Andina

0.334

* Base year 2018.

0.361

0.284

0.265

0.497

0.323

0.359

0.271

0.253

0.470

0.309

0.339

0.275

0.231

0.479

0.301

0.337

0.273

0.238

0.501

0.306

% of
reduction*

-6.4%

-2.4%

-20.6%

-1.8%

-8.4%

0.306 EUR

in 2022 REAL

0.255 EUR

by 2030 TARGET

5
-
2
0
3

4
-
2
0
3

,
3
-
2
0
3

,
3
-
3

R
G

Our progress in 2022

During this period, we developed a variety of
initiatives and actions to improve our production
processes’ energy efficiency indicators:

• Monitoring of energy ratio by line and sector.

• Incorporation of LED lighting.

• Reduction of bottle blowing pressure.

• Increase in filling temperature.

• Improvements in cooling systems.

• Renewal of internal

forklift fleet.

• New technologies for

high pressure
compressors.

• Implementation of

Clean In Place (CIP)
process with ozone.

• Adaptation of
substations

LEED Gold Certification in Duque de Caxias

Leadership in Energy and Environmental
Design (LEED) certification aims to promote
and ensure compliance with the highest
standards for eco-efficiency and sustainability
in construction and real estate projects. Due to
the implementation of best practices in
sustainability, our Duque de Caxias plant is the
first in the Coca-Cola System to
receive the LEED Gold
certification.

Among these best practices, we
highlight the implementation of
an energy substation that will
generate 138 KV, thereby reducing
interruptions and voltage
fluctuations and reducing energy
consumption by up to 26%.

120

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Renewable Energy
At Coca-Cola Andina, we are aware that the
source and type of energy we use are crucial for
climate and environmental protection. In light of
this, we have prioritized the incorporation of
renewable energy sources into our energy
matrix in all countries where the conditions
are favorable.

40%of renewable energy in 2022

In 2022, we maintained 40% of our energy from
renewable sources, primarily through the
management of clean energy contracts in our
facilities. In Chile and Brazil, for instance, we have
certified renewable energy contracts for four of our
six plants, representing 95.8% and 50.4% of the
total electricity consumed, respectively. We intend
to extend these contracts to our own distribution
centers in both countries.

Paraguay uses hydroelectric power plants and
biomass-fueled boilers to generate electricity,

Our direct consumption energy matrix consists of
three types of sources, distributed as follows:

resulting in a 91% renewable
energy consumption rate.

In Argentina, we have boilers that
are capable of consuming biogas
produced on-site at the efluent
treatment plant.

Our operations with 100% renewable electric power

We are making progress in acquiring 100% renewable energy
with I-REC certification. Our Renca and Antofagasta plants in
Chile, as well as our Ribeirão Preto and Duque de Caxias plants
in Brazil, already have contracts of this nature.

8.9%

3
-
3

R
G

28.2%

2022

62.9%

Electricity

Stationary
combustion

Mobile
combustion

121

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

3
-
3

R
G

Renewable energy 2022

91.0%

61.6%

38.8%

40.0%

0.0%

arg

bra

chi

par

total

Renewable electric power 2022

100.0%

95.8%

50.4%

54.7%

0,0%

arg

bra

chi

par

total

CLIMATE_
-ACTION

C limate change is a real issue and affects

everyone. According to the United Nations,
concentrations of greenhouse gases are at their
highest level in 2 million years. As a result, the
global community, both political and business, is
developing measures to reduce reduce emissions
and generate resilience in the face of changes. An
example of this is that many countries have already
defined their Net-Zero objectives in accordance
with the Paris Agreement of 2015.

At the corporate level, over two thousand
companies worldwide have joined the Science-
Based Targets (SBT) initiative, which is jointly
coordinated by the Carbon Disclosure Project
(CDP), the United Nations Global Compact, the
World Resources Institute and the World Wildlife
Fund. The initiative’s objective is to align corporate
emissions targets with the climate challenges of the
Paris Agreement. The Coca-Cola Company, aware
of the climate crisis, is already part of this initiative
and has mobilized the entire Coca-Cola System
along this path.

122

Electric Forklifts Project

To increase the contribution of clean energy to
our value chain in Chile, the Company is
incorporating electric forklifts in distribution
centers across the country, thereby reducing
the consumption of fossil fuels. The project is
more than 50% complete, and it is estimated
that by 2024, 77% of the fleet will consist of
electric vehicles.

This project is in addition to the one that has
been developed in Paraguay, where 25% of
the forklift fleet is electric and 50% is
expected by 2024.

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Share of emissions Coca-Cola System

Coca-Cola Commitment
Since 2020, the Coca-Cola System has
been working to reduce the carbon
footprint of the entire value chain,
establishing as a goal the reduction
of absolute GHG emissions of scopes
1, 2 and 3 by 25% by 2030 compared to
the base year 2015.

3
-
3

R
G

Ingredients

Packaging

Manufacturing

Distribution

Cold Equipment

20-25%

25-30%

10-15%

5-10%

30-35%

Source: The Coca-Cola Company

Our progress until 2022

At Coca-Cola Andina we are committed to
reducing our carbon footprint by implementing a
climate change strategy aligned with the five pillars
of the Coca-Cola System: ingredients, packaging,
manufacturing, distribution and cold equipment. To
achieve this, we have defined multiple objectives
for the year 2030, which cross our entire value
chain in addition to initiating a gradual process
involving the improvement of the quality of the
carbon footprint indicator measurements and the
incorporation of climate change into the risk
model, with the challenge of establishing public
goals and commitments for the organization, based
on the following activities:

• 2020: First organizational carbon footprint

measurement for the locations in Argentina,
Chile, Brazil and Paraguay, following ISO 14,064-1
and the Greenhouse Gas Protocol, which
includes the Corporate Accounting and
Reporting Standard (GHG) published by the
World Resources Institute and the World Business
Council for Sustainable Development.

• 2021: Carbon footprint measurement aligned

with The Coca-Cola Company’s decarbonization
roadmap and progress in phase 1 of the Task
Force on Climate-related Financial Disclosures
(TCFD) framework for identifying climate change
risks and opportunities.

• 2022: Completion of phase 2 of the TCFD

framework, with quantification of the impact of
selected climate change risks and opportunities.
With this, we continue to strengthen our carbon
footprint indicator.

In this line of action, we continued to challenge
ourselves and push our organizational boundaries
as far as possible, including the measurement of
greenhouse gas emissions for the most
representative distribution centers in our four
operations, production plants of subsidiaries in
Chile (shared with Embonor), and vertical
integrations such as CMF and Andina Empaques.

In order to define a base year, we continued with
our control approach and, for the first time, had the
consulting firm Ernst & Young conduct an external
verification of our carbon footprint indicator.

123

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Decarbonization strategy
We want our commitments to be reasonable, practical and within the realities of the business, which is why we have developed a
decarbonization strategy aligned with the five pillars addressed by The Coca-Cola System.

Greenhouse gas emissions by scope chart

Source: Greenhouse Gas Protocol

CO2

CH4

n2o

hfcs

pfcs

sf6

nf3

Scope 2

indirect

Electricity,
steam, heating
and air
conditioning
purchased for
own use

Scope 3 indirect

Products and
services
purchased

Capital
assets

Transportation
and distribution

Business
travel

Transportation
of employees

Leased
assets

Scope 1

direct

Company
facilities

Company
vehicles

Scope 3 indirect

Transportation
and distribution

Processing of
products sold

Use of
products sold

Investments

Leased
assets

Franchises

Waste
produced
by
operations

Fuel and
energy-related
activities

End-of-useful-life
product treatment

5
-
5
0
3

,
3
-
5
0
3

,
2
-
5
0
3

,
1
-
5
0
3

,
3
-
3

R
G

Upstream Activities Organization

ORGANIZATION

Upstream Activities Organization

Scope 1

Scope 2

Scope 3

Direct greenhouse gas emissions
originating from sources owned or
controlled by the Company (fixed
combustion, mobile combustion and
fugitive emissions).

Indirect greenhouse gas emissions
associated with the purchase of
electricity.

Indirect emissions generated by
the purchase of products and
services from the Company’s value
chain, associated with materials,
ingredients, inputs and
outsourced services.

Our expectations for the year 2024
are to establish a challenging,
science-based reduction target for
the next 5 to 10 years, together
with a plan to ensure actions and
resources to implement these
commitments.

124

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Pillars in our decarbonization strategy

5
-
5
0
3

,
3
-
3

R
G

Ingredients

Packaging

Manufacturing

Distribution

Cold Equipment

2030 Targets

40.75 kilocalories sold
per each 200 ml.

50% use of recycled
resin over total OW
PET.

Energy ratio 0.255 MJ
of energy consumed
per liter produced.

90% of trucks EURO V
standard or higher out
of the total.

90% of equipment
with energy savings.

42.8% Sales volume of
returnable packaging
over NARTD.

70% Renewable
Electrical Energy.

Energy ratio 0.255 MJ
of energy consumed
per liter produced.

Water ratio 1.27 liters of
water consumed per
liter produced.

Initiatives under
development
2022

• Expand our portfolio

• Continue to grow in

of sugar-free/
low-calorie products.

returnable packaging.

• Increase the use of

• Improve energy
efficiency in our
plants.

• Replace our

sweeteners with more
sustainable options.

recycled resin and the
collection of single-
use bottles.

• Increase the use of
clean renewable
energies.

• Work with suppliers

• Decrease the weight

• Improve water use

on their
commitments to
reduce their carbon
footprint.

of bottles.

efficiency.

• Increase efficiency in

truck routing.

• Renewal of logistics
fleet for Euro 5 or
higher.

• Replacement of

traditional forklifts
with electric mobility.

• Tests with long

distance fleet with
biofuels / electric.

• Replacement of
refrigerant gases
based on energy
efficiency.

• Temperature increase
testing of refrigerators
at points of sale.

• Prototype of

renewable energy kit.

125

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Carbon footprint management
Measuring the carbon footprint is the first step for
organizations to manage their emissions, as it
provides vital information for identifying the
primary sources and developing improvement
strategies. In 2022, our emissions were 950,974
TnCO2eq, decreasing our ratio of grCO2eq / liter
produced by 11.2% compared to the previous year.

Carbon footprint emissions 2021- 2022 (TnCO2eq/year)

SCOPE 1

SCOPE 2

SCOPE 3

TOTAL ANDINA

57,393

52,224

885,550

995,166

2021

-7.4%

-0.4%

-4.5%

-4.4%

5
-
5
0
3

4
-
5
0
3

,
3
-
5
0
3

,
2
-
5
0
3

,
1
-
5
0
3

4
-
3
0
3

,
2
-
2
0
3

3
-
3

R
G

Carbon footprint emissions 2022
(TnCO2eq/year) per pillar*

*Note: does not include waste category.

198,937

196,417

53,163

52,008

845,803

950,974

2022

Carbon footprint emissions ratio (grCO2eq/liter of beverage produced)

SCOPE 1 - SCOPE 2

SCOPE 1 - SCOPE 2 - SCOPE 3

28.7

2021

-10.8%

25.6

2022

260.3

2021

-11.2%

231.1

2022

Share (%) carbon footprint 2022 by
type of scope

Share (%) carbon footprint 2022 by
operation

950,974
TnCO2eq

23%

950,974
TnCO2eq

31%

38%

103,529

73,763

416,072

89%

Ingredients
Distribution

Packaging
Cold equipment

Manufacturing

Scope 1

Scope 2

Scope 3

Argentina

Brazil

Chile

Paraguay

126

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Main sources of emissions

Main sources of emissions TnCO2eq

According to our carbon footprint profile,
Scope 3 represents more than 85% of our absolute
emissions. In this scope, we evaluated more than
50 sources of emissions and only 3 of these
contain 95% of the total scope: sugars, disposable
PET containers and electrical energy from
cold equipment.

*Recalculation of 2021 sources according to methodology.

5
4
9

7
5
2

4
3
2

2
3
2

3
7
9

0
1
2

6
2
5

5
9
1

8
6
1
,

8
3
2

0
2
7

,
1
7
1

5
0
3

9
0
1

9
2
5

3
0
1

4
2
2

2
5

8
0
0

2
5

Disposable PET
containers
(scope 3)

Electric energy
of cold
equipment(Scope 3)

Sugars
(Scope 3)

Distribution and
logistics
(scope 1 and 3)

Electric energy in
production plants
(scope 2)

5
-
5
0
3

,
3
-
5
0
3

,
2
-
5
0
3

,
1
-
5
0
3

,
3
-
3

R
G

Reduction plans by emission sources

Utilization of One Way PET resin [Tons/year]

Emissions from sugars: The main focus is
to continue with our sugar reduction
strategy, increasing the availability of
low-calorie beverages.

3
8
3

7
5

1
2
2

3
5

9
8
8

7
4

9
7
9

4
4
9

7
5
2

6
7
9

3
3
2

2
3
2

5
6
5

6
1
3

9
9
1

5
4
4

2
6
9

7
1
1
,

Virgin PET resin

Recyled
PET resin

Total emissions
[kg CO2 equivalent/year]

2020

2021

2022

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Emissions from electric energy from cold
equipment: The challenge is to increase the
efficiency of cold equipment, reducing its electricity
consumption by migrating to more efficient
equipment, and also researching new alternative
energy options. In this sense, most of our equipment
is high-tech, we are investing in the renewal of more
efficient equipment with electronic controllers,
refrigerant gases with better performance, high-tech
cold chamber and LED lighting.

* 2020 and 2021 values were recalculated according to
equipment reclassification and characterization factors.

Cold equipment

%
7

.
1
7

%
7

.
1
7

%
9

5
7

7
4
0

3
7
9

0
1
2

8
9
5

5
2
5

5
9
1

9
0
0

0
2
2

0
9
1

5
-
5
0
3

,
3
-
5
0
3

,
2
-
5
0
3

,
1
-
5
0
3

,
3
-
3

R
G

Emissions from sugars: The main focus is to
continue with our sugar reduction strategy,
increasing the availability of low-calorie beverages.

Note: In Chile a re-categorization was carried out, which
generated variations in the consolidated values for the years
2020 and 2021.

Percentage of cold
equipment with
energy savings

Total emissions cold
equipment
[kg CO2 equivalents/year]*

Use of sweeteners [Tons/year]

7
2
7

9
7
2

1
8
3

,
1
7
2

5
5
8

8
5
2

4
5
5

6
1

0
4
4

2
1

4
3
0

,
1

8
1

6
7
4

5
9
3

6
2
2

4
5
6

7
6
1
,

8
3
2

0
8
3

0
2
7

,
1
7
1

Sugar (sugar beet
or sugar cane)

Fructose (HFCS)

Sucralose

Total emissions
[kg CO2
equivalents/year]

2020

2021

2022

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Emissions from distribution and logistics: We
control market distribution routes and strive for an
efficient distribution system in which each truck
optimizes its trip to deliver all of our products to the
customer. Renewing our own and third-party vehicle
fleets with Euro V or higher engine technology is also
an ongoing challenge.

Note: Includes own and third-party trucks.
Note: 2020 and 2021 values were recalculated according to
modification of characterization factors.

Type of trucks [Amount/year]

5
0
0

6
1
6

,
1

3
3
2

,
1

1
9
5

,
1

3
7
1
,
1

6
1
0

,
1

5
-
5
0
3

,
3
-
5
0
3

,
2
-
5
0
3

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1
-
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Emissions from electric energy consumption
by plants: The focus is to reduce consumption,
measured by EUR indicator, while simultaneously
increasing the share of renewable energy within
the total energy consumed.

Euro V standard
or higher

Others

Electricity at Plants [MWh/year]

7
3
2

8
2
1

5
8
9

4
5

3
8
4

9
4

1
3
8

3
3

6
6
6

9
2

7
1
7

7
2

8
9
3

6
8

7
6
4

0
8

1
1
4

4
4

8
5
0

3
4

3
2
3

5
3

3
0
0

2
3
5

3
9

0
5
5

4
0
3

9
0
1

5
1
5

8
2
5

3
0
1

Total emissions from
transportation (own +
third parties) [kg CO2
equivalent/year]

6
7
6

5
2
3

5
6

4
9
5

3
2
2

2
5

4
9
8

7
0
0

2
5

Non-renewable grid
electric energy

Renewable
grid electric
energy

Electric energy
with renewable
certification

Cogenerated
electric energy

Total emissions
[kg CO2 equivalent/year]

2020

2021

2022

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Offsetting the carbon footprint
Biodiversity management, which
entails conserving the natural
habitat and ecosystems in which we
operate, is a core value to which we
respond by conducting our activities
in a responsible manner while
taking environmental impact and
long-term performance
into account.

As a company, and in accordance with our
sustainability policy, we are committed to not
operating in natural heritage conservation and
protected areas, mitigating the impact on
biodiversity throughout our value chain, and
promoting sustainable forest management,
thereby contributing to the protection of forested
areas from deforestation and illegal logging.

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Reforestation programs in Duque de Caxias, Brazil

To comply with the environmental organization’s reforestation requirements, we
engage in ongoing recovery and conservation efforts, highlighting the following initiatives:

The planting of native trees and the care and preservation of the local flora in
Duque de Caxias (400 trees planted).

1,850 native seedlings (germinated seeds) of different species, totaling the
planting of 2,250 seedlings in an area of 16,500 m² of reforestation.

In the Tinguá Biological Reserve’s Buffer Zone, a total of 312,000 m² of
environmental preservation area will be developed,
which is equivalent to more than 30 soccer fields.

Insertion of 2,320 native seedlings of the Atlantic
Forest in the Permanent Preservation areas, having
already planted 14,400 m².

Vegetation monitoring in Duque de Caxias: every two
months, in order to prevent unauthorized vegetation removal
by third parties, not only on the property but also in the
surrounding area, a qualified professional monitors the land
using drones, thereby ensuring the preservation of
biodiversity and water resources.

Environmental education in Duque de Caxias, Brazil: in an
effort to motivate the community and collaborators to develop a sense of environmental
responsibility, we conducted educational activities and reaffirmed our commitment to
fostering a culture based on ESG values and sustainability. Among the executed actions, we
can highlight:

Training courses (second edition) for 40 teachers to prepare them
environmental-related subjects, in partnership with the Moleque Mateiro
Institute of Environmental Education and the Municipal Education Secretariat of
the Municipality of Duque de Caxias.

During Environmental Week, collaborators planted their own herbs, including
basil, thyme, and parsley, in recycled PET bottles.

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ANDINA
TALENT

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TEAM‹‹

C oca-Cola Andina has a great team of individuals

who share a mission and demonstrate it through

their daily work with motivation, experience, and
dedication. The collaborators of the four franchised
territories are the ones that make the Company a
great place to work, based on the belief that well-
being, diversity, leadership, and all the values
embodied in the operations contribute to the success
of the Company and all its stakeholders.

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DEMOGRAPHICS_
of /OUR
COLLABORATORS_

OPERATIONS

315
Women

2,959
Men

3,274
Total

Argentina

16,484

Total collaborators at Coca Cola Andina

2,702

Women

13,782

1,424
Women

6,508
Men

7,932
Total

792
Women

3,389
Men

4,181
Total

Brazil

Chile

153
Women

899
Men

1,052
Total

Paraguay

Men

Holding

18
Women

27
Men

45
Total

For more information see Chapter 10

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TRAINING/

C oca-Cola Andina promotes, in each of its

operations, work modalities that seek to

improve the personal wellbeing of our collaborators
and our skills as an employer, with the aim of
attracting talent and retaining work teams, while
maintaining a focus on achieving our business goals.

We seek to develop organizational capabilities that
enable employees to expand their knowledge and
master multiple processes in the areas of specialization
and other related areas, thereby fostering internal
mobility and increasing opportunities for advancement
in different areas of the company through job
reconversion and retraining.

The 2022 development and training initiatives
addressed the following topics: job skills,
competency and employability, skills development,
job security, sustainability and the environment,
and ethics and code of conduct.

304,889

Total training hours

In recent years, we have expanded our virtual training
offerings in order to adapt to the social and health
care context and to make navigation and content
access more dynamic, thereby making our platforms
more engaging and interactive for our users.

Our goal is to continue to provide formal education
and, in turn, make students more independent. We
want our collaborators to be in charge of their own
training, so we have provided them with the
autonomy, flexibility, and responsibility to access
the most diverse courses and resources, allowing
them to manage their own time and be the
protagonists of their own development.

100%

of our collaborators have received training
in at least one of the subjects taught in 2022

US$967,222

Investment in training of 0.03% of revenue

59,010

Total training hours of women

245,879

Total training hours of men

For more information see Chapter 10

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During this time period, we focused on
achieving a balance between face-to-face and
virtual training. On the one hand, we
strengthened the virtual actions in our
Koandina Campus by adding more e-learning
content, designs, and formats, allowing our
virtual classrooms to become a daily reality for
platform users. We continued to investigate
the benefits of virtual due to its immediacy
and reach, distributing online content to all of
the territories in which we operate.

On the other hand, we returned to face-to-
face actions, generating instances in which
teams met again around various activities for
training, reconnecting, strengthening ties,
and “recognizing” each other as a team,
among other purposes.

This mix of virtual and face-to-face was also
evident in executive training and strategic
management, which are two of our
fundamental pillars in the development and
strengthening of competencies.

VIRTUAL AND IN-CLASS TRAINING
In each of our operations, we implement various
programs and initiatives, always adapting to the
realities of each country and workforce. For this
purpose, we have a shared virtual training library
that provides access to content throughout
Coca-Cola Andina, with a structure that respects
the local language in Brazil.

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Argentina

15,116

Total training hours of women

64,164

Total training hours of men

79,280

Total training hours

For more information see Chapter 10

Digital tools academy

DURING THIS PERIOD, 100% VIRTUAL
ACADEMIES CONTINUED, ALLOWING
US TO LAY THE FOUNDATIONS FOR
MORE SPECIFIC AND COMPLEX DATA
MANAGEMENT TRAINING. ADDITIONALLY,
WE COVERED DATA ANALYTICS, BASIC
SQL, ADVANCED SQL, DATA SCIENCE,
AND PYTHON IN THE DIGITAL TOOLS
ACADEMY. WE ALSO HAD OPEN
CLASSROOMS WITH DIFFERENT TOPICS:
HOW TO DEAL WITH DATA PROJECTS
AND STORYTELLING, AMONG OTHERS.

Performance Academy

TOGETHER WITH THE UNIVERSIDAD CATOLICA
OF CORDOBA, WE IMPLEMENTED THIS
PROGRAM AIMED AT THE DEVELOPMENT
AND STRENGTHENING OF SOFT SKILLS IN
OUR ANALYSTS. THROUGH INNOVATIVE AND
100% VIRTUAL DYNAMICS, WE REACHED ALL
REGIONS OF ANDINA ARGENTINA.
THE COURSE CONSISTED OF THREE UNITS:
EFFECTIVE COMMUNICATION, NEGOTIATION
WITH INTERNAL CLIENTS AND SUSTAINABLE
AGREEMENTS, AND STORYTELLING.

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Brazil

20,398

Total training hours of women

115,922

Total training hours of men

136,321

Total training hours

For more information see Chapter 10

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We continue to strengthen the development of
online training programs, with a particular emphasis
on key issues for business growth that have a direct
impact on sales enhancement, reduction of
operating costs or generation of efficiencies,
improvement of commitment and work
environment, and/or reduction of turnover
and/or absenteeism.

Knowledge Hub

IT IS A DIGITAL TRAINING PLATFORM,
SPECIFICALLY DESIGNED FOR BRAZIL,
IN WHICH YOU CAN ACCESS DIFFERENT
CONTENTS, IN A FLEXIBLE MANNER,
ACCORDING TO THE DIFFERENT AREAS
AND INTERESTS IN WHICH THE EMPLOYEE
REQUIRES EMPOWERMENT. DURING 2022,
THE NUMBER OF DEVELOPED COURSES
EXCEEDED THE PREVIOUS YEAR BY 38%,
WITH SIGNIFICANT RESULTS IN TERMS OF
ATTENDANCE AND LEARNING.

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Leadership Academy

With the support of the Business School of the
University of Chile, we built a leadership
program, whose objective was to develop the
individual capabilities of our leaders to enhance
the competencies that are necessary to drive the
transformation of Coca-Cola Andina. This
program was developed online and
synchronously, and consisted of 6 modules of 12
hours each, where 95 leaders from Andina
participated.

Chile

19,370

Total training hours of women

49,294

Total training hours of men

68,664

Total training hours

For more information see Chapter 10

Paraguay

With online and face-to-face courses, we advanced
our training and education initiatives, highlighting
the diversity of our collaborators’ interests and
their eagerness to explore the various platforms
and content available to them.

3,455

Total training hours of women

Udemy Business

This year, we implemented this digital tool for managing
more than 300 licenses across all operations (Chile, Brazil,
Argentina and Paraguay). The collected data allowed us to
track monthly the average study time, the best days to
study, the most active users, the most sought-after topics of
interest and courses, and, most importantly, the opinions of
the users, of whom 100% said they found the platform to
be extremely helpful.

15,623

Total training hours of men

19,078

Total training hours

For more information see Chapter 10

We focus the training and education of our
collaborators on topics related to the processes
that strengthen the business (sales, production,
logistics, maintenance, labor relations, and
leadership, among others) and require the constant
updating of skills, knowledge, and abilities to meet
labor challenges.

Implementation of the 5S Methodology

219 employees (bottling, juice, and syrup supervisors
and technical operators) participated in a workshop
aimed at implementing the 5S philosophy and
establishing a culture of continuous improvement.

Soft Skills Workshop for Supervision

194 collaborators participated in a workshop to
identify and assess the risks associated with their
work, basing their decisions on the principle
“Safety is my responsibility.”

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DIVERSE_AND
-INCLUSIVE

A t Coca-Cola Andina, we value the diversity of

each country and community that welcomes

us. As a result, we promote the creation and
development of inclusive and diverse workplaces,
aiming to create the conditions for all collaborators
to achieve their maximum personal and
professional development.

We view diversity as a value that not only allows us to
attract talent, but also to incorporate different visions,
experiences, origins, and/or conditions, to contribute
to the construction of the company we aspire to be,
and to build teams that are better equipped to meet
challenges in a sustainable manner.

To materialize diversity, we embrace the Coca-Cola
System’s principles and actively promote diversity
and the right of all employees to be treated with
respect, assuming as a company the following
responsibilities:

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• Eliminate barriers in the hiring, promotion, and

compensation of collaborators within the
organization, promoting that these processes are
conducted objectively, based on their skills,
performance, abilities, and experience.

• Promote equal opportunities and intolerance of

discrimination.

• Promote diversity in all of our operations by

implementing measures that favor the hiring of
people with special needs and vulnerable
minorities, thereby allowing them to reach their

full potential.

Finally, we declare that the commitment of each
employee of Coca-Cola Andina to inclusion,
diversity, non-discrimination, and harassment is a
prerequisite for maintaining a work environment
that maximizes productivity and growth in an
atmosphere of mutual trust and respect. The
Company’s Code of Ethics and Business
Conduct promotes the respect and protection of
its employees’ rights and a healthy work
environment, despite the absence of a specific
procedure for preventing and detecting
noncompliance with regulations concerning the
rights of its employees.

• Create workplaces where

respectful workplaces, with no
tolerance of harassment -physical
or verbal, among others - based
on race, sex, nationality, origin,
religion, age, condition or
disability.

• Sanction any situation of

discrimination, harassment, or
any other type of disrespectful or
excessive behavior, ensuring that
no retaliation of any kind occurs
as a result of reporting or
participating in any investigation
relating to the aforementioned
situations.

All committed to a shared goal and to
respecting Human Rights

COCA-COLA ANDINA’S HUMAN RIGHTS POLICY IS
GUIDED BY THE INTERNATIONAL HUMAN RIGHTS
PRINCIPLES INCLUDED IN THE UNIVERSAL
DECLARATION OF HUMAN RIGHTS, THE INTERNATIONAL
LABOR ORGANIZATION’S DECLARATION ON
FUNDAMENTAL PRINCIPLES AND RIGHTS AT WORK,
THE UNITED NATIONS GLOBAL PACT AND THE UNITED
NATIONS GUIDING PRINCIPLES ON HUMAN RIGHTS AND
BUSINESS. INCLUDED WITHIN THIS FRAMEWORK IS
OUR CORPORATE POLICY OF NONDISCRIMINATION AND
HARASSMENT, RESPECT FOR PEOPLE, DIVERSITY,
AND INCLUSION.

This connection is supported by a communication strategy that
allows collaborators to utilize participation channels to develop
their potential and express their ideas and concerns, as well as
by the continuous monitoring of the work environment.

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TOTAL GENDER EQUALITY - COCA COLA ANDINA 2022

2,702

Women

13,782

Men

AS PART OF OUR DEDICATION TO DIVERSITY
AND INCLUSION IN OUR COMPANY AND
IN SOCIETY IN GENERAL, EACH OF OUR
OPERATIONS GENERATES A NUMBER
OF INITIATIVES THAT PROMOTE THE
GUIDELINES OF OUR POLICY OF RESPECT
FOR PEOPLE, DIVERSITY, AND INCLUSION.

COLLABORATORS BY NATIONALITY

3,273

7,922

3,393

1,035

Argentinean

Brazilian

Chilean

Paraguayan

Argentina

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Other Nationalities

COLLABORATORS WITH DISABILITIES

Argentina

Brazil

386

Chile

Paraguay

For more information see Chapter 10

We created an alliance with GROW, a consulting
firm, with whom we developed a cycle of
sensitization to incorporate a gender perspective
and inclusion into daily tasks in order to establish
an inclusive work culture that promotes respect for
diversity, violence-free spaces, and the growth of
healthy relationships.

To promote empathic, inclusive, and violence-free
workplaces along this line, we conducted an
interactive workshop with the operation’s leaders.
The meeting encouraged participation and open
communication through a collaborative construction
work dynamic with Montecristo plant employees.

On the other hand, and with the intention of
bolstering the presence of women in the operation,
thirty women were added to the industrial,
engineering, and quality departments.

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Brazil

Since 2021, all diversity and inclusion initiatives
have been consolidated under the Viva a Diferença
program, through five pillars: Ethnic-Racial, People
with Disabilities (PDCs), Gender, LGBTQIA+,
and Generations.

As a first step, we conducted an ethnic census,
which, through a 60-question questionnaire,
allowed us to determine who we are and our
company’s identity from the perspective of our
collaborators. We also conducted literacy actions
on diversity and inclusion at a cross-functional level
within the company, addressing gender, disability,
racial differences, and LGBTQIA+ individuals.

To promote the challenges of this program, 31
agents of change, collaborators from various areas,
volunteered to implement this cultural shift in all
operations in Brazil.

Collective MOVER Collaboration
The Company is committed to this initiative, in
which 475 companies participate, to promote racial
equality in Brazil through the use of effective tools.
In addition to the live “Black Awareness Day,” the
company promoted literacy and the development
of a diversity primer.

To learn more about the MOVER Collective, please
visit www.somosmover.org.

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People with disabilities
The expansion of the employability program, in
which we emphasized the significance of inclusion
and job creation, was a significant step in achieving
the incorporation of people with disabilities into
the company.

We are able to rapidly increase the hiring of people
with disabilities because we continually analyze job
positions to identify activities that can
be adapted to each person’s needs,
each disability, and the particularities of
people with disabilities. This allows us to
increase their recruitment rate rapidly.
During this time frame, we introduced
Success Career Track, a career
program for people with disabilities
that provides information on internal
promotion opportunities.

IIIIIIIIIIIIIIIIIIIIIIIIIIII I

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IIIIIIIIIIIIIIIIIIIIII

IIIIIIIII

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LGBTQIA+
Understanding that prejudice can be fought with
information, the company has established a
permanent agenda to address various initiatives.
In June, the month in which we celebrate this
cause’s pride, we conducted a communications
campaign to explain the acronym and emphasize
that this is a workplace in which differences are
valued and inclusion is encouraged.

This program, which has been
operating for over a decade, aims
to combine social opportunities for
young people with the chance to
develop new skills for future
positions at Coca-Cola
Andina Brazil.

Gender
At Coca-Cola Andina Brazil, we
shattered stereotypes by encouraging
female performance in traditionally
male-dominated roles.

The first step was to post gender-
neutral job openings, update job
descriptions for greater gender
inclusion, and direct the recruitment
and selection team to increase
opportunities for women during the
hiring process. This is how we implemented two
shifts for participants, which resulted in the
employment of over 17 women in the operation.

As part of Women’s Month, we launched “Entre
Elas,” a mentoring program aimed at preparing our
future leaders for succession, and, throughout the
year, we conducted activities to understand the
guidelines related to gender and the inclusion of
women on the labor market, addressing topics
such as living the gender, female representation,
and health support, among others.

In 2022, we partnered with multiple educational institutions
to offer courses in management, mechanics technician,
commercial technician, and market repository, among
others, in an effort to increase employment opportunities.
The alliances generated have also allowed us to increase the
scope of our courses, reaching all the regions of Rio de
Janeiro, Ribeirão Preto and Espirito Santo.

Since the beginning of the program, 19% of young
participants have been hired by the Company.

Generations
In partnership with the Coca-Cola Brazil Institute,
the Coca-Cola Youth Collective carried out
actions for labor market insertion. The
2009-created course had a revised version in 2022,
when the Mover Collective was launched for
black youth only, with new classes focusing
on racial issues.

Forty young adults participated in the “Tour da
Taca” event, where they discussed employability
and job opportunities with the influencer “Phellyx”
and listened to testimonials from Coca-Cola
managers and former soccer player Cafu.

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Intégrate is a program for the integration of
disabled individuals
This program, which was developed in
collaboration with the Tacal Foundation, aims
to integrate individuals with disabilities into
operational tasks. In 2022, we equipped 21
individuals with the skills necessary for
employment integration.

Managers of inclusion
The people themselves are one of the most
effective means of promoting a culture of diversity
and inclusion in organizations. Because of this, we
have trained over 800 employees who volunteered
to participate in this initiative.

Paraguay

We continue to advocate for the creation of
opportunities for people with disabilities, aiming to
provide them with formal work experience that
enables them to improve their skills. Six interns were
hired for this line, and two of them will continue to
work thanks to internal mobility processes.

In 2022, ten women held executive positions in
the Company in areas such as quality, food safety,
inventory and public affairs, communications, and
sustainability, among others, in an effort to
promote diversity.

Chile

Diversity and inclusion is a company-wide
challenge, and the company’s commitment in the
country has been to create workspaces that
promote diversity and respect.

Female talent - gender equality
Even though we are aware that we still have a long
way to go, we have taken substantial steps in recent
years to promote gender equality. Thus, we created
the campaign “Equality is everyone’s business,”
which seeks to highlight the progress that the
company has made by highlighting the initiatives
designed to increase the number of women in
operational positions.

• Grueras Program
This initiative, created in collaboration with the
municipalities of Puente Alto, San Joaqun, and
Renca, provides training for women to obtain a
class D driver’s license, allowing them to operate
forklifts. The Puente Alto and Carlos Valdovinos
distribution centers hired 22 new female forklift
operators in 2022.

• Line 7
One of the results of encouraging the incorporation

of women into formerly male-dominated
occupations is that line 7 of the Renca plant is now
operated solely by a team of women.

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_EQUITABLE_
COMPENSATION
C oca-Cola Andina is committed to providing

equitable compensation to all of its
collaborators in order to recruit and retain
talented and skilled workers for all positions. With
this goal in mind, the Company has a Corporate
Compensation Policy and a competitive
compensation package consisting of an effective
salary administration program and a broad and
diverse benefits program, both of which are
centered on:

Additional Benefits

• Promote equal opportunity in accordance with
the market’s reference labor group for positions
requiring equivalent competencies and
responsibilities.

• Maintain consistency between job classifications

and employability, which ensures that all positions
and jobs within the organization are treated
consistently.

• Recognize individual contribution so that

employees with the highest performance receive
higher compensation, consistent with policy.
• Provide compensation management through

salary cost planning and management.

THE COMPENSATION AND BENEFITS
OFFERED BY THE COMPANY CONSIDER
WHAT IS REQUIRED BY THE LABOR
LEGISLATION IN EACH OF THE COUNTRIES
WHERE THE COMPANY OPERATES, BUT
YEAR AFTER YEAR THE AREAS STRIVE TO
GO BEYOND BY GENERATING A RESPONSE
TO THE ASPIRATIONS AND NEEDS OF OUR
COLLABORATORS, THUS IMPROVING
THEIR PERSONAL WELL-BEING.

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Health

Education

Social

Economic

100% of the Operations

75% of the Operations

50% of the Operations

25% of the Operations

•Medical assistance or insurance.
•Life insurance in addition to
mandatory life insurance.

•Conferences, workshops, and lectures

of interest.

•Sports and recreation programs for

•Maternity and paternity leave above

workers.

•Preventive vaccination programs.
•Discount agreements with health
institutions, food or pharmacies.

the law.

•Dental plan.

- Dietary re-education programs.
- On-site nutritionist.

•Employee discounts for educational

•Exceptional study leave for educational

programs.

examinations.

•Extraordinary permits
•Home office and flexible hours for
positions that allow for this work
structure.

•Special allowances.

•Paid vacation leave with vacation

bonus.

•Support for retirees.
•Holiday time off during vacation

•Tickets to participate in events.

period.

•Lactation room.
•Child care - Nursery

•Academic excellence scholarships for

employee children

•Holiday time off during vacation

period.

•Lactation room
•Child care - Nursery

•Beverage benefits on specific dates.
•Retirement bonus.
•Christmas box.

•Discount on the purchase of the

Company’s products.

•Transportation service for all staff.
•Recreational activities (e.g., couples

•School kit or bonus for children under

retreats, children’s day, etc.).

•Childbirth/new born gift
•Pre-university financing for children.
•Psychological support program free of

18 years of age.

•Cafeteria service (with some %

discount).

•Discount club.
•Gifts/Specific celebratory gifts.

•Housing subsidies.
•Optional car/home insurance with the

Company’s insurance agreement.

charge.

* Each operation determines the benefits that correspond to its employees depending on the type of employment relationship.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Postnatal leave

Wage Gap

The Company expressly promotes parental
co-responsibility and self-care of its collaborators,
based on compliance with the parenting legislation
in force in the four countries in which it operates. It
also has Internal Regulations that incorporate local
laws and regulations with respect to the required
pre and postnatal periods, which also include
adoptions and as well the possibility of the mother
or father to take on the role of caring for children
who have recently joined family life. Coca-Cola
Andina encourages this period to be protected and
includes it in its Internal Regulations for an
extension of paternal post natal days equal to or
greater than those required by local law.

For more information see Chapter 10.

We cultivate an inclusive, non-discriminatory, and
equitable work environment in which all
collaborators are compensated equally based on
their position and job responsibilities. To ensure
proportional salaries, we utilize position groupings
based on the HAY Grades methodology, which
takes into account the equivalent responsibilities
and compensation of each position.

See Chapter 10 for salary gap indicators
by position family.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

OCCUPATIONAL-
HEALTH_AND_SAFETY
C oca-Cola Andina is committed to ensuring

safety both within and beyond the Company.
This commitment emanates from the executive level
and relies on the participation of all employees,
third parties, and service and product providers.

22,330

No. of employees

covered by BBSP*

(in-house +

third parties)

*Behavior Based
Security Program

1.2

526

Accident Rate*

Fatality Rate*

Employees who took

*(number of work accidents/
number of employees own
staffing)*100

*(Number of fatalities
per work accidents/Number
of employees own
staffing)*100

maternity or paternity

leave in 2022

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TOTAL REACH : 360 DEGREES

The Company’s strategy is based on ILO
(International Labor Organization) guidelines, ISO
45001 and 9001 international standards, and The
Coca-Cola Company’s specific standards contained
in the Corporate Health and Safety Policy, which
went into effect during this time period, and the
Corporate Sustainability Policy.

These regulations provide a framework for the
efficient implementation of the Company’s health
and safety management system, which is
periodically audited by third parties.

In-house Staff

i c e

k O

B a c

Indus

ria

Occasional
Contractors

Restocking

s
e
c

v
r
e
S

ales

t io n

r i b

D i s

Intersite Fleet

Our Safety and Health Fundamentals

Occupational injuries and illnesses are predictable;
therefore, safe conduct is the foundation of our work,
as nothing we do is worth causing an injury or illness.

On the basis that our safety performance is essential
and fundamental to our business, Company leaders
are committed to providing safe facilities, equipment,
and procedures and promoting a safety culture.

Each employee is responsible for ensuring their own
safety as well as the safety of the people and
communities they interact with.

For more information see Chapter 10

L
o
g

s
t
i
c
s

Permanent
internal
contractor
personnel

Distribution
Fleet

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

The operations’ work in this area is based on six safety pillars that provide guidelines for
each of our programs and initiatives.

SECURITY PILLARS AND MAJOR INITIATIVES

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Rules and Processes

Culture

Communication

• Rules that save lives

• Culture Quality, Safety

• Golden rules

• Legal framework

• IMS: Integrated

management systems.

• ISO certifications

• KORE Standards

• Internal Audits

• Code of Conduct

• Assessments and

inspections

• Risk Matrices

• (MIPER)

• Route evaluations

• Internal Regulations

Edge (QSE)

• Behavior-based Safety
Program (PSBC- LSR
- BBS)

• Management

Commitment (Top to
Bottom)

• Leading by Example

• Positive Influence

Open conversation

• Regular meetings with
administrators and
managers

• Periodic meetings with

participants from
safety and
occupational health

• Definition of goals by
area and periodic
monitoring

• Alerts of occurrences

• Communication of
risk conditions

• Periodic meetings

• with sales and

distribution teams

• Monthly results

reports

• Satisfaction surveys.

• Safety observers

• Integrated newsletters
and mass mailings in
internal
communications

• Serious accidents and

• Recognize and

• Early warning

Fatalities

communicate good
behaviors of the
employees

• Human and

Organizational
Performance (HOP)

Infrastructure and
Technology

• Maintenance of all all

facilities

• Safety beginning with

the design

• Safe processes and

methods

• Adequate

infrastructure

• Up-to-date technology

• Telemetry in vehicles

• Records, reports,
statistics and
information

• Working methods for
error detection and
elimination of errors
in in processes (Poka
Yoke)

• General integrated

services

• APP security (routines)

Right Partners

• It must be ensured

that contractors and
third parties comply
with the safety
standards, rules and
processes

Comprehensive
Health

• Health management
and quality of life

• Mental health

• Healthy living

• Contractors and third

• Monitoring of work

environment
conditions

• Ergonomics

• Illicit substances

• Control of working
hours and overtime

parties

• Internal partners

• Freight forwarders and

carriers

• Contracts with third

parties including safety
objectives and
regulations

• Contractors
committee

• CIPA: Internal

Accident Prevention
Commission

• Safety Technicians

Academy

• Freight Forwarders

Forum

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

FLEXIBLE WORK
Since the COVID-19 health crisis, the telework
system has been implemented as a necessary and
valued mechanism, allowing for a better work-life
balance. Under this scenario, we implemented a
flexible work schedule across all of our operations,
which adapted to and withstood the pandemic.

In this way, and in a general sense, the Company has
established a model that combines face-to-face work
with home office in all of its operations and in those
areas where the nature of the job permits it. Given
that this model contemplates face-to-face work, and
in order to mitigate potential contagions in its
facilities, it has implemented all the health protocols
defined by the safety area, such as workplace
separators, access control, and compliance with
capacity requirements, among others.

Results from surveys on satisfaction with remote work

IN ORDER TO IDENTIFY TELEWORKING SATISFACTION LEVELS, WE CONDUCTED
SURVEYS VIA THE GALLUP PLATFORM TO INQUIRE ABOUT TEAMWORK AND
CONNECTION WITH THE COMPANY’S CULTURE, AMONG OTHER ASPECTS.

Argentina

Among remote workers in Argentina, 93% say they feel connected to the
Company’s culture, and 97% say they can work effectively from home or a
remote location.

Brazil

66% of respondents to the survey indicated that meetings have become more effective,
while 61% indicated that day-to-day communication has become more transparent.

Chile

With a score of 4.29, the survey results indicated that the implemented strategy
was extremely well-liked (where “1” is “definitely disagree” and “5” is
“definitely agree”).

Paraguay

45% of collaborators indicate that the greatest benefit of hybrid work is the reduction
of travel time from home to work, 25% indicate that the primary concern is the length
of the workday, and 30% are not concerned with the work format.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESTALENT
ATTRACTION_
AND_DEVELOPMENT

A t Coca-Cola Andina, people are essential

because they contain the knowledge, talent,

and experience necessary to address the
Company’s challenges. For this reason, we seek out
leaders who are adaptable, empowered, and
inclusive, and who can lead teams by attracting,
motivating, and energizing individuals around the
company’s goals.

In this context, our talent and succession
management program establishes a systematic and
ongoing process to identify and cultivate future
leaders, thereby ensuring the continuity of the
Company’s strategy.

On the other hand, it is essential to attract,
retain, and develop talent by providing
them with knowledge and intellectual
capital, which we do by participating in job
fairs at the leading universities, posting job
openings on the relevant platforms,
boosting our LinkedIn page, and enhancing
the dynamics of new employee on-
boarding, among other strategies.

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Argentina

Brazil

We held three open houses at the Córdoba plant in
2022, and more than sixty people attended. Two of
these visits were organized in conjunction with the
Ministry of Employment and Vocational Training of
the Government of Córdoba, the Faculty of
Economic Sciences of the National of Economics
of the National University of Córdoba, and the
Faculty of Industrial Engineering of the National
Technological University in order to promote
awareness of our culture, values, projects, and
ongoing research.

In this line, twenty high school interns were placed
in various Company departments. This allows us to
strengthen the link between students and the
working world and to identify future team members.

In Brazil, we have developed a number of
recruitment and selection plans aimed at
attracting young talent to join Coca-Cola
Andina and contribute to the growth of
the Company.

Mentoring program for interns
This program, which currently has sixty
participants, aims to equip interns with the
necessary skills for entry through the knowledge
portal’s exclusive courses. In order to adapt them to
the Company’s processes, we organize groups to
present the areas at monthly meetings, exchange
knowledge and feedback, and foster collaboration
among the employees. We created more
personalized communication mechanisms to
enhance the experience of our interns and future
interns, allowing them to experience the employer
brand’s magic.

Social Media

With the intention of reaching out to a younger
audience, we launched the Company’s Instagram
profile, which has more than 3,700 followers. The
general manager of Brazil has increased his
participation on LinkedIn, where he provides
content about the company’s culture, teams,
products, and promotions, among other topics,
to more than 6,000 followers.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Chile

The initiatives have centered on enhancing both
the employee experience and the Company’s
media presence.

Cultural Ambassadors
This program, which already has more than 300
followers from the Company’s operations in
Argentina, Chile, and Paraguay, aims to expand the
reach and distribution of the content generated by
the Company on LinkedIn.

In order to strengthen their ambassadorial skills, we
have provided them with training, where they were
given tools to enhance their personal brand and
the basic guidelines to be brand ambassadors on
LinkedIn.

Succession program
At Coca-Cola Andina, we have challenged
ourselves to improve our talent management
processes, employee development plans, and the
use of this process to promote internal mobility in
all of our operations.

Number of positions filled by
in-house personnel

1,222

Our development and potential model consists of
a talent management system, individual
development plans, and internal mobility
opportunities. These steps acknowledge and
cultivate the talents of the organization as well as
the professional development of our collaborators.

In addition, we have a succession plan for each
level of the organization, reaching a high level of
coverage, which enables us to ensure business
continuity while simultaneously strengthening and
expanding the development and growth
opportunities for our talent.

61%

positions covered by the succession plan
which incorporates the top 250 managers

LinkedIn Andina Growth (Chile, Argentina and Paraguay)

DURING 2022, WE ADDED 74,170 NEW FOLLOWERS
TO OUR OFFICIAL PAGE AND CONSOLIDATED
OUR SECOND PLACE POSITION IN TERMS OF
INTERACTIONS PER PUBLICATION, REFLECTING
THAT COCA-COLA ANDINA NOT ONLY HAS A
WIDE FOLLOWER BASE, BUT ALSO AN AUDIENCE
INTERESTED IN THE CONTENT.

In terms of its ability to support the Recruitment and Selection
(R&S) strategy, LinkedIn generated 34,047 visits to the
Company’s jobs page, making it the channel through which we
attained the highest number of successful recruitments of
professionals and executives for the Chilean operation.

Collaborators by seniority Andina Consolidated

7,711

Less than 3 years

3,072

Between 3 and 6 years

1,145

Between 6 and 9 years

1,672

Between 9 and 12 years

2,884

More than 12 years

For more information about the composition of Andina teams review Chapter 10

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

WORKING»
ENVIRONMENT«AND
»COMMITMENT

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Coca-Cola Andina is devoted to fostering and
sustaining a positive working environment for all
employees. In light of this, we measure the
commitment of our employees through a survey, the
results of which are reported annually to the Board of
Directors along with action plans.

Since 2021, we’ve had a model climate management
system based on simple questionnaires with precise
questions that enable quick returns and prompt
action. In accordance with these guidelines, and
during the year 2022, we will conduct a survey of
all of our Andina employees to obtain the
following information:

3.45

Average commitment Andina
Argentina 2022

4.05

Average commitment Andina
Brazil 2022

3.65

Average commitment Andina
Chile 2022

3.70

Average commitment Andina
Paraguay 2022

These percentages are based on a scale of 1 to 5.

AWARDS AND_
_ACKOWLEDGEMENTS

COCA-COLA ANDINA CHILE:
AWARDS FOR 2022

Merco University Ranking of Talent

According to university students, Coca-Cola
Andina is one of the ten most desirable
companies to work for in this ranking.

Seal Gender Equality Initiative (GPI)

We were awarded the IPG seal, which aims to
close the gender parity gap within businesses.
The initiative is led by the Inter-American
Development Bank and the World Economic
Forum, while the Ministry of Women’s Affairs is
responsible for its implementation.

COCA-COLA ANDINA PARAGUAY:
OUR 2022 AWARDS

Award-Winning Employer

This year, we received recognition for our
contribution to the formalization of employment
and good labor welfare practices.

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We promote
integration with
teams that reflect
diversity, generating
opportunities for
everyone, and with a
strong commitment
to the environment.

AND OPEN
OPPORTUNITIES

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESVALUE /
CREATION
_IN THE-
TERRITORY

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Economic and/
|social development
of communities

pening opportunities is part of our purpose as
an organization, which we do by creating bonds

of trust with the communities where we operate.

At Coca-Cola Andina, we are permanently
concerned with understanding the needs and
requirements of each territory, establishing
transparent and long-term relationships that allow
us to generate shared value.

Through the articulation between different actors in
society, we seek to contribute to the economic and
environmental development of the communities
where we operate. We do this thanks to a
community relations strategy based on six
sustainable strategic focuses, from which social and
environmental actions emanate.

SUSTAINABLE VALUE CREATION
IN COMMUNITIES

Strategic pillar

Strategic focuses

Material issue

Articulation for economic and environmental
development in our direct communities

Market leadership &

Broad portfolio, channels

Customer satisfaction

and geographies

Customer Satisfaction
Our customers are our partners in every territory in which we are present
and therefore, we implement actions for their businesses to achieve
sustainable growth.

Environmental management

Climate Change Adaptation

People management and
organizational commitment

Local outreach programs

Value chain efficiency

and productivity

Agility, flexibility

and commitment

Water management
Together with neighboring communities, we promote actions to recycle, reduce and
repair this resource, taking care of the crisis areas in the vicinity of our operations.

Returnability and Recycling
We promote collection initiatives, a culture of recycling and volunteering in the
areas where we are located.

Energy management
In all of our operations, we strive to reduce our energy consumption and increase
the proportion of energy derived from renewable sources.

Climate action
Throughout the value chain, we take measures to reduce GHG emissions and
manage our carbon footprint.

Committed and diverse team
Our host communities are rich in diversity and talent, which is why we prioritize
local hiring.

Community outreach
Articulate the economic and environmental development in our direct
communities.

Management of environmental and
social impacts in the supply chain

Supply chain management
We seek to encourage the growth of our suppliers by driving continuous
improvement and conducting periodic evaluations of specific suppliers.

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720,581

Investment in the community (US$)

808,786

Number of beneficiaries in the community

1,124,169
liters

Donated products

2022

Main entities we work with in the communities

Argentina

Brazil

Chile

Paraguay

32 agreements with
municipalities and
major collectors
(Main: Córdoba,
Godoy Cruz,
Montecristo,
Geocycle, Rapet)

Fundación Junior
Achievement

Fundación Fondo de
Becas para
Estudiantes
(FONBEC)

Bancos de Alimentos
(Córdoba, Rosario,
Mendoza, Santa Fe,
Neuquén, Bahía
Blanca)

La Rañatela

Asociación Civil Las
Omas

Instituto Coca-Cola
Brasil

Coalizão Embalagens

Coletivo Jovem
Online:
• Grupo Espirita
Consolador
Prometido

• Centro Comunitário
de Capaci tação
Profissional Paulo da
Portela

• Centro Social e
Cultural Tatiane
Lima

• Associação da Igreja

Metodista - 1ª
Região Eclesiástica

• Centro Comunitário
São Sebastião de
Vila de Cava

Fundación Empate

• Fraterno Auxilio

Cooperativa Los
Carreros

GEA Sustentable

Cristão da

Cidade de Ribeirão
Preto

Red de Alimentos

Fundación Paraguaya

Corporación La Fábrica
/ Municipalidad de
Renca

Corporación Municipal
Innova / Municipalidad
San Joaquín

Municipalidad de Maipú

Municipalidad de
Puente Alto

Fundación
Gastronomía Social

Fundación Agua
es Vida

Cruz Roja Paraguaya

Pastoral Social de
Asunción

Fundación Moisés
Bertoni

Asociación
Tierranuestra

Banco de Alimentos

A Todo Pulmón

Red local de Pacto
Global

Kyklos

Huella Local

Red Pacto
Global Chile

Fundación
Chile Diferente

Municipalidad
Coquimbo

Municipalidad
La Reina

Municipalidad
Las Condes

Municipalidad Macul

Municipalidad San
Antonio

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESOur main
initiatives‹‹
with_the
››community

Andina and Geocycle:
expanding PET collection
This year, the Company signed an agreement with
Geocycle, the largest waste management company in
Argentina. This agreement will allow the recovery of
800 tons of PET bottles in the first year, most of which
will be revalued as resin to manufacture new containers
at Coca-Cola Andina’s “Bottle to Bottle” plant.

This is the first controlled co-processing project in the
world, in which recyclable PET will not be sent to
landfills but rather separated for recycling.

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Argentina

Returnability and recycling

PET recovery program
In order to collect the largest amount of bottles
sent to the market, the Company has formed
alliances with municipalities and “carreros”, or base
recyclers, in different points of the franchised
territory in Argentina.

Thus, the Company collaborates with 32
municipalities, where it has installed bottle
recycling stations. The PET, which is reclaimed by
each municipality and then acquired by Coca-Cola
Andina, is shipped to Buenos Aires to be converted
into recycled resin, which is then used to
manufacture new bottles.

This project encourages the incorporation of the
circular economy into the company’s production
process and contributes to the community through
training and education, the installation of recycling
stations, and fair compensation for collection work.

Material reclaimed in 2022

2,234,327

Kilos

Andina Argentina was rewarded by
The Coca-Cola Company

The trans-Andean operation was one of the
two winners for its Comprehensive Collection
Plan, which will enable the recovery of 3,000
tons of PET by 2023. In addition to the
recognition, the company will receive an
investment of US$200,000 to use in different
initiatives that will lead to an increase in the
volume of recovery and accelerate the path
towards meeting the commitments of “A
World Without Waste”.

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Water management

Improving the condition of priority watersheds
As a company, we are committed to managing
water use responsibly, particularly in water-stressed
regions. This year, we implemented a project that
includes cleaning, fauna recovery, biodiversity, and
care of native flora in the sea of Monte Hermoso,
Bahía Blanca, the area surrounding the Almafuerte
paradores, and the San Martín National
Reserve in Córdoba.

Diversity, inclusion and equality

Training for women
Together with the gastronomic education company
Pimienta Negra, we developed cooking training
workshops for 180 women employed in children’s
dining rooms. Through training in areas such as
cost management, marketing and administration,
we also assisted women in acquiring the necessary
skills for entrepreneurship.

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Promotion of women’s micro-enterprises
We collaborated with the Las Omas Foundation
and Rañatela in the treatment of rags destined for
use in the cleaning of the plant’s production lines.

Customer support

Energy savings
Through the installation of more energy-efficient
cold equipment and solar kits, this pilot project
aims to reduce our customers’ energy
consumption.

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Brazil
The primary focus of action has
been to continue the process of
diversity and inclusion of individuals
with disabilities on work teams. In
addition, this year we developed
initiatives to increase the packaging
recycling rate, aiming to manage
the collection and recycling of the
bottles we sell.

Returnability and recycling

Colectivo Reciclar
The company works with 22 waste collection
cooperatives through a program that has enabled
us to generate a diagnosis, support, and follow-up
of their progress in infrastructure and equipment,
legal regulation, and financial management,
among other areas.

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4

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Diversity, inclusion and equality

Colectivo Joven
This program aims to train and guide young people
so they can enter the workforce, developing
training that improves employability and family
income. In 2022, the online mode was
implemented, allowing a greater number of people
to be reached.

Training course for educators
This project - carried out in partnership with the
Moleque Mateiro Institute of Environmental
Education and the Municipal Department of
Education of the Municipality of Duque de Caxias
- trained 40 teachers in environmental issues, who
then imparted this knowledge to their students via
sustainability projects.

Young people benefited:

9,394

Community outreach

Sustainable Challenge
Together with the company Ambientese, students
at the Almirante Tamandaré and Baro da Taquara
schools in Duque de Caxias participated in a
campaign to collect recyclable materials and
workshops on recyclable toys and gardening in pots
made from repurposed materials to increase their
environmental awareness.

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Environmental education workshop
At the Hermana Arnalda childcare facility we
conducted a storytelling workshop adapted for the
students, on the origin and disposal of waste as well
as the importance of composting and recycling.

“Positive Environmental Impact” Contest
This activity was held at Nova América School in
Duque de Caxias with the objective of identifying ideas
and projects with a positive environmental impact that
are feasible and realizable. Only two of the nineteen
submitted projects were awarded a trip to the Duque
de Caxias factory, where they were able to learn about
the technology and environmental contribution of this
production facility.

Chile
Its actions have centered on waste
recovery and the promotion of
sustainable packaging. In addition, it
has prioritized water management
in water-stressed regions, as well
as the development of neighboring
communities and local suppliers,
through numerous training initiatives.

Returnability and recycling

Reverse logistics program at Lomas Bayas
This initiative focuses on collecting empty PET
bottles at mining sites, specifically Minera Lomas
Bayas, which are then recovered and donated to
the María Ayuda Foundation. In 2022, 2,530 kilos
were collected, which benefited 1,178 individuals.

Circular economy and recycling
In the communities of Renca and San Joaquín, in
collaboration with Kyklos, we have conducted a variety
of activities aimed at introducing students from nearby
schools to the concepts of circular economy and
returnability, as well as their significance in
environmental protection.

Number of students benefited:

1,094

Number of schools:

Recycling culture
This program, which was implemented in
collaboration with Rembre and benefited 136
individuals, aims to raise awareness of the
importance of recycling in neighboring
communities through talks and training for
neighborhood councils, the distribution of recycling
kits, and the distribution of products made from
recycled materials, such as tablecloths, kitchen
items, sinks, and garbage cans, among others.

Water management

Reduce your water footprint
This initiative aims to raise awareness about water
consumption and encourage households in the
municipalities of Renca and Coquimbo to reduce their
water consumption. With this objective in mind, we
implemented a project that includes the distribution of
filter kits, which prevent the accumulation of scale and
the deterioration of faucets, and the distribution of
water-saving products.

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Alto Chicauma replenish project
This program, sponsored by Coca-Cola Andina and
implemented by the international organization
TNC (The Nature Conservancy), aims to improve
the water quality and regulation of the Maipo basin
by implementing passive reforestation actions in
the forest to promote volumetric regeneration.
During the year 2022, 57,000 m3/year of
Mediterranean sclerophyllous forest and 800
m3/year of thorny scrub were restored.

Community training
Through this program -which trained 72
people in 2022- we aim to develop skills that
allow them to enhance their employability and
improve their hiring potential at Coca-Cola
Andina, which allowed us to incorporate 43%
of the participants.

Outstanding case: “Proyecto Grueras”
Together with the Municipality of Renca, the
Municipality of Puente Alto, and the Tacal
Foundation, we trained 12 women in the
operation and handling of forklifts through a
theoretical and practical course, allowing us to
incorporate them into our operation.

Bootcamp
This program aims to train young people and
women so that they can work in restaurants that are
Coca-Cola Andina customers, which during 2022
hired 42.8% of the participants of this training.

“Mi almacén, Mi comunidad”
This program -which includes granting 4,600
scholarships- seeks to transform store owners into
community articulators, by providing them with
training on a variety of topics and face-to-face
mentoring process, which equips them with the
necessary tools to design and present projects
that improve their communities.

Supply chain management

Social sourcing
Coca-Cola Andina promotes the development and
hiring of local micro-entrepreneurs, who accounted
for 12.5% of the company’s total suppliers during
2022, by participating in entrepreneurship fairs as a
meeting and outreach place and by establishing
hiring criteria.

Paraguay
At Paresa, we aim to lead initiatives
that contribute to the socioeconomic
sustainability of neighboring
communities, as well as to continue
fostering communication and trust
for a long-term relationship.

Returnability and recycling

Asuncíon cero residuos (Asunción zero waste)
Together with the Moisés Bertoni Foundation, we
supported the growth of 113 small waste collectors
and recycling associations in the metropolitan area of
Asunción by providing trucks, weighing scales, large
collection bags, and contributions to lease collection
centers, among other things.

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Community outreach

Puertas abiertas
This program was initiated in 2022 in an effort to
make our production process known to
neighboring communities - neighborhood councils
and social organizations - and to address the
initiatives we have implemented in environmental,
social, and sustainability-related matters.

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Mi barrio sin residuos
(My Neighborhood without waste )
This program, implemented in collaboration with Bid
Lab, Cervepar, Nestlé, Tetra Pak, and the Moisés
Bertoni Foundation, encourages waste separation in
18 neighborhoods of Asunción by providing a free
collection service for recyclable materials via a
web-based platform.

Reycling Center Network and
Encarnación Recicla
This initiative aims to strengthen the network of
recovery containers - whose purpose is to facilitate
the separation at source of recyclable materials -
installed in Asunción and Greater Asunción, which
recovered 14,200 kilos of material and benefited
1,845 individuals.

Water management

Ykuaa – Lazos de agua (Water Ties)
This project aims to provide remote
communities in the country with access to
drinking water and, concurrently, to
strengthen the users’ ownership of the
infrastructure they are accessing to ensure the
sustainability of these systems in the
communities where they are installed.

This initiative, whose implementation was
overseen by the Moisés Bertoni Foundation
and the National Environmental Sanitation Service
(SENASA), is a component of the Water Ties
Program of the Inter-American Development Bank,
The Coca-Cola Foundation, FEMSA and One Drop
Foundation and is funded by the Poverty
Reduction Program of the Japanese Special Fund
of the Inter-American Development Bank, IDB Lab,
and the Spanish Cooperation.

Communities benefited:

109

Number of people benefited:

59,200

Water Conservation in the Mbaracayú
Biosphere Reserve
Together with the Moisés Bertoni Foundation, this
conservation project intervened on 360 hectares to
replenish the water supply of 80 small farmers in
the region by recharging and recovering
underground water sources.

Recharging of the Patiño aquifer and sustainable
management of the Ypacarai Lake basin
Developed in collaboration with the Moisés Bertoni
Foundation, the National Lake Ypacarai
Commission, The Coca-Cola Company, and the
Global Environment and Technology Foundation,
this initiative aims to increase the quantity and
quality of recharge of the Patiño Aquifer through a
comprehensive water resource management model
that will also have an impact on the Lake Ypacarai
basin through integrated and sustainable actions.

With these projects, 100% of the
water replenishment that we
incorporate into our products is met.

Customer support

Estemos abiertos
This program was launched during the pandemic in
partnership with Fundación Paraguaya, the Retail
Grocers Association of Paraguay, and the Coca-
Cola Foundation to support the economic
reactivation of small neighborhood businesses to
help them remain open through microcredits,
training, and the delivery of biosafety materials,
benefiting over 500 people.

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Responsible/
/Supply Chain_

At Coca-Cola Andina our suppliers are a
fundamental part of our value chain, so we work
together with them sharing our values and
keeping constant communication in order to
define requirements and be attentive to theirs.
Our relationship is long-term and based on trust,
generating key partnerships with strategic
suppliers and operating with integrity to achieve
product quality excellence.

To develop an appropriate
management, our relationship
is framed by our Code of Ethics
for Suppliers and Third Parties,
Corporate Purchasing Policy,
Corporate Human Rights Policy and
The Coca-Cola Company’s Guiding
Principles for Suppliers.

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Code of Ethics for Suppliers and Third Parties: This document outlines the minimum
ethical conduct requirements for suppliers, contractors, and subcontractors doing
business with the Company and its subsidiaries, as well as their respective employees,
agents, and intermediaries. Aspects such as legal and regulatory compliance, conflicts
of interest, fraud, corruption, and money laundering, interactions with public officials,
and social and humanitarian contributions are also addressed.

Acceptance of this document is one of the requirements for becoming an Andina
supplier and is available on our website.

To learn more about the scope of this document, check the following link

Corporate Purchasing Policy: It regulates all of our actions, establishes general
guidelines for the development of the purchasing process throughout the Company
and addresses critical aspects that must be standardized.

Due to the diverse realities and laws of the countries in which we operate, the
company does not have a formal and cross-country supplier payment policy. However,
each country has a specific procedure that specifies the timely payment term.

For more information, see chapter 10.

Corporate Human Rights Policy and Guiding Principles for our suppliers:
Wherever we operate, Coca-Cola Andina is committed to the protection of human
rights in the workplace. We believe that a company’s success is not only measured by
its results, but also by how it achieves them, so we seek to establish relationships with
suppliers who share our values and conduct business ethically.

Respect for the United Nations Declaration of Human Rights, the International Labor
Organization (ILO) Declaration of Fundamental Principles and Rights at Work, and the
Global Compact principles represent the formalization of our commitment. All of
these values are embodied in the Supplier Guiding Principles and Corporate Human
Rights Policy of The Coca-Cola Company.

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Supply chain management approach
Supplier management is framed within a purchasing
categorization strategy that considers the financial
impact of the supply chain, its strengths and
business risks, and integrates environmental, social,
and governance criteria.

Supplier categorization criteria:

Supply chain expense analysis which allows
to manage suppliers based on
purchasing categories.

Supply chain criticality.

Supply chain risk assessment and
corrective actions.

Integration of Environmental, Social and
Governance issues in the supply chain
management strategy.

Using these criteria, suppliers are ranked and their
respective levels of importance are determined.
Prioritization is essential for advancing the
management strategy and allocating control and
evaluation resources efficiently.

Supplier evaluation and support
At Coca-Cola Andina we seek to encourage the
growth of our suppliers, betting on the ongoing
improvement of the entire supply chain. To this
end, we perform periodic evaluations of quality,
safety, delivery compliance, among others, to
specific suppliers.
Additionally, all critical suppliers must undergo
periodic audits, conducted by accredited and
independent monitoring firms on behalf of The
Coca-Cola Company, in order to verify
compliance with the Guiding Principles that
contain the sustainability criteria:

• Respect for Freedom of Association and

Collective Bargaining

• Prohibition of child labor

• Prohibition of forced and compulsory labor
and labor abuse

• Elimination of discrimination

• Working hours and wages

• Safe and healthy workplace

• Environmental protection

• Business integrity

• Compliance with applicable laws and

regulations

• Grievance and resolution procedures

• Adequate and effective management systems

Total number of suppliers

8,468

N° of suppliers evaluated

1,282

N° of critical suppliers
(evaluated for sustainability)

356

Representing 27.8% of the total

number of suppliers evaluated

and 46.4% of total purchases.

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Local suppliers: our first choice

At Coca-Cola Andina we strengthen ties with
suppliers in the areas where our plants and main
distribution centers are located. This decision is
intended to encourage the growth of neighboring
business and communities by boosting the local
economy, integrating the supply chain and reducing
delivery times.

Local suppliers represent:

of total suppliers

94%
88%

of the total expense

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Supplier Workshop
This initiative aims to encourage suppliers to innovate
and grow in a sustainable manner by sharing best
practices and industry trends that generate new and
improved business. The annual result of the periodic
monitoring of supplier management is presented
during this workshop.

Supply risk controls

General Control

An automatic control of compliance
with labor regulations.

Specific Digital Control

Corresponds to random and specific reviews of
companies defined as critical, where additional
information is requested and must be submitted
digitally by each contractor.

Audit

These apply to companies with the highest
criticality ratings, which are audited to verify
compliance with the Guiding Principles.

Positive impacts:

Supplier commitment to
the vision of Andina’s
Sustainable Sourcing

Beneficiaries:

228

suppliers

Supply Risk Control
Coca-Cola Andina performs
risk assessments in the supply
chain through systematic
controls for suppliers, which
ensure compliance with the
Guiding Principles for
Suppliers. These are
intensified as the supplier’s
level of criticality increases.
There are four main controls
or processes for risk
management and
identification, which are
presented below.

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Financial-
and economic
_summary

162

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framework

mbotelladora Andina S.A. is an open stock
corporation, organized and operating in

accordance with Chilean law. As such, it is subject
to the rules of Chilean Law No. 18,045 on
Securities Market and Chilean Corporation Law
No. 18,046 and its Regulations, as well as the rules
issued for this purpose by the Chilean regulatory
authority, the Financial Market Commission (CMF).

As an issuer of Depositary Receipts of the New York
Stock Exchange, the Company is also subject to the
rules of the Securities Exchange Act of 1934, the
Foreign Corrupt Practices Act and the Sarbanes-
Oxley Act of 2002, as well as the rules issued for
this purpose by the Securities and Exchange
Commission and the New York Stock Exchange.

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(i) National Law No. 18,284, Argentine Food Code, which regulates everything related to the
production, importation, and commercialization of food and beverages; (ii) National Law
No. 24,788 and its regulatory decrees, which regulate the sale and consumption of alcoholic
beverages and their advertising; and (iii) Regulatory Decree No. 149/2009 and its
amendment by Decree No. 688/2009, which regulates all matters related to the advertising
of alcoholic beverages.

Argentina

Brazil

(i) Federal Law No. 8.918, of July 14, 1994, which provides for the standardization,
classification, registration, production and inspection of beverages, authorizing the creation
of the Intersectoral Commission on Beverages and other measures; (ii) Federal Decree No.
6.871, of June 4, 2009, which established regulations for Federal Law No. 8. 918, of July 14,
1994, which provided for the standardization, classification, registration, production and
inspection of beverages; (iii) Decree-Law No. 986, of October 21, 1969, which created the
Basic Food Standards; (iv) Decree-Law No. 7,841, of August 8, 1945, which created the
Mineral Water Code; (v) Federal Law No. 6. 437, of August 20, 1977, which defines the
violations to the federal health legislation and establishes the respective sanctions and takes
other measures; (vi) Resolution No. 23 of the Ministry of Health, of March 15, 2000, which
establishes the Manual of Basic Procedures for the Registration and Exemption from the
Registration Requirement of Relevant Products for the Food Area; (vii) MAPA Resolution
RDC N°27, of August 6, 2010, and MAPA Resolution RDC N°240, of July 26, 2018, which
establish categories of food and packaging exempted and with mandatory sanitary
registration; (viii) MAPA DRC Resolution N°204, of July 6, 2005, which regulates the
procedure for petitions submitted for analysis by ANVISA’s technical sectors and repeals
MAPA DRC Resolution N°349, of December 3, 2003; (ix) MAPA Normative Instruction
N°72, of November 16, 2018, which approves the administrative requirements and
procedures for the registration of establishments and products; and (x) MAPA Normative
Instruction N°34, dated October 21, 2015, which establishes, within the scope of the
Ministry of Agriculture, Livestock and Supply-MAPA, the Integrated Electronic System of
Agricultural Products and Facilities-SIPEAGRO.

Operations in Argentina,
Brazil, Chile and Paraguay
must comply with the
regulations applicable
specifically to the activities
and businesses they carry
out according to local laws.

(i) Standards of the Food Sanitary Regulations contained in Decree N°977 of the Ministry of
Health of 1997, and in the Sanitary Code; (ii) Standards of the Mineral Water Regulations
contained in Decree N°106 of the Ministry of Health of 1997, Mineral Water Regulations; (iii)
Law on Nutritional Composition of Food and its Advertising, Law N°20. 606; Decree N°13 of
the Ministry of Health, June 26, 2015, and Law on Food Advertising, Law N°20,869; (iv) Laws
regulating the production, elaboration, commercialization, sale and consumption of alcoholic
beverages, Law N°18,455 and Law N°19,925; and (v) Law establishing a framework for waste
management, extended producer responsibility and promotion of recycling, Law N°20,920.

Chile

(i) Law No. 836/80, Sanitary Code; (ii) Law No. 1,334/98 on Consumer and User Protection;
(iii) Law No. 1,333/98 on Advertising and Promotion of Tobacco and Alcoholic Beverages;
(iv) Law No. 1. 642/00 which prohibits the sale of alcoholic beverages to minors and
prohibits their consumption on public roads; and (v) Executive Decree No. 1,635/99 and
Resolution of the Ministry of Public Health and Social Welfare No. 643/12, which regulate
aspects related to the registration of food products and their modifications, among others.

Paraguay

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/Ownership and
control

INCORPORATION DOCUMENTS
Embotelladora Andina S.A. is an open stock
corporation that was incorporated by public deed
dated February 7, 1946, executed before the Notary
Public of Santiago, Mr. Luciano Hiriart Corvalán. An
abstract of this deed was recorded on page 768,
No. 581, of the Commercial Registry of the Real
Estate Registry of Santiago in 1946 and was
published in the Diario Oficial (Official Gazette)
No. 20,413 on March 25, 1946. Its bylaws were
approved by Supreme Decree No. 1,364 on March
13, 1946, which is registered on page 770, No. 582
of the Registry of Commerce of the Real Estate
Registry of Santiago of 1946. The last amendment
to the bylaws was approved by the Special
Shareholders’ Meeting held on June 25, 2012, the
minutes of which were converted into a public
deed on July 12, 2012, before the Notary Office of
San Miguel of Mrs. Patricia Donoso Gomien. An
abstract of said deed is registered on page 49,151
No. 34,479 of the Commercial Registry of the Real
Estate Registry of Santiago of 2012 and was
published in the Diario Oficial (Official Gazette) on
August 1, 2012. Subsequently, by public deed dated
October 14, 2013, granted at the Santiago Notary
Office of Mr. Eduardo Avello Concha, a decrease in
capital stock was recorded in accordance with the
provisions of Article 27 of the Corporations Law,
Law No. 18,046. An abstract of said deed was
recorded in the margin of the corporate
registration in the Commercial Registry of the Real
Estate Registry of Santiago, on October 16 of the
same year.

Accordingly, the capital stock decreased by CLP
21,724,544 and was divided into 473,289,301 Series
A shares and 473,281,303 Series B shares.

Total series A shares

473,289,301

Total series B shares

473,281,303

Total number of shareholders

1,846

Series A

742

Series B

1,104

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Series of shares

Series A and Series B shares
differ in their voting and
economic rights.

While Series A shares are entitled to elect 12 of
the 14 directors, Series B shares are entitled to
elect two of the 14 directors and to receive any
and all dividends per share distributed by the
Company, whether interim, final, mandatory
minimum, additional or contingent, increased by
10%. The preferences of the Series A and Series B
shares will last for the term expiring on December
31, 2130. Upon expiration of this term, the Series
A and B shares will be eliminated and the shares
comprising them will automatically be transformed
into common shares without any preference,
eliminating the division into series of shares.

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Main shareholders

Company ownership

Series A % Ownership

Series B % Ownership

Total A+B % Ownership

262,428,986

55.45%

85,920,727

18.15%

348,349,713

36.80%

Controlling
Group 1

Others

108,015,682

22.82%

322,271,152

68.09%

430,286,834

45.46%

7.44%

2.97%

7.33%

36.80%

Coca-Cola 2

69,348,241

14.65%

0.00%

69,348,241

30,066,330

6.35%

40,402,490

8.54%

70,468,820

7.33%

7.44%

Chilean
Pension Funds

ADRs

Total

3,430,062

0.72%

24,686,934

5.22%

28,116,996

2.97%

473,289,301

100.00%

473,281,303

100.00%

946,570,604

100.00%

45.46%

1. See description of the Controlling Group in the following section.
2. Considers direct and indirect shareholding that Coca-Cola de Chile S.A. has in mbotelladora Andina S.A.

% Ownership

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Twelve principal shareholders

RUT

Series A

Series B

Total
Shares

Ownership
(%)

INVERSIONES CABILDO SPA*

76.062.133-1

65,487,786

36,950,863

102,438,649

10.82%

INVERSIONES SH SEIS LIMITADA* 76.273.760-4

65,489,786

25,164,863

90,654,649

9.58%

COCA-COLA DE CHILE S.A.

96.714.870-9

67,938,179

BANCHILE CORREDORES DE
BOLSA S.A.

96.571.220-8

1,310,032

65,332,614

66,642,646

INVERSIONES NUEVA DELTA S.A.* 76.309.233-K

58,927,056

BANCO DE CHILE ON
BEHALF OF STATE STREET

33.338.812-K

50,895,676

7.18%

7.04%

6.23%

5.38%

LARRAIN VIAL S.A. CORREDORA 80.537.000-9
DE BOLSA

14,337,477

23,639,798

37,977,275

4.01%

BANCO SANTANDER -
JP MORGAN

BTG PACTUAL CHILE S.A.
CORREDORES DE BOLSA

THE BANK OF NEW YORK
MELLON

BANCO DE CHILE
ON BEHALF OF THIRD PARTIES

33.338.330-6

6,781,568

30,169,245

36,950,813

3.90%

84.177.300-4

20,088,105

14,337,845

34,425,950

3.64%

33.338.454-K

3,481,920

24,686,934

28,168,854

2.98%

33.338.248-2

6,468,052

18,570,785

25,038,837

2.65%

BANCO SANTANDER CHILE

33.338.574-0

12,476,000

17,149,162

29,625,162

3.13%

*Company related to Controlling Group

Controlling Group

Coca-Cola

ADRs

Others

Chilean

Pension Funds

During the year 2022, there were
no relevant changes in the share
ownership of the Company.

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CONTROLLING GROUP
Embotelladora Andina S.A. is controlled by the following group of individuals and legal entities:

Controlling group

Representation in shares

Inversiones SH Seis Limitada (“SH6”)

Holder of 65,489,786 Andina series A shares.

Inversiones Cabildo SpA (“Cabildo”)

Holder of 65,487,786 Andina series A shares.

Inversiones Nueva Delta S.A.
(“Nueva Delta”)

Inversiones Nueva Delta Dos S.A.
(“Nueva Delta Dos”)

Holder of 58,927,056 Andina series A shares.

Holder of 3,574,999 Andina series A shares.

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Inversiones Don Alfonso Limitada
(“Don Alfonso”)

Holder of 16,475,068 Andina series A shares, which it
holds in its own name and in the custody of third parties.

Inversiones El Campanario Limitada
(“Campanario”)

Holder of 16,475,069 Andina series A shares, which it
holds in its own name.

Inversiones Los Robles Limitada
(“Los Robles”)

Holder of 16,475,069 Andina series A shares, which it
holds in its own name and in the custody of third parties.

Inversiones Las Niñas Dos SpA
(“Las Niñas Dos”)

Holder of 16,475,068 Andina series A shares, which it
holds in its own name and in the custody of third parties.

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The final controllers of the
aforementioned companies are
the persons and management
representatives indicated below.

SH6: Inversiones SH Seis Limitada,

Rut 76.273.760-4

This company is owned directly and indirectly by:
(a) Inmobiliaria e Inversiones Punta Larga Limitada,
Rut 96.580.490-0, holder of 14.2069% of the
capital stock. This company is 99.92% owned
directly by Jaime Said Handal, Rut 4.047.015-8;
(b) Inversiones Bullish Limitada, Rut 76.167.252-5,
holder of 14.2069% of the capital stock. This
company is 97.2873% owned indirectly by Gonzalo
Said Handal, Rut 6.555.478-K;
(c) Inversiones Berklee Limitada, Rut 77.077.030-0,
holder of 14.2069% of the capital stock. This
company is 99% owned directly by Javier Said
Handal, Rut 6.384.873-5;
(d) Inversiones Harvest Limitada, Rut 77.077.250-8,
holder of 14.2069% of the capital stock. This
company is 69.66% owned directly by Bárbara Said
Handal, Rut 4.708.824-0;
(e) Inversiones Oberon Limitada, Rut 76.126.745-0,
holder of 14.2069% of the capital stock. This
company is 90.0885% owned indirectly by Marisol
Said Handal, Rut 6.384.872-7;
(f) Inversiones Rinascente Limitada, Rut 77.077.070-
K, holder of 14.2069% of the capital stock. This
company is 94.0580% owned directly by Cristina
Said Handal, Rut 5.522.896-5;

(g) Jaime, Gonzalo, Javier, Bárbara, Marisol and
Cristina Said Handal, each hold 0.00006175% of
the capital stock; and
(h) Inmobiliaria Pro Seis Limitada, Rut 76.268.900-
6, holder of 14.7581% of the capital stock. This
company is indirectly owned in equal parts by each
of Jaime, Gonzalo, Javier, Barbara, Marisol and
Cristina Said Handal.

Cabildo: Inversiones Cabildo SpA,

Rut 76.062.133-1

This company is owned directly and indirectly by:
(a) Inversiones Delfín Uno S.A., Rut 76.005.604-9,
holder of 2.13% of the capital stock. This company
is 99.99959% owned by Isabel Margarita Somavía
Dittborn, Rut 3.221.015-5;
(b) Inversiones Delfín Dos S.A., Rut 76.005.591-3,
holder of 2.13% of the capital stock. This company
is 99.99959% owned by the estate of José Said
Saffie, Rut 2.305.902-9;
(c) Inversiones Delfín Tres SpA., Rut 76.005.585-9,
holder of 38.30% of the capital stock. This
company is 100% owned by Salvador Said Somavía,
Rut 6.379.626-3;
(d) Inversiones Delfín Cuatro SpA., Rut 76.005.582-
4, holder of 19.15% of the capital stock. This
company is 100% owned by Isabel Said Somavía,
Rut 6.379.627-1;
(e) Inversiones Delfín Cinco SpA., Rut 76.005.503-
4, holder of 19.15% of the capital stock. This
company is 100% owned by Constanza Said
Somavía, Rut 6.379.628-K; and
(f) Inversiones Delfín Seis SpA., Rut 76.005.502-6,
holder of 19.15% of the capital stock. This company
is 100% owned by Loreto Said Somavía, Rut.
6.379.629-8.

Nueva Delta: Inversiones Nueva Delta S.A.

Rut 76.309.233-K, 77.05% owned by

Inversiones Nueva Sofía Limitada,

Rut 76.366.690-5

This company is owned directly and indirectly by:
(a) 7.01% held by José Antonio Garcés Silva
(senior), Rut 3.984.154-1, who also maintains
political rights through a special series of shares in
the parent company;
(b) 1.34% held by María Teresa Silva Silva, Rut
3.717.514-5;
(c) 18.33% held by María Teresa Garcés Silva, Rut
7.032.690-6;
(d) 18.33% held by María Paz Garcés Silva, Rut
7.032.689-2;
(e) 18.33% held by José Antonio Garcés Silva
(junior), Rut 8.745.864-4;
(f) 18.33% held by Matías Alberto Garcés Silva, Rut
10.825.983-3; and
(g) 18.33% held by Andrés Sergio Garcés Silva, Rut
10.828.517-6.

Nueva Delta Dos: Inversiones Nueva Delta Dos

S.A., Rut 76.309.244-5, 99.95% owned by

Inversiones Nueva Sofía Limitada

This company’s direct and indirect ownership is
identical to that of Nueva Delta, as described in
the preceding paragraph.

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(f) 33.22559833% owned by Inversiones Las
Hortensias Limitada (99.9903% controlled by
Jacinta María Errázuriz Chadwick), whose final
controller, as administrator, is María Carolina
Chadwick Claro, C.N.I. 7.011.443-7.

Las Niñas Dos: Inversiones Las Niñas Dos SpA,

Rut 76.273.943-7

This company is owned directly and indirectly by:
100% owned by Inversiones Las Niñas Limitada (96%
controlled by María Eugenia Chadwick
Braun, RUT 17.403.673- K, Magdalena María
Chadwick Braun, RUT 17.701.220-3, María José
Chadwick Braun, RUT 18.023.409-8 and Alejandra
María Chadwick Braun, RUT 19.245.122-1, whose final
controller (as representative for management) is
Eduardo Chadwick Claro, RUT 7.011.444-5.

Campanario: Inversiones El Campanario Limitada,

Rut 76.273.959-3

This company is owned directly and indirectly by:
(a) 86.225418% owned by María Soledad Chadwick
Claro, RUT 7.011.445-3,
(b) 6.888107% owned by Inversiones Melita
Limitada (99.99% controlled by Josefina Dittborn
Chadwick RUT 13.831.761-7), and
(c) 6.886475% owned by Inversiones DV Limitada
(99.99% controlled by Julio Dittborn Chadwick,
RUT 15.382.118-6), whose final controller, as
administrator, is María Soledad Chadwick Claro.

Los Robles: Inversiones Los Robles Limitada,

Rut 76.273.886-4

This company is owned directly and indirectly by:
(a) 0.107735% owned by Felipe Tomás Cruzat
Chadwick RUT 13.689.123-5,
(b) 0.107735% owned by Carolina María Errázuriz
Chadwick RUT 16.369.519-7,
(c) 0.107735% owned by Jacinta María Errázuriz
Chadwick RUT. 17.408.873-k,
(d) 33.22559833% owned by Inversiones Bocaleón
Limitada (99.9902% controlled by Felipe Tomás
Cruzat Chadwick),
(e) 33.22559833% owned by Inversiones Las Dalias
Limitada (99.993% controlled by Carolina María
Errázuriz Chadwick), and

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Don Alfonso: Inversiones Don Alfonso Limitada,

Rut 76.273.918-6

This company is owned directly and indirectly by:
(a) 73.40437% owned by María de la Luz Chadwick
Hurtado, RUT 5.669.689-K;
(b) 0.05062% owned by Carlos Eugenio Lavín
García- Huidobro RUT 4.334.605-9; and
(c) 26.54501% owned by Inversiones FLC Limitada
(99.5% controlled by Francisco José Lavín
Chadwick, RUT 10.673.048-2), whose final
controller is María de la Luz Chadwick Hurtado (as
representative for management).

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Inversiones SH Seis Limitada

Estate of Jaime Said Demaría

Ownership by Series:

Inversiones Cabildo SpA

Estate of José Said Saffie

Ownership by Series:

Inversiones Nueva Delta S.A.

Inversiones Nueva Delta Dos S.A.

Inversiones Nueva Sofía Limitada

José Antonio Garcés Silva

Ownership by Series:

Inversiones El Campanario Limitada

Inversiones Los Robles Limitada

Inversiones Las Niñas Dos SpA

Inversiones Don Alfonso Limitada

Eduardo Chadwick Claro

Ownership by Series:

Direct or indirect ownership interest held

by members of the controlling group or

their related persons in the Company

(including Series A and Series B shares)1 :

1. Excludes the nominal ownership of Inversiones Freire S.A. of
23 Series A shares of Andina and Inversiones Freire Dos S.A.
of 4 Series A shares of Andina.

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Only shareholder, other than the

Controlling Group, that exceeds 10% of

the ownership interest in the Company2.

Total shares of Coca-Cola de Chile S.A.
RUT: 9.671.487-0

Series A

65,489,786

13.8371%

65.487.786

13.8367%

58,927,056

3,574,999

2,985,731

13.8367%

16,475,069

16,475,068

63,327

13.9372%

Series A

69,348,241

2. Considers direct and indirect shareholding that Coca-Cola
de Chile S.A. has in Embotelladora Andina S.A.

Ownership interest by series

14.65%

Series B

25,164,863

49,600

5.3275%

36,950,863

49,600

7.8178%

12,978,583

49,600

2.7527%

6,638,363

3,975,928

63,327

2.256%

Series B

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In related agreements, the Controlling Group
granted The Coca-Cola Company an option,
exercisable upon certain changes in the Controlling
Group’s beneficial ownership, to acquire 100% of
the Controlling Group’s Series A shares at a price
and in accordance with the procedures set forth in
those agreements.

SUMMARY OF COMMENTS AND
PROPOSALS OF SHAREHOLDERS AND
THE DIRECTORS’ COMMITTEE
As provided in General Rule No. 30 of the CMF and
Article 74 of the Corporations Law, Law No. 18,046,
it is reported that neither the Directors’ Committee,
nor shareholders or groups of shareholders
representing or owning 10% or more of the issued
shares with voting rights, made comments or
proposals with respect to the Company’s business
performance. Notwithstanding the foregoing, the
minutes of the 2022 General Shareholders’ Meeting
included the comments made by all shareholders
who expressed their opinion during the course of
that meeting.

Shareholders’ Meeting
Our shareholders have an active participation in the
management of Coca-Cola Andina, through the
General Shareholders’ Meeting, where a report of
the Company’s management is delivered on annual
basis. During the 2022 period, the General
Shareholders’ Meeting was held remotely, through
an electronic system contracted with the Chilean
Institute of Directors, reaching an attendance
quorum of 82.89%. This mechanism allows
shareholders to participate and exercise their right
to vote by remote means, duly ensuring their
identity and safeguarding the principles of
simultaneity and secrecy of the votes taken. On the
other hand, as resolutions are adopted at the
General Shareholders’ Meeting, they are published
on the Company’s website, allowing the general
public to be informed in real time.

82.89%

Attendance quorum at
the General Shareholders’
Meeting

784,658,972

shares represented

Joint action agreement
The Controlling Group acts pursuant to a joint
action agreement (the “Agreement”). Under the
Agreement, the Controlling Group will jointly
exercise control of the Company to ensure a
majority of votes at shareholders’ meetings and
Board of Directors’ meetings. The resolutions of
the Controlling Group are approved by at least
three of the four parties, except for certain matters
requiring unanimity.

On the other hand, and subject to compliance with
the rules of the Securities Market Law, the
Agreement establishes put options of each party
with respect to the others at a market price plus a
premium of 9.9% and 25%, with exercise windows
of 30 days in June of each year, and in June 2017
and 2027, respectively; and in the event that all but
one of the parties decide to sell, a right of first call
option for a term of one year is regulated.

The agreement is formalized by means of a private
instrument subscribed between its parties and has
an indefinite term.
In connection with The Coca-Cola Company’s
investment in Andina, The Coca-Cola Company
and the Controlling Group entered into a
shareholders’ agreement on September 5, 1996,
providing for certain restrictions on the transfer of
Andina’s capital stock by the Controlling Group.
Specifically, the Controlling Group is restricted
from transferring its Series A shares without the
prior authorization of The Coca-Cola Company.
This shareholders’ agreement also provides for
certain corporate governance matters, including
the right of The Coca-Cola Company to elect 2 of
the 14 directors, as long as The Coca-Cola
Company and its subsidiaries collectively own a
certain percentage of our Series A shares.

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Dividend policy and dividends paid
In accordance with the regulations and bylaws of
Embotelladora Andina S.A., our current dividend
distribution policy considers distributing at least 30%
of the net income for the year.

Historically, the Company has made distributions
through the payment of interim dividends and a
final dividend, after its approval by the General
Shareholders’ Meeting following the end of each
fiscal year.

Since 2000, Coca-Cola Andina has paid additional
dividends annually, as approved by the General
Shareholders’ Meeting.

Dividends paid

Dividend
approval date

Dividend
payment date

Fiscal year in respect
of which dividend is
declared

Total amount of
dividends declared
and paid
(Ch$ million)

Series A

Series B

Ch$ per share

US$ per share

Ch$ per share

US$ per share

Dividend type

12/27/22

09/27/22

07/26/22

04/13/22

12/21/21

09/28/21

04/15/21

12/22/20

10/27/20

02/25/20

12/20/19

09/24/19

04/17/19

12/20/18

01/27/23

10/28/22

08/26/22

2022

28,823

29.00

04/26/22

Accum. earnings*

159,024

160.00

04/26/22

01/28/22

10/29/21

2021

08/27/21

Accum. earnings*

05/28/21

01/29/21

11/24/20

2020

08/28/20

Accum. earnings*

05/29/20

01/23/20

10/24/19

2019

08/29/19

Accum. earnings*

05/30/19

01/24/19

2018

28,823

25,841

22,462

21,369

29.00

26.00

22.60

21.50

* Accumulated earnings.

0.03613

0.03068

0.03187

0.18805

0.03408

0.03629

0.03600

0.03312

0.03560

0.03507

0.03394

0.03315

0.03199

0.02927

0.02961

0.02969

0.03036

0.03199

31.90

176.00

31.90

31.9

28.6

24.86

23.65

0.03975

0.03375

0.03505

0.20685

0.03749

0.03992

0.03960

0.03643

0.03916

0.03858

0.03734

0.03647

0.03519

0.03220

0.03257

0.03266

0.03339

0.03519

Interim

Final

Interim

Final

Interim

Additional

Final

Interim

Additional

Final

Interim

171

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Stock exchange transactions
The capital stock of Embotelladora Andina S.A. at
December 31, 2022 amounts to Ch$270,738
million, divided into 473,289,301 Series A shares
and 473,281,303 Series B shares, which are listed
on stock exchanges in Chile and the United States
(New York) in the form of American Depositary
Receipts (ADRs).

Since 1955, the Company’s stock has been traded on
the Santiago Stock Exchange. The Company’s
Securities Registry registration number is 00124.
Coca-Cola Andina performed a stock split in 1997,
creating Series A and B shares with the mnemonic
codes Andina-A and Andina-B for the Santiago Stock
Exchange. SerCor is the stock department in Chile.

Since 1994, the ADRs of the Company have been
traded on the New York Stock Exchange. One ADR
corresponds to six common shares. Coca-Cola
Andina performed a stock split in 1997, creating
Series A and B shares, with the mnemonic codes
AKO-A and AKO-B for the NYSE. The ADRs’
depositary bank is The Bank of New York Mellon.

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Price of shares traded in Chile

Evolution of the Company’s Series A and B share prices and the IPSA, for a two-year period ending
December 31, 2022 (100 basis).

160.00

140.00

120.00

100.00

80.00

60.00

40.00

20.00

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2

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2

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p
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2
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Andina A

Andina B

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2
2

u
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IPSA

Average price and amount traded in Chile

Shares
traded
(million)

Andina – A

Total
traded
(million CLP)

Andina - B

Average
price
(CLP)

Shares
traded
(million)

Total
traded
(million CLP)

Average
price
(CLP)

Bolsa de

1st quarter

Comercio

de Santiago

2nd quarter

3rd quarter

4th quarter

Bolsa

1st quarter

Electrónica

de Chile

2nd quarter

3rd quarter

1.8

2.2

5.7

2.2

0.2

0.1

2,639

3,068

8,073

3,227

227

132

204

4th quarter

22.0

32,278

1,480

1,399

1,444

1,431

1,495

1,445

1,453

1,480

51.6

48.1

43.9

64.1

2.8

3.1

4.0

87,428

78,700

75,084

116,043

4,754

5,037

6,926

15.2

26,988

1,699

1,636

1,710

1,764

1,693

1,626

1,726

1,772

Source: Certificate from the respective stock exchanges.

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Price of shares traded on the New York Stock Exchange

Evolution of Series A and B ADR prices and the Dow Jones Index, for a two-year period
ending December 31, 2022 (100 basis).

140.00

120.00

100.00

80.00

60.00

40.00

20.00

Other securities
Bond liabilities correspond to bonds in UF in the
Chilean market and bonds in US dollars in the
international market issued by Embotelladora
Andina S.A.

For more information see Note 17.2 of the Financial
Statements in the following link.

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AKO/A

AKO/B

Dow Jones

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Average price and amount traded on the New York Stock Exchange

AKO – A

AKO - B

ADRs
traded
(million)

Total
traded1
(million US$)

Average
price
(US$)

ADRs
traded
(million)

Total
traded1
(million US$)

Average
price
(US$)

New York

Stock

Exchange

1st quarter

2nd quarter

3rd quarter

4th quarter

0.06

0.32

0.16

0.1

0.66

3.18

1.43

0.9

10.73

10.05

9.17

9.22

1.22

1.92

1.25

1.34

15.56

22.39

13.79

15.54

12.76

11.66

11.03

11.6

1. Total traded calculated as the average price times volume of ADRs traded.
Source: Bloomberg.

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COMPANY_STRUCTURE_

EMBOTELLADORA
ANDINA S.A.

35.00%

59.27%

66.5%

99.9998%

Coca-Cola
Del Valle New
Ventures S.A.

Envases
Central S.A.

Vital
Aguas S.A.

Andina
Inversiones
Societarias SpA

0.00011%

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99.99%

0.01%

99.99% 0.00007%

99.85%

0.15%

99.9959%

0.0041%

99.90%

0.10%

99.99995% 0.00005%

99.937% 0.063%

15%

50%

60.0%

50.0%

0.034%

64.423%

Transportes
Polar S.A.

Comercializadora
Novaverde S.A.

Red de
Transportes
Comerciales
Ltda.

Transportes
Andina
Refrescos Ltda.

Servicios
Multivending
Ltda.

Embotelladora
Andina Chile
S.A.

Andina Bottling
Investments S.A.

VJ S.A.

Re-Ciclar S.A.

Envases
CMF S.A.

Andina
Bottling
Investments
Dos S.A.

35.543%

0.9157296%

0.07697%

99.99%

0.003%

Embotelladora
del Atlántico S.A.

99.07%

97.7533%

Paraguay
Refrescos S.A.

Rio de Janeiro
Refrescos
Ltda.

Alimentos
de Soja S.A.

14.82%

0.003%

Andina
Empaques
Argentina S.A.

99.975%

33.33%

Circular-PET
S.A.

40.00%

8.50%

11.32%

10.26%

7.52%

SRSA
Participações
Ltda.

Sorocaba
Refrescos
Ltda.

UBI 3
Participações
Ltda.

Kaik
Participações
Ltda.

Leão
Alimentos e
Bebidas Ltda.

Trop Frutas
do Brasil
Ltda.

Parent Company

Consolidating subsidiaries

Associates

Investments without significant influence

Chile

Argentina

Brazil

Paraguay

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Subsidiaries, equity investees and associates/

Argentina

Embotelladora del Atlántico S.A.°

Address: Ruta Nacional 19, Km 3,7, Córdoba

CUIT: 30-52913594/3

Telephone: (54-351) 496 8888

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 0.9157296
Indirectly: 99.073

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 3,782,900

% the investment represents in the Parent Company’s assets: 8.79%

Corporate Purpose
Manufacture, bottle, distribute and commercialize non-alcoholic
beverages. Manufacture, bottle and sell any other beverages and
related products.

Commercial Relationship
Coca-Cola bottler in Argentina.

Board of Directors / Management Council
Gonzalo Manuel Soto 3
Fabián Castelli 2
Fernando Ramos 2
Laurence Paul Wiener (A)
Gerente General
Fabián Castelli 2

Andina Empaques Argentina S.A.°

Address: Av. Roque Sáenz Peña 637 – Piso 1° - Ciudad Autónoma
de Buenos Aires

CUIT: 30-71213488-3

Telephone: (54-11) 4715 8000

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 2,472,553

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 99.978

Board of Directors / Management Council
Gonzalo Manuel Soto 3
Fabián Castelli 2
Jaime Cohen 1
Laurence Paul Wiener(A)

Corporate Purpose
Design, produce and commercialize plastic products, mainly
containers.

General Manager
Daniel Caridi

% the investment represents in the Parent Company’s assets: 0.86%

Commercial Relationship
Supplier of plastic bottles and preforms.

Alimentos de SOJA S.A.°

Address: Marcelo T. de Alvear 684, Piso 1°, Ciudad Autónoma de
Buenos Aires

CUIT: 33-71523028-9

Telephone: (54-11) 5196 8300

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 6,927,367

Corporate Purpose
On its account, or that of third parties or associated with third
parties, in this Republic or abroad, perform the following
activities: manufacture, commercialize, import, export,
transformation processing, fractionation, packaging, distribution of
food products for human consumption and beverages in general
and their raw materials and respective related products and
by-products, in their different stages and processes.

% the investment represents in the Parent Company’s assets: 0.67%

Commercial Relationship
Produce soy-based products for Coca-Cola bottlers in Argentina.

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 14.82

Board of Directors / Management Council
Abelardo Gudino
Alfredo Mahana
Daniel Alejandro Rodriguez
Iliana Reza Gonzalez
Sergio Bernabé Giménez

Jorge Luis López
Fabián Castelli 2
Nicolás Bertelloni
David Lee
Flavio Mattos dos Santos (A)
Alexandre Fernandes Delgado(A)
Andrés Bartoluchi (A)
María Fernanda Causarano (A)
Ruben Sergio Coronel (A)
Fernando Ramos Meneghetti (A) 2
Marcela Menutti (A)
Esteban Eduardo Mele (A)
Graciela Paula Cuña (A)

General Manager
José Marquina

°Corporation
* No variations in ownership have occurred in the last year

1 Embotelladora Andina S.A. officer
2 Embotelladora del Atlántico S.A. officer

3 External Counsel
(A) Alternate

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175

TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Brazil

Rio de Janeiro Refrescos Ltda.°

Address: Rua André Rocha 2299, Taquara, Jacarepaguá, Rio de
Janeiro

CNPJ: 00.074.569/0001-00

Telephone: (55-21) 2429 1779

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 119,168,159

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 99.99

Corporate Purpose
Manufacture and commercialize beverages in general, powdered
juices and other related semiprocessed products.

Board of Directors / Management Council
Renato Barbosa 2
Fernando Fragata 2
Rodrigo Klee 2
David Parkes 2
Marcio Luiz de Oliveira Bauly 2
Max Fernandes Ciarlini 2
Isabel Cristina Moreira Goncalves Salvador 2

% the investment represents in the Parent Company’s assets: 11.2%

Commercial Relationship
Coca-Cola bottler in Brazil.

General Manager
Renato Barbosa 2

Kaik Participações Ltda.°

Address: Av. Engenheiro Alberto de Zagottis, 352. Jurubatuba, SP
- CEP: 04675-901.

% the investment represents in the Parent Company’s assets: 0.0%

CNPJ: 40.441.792/0001-54

Telephone: (55-11) 2102 5563

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 11.32

Board of Directors / Management Council
Luiz Eduardo Tarquinio Monteiro da Costa
Carlos Eduardo Correa de Moraes Sarmento
Ricardo Vontobel
Francisco Miguel Alarcón
Renato Barbosa 2

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 164

Corporate Purpose
Invest in other companies with own resources.

Leão Alimentos e Bebidas Ltda.°

Address: Rua Capitão Antônio Rosa, nº 409, 4º andar, salas 425-428
e 430-432, Bairro Jardim Paulistano, São Paulo, SP - CEP:
01.443-010

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 10.26

CNPJ: 76.490.184/0001-87

Telephone: (55-11) 3809 5000

Corporate Purpose
Manufacture and commercialize food and beverages in general,
and beverage concentrate. Invest in other companies.

Board of Directors / Management Council
Marcelo Correa Pereira
Bruno Aronne Sekeff
Pedro Rocha Lima Massa
Renato Barbosa 2
Neuri Amabile Frigotto Pereira
Dirk Schneider
Luciana Cruz Alves de Carvalho

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 179,221,059

% the investment represents in the Parent Company’s assets: 0.0%

Commercial Relationship
Produce sensitive products for the Coca-Cola bottlers in Brazil.

General Manager
Marcelo Correa Pereira

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°Limited Liability Company
* No variations in ownership have occurred in the last year

1 Embotelladora Andina S.A. officer
2 Rio de Janeiro Refrescos Ltda. officer

176

TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Sorocaba Refrescos Ltda. °

Address: Rodovia Raposo Tavares, Km 104, Jardim Jaraguá,
Sorocaba, SP – CEP: 18052-902

CNPJ: 45.913.696/0001-85

Telephone: (55-15) 3229 9909

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 9,599,932

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 40.00

Corporate Purpose
Manufacture and commercialize food and beverages in general,
and beverage concentrate. Invest in other companies.

% the investment represents in the Parent Company’s assets: 1.1%

Commercial Relationship
Coca-Cola bottler in Brazil.

Board of Directors / Management Council
Renato Barbosa 2
Cristiano Biagi
Giordano Biagi
Miguel Ángel Peirano 1
Cláudio Sergio Rodrigues
Luiz Lacerda Biagi

General Manager
Cristiano Biagi

Trop Frutas do Brasil Ltda. °

Address: Avenida PRF Samuel Batista Cruz, 9853, Linhares, ES –
CEP: 29.909-900;

CNPJ: 07.757.005/0001-02

Telephone: (55-27) 21038300

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 64,482,849

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 7.52

Corporate Purpose
Manufacture, commercialize and export natural fruit pulp and
coconut water and manufacture dairy products.

Board of Directors / Management Council
Luiz Henrique Lissoni
Bruno Aronne Sekeff
Pedro Rocha Lima Massa
Neuri Amabile Frigotto Pereira
Renato Barbosa ²
André Leonardo Alves Seabra Salles
Luciana Cruz Alves de Carvalho

% the investment represents in the Parent Company’s assets: 1.58%

Commercial Relationship
Produce products for the Coca-Cola bottlers in Brazil.

General Manager
Luiz Henrique Lissoni

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SRSA Participações Ltda. °

Address: Rua Antonio Aparecido Ferraz, 795, Sala 01, Jardim
Itanguá, Sorocaba, SP – CEP: 18052-280

CNPJ: 10.359.485/0001-68

Telephone: (55-15) 3229 9906

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 3,281

% the investment represents in the Parent Company’s assets: 0.08%

UBI 3 Participações Ltda. °

Address: Rua Teonilio Niquini, nº 30, Galpão B, Distrito Industrial
Jardim Piemont Sul, Betim, MG – Cep: 32669-700

CNPJ: 27.158.888/0001-41

Telephone: (55-21) 2559.1000

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 1,711

% the investment represents in the Parent Company’s assets: 0.0%

% that the Parent Company holds in the Capital of the subsidiary
or associate*
Directly: -
Indirectly: 40.00

Corporate Purpose
Purchase and sale of real estate investments and property
management.

Commercial Relationship
Business supporting company.

Board of Directors / Management Council
Renato Barbosa 2
Luiz Lacerda Biagi

General Manager
Cristiano Biagi

% that the Parent Company holds in the Capital of the subsidiary
or associate*
Directly: -
Indirectly: 8.50

Corporate Purpose
Invest in other companies with own resources. Purchase and sale
of real estate investments and property management.

Commercial Relationship
Produce soy-based products for Coca-Cola bottlers in Brazil.

Board of Directors / Management Council
Luciana Cruz Alves de Carvalho
Neuri Amabile Firgotto Pereira
Lia Marques Oliveira

°Limited Liability Company
* No variations in ownership have occurred in the last year

1 Embotelladora Andina S.A. officer
2 Rio de Janeiro Refrescos Ltda. officer

177

TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Chile

Embotelladora Andina Chile S.A.°

Address: Av. Miraflores 9153, Renca, Santiago

RUT: 76.070.406-7

Telephone: (56-2) 2611 5838

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 99.99995
Indirectly: 0.00005

Board of Directors / Management Council
Miguel Ángel Peirano 2
Andrés Wainer 2
Jaime Cohen 2

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 27,278,206

% the investment represents in the Parent Company’s assets: 1.74%

Corporate Purpose
Manufacture, bottle, distribute and commercialize non-alcoholic
beverages.

General Manager
José Luis Solórzano 2

Commercial Relationship
Leasing of production infrastructure.

VJ S.A.°

Address: Av. Américo Vespucio 1651, Renca, Santiago

RUT: 93.899.000-K

Telephone: (56-2) 2620 4100

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 20,675,167

% the investment represents in the Parent Company’s assets: 1.04%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 15.0
Indirectly: 50.0

Corporate Purpose
Manufacture, distribute and commercialize all kinds of food
products, juices and beverages.

Commercial Relationship
Produce juices for Coca-Cola bottlers in Chile.

Board of Directors / Management Council
José Luis Solórzano 2
Alejandro Zalaquett 2
Cristián Hohlberg
Andrés Wainer 2
Jaime Cohen 2 (A)
Fernando Jaña 2 (A)
Rodrigo Ormaechea 2 (A)
José Domingo Jaramillo (A)

General Manager
Alberto Moreno

Vital Aguas S.A.°

Address: Camino a la Vital 1001, Comuna de Rengo

RUT: 76.389.720-6

Telephone: (56-2) 23464245

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 4,331,154

% the investment represents in the Parent Company’s assets: 0.27%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 66.5
Indirectly: -

Corporate Purpose
Manufacture, distribute and commercialize all kinds of water and
beverages in general.

Commercial Relationship
Produce mineral water for Coca-Cola bottlers in Chile.

Board of Directors / Management Council
José Luis Solórzano 2
Alejandro Zalaquett ²
Andrés Wainer 2
José Domingo Jaramillo
Rodrigo Ormaechea ² (A)
Jaime Cohen ²(A)
Fernando Jaña ² (A)
Juan Paulo Valdés (A)

General Manager
Alberto Moreno

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° Closed stock corporation
* No variations in ownership have occurred in the last year

°°° Limited liability companies in which the management of the
company corresponds to Embotelladora Andina S.A. through
specially appointed agents or representatives.

1 Director and member of the Controlling Group of Embotelladora
Andina S.A.
2 Embotelladora Andina S.A. officer
(A) Alternate

178

TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Coca-Cola del Valle New Ventures S.A.°

Address: Av. Miraflores 8755, Renca, Santiago

RUT: 76.572.588-7

Telephone: N/A

Corporate Purpose
Manufacture, distribute and commercialize all kinds of juices,
water and beverages in general.

Commercial Relationship
Produce water and juices for the Coca-Cola bottlers in Chile.

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 84,442,238

% the investment represents in the Parent Company’s assets: 1.25%

% that the Parent Company holds in the Capital of the subsidiary
or associate*
Directly: 35.00
Indirectly: -

Board of Directors / Management Council
Miguel Ángel Peirano 2
José Luis Solórzano 2
Rodrigo Ormaechea 2
Cristián Hohlberg
José Domingo Jaramillo
Luciana Carvalho
Iliana Rezas
Luis Felipe Avellar

Santiago Avella
Débora Mattos
Fernando Jaña ² (A)
Alejandro Zalaquett ² (A)
Rodolfo Peña ² (A)
Juan Paulo Valdes (A)
Anton Szafronov (A)
Natalia Otero (A)
Alfredo Mahan Tumani (A)
Flavio Mattos Dos Santos (A)
Jonathan Lamac (A)
María Paz Luna (A)

General Manager
Alejandro Palma²

Transportes Andina Refrescos Ltda.°°°

Address: Av. Miraflores 9153, piso 4, Renca , Santiago

RUT: 78.861.790-9

Telephone: (56-2) 2611 5838

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 12,620,629

% the investment represents in the Parent Company’s assets: 0.49%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 99.9959
Indirectly: 0.0041

Corporate Purpose
Provide administration services and management of local and
foreign ground transportation.

Commercial Relationship
Provide ground transportation services.

Board of Directors / Management Council
N/A

Transportes Polar S.A.°

Address: Av. Miraflores 9153, piso 4, Renca , Santiago

RUT: 96.928.520-7

Telephone: (56-2) 2611 5838

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 1,619,315

% the investment represents in the Parent Company’s assets: 0.25%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 99.99
Indirectly: 0.01

Board of Directors / Management Council
José Luis Solórzano 2
Rodolfo Peña 2
Alejandro Zalaquett 2

Corporate Purpose
Freight transportation in general in the beverage industry and
other processed goods.

General Manager
Alejandro Vargas 2

Commercial Relationship
Provide ground transportation services.

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° Closed stock corporation
* No variations in ownership have occurred in the last year

°°° Limited liability companies in which the management of the
company corresponds to Embotelladora Andina S.A. through
specially appointed agents or representatives.

1 Director and member of the Controlling Group of Embotelladora
Andina S.A.
2 Embotelladora Andina S.A. officer
(A) Alternate

179

TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Servicios Multivending Ltda.°°°

Address: Av. Miraflores 9153, piso 4, Renca , Santiago

RUT: 78.536.950-5

Telephone: (56-2) 2611 5838

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 862,248

% the investment represents in the Parent Company’s assets: 0.06%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 99.90
Indirectly: 0.10

Corporate Purpose
Commercialize products through the use of equipment and
vending machines.

Commercial Relationship
Provide commercialization of products through vending machines.

Board of Directors / Management Council
N/A

Envases CMF S.A.°

Address: La Martina 0390, Pudahuel, Santiago

RUT: 86.881.400-4

Telephone: (56-2) 2544 8222

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 32,981,986

% the investment represents in the Parent Company’s assets: 0.97%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 50.0

Corporate Purpose
Manufacture and sale of plastic products and bottling services and
beverage containers.

Commercial Relationship
Supplier of plastic bottles, preforms and caps.

Board of Directors / Management Council
Andrés Vicuña
Cristián Hohlberg
Juan Paulo Valdés
Andrés Wainer 2
Fernando Jaña 2
Miguel Ángel Peirano 2

General Manager
Matías Mackenna

Envases Central S.A.°

Address: Av. Miraflores 8755, Renca, Santiago

RUT: 96.705.990-0

Telephone: (56-2) 2599 9300

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 7,562,354

% the investment represents in the Parent Company’s assets: 0.67%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 59.27
Indirectly: -

Corporate Purpose
Manufacture and packaging of all kinds of beverages and
commercialization of all kinds of containers.

Commercial Relationship
Produce cans and some small formats for the Coca-Cola bottlers
in Chile.

Board of Directors / Management Council
José Luis Solórzano 2
Alejandro Zalaquett ²
Andrés Wainer 2
José Domingo Jaramillo
Cristián Hohlberg
Débora Mattos
Rodrigo Ormaechea 2 (A)
Jaime Cohen 2 (A)
Fernando Jaña 2 (A)
Juan Paulo Valdés (A)
Anton Szafronov (A)
María Paz Luna (A)

General Manager
Alberto Moreno

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° Closed stock corporation
* No variations in ownership have occurred in the last year

°°° Limited liability companies in which the management of the
company corresponds to Embotelladora Andina S.A. through
specially appointed agents or representatives.

1 Director and member of the Controlling Group of Embotelladora
Andina S.A.
2 Embotelladora Andina S.A. officer
(A) Alternate

180

TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Andina Bottling Investments S.A.°

Address: Av. Miraflores 9153, piso 7, Renca, Santiago

RUT: 96.842.970-1

Telephone: (56-2) 2338 0520

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 311,727,582

% the investment represents in the Parent Company’s assets: 31.05%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 99.937
Indirectly: 0.063

Corporate Purpose
Manufacture, bottle and commercialize beverages and food in
general. Invest in other companies.

Commercial Relationship
Investment vehicle.

Board of Directors / Management Council
Miguel Ángel Peirano 2
Andrés Wainer 2
Jaime Cohen 2
Martín Idígoras 2 (A)
Fernando Jaña 2 (A)
Gonzalo Muñoz 2 (A)

General Manager
Miguel Ángel Peirano 2

Andina Bottling Investments Dos S.A.°

Address: Av. Miraflores 9153, piso 7, Renca, Santiago

RUT: 96.972.760-9

Telephone: (56-2) 2338 0520

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 466,474,897

% the investment represents in the Parent Company’s assets: 28.53%

% that the Parent Company holds in the Capital of the subsidiary
or associate*
Directly: 64.423
Indirectly: 35.577

Corporate Purpose
To exclusively make permanent or income investments abroad in
all kinds of movable property.

Board of Directors / Management Council
Miguel Ángel Peirano 2
Andrés Wainer 2
Jaime Cohen 2
Martín Idígoras 2 (A)
Fernando Jaña 2 (A)
Gonzalo Muñoz 2 (A)

Commercial Relationship
Investment vehicle.

General Manager
Miguel Ángel Peirano 2

Andina Inversiones Societarias SpA°°

Address: Av. Miraflores 9153, piso 7, Renca, Santiago

RUT: 96.836.750-1

Telephone: (56-2) 2338 0520

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 30,082,325

% the investment represents in the Parent Company’s assets: 1.57%

% that the Parent Company holds in the Capital of the subsidiary
or associate*
Directly: 99.9998
Indirectly: 0.00011

Corporate Purpose
Investing in all types of companies and commercialization of food
in general.

Board of Directors / Management Council
Miguel Ángel Peirano 2
Andrés Wainer 2
Jaime Cohen 2
Martín Idígoras 2 (A)
Fernando Jaña 2 (A)
Gonzalo Muñoz 2 (A)

Commercial Relationship
Investment vehicle.

General Manager
Miguel Ángel Peirano 2

° Closed stock corporation
* No variations in ownership have occurred in the last year

°°° Limited liability companies in which the management of the
company corresponds to Embotelladora Andina S.A. through
specially appointed agents or representatives.

1 Director and member of the Controlling Group of Embotelladora
Andina S.A.
2 Embotelladora Andina S.A. officer
(A) Alternate

181

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TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Red de Transportes Comerciales Ltda.°°°

Address: Av. Del Valle Norte 937, of. 455,
Ciudad Empresarial, Huechuraba

RUT: 76.276.604-3

Telephone: (56-2) 29939704

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 2,200,314

% the investment represents in the Parent Company’s assets: 0.09%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 99.85
Indirectly: 0.15

Corporate Purpose
Freight transportation in general in the beverage industry and
other manufactured goods.

Commercial Relationship
Provide ground transportation services and commercialize
products.

Board of Directors / Management Council
N/A

Comercializadora Novaverde S.A.°

Address: Carretera General San Martín Km. 16.5 Calle Simón
Bolivar, Sitio 19, Colina, Santiago

RUT: 77.526.480-2

Telephone: (562) 24110150

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 14,856,772

% the investment represents in the Parent Company’s assets: 0.26%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 0.00007
Indirectly: 99.99

Corporate Purpose
Company engaged in the processing and commercialization of
fruits, ice cream, vegetables and food in general, under the
Guallarauco brand.

Commercial Relationship
Sales of juices, flavored waters, among others, to the Coca-Cola
bottlers in Chile.

Board of Directors / Management Council
José Luis Solórzano ²
Rodrigo Ormaechea ²
José Domingo Jaramillo
Luciana Carvalho
Marcela Menutti
Débora Mattos
Fernando Jaña ² (A)
Alejandro Zalaquett ² (A)
Juan Paulo Valdés (A)
Natalia Otero (A)
Flavio Mattos (A)
Alfredo Mahana Tumani (A)

General Manager
Alejandro Palma Torres

Re-Ciclar S.A. ~

Address: La Martina 390, Pudahuel, Santiago

RUT: 77.427.659-9

Telephone: (56-2) 2544 8222

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 10,700,000

% the investment represents in the Parent Company’s assets: 0.43%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 60.0
Indirectly: -

Corporate Purpose
Produce, process and commercialize recyclable materials.

Commercial Relationship
Process and generate recycled PET resin for the Coca-Cola
bottlers in Chile, among others.

Board of Directors / Management Council
José Domingo Jaramillo
Cristián Hohlberg
Miguel Ángel Peirano 2
Andrés Wainer 2
Fernando Jaña ²

General Manager
Matias Mackenna

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° Closed stock corporation
* No variations in ownership have occurred in the last year

°°° Limited liability companies in which the management of the
company corresponds to Embotelladora Andina S.A. through
specially appointed agents or representatives.

1 Director and member of the Controlling Group of Embotelladora
Andina S.A.
2 Embotelladora Andina S.A. officer
(A) Alternate

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TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Paraguay

Paraguay Refrescos S.A. °

Address: Acceso Sur, Ruta Ñemby Km 3,5 - Barcequillo
-San Lorenzo, Asunción

RUC: 80.003.400-7

Telephone: (595) 21 959 1000

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 9,904,604

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: 0.07697
Indirectly: 97.7533

Board of Directors / Management Council
Andrés Wainer 1
Francisco Sanfurgo 2
Jaime Cohen 1
Gonzalo Muñoz 1

Corporate Purpose
Manufacturing, distributing and commercialization of carbonated
and non-carbonated soft drinks.

General Manager
Francisco Sanfurgo 2

% the investment represents in the Parent Company’s assets: 11.71%

Commercial Relationship
Coca-Cola bottler in Paraguay.

Circular-PET S.A. º

Address: Avenida, Ruta Transchaco KM 15, casi
Senador Vazquez

RUC: 80.116.031-6

Telephone: (595) 21 752 820

Paid-in and subscribed capital (thousand Ch$ at 12/31/22): 4,893,340

% the investment represents in the Parent Company’s assets: 0.05%

% that the Parent Company holds in the Capital of the
subsidiary or associate*
Directly: -
Indirectly: 33.33

Corporate Purpose
Manufacture and commercialization of post-consumer recycled
PET resins from the transformation of PET flakes.

Commercial Relationship
Processes post-consumer PET resins to be used by the bottling
plant.

Board of Directors / Management Council
Felipe Carlos Resck
Francisco Sanfurgo 2
Carlos José Mangabeira
Carlos Hernan Rodiño (A)
Eduardo Yulita 2 (A)
Juan Daniel Gill (A)

Plant Manager
Silvino Sforza

°Corporation
* No variations in ownership have occurred in the last year

1 Embotelladora Andina S.A. officer
2 Paraguay Refrescos S.A. officer

(A) Alternate

183

The entity does not have investments that represent more than 20% of the
total assets of the entity and that are not subsidiaries or associates.

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TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

PROPIEDADES-E-INSTALACIONES

Argentina

Embotelladora del Atlántico S.A.

Operation

Azul

Bahía Blanca

Bariloche

Bialet Masse

Bragado

Carlos Paz

Chacabuco

Chivilcoy

Comodoro Rivadavia

Concepcion del Uruguay

Concordia

Córdoba

Córdoba (San Isidro)

Córdoba

Main use

Own/Leased

Liens

Operated by:
Andina/Third Party

Distribution Center / Warehouses

600

Third Parties

Andina executed by third party

Offices / Production of Soft Drinks / Distribution Center / Warehouses

102,708

Own

Free from liens

Warehouses (Don Pedro)

Commercial Office

Real Estate (parking lot)

6,000

Leased

903

Leased

73,150

Own

Free from liens

Warehouses (M&F Palletizer -EDF deposit)

Offices / Distribution Center / Warehouses

1,400

Leased

1,870

Leased

Andina

Third party

Andina

Real Estate

Commercial Office

880

270

Leased

Own

Free from liens

Not in use

Andina

Carmen de Patagones

Commercial Office / Warehouses / Crossdocking

1,600

Leased

Offices / Distribution Center / Warehouses

25,798

Own

Free from liens

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Distribution Center / Warehouses

1,350

Third Parties

Andina executed by third party

Commercial Office

Offices / Distribution Center / Warehouses

Commercial Office

Leased

7,500

Leased

118

Leased

Andina

Commercial Office / Third party Distribution Center / Warehouses

1,214

Leased

Andina executed by third party

Offices /Production of soft drinks and other still beverages / Distribution Center / Warehouses / Real estate

959,585

Own

Free from liens

Deposit and Offices

Deposit (Rigar)

Deposit (Ricardo Balbín)

Logat Deposit – Raw materials

Logat Deposit – Finished products

Commercial Office (Dinosaurio Mall Alto Verde)

8,808

Own

Free from liens

6,270

Leased

2,500

Leased

2,800

Leased

8,400

Leased

357

Leased

Andina

Andina executed by third party

Andina

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Operation

Coronel Suarez

General Pico

General Roca

Gualeguaychu

Junin (Buenos Aires)

Mendoza

Monte Hermoso

Neuquén

Olavarria

Paraná

Pehuajo

Pergamino

Rio Gallegos

Rio Grande

Río IV

Rivadavia (Mendoza)

Rosario

San Francisco

San Juan

San Luis

San Nicolas

San Rafael

Santa Fe (Casilda)

Santa Fe

Santa Rosa

Santo Tomé

Trelew

Main use

Own/Leased

Liens

Operated by:
Andina/Third Part

Offices / Third party Distribution Center / Warehouses / Deposit

1,000

Leased

Andina executed by third party

Offices / Distribution Center / Warehouses

15,525

Own

Free from liens

Andina

Distribution Center / Warehouses

2,800

Third Parties

Andina executed by third party

Commercial Office / Warehouses

2,392

Leased

Andina executed by third party

Cross Docking

Commercial Office

995

Third Parties

Andina executed by third party

108

Leased

Offices / Distribution Center / Warehouses

36,452

Own

Free from liens

Real Estate

Offices / Distribution Center / Warehouses

Commercial Office

Offices / Distribution Center / Warehouses

300

10,157

Own

3,065

Leased

318

Leased

1,060

Leased

Free from liens

Not in use

Free from liens

Offices / Cross Docking

15,700

Own

Free from liens

Distribution Center / Warehouses

937

Leased

Andina executed by third party

Distribution Center / Warehouses

Offices / Distribution Center / Warehouses

Cross Docking

Commercial Office

Deposit

Offices / Distribution Center / Warehouses / Parking Lot / Real Estate

Commercial Office

2,491

Leased

2,460

Leased

Andina executed by third party

Andina

7,482

Own

Free from liens

Andina executed by third party

800

27,814

Leased

Own

Leased

Andina

Free from liens

Not in use

Free from liens

Offices / Distribution Center / Warehouses

48,036

Own

Free from liens

Commercial Office / Distribution Center / Warehouses

5,205

Own

Free from liens

Commercial Office

Leased

238

Leased

Andina

Distribution Center / Warehouses

1,200

Third Parties

Andina executed by third party

Administrative Office / Distribution Center / Warehouses / Deposit

75,000

Own

Free from liens

Offices / Production of Soft Drinks / Distribution Center / Warehouses

51,000

Own

Free from liens

Andina

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Operation

Trelew

Tres Arroyos

Ushuaia

Venado Tuerto

Villa Maria

Villa Mercedes

Andina Empaques Argentina S.A.

Operation

Buenos Aires

brazil

Rio de Janeiro Refrescos Ltda.

Operation

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Warehouses

Offices / Crossdocking / Warehouses

Offices / Distribution Center / Warehouses

Commercial Office

Own/Leased

Liens

Operated by:
Andina/Third Part

1,500

Leased

1,548

Leased

1,360

Leased

Andina

Commercial Office / Distribution Center / Warehouses

2,449

Third Parties

Andina executed by third party

Commercial Office

125

Leased

Andina

Main use

Own/Leased

Liens

Production of bottles, PET Preforms, Plastic Caps and Cases

27,520

Own

Free from liens

Deposit adjoining the production plant

1,041

Leased

940

Leased

Operated by:
Andina/Third Part

Andina

Main use

Own/Leased

Liens

Operated by:
Andina/Third Part

Jacarepaguá

Offices / Production of Soft Drinks / Distribution Center / Warehouses

249,470

Own

Penhora Judicial
Processo Judicial Fiscal
ICMS/RJ

Duque de Caxias

Offices / Production of Soft Drinks / Distribution Center / Warehouses

2,243,953

Own

Free from liens

Nova Iguaçu

Bangu

Campos dos Goytacazes

Cabo Frio

Distribution Center / Warehouses

82,618

Own

Free from liens

Distribution Center

44,389

Own

Free from liens

36,083

Own

Free from liens

1,985

Own

Free from liens

Andina

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TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Operation

Main use

Own/Leased

Liens

Operated by:
Andina/Third Part

São Pedro da Aldeia 1

Itaperuna

Caju 1

Caju 2

Caju 3

Vitória (Cariacica)

Cachoeiro do Itapemirim

Distribution Center

Cross Docking

Distribution Center

Parking Lot

Distribution Center

Cross Docking

10,139

Concession

Free from liens

2,500

Leased

Free from liens

4,866

8,058

Own

Free from liens

7,400

Leased

Free from liens

93,320

Own

Free from liens

8,000

Leased

Free from liens

Ribeirão Preto

Offices / Production of Soft Drinks / Distribution Center / Warehouses

238,096

Own

Penhora Judicial
Processo Judicial Fiscal
IPI/ZFM

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Ribeirão Preto

Franca

Mococa

Araraquara

São Paulo

São Joao da Boa Vista

São Pedro da Aldeia 2

Nova Friburgo

Guarapari

Colatina

São Mateus

Rio das Ostras

Passos

Real Estate

Distribution Center

Apartment

Cross Docking

Parking Lot

Commercial Office / Cross Docking

Commercial Office

279,557

Own

Free from liens

32,500

Own

Free from liens

33,669

Leased

Free from liens

11,658

20,773

Own

Free from liens

6,400

Concession

Free from liens

350

218

Leased

Free from liens

Leased

Free from liens

Commercial Office / Cross Docking

3,840

Leased

Free from liens

Commercial Office / Cross Docking

2,007

Leased

Free from liens

Commercial Office

Distribution Center

527

Leased

Free from liens

8,500

Leased

Free from liens

Andina

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Chile

Embotelladora Andina S.A.

Operation

Renca

Main use

Own/Leased

Liens

Operated by:
Andina/Third Part

Offices / Production of Soft Drinks / Distribution Center / Warehouses

415,517

Own

Free from liens

Warehouses

55,562

Own

Free from liens

11,211

Own

Free from liens

46,965

Own

Free from liens

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Carlos Valdovinos

Distribution Center / Warehouses

106,820

Own

Free from liens

Puente Alto

Maipú

Bodega MCC

Colina

Chimba

Demetrop (Metropolitan Region)

Trailerlogistic (Metropolitan Region)

Monster (Metropolitan Region)

Rancagua

San Antonio

Antofagasta

Calama

Tocopilla

Coquimbo

Copiapó

Ovalle

Vallenar

Illapel

Punta Arenas

Coyhaique

Puerto Natales

Distribution Center / Warehouses

68,682

Own

Free from liens

Distribution Center / Warehouses

45,833

Own

Free from liens

Distribution Center / Warehouses

Warehouses

9,280

Leased

6,550

Leased

1,000

Leased

n/a

Leased

Distribution Center / Warehouses

25,920

Own

Free from liens

Distribution Center / Warehouses

Offices / Production of Soft Drinks / Distribution Center / Warehouses

Warehouses

Distribution Center / Warehouses

Offices / Distribution Center / Warehouses

19,809

34,729

8,028

10,700

562

31,383

Own

Free from liens

Distribution Center / Warehouses

26,800

Own

Free from liens

Distribution Center / Warehouses

6,223

5,000

Own

Free from liens

Distribution Center / Warehouses

n/a

Leased

Offices / Production of Soft Drinks / Distribution Center / Warehouses

109,517

Own

Free from liens

Distribution Center / Warehouses

5,093

Own

Free from liens

Distribution Center / Warehouses

850

Leased

Andina

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Vital Jugos S.A.

Operation

Renca

Vital Aguas S.A.

Operation

Rengo

Envases Central S.A.

Operation

Renca

PARAGUAY

Paraguay Refrescos S.A.

Operation

San Lorenzo

Coronel Oviedo

Encarnación

Ciudad del Este

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Own/Leased

Liens

Operated by:
Andina/Third Part

Offices / Production of Juices

40,000

Own

Free from liens

Andina

Main use

Mts 2 Own/Leased

Liens

Operated by:
Andina/Third Part

Offices / Production of Waters

346,532

Own

Free from liens

Andina

Main use

Own/Leased

Liens

Operated by:
Andina/Third Part

Offices / Production of Soft Drinks

51,907

Own

Free from liens

Andina

Main use

Own/Leased

Liens

Offices / Production of Soft Drinks / Warehouses

275,292

Own

Free from liens

Offices / Warehouses

32,911

12,744

14,620

Own

Free from liens

Operated by:
Andina/Third Part

Andina

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TO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESREACH/ TOGETHER

Bottler
|Agreements|

oca-Cola Andina is a franchisee of The Coca-
Cola Company pursuant to the Bottling

Agreements we have signed. It is through them that
the Company obtains the license to produce and
distribute The Coca-Cola Company’s branded
products within its franchised territories in Argentina,
Brazil, Chile and Paraguay. The maintenance and
renewal of these bottling agreements are essential to
the Company’s operations.

The bottler agreements are standard international
agreements, which are renewed at the request of
the bottler and at the sole discretion of The Coca
Cola Company. The Company cannot guarantee
that these agreements will be renewed upon
expiration or that they will be renewed under the
same or better terms.

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This agreement, as a license territory, includes the provinces of Córdoba, Mendoza, San
Juan, San Luis, Entre Ríos, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa, Tierra del
Fuego, Antarctica and South Atlantic Islands, as well as part of the provinces of Santa Fe
and Buenos Aires.

Argentina

The license for the territories in Argentina expires in September 2027.

This agreement, as a license territory, includes a large part of the state of Rio de Janeiro,
the entire state of Espírito Santo and part of the states of São Paulo and Minas Gerais.

Brazil

The license for the territories in Brazil expires in October 2027.

This agreement, as a license territory, includes the Metropolitan Region; the province of San
Antonio, in the Valparaíso Region; the province of Cachapoal, including the commune of San
Vicente de Tagua-Tagua, in the Libertador Bernardo O’Higgins Region; the Antofagasta Region;
the Atacama Region; the Coquimbo Region; the Aysén del General Carlos Ibáñez del Campo
Region; and the Magallanes and Chilean Antarctica Region.

Chile

The license agreement for the territories in Chile is currently under renewal.

In 2005, VJ S.A. and The Coca-Cola Company entered into a Juice Bottler Agreement
whereby The Coca-Cola Company authorized VJ S.A. to produce, process and bottle,
products under certain brands, in containers previously approved by The Coca-Cola
Company,
Andina and Embonor hold the rights to acquire the products of VJ S.A. This agreement is
currently in the process of renewal. In addition, Andina, VJ S.A. and Embonor have agreed with
The Coca-Cola Company to produce, package and commercialize these products in their
respective plants.

In 2005, The Coca-Cola Company and Vital Aguas S.A. entered into a Water Production and
Bottling Agreement to prepare and bottle beverages in connection with the Vital,
Chanqueahue, Vital de Chanqueahue and Dasani brands. In 2008, the Benedictino brand was
added to the portfolio of products produced by Vital Aguas S.A. under the agreement. This
agreement is currently in the process of renewal.

This agreement, as a license territory, covers all of Paraguay.

The license for the Paraguayan territory expires in March 2023 and is in the
process of renewal.

Paraguay

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DISTRIBUTION
/AGREEMENTS

The distribution agreements we
have in the different operations in
Argentina, Brazil, Chile and Paraguay
allow us to distribute the products
specified in such agreements within
the license territories of each
country.

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Argentina

Brazil

In Argentina, the distribution agreements
are as follows:

In Brazil, the distribution agreements
are as follows:

• Alcoholic beverages commercialization

• Energy drinks distribution agreement with

agreement (mainly beers, ciders and wines) with
Compañía Industrial Cervecera S.A. Such
agreement is effective until June 12, 2023.

• Energy drinks distribution agreement with

Monster Energy Company, entered into on
December 13, 2017. This agreement has a term of
10 years, automatically renewable for successive
periods of 5 years and upon the fulfillment of
certain conditions.

Monster Energy Company, entered into on
August 2, 2016. This agreement has a term of 10
years, automatically renewable for successive
periods of 5 years and upon the fulfillment of
certain conditions.

• Distribution agreement of alcoholic beverages

(mainly beers) with Cervejarias Kaiser Brasil S.A.
This agreement is valid until December 31, 2026.

• Distribution agreement for alcoholic beverages

(mainly beers) with Estrella de Galicia Importação
e Comercialização de Bebidas e Alimentos Ltda.
This agreement is valid until September 3, 2033.

• Distribution agreement with Campari do Brasil

Ltda. to distribute the Campari product portfolio
throughout Brazil. This agreement, signed on April
14, 2022, is valid until December 31, 2026.

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Chile

In Chile, the distribution agreements
are as follows:

• Energy drinks distribution agreement with

Monster Energy Company, entered into on
August 1, 2016. This agreement has a term of 10
years, automatically renewable for successive
periods of 5 years and upon the fulfillment of
certain conditions.

• Distribution agreement of alcoholic beverages
(mainly spirits) with Diageo Chile Limitada,
entered into on April 26, 2018. This agreement
has a term of 3 years and is currently in the
process of renewal*.

• Distribution agreement for alcoholic beverages

(mainly distilled spirits) with Cooperativa Agrícola
y Pisquera Elqui Limitada and Viña Francisco de
Aguirre S.A., entered into on August 21, 2019. This
agreement has a term of 5 years, renewable upon
the fulfillment of certain conditions.

* This agreement was renewed on January 17, 2023 and is valid
until January 16, 2028.

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• Distribution agreement for alcoholic beverages

(mainly beer) with Cervecería Chile S.A., entered
into on August 17, 2020. This agreement has a
term of 5 years, as from November 1, 2020,
renewable upon the fulfillment of certain
conditions.

• Distribution agreement of alcoholic beverages

(mainly wines) with Sociedad Anónima Santa Rita,
entered into on August 19, 2021. This agreement
has a term of 5 years, starting on
November 2, 2021, renewable
subject to certain conditions.

Paraguay

In Paraguay, the distribution agreements
are as follows:

• Energy drinks distribution agreement with

Monster Energy Company, entered into on
May 11, 2018. This agreement has a term of 10
years, automatically renewable for successive
periods of 5 years and upon the fulfillment of
certain conditions.

Andina’s corporate purpose does not require the
existence of special patents for its development.
Regardless of the foregoing, the Company has all permits,
municipal patents, licenses and sanitary authorizations
relevant and required for its proper operation in all its
processes and procedures, in each of its operations and
in accordance with its corporate purpose.

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PRODUCTION_
-CAPACITY

Year ended December 31

2021

2022

Total annual

Average

Utilization

Total annual

Average

Utilization

installed capacity utilization capacity capacity during

installed capacity utilization capacity

capacity during

(MUC)

peak month

(MUC)

peak month

Our operational excellence is based
on the ongoing upgrading of our
production facilities to maximize
productivity and efficiency.

During this period, we continued making
improvements in ancillary services and in our
complementary processes, such as water
treatment plants.

We are confident in the capacity of our equipment
and infrastructure to meet consumer demand for
each product format in each of our license
territories. Our bottling activity is seasonal, with
significantly higher demand in the summer and
spring, and because soft drinks are perishable,
bottlers must maintain a large surplus in order to
meet the substantially higher seasonal demand. We
ensure the quality of our products through
first-rate practices and procedures, primarily with
our quality control laboratories at each production
plant, which perform ongoing testing of raw
materials and analyze soft drink samples.

SSD (MUC)

Andina Chile

Brasil Refrescos

Andina Argentina

Paraguay Refrescos

Other Beverages (MUC)

Andina Chile

Brasil Refrescos

Andina Argentina

Paraguay Refrescos

Envases Central,

Vital Aguas,

Vital Jugos (Chile)

Others:

PET

(million bottles)

Preforms

(million preforms)

As of December 31, 2022, we had a total installed
production capacity, including soft drinks, fruit
juices and waters, of

Plastic caps

(million caps)

Crates

328

404

368

128

127

136

900

1,000

1,620

million unit cases.

Total capacity bev.

1,602

(%)

100

323

403

365

142

123

136

900

1,000

0.7

1,644

(%)

100

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DISTRIBUTION:
Truck_Fleet_

/MAIN CLIENTS AND
SUPPLIERS BY COUNTRY/

TWELVE MAIN CLIENTS BY COUNTRY

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654

From 112 different
companies

1,037

From 5 different
companies

377

525

From 123 different
companies

367

From 44 different
companies

Own fleet
(No. of trucks)

Third-party fleet
(No. of trucks)

Argentina

Chile

S.A. Imp.Y Exp.De La Patagonia, Inc Sociedad
Anonima, Cencosud S.A., Dorinka S.R.L., Mistura
S.A., G & A Distribuciones S.A.S, Lopez Hnos
S.R.L., Dia Argentina S.A., Switch Company S.A,
Sita S.A., Millan S.A. and Contti S.A.

No individual client accounts for more
than 10% of sales.

Walmart Chile S.A., Cencosud Retail S.A., Rendic
Hermanos S.A., Hipermercados Tottus S.A.,
Alimentos Fruna Ltda., Alvi Supermercados
Mayoristar, Super 10 S.A., Comercializadora
Golden Vending LTD, Comercial Liquidos OFF SPA,
Sodexo Chile SPA, Distrib. y Com. Tilicura S.A. y
Aramark Servicios Mineros and Rem.

No individual client accounts for more
than 10% of sales.

Brazil

Paraguay

Sendas Distribuidora S.A., Atacadao S.A.,
Supermercados Mundial Ltda., Casas Guanabara
Comestiveis Ltda., Cencosud Brasil Comercial
Ltda., Savegnago Supermercados Ltda., Super
Mercado Zona Sul S.A., Cia Brasileira De
Distribuicao, Realmar Distribuidora Ltda, Carrefour
Com E Industria Ltda., Drift Comercio De
Alimentos S.A. and Dom Atacarejo S.A.

Cadena de Supermercados Stock, Cadena de
Tiendas de Cercanía Biggie, Cadena de
Supermercados Superseis, Mayorista Lekaja S.R.L,
Mayorista Fortis, Cadena de Supermercados Luisito,
Mayorista Bodega Don Juan S.R.L., Cadena de
Supermercados Real, Mayorista Grefran Y Cia S.A.,
Supermercado Baratote, Cadena de Supermercados
Salemma and Mc Donald’s.

No individual client accounts for more
than 10% of sales.

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TWELVE MAIN
SUPPLIERS BY COUNTRY

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Argentina

Brazil

Chile

Paraguay

Concentrate
Serv. Y Prod. Para Bebidas Ref. S.R

Concentrate
Recofarma Industria Do Amazonas Ltda.

Concentrate
Coca Cola de Chile S.A.

Sweeteners (sugar/fructose)
Complejo Aliment. San Salvador S.A.
Ingrecor S.A.

Sweeteners (sugar/fructose)
Usina Alta Mogiana S/A – Açúcar E
Álcool

Sweeteners (sugar/fructose)
Comercializadora de Productos Panor
Ltda.

Plastic containers preforms
Andina Empaques Argentina S.A. Vinisa
Fueguina S.R.L.

Plastic containers preforms
Valgroup Rj Industria De Embalagens
Rigidas Ltda.

Resin Containers
Alpek Polyester Argentina S.A.

Caps
Bericap Do Brasil Ltda.

Cardboard
Tetra Pak S.R.L.

Returnable plastic containers
Riopet Embalagens S.A.

Cardboard / Pallet / Chapadur
Fiplasto S.A. Repallets S.A.

Water
Igua Rio De Janeiro S.A.

Glass containers
Cattorini Hnos. S.A.C.I.F.E I.

Cardboard
Tetra Pak Ltda.

Cans
Ball Beverage Can South America S.A

Electrical energy/gas
Ecogen Rio Solucoes Energeticas S.A.

Shrink wrap
Rio Chico S.A.

Suppliers accounting for more than
10% of supplier spending
Servicios Y Productos Para Bebidas
Refrescantes S.R.L.

Labels
Pp Print Embalagens S.A.

Cans
Crown Embalagem Metalica Da
Amazonia As

Shrink wrap
Valgroup Ba Industria De Embalagens
Flexiveis Ltda.

Suppliers accounting for more than
10% of supplier spending
Recofarma Industria Do Amazonas Ltda.

Iansa Ingredientes S.A. Sucden Chile
S.A.

Plastic containers preforms
Envases CMF S.A.

Caps and preformas
Syphon S.A.

Caps
Sinea S.A.

Cardboard
Corrupac S.A. Envases Impresos S.A.

Glass containers
Cristalerías Toro S.P.A. Cristalerias de
Chile S.A.

Shrink wrap
Plásticos Arpoli S.P.A.

Suppliers accounting for more than
10% of supplier spending
Coca-Cola de Chile S.A.

Concentrate
Servicios Y Productos Para Bebidas
Recofarma Ind Amazonas Ltda.

Sweeteners (sugar/fructose)
Alcotec Sociedad Anonima Azucarera
ParWaterya S.A. Inpasa Del ParWatery
S.A.

Preforms
Industrias Pet S.A.E.C.A.

Caps/Preforms
Andina Empaques Argentina S.A.

Reels
Tetra Pak Global Distribution SA

Labels
Bolsi Plast S.A.

Film
Petropack S.A.

Juices
Fenix S.A.

Caustic soda
Grupo Bio S.A.C.I.

Suppliers accounting for more than
10% of supplier spending
Servicios Y Productos Para Bebidas

Industrias Pet S.A.E.C.A. Recofarma Ind
Amazonas Ltda.

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OTHER OPERATIONS

Andina Empaques Argentina S.A.

Andina Empaques Argentina S.A. (hereinafter
“AEA”) is a company incorporated in 2011, from
the division of Embotelladora del Atlántico S.A.,
whose purpose is the design, manufacture and
commercialization of plastic products,
mainly packaging.

In the development of its activity in the packaging
division, and aligned with the strategy of being the
packaging supplier of the Coca-Cola Andina group
of companies, in the course of 2022 AEA supplied
Coca-Cola Andina Argentina’s need for non-
returnable preforms, plastic caps and
returnable PET bottles.

Production and sales by format
AEA operates a plant for the production of
preforms, returnable PET bottles, crates and plastic
caps located in Tigre, Province of Buenos Aires,
Argentina. The plant has thirteen preform injection
lines, two blow molding lines, one crate line and two
cap injection lines.

The production lines operated at 88.3% of installed
capacity in injection, 49.0% in blow molding, 75.4%
in crates and 53.4% in plastic caps.

Sales by format during 2022 were 26.3 million Ref
PET bottles and 829 million preforms for non-
returnable bottles, 0.6 million crates and 690.9
million plastic caps.

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Principal suppliers
• Resina: DAK Americas Argentina S.A., PBB Polisur

S.A., Dow Chamical, GC Marketing Solution
CL-Borealis AG.

• Colorante: Arcolor, Clariant, Concentrados y

Compuestos S.A.

• Etiquetas: Multi-Color Corp.
• Embalaje: Argencraf S.A., Nem S.A., Afema S.A.,

Fadecco-Cartocor S.A.

• Energía Eléctrica: Edenor S.A., Cammesa,

Termoandes S.A.

Principal clients
Embotelladora del Atlántico S.A.1, Coca-Cola Femsa
S.A., Paraguay Refrescos S.A.1, Reginald Lee S.A.,
Grupo Arca, Embotelladora Andina Chile S.A.1,
Montevideo Refrescos S.A., Envases CMF S.A.1.

Embotelladora del Atlántico S.A.1, Paraguay
Refrescos S.A.1, Reginald Lee S.A., and Grupo Arca
individually account for at least 10% of total
sales made.

1. Subsidiary

VJ S.A.

Through an agreement with The Minute Maid Co.
and Coca-Cola de Chile S.A., VJ S.A. produces
mainly nectars, fruit juices, fantasy and isotonic
drinks under the brands Andina del Valle (fruit
juices and nectars), Kapo (fantasy drink), Powerade
(isotonic drink) and Glaceau Vitamin Water
(flavored water with added vitamins and minerals),
as well as Guallarauco products (juices and nectars).
Andina del Valle juice brands are commercialized in
Tetra Pak containers and returnable and
nonreturnable glass bottles. Kapo is sold in
sachettes, Glaceau Vitamin Water in non-returnable
PET bottles, Powerade in non-returnable PET bottles
and Guallarauco in Tetra Pak and non-returnable
PET bottles.

In January 2011, the juice production business was
restructured, allowing the incorporation of the
other Coca-Cola bottlers in Chile to the ownership
of VJ S.A. As a result of the merger materialized on
October 1, 2012 by Embotelladoras Coca-Cola Polar
S.A. and Embotelladora Andina S.A., the ownership
structure of VJ S.A. was modified as of November
2012, as follows: Andina Inversiones Societarias S.A.
owns 50%, Embonor S.A. owns 35% and
Embotelladora Andina S.A. owns 15%.

Production and distribution
VJ S.A. operates one production plant located in
Renca (Santiago), where it has 12 lines for the
production of Andina del Valle, Powerade, Glaceau
Vitamin Water, KAPO and Guallarauco. The average
utilization of capacity during 2022 was 55.0%.

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Envases CMF S.A.2 individually accounts for at
least 10% of total purchases of raw materials.

Main clients
Embotelladora Andina S.A.3 and Coca-Cola
Embonor S.A.1 individually account for at least
10% of total sales made.

1. Shareholder. 2. Associate. 3. Parent company.

Vital Aguas S.A.

In Chile, VJ S.A.’s products are distributed
exclusively by Coca-Cola bottlers in the country, in
each of their respective franchises.

Main suppliers
• Concentrate: Coca-Cola de Chile S.A.1, Sapore

S.A., Coca-Cola de Chile S.A. S.A.1, Sapore S.A.,
Carlos Cramer Productos Aromáticos S.A.C.I.

• Sweetener: Embotelladora Andina S.A.3
• Fruit Pulp: Comercializadora Tradecos Chile

Ltda, Nufri, SAT N°1596, Sucocitrico Cutrale Ltda
- Brazil.

• Bottles and Containers: Tetra Pak de Chile Ltda.,

Envases CMF S.A.2, Alusa Chile S.A.

• Caps: Sinea S.A., Alucaps Mexica de Occidente

S.A de C.V., Importadora y Exportadora de
embalajes SPA.

• Packaging Material: International Paper Cartones

Ltda., Plásticos Arpoli Ltda., Corrupac S.A.

• Labels: Xu Yuan Packaging Technology Co., Sorbi
Ltda., Resinplast s.A., Resinplast s.A., Xu Yuan
Packaging Technology Co.

Through an agreement with The Coca-Cola
Company, Vital Aguas S.A. prepares and packages
the Vital (mineral water) and Glaceau SmartWater
(purified water) brands in sparkling and still
versions. The Vital mineral water brand is
commercialized in non-returnable glass and
non-returnable PET bottles and the Glaceau
SmartWater brand in non-returnable PET bottles.
As a result of the merger between Embotelladoras
Coca-Cola Polar S.A. and Embotelladora Andina
S.A. on October 1, 2012, the ownership structure of
Vital Aguas was modified as of November 2012, as
follows: Embotelladora Andina S.A. owns 66.5%
and Embonor S.A. owns 33.5%.

Production and distribution
Vital Aguas operates two lines for the production of
mineral water and purified water at the Chanqueahue
plant, located in the municipality of Rengo in Chile. In
Chile, Vital Aguas’ products are distributed exclusively
by Coca-Cola bottlers in each of their respective
franchises.

Coca-Cola de Chile S.A.1, Envases CMF S.A.2 and
Comercializadora Tradecos Chile Ltda. individually
account for at least 10% of total purchases of raw
materials.

Main clients
Embotelladora Andina S.A.3 , Novaverde S.A. and
Coca-Cola Embonor S.A.1 are the main clients and
individually account for at least 10% of total sales.

1. Shareholder. 2. Associate. 3. Parent company.

Main suppliers
• Carbon dioxide: Linde Gas Chile S.A.
• Labels: Resinplast S.A., Adhesol Ltda., Empack

Flexible S.A.

• Packaging Material: Calalsa Industrial S.A.,
Corrupac S.A., smurfit Kappa de Chile S.A.
• Caps: Envases CMF S.A.2, Guala Closures

Deutschland GmbH, Guala Closures Chile SPA.

• Packaging (preforms): Envases CMF S.A.2,

Cristalerías de Chile S.A.

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Envases Central S.A.

It is mainly engaged in the production of soft drinks
(Coca-Cola, Fanta and Sprite, among others),
Aquarius flavored water, Andina del Valle nectars
and Monster energy drink. These products are
packaged in 350ml and 220ml cans for soft drinks
and 473ml for energy drinks, in 250ml, 500ml and
1.5lt PET plastic bottles for soft drinks and flavored
waters, and in 300ml, 1.5lt, 1.75lt and 2lt PET plastic
bottles for Andina del Valle nectars. Envases
Central S.A. is owned by the bottlers of Coca-Cola
products in Chile together with Coca-Cola de
Chile. Andina owns 59.27%, Embonor 34.31% and
Coca-Cola de Chile 6.42%.

Coca-Cola de Chile S.A.1, Ball Chile S.A. and VJ
S.A.2 individually account for at least 10% of total
purchases of raw materials.

Main clients
Embotelladora Andina S.A.3 and Coca-Cola
Embonor S.A.1 individually account for at least 10%
of the total sales made.

1. Shareholder. 2. Associate. 3. Parent company.

Production and distribution
Envases Central operates a production plant in
Santiago. In Chile, Envases Central’s products are
distributed exclusively by Coca-Cola bottlers in the
country in each of their respective franchises.

Envases CMF S.A.

Main suppliers
• Concentrate: Coca-Cola de Chile S.A.1
• Aluminum cans and caps: Ball Chile S.A..
• Fruit Pulp: VJ S.A.2
• Sweetener: Embotelladora Andina S.A.3
• Plastic Bottles and Plastic Caps: Envases CMF

S.A.2, Bericap S.A.

• Labels: Adhesol Ltda., Codepack S.A., Multi-

Color Chile S.A.

• Packaging Material: Plásticos Arpoli Ltda.,
Corrupac S.A., Plastyverg Industrial Ltda.

It is mainly engaged in the production of returnable
and non-returnable bottles, preforms and caps.
Since 2012, Envases CMF has been owned by
Andina Inversiones Societarias S.A. (50%) and
Embonor Empaques S.A. (50%).

Production and sales by format
Envases CMF operates a plant in Santiago for the
production of bottles, preforms, caps, crates and
other plastic containers. The plant has 15 preform
injection lines, 9 blow molding lines, 11 conventional
injection lines, 9 injection blow molding lines, 6
extrusion blow molding lines, 3 crate lines and 3
cap lines.

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Sales by format during 2022 were 109.7 million
non-returnable PET bottles, 22.8 million returnable
PET bottles, 892.5 million preforms for non-
returnable bottles and 1,095 million products in
conventional injection.

Main suppliers
• Inks and Masterbatches: Avient, Holland,

Colormatrix, Kalay

• Resin: Czarnikow, Tricon, Dak Americas, Dak

Argentina

• Packaging: Dyntec Chile Ltda., Envases Impresos

SPA, Corrupac S.A., Plastiverg S.A.

• Labels: Multicolor, Verstraete

Czarnikow and Triconind individually account for at
least 10% of total purchases of raw materials.

Main clients
Embotelladora Andina S.A.1, Coca-Cola Embonor
S.A.1, VJ S.A.2, Vital Aguas S.A.2, Envases Central
S.A.2, Nestlé Chile S.A., Unilever Chile S.A. and
Demaria S.A.

Embotelladora Andina S.A.1 and Coca-Cola
Embonor S.A.1 individually account for at least 10%
of total sales made.

1. Shareholder. 2. Associate.

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INVESTMENT/
PLAN

Consolidated

(CLP million)

2021

2022

141,952

173,675

Investment and financing policy
Within the powers granted by the Shareholders’
Meeting, the Board of Directors defines the financing
and investment policies. Our Bylaws do not define a
specific financing structure or the investments that
the Company may make. On the other hand,
pursuant to the provisions of the Company’s current
power structure, the execution of certain types of
investments and the contracting of certain financing
require the prior approval of the Board of Directors.

Argentina

Embotelladora del

Atlántico S.A (*)

Andina Empaques

Argentina S.A (*)

31,723

30,018

37,757

36,958

1,705

799

Brazil

Rio de Janeiro

Refrescos Ltda.

30,882

44,611

Chile

57,245

Embotelladora Andina S.A

43,152

VJ S.A

Vital Aguas S.A

Envases Central S.A

Re-Ciclar S.A.

4,238

110

6,185

3,560

70,395

57,796

4,678

1,341

4,514

2,066

Paraguay

Paraguay Refrescos S.A

22,102

20,912

* Considers the implementation of IFRS 16 as of January 1, 2019,
which required the recognition of certain rights of use as fixed assets.

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Budgeted 2023 Investment Plan

With future challenges in mind, we
have budgeted US$250 million for
our capital expenditures in 2023.
These will be mainly allocated to:

US$ 41 million

(16% of total 2023 investment)

Returnable bottles and containers optimizing the

use of multi-purpose bottles

US$ 36 million

(14% of total 2023 investment)

Energy-efficient cold equipment and improved

client service

US$ 149 million

(59% of total 2023 investment)

Maintenance, expansion of production capacity and

regulatory compliance

US$ 29 million

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Investments to maintain and expand our
production capacity, as well as to comply with
current regulations, represent 59% of total
investments for the 2023 period, equivalent to
US$149 million. These investments will be mainly
focused on:

• Machinery and infrastructure to start producing

part of the beer portfolio in Brazil (US$ 45
million).

• Machinery and infrastructure in Argentina to

expand our returnable beverage capacity (US$ 18
million).

We will also make other investments that represent
10% of total investments (US$29 million), mainly
focused on:

• Truck fleet renewal in Chile (US$ 3.4 million) and

Brazil (US$ 2.4 million).

• Improving our technologies, processes, and

digital platforms to enhance our relationship with
our clients and consumers through efficient and
highly productive internal processes, accelerating
the incorporation of B2B, B2C, artificial
intelligence, data analytics, and machine learning
solutions (US$ 6.8 million).

• Machinery and infrastructure in our

subsidiary RE-CICLAR S.A. in Chile, to
continue with the construction of a
plant that will produce recycled PET
resin, which we will use in our bottles
(US$ 14 million).

• New beverage production line in Chile

(US$17.5 million).

• Compliance with industrial water

treatment regulations in Chile with a
new effluent treatment plant (US$2
million) and the expansion of the
existing plant in Argentina (US$2
million).

• Improve water use efficiency by reusing
water from effluents in Argentina and
Brazil (US$2.8 million).

• Continue with the returnable bottle
labeling plan in Paraguay (US$3.5
million).

• Promote the use of recycled PET resin

Insurance

Coca-Cola Andina and its subsidiaries maintain
insurance policies with important global companies. At
the corporate level, the main risks are managed by
taking out insurance policies against all operational
risks and terrorism, whose policy covers fire,
earthquake and damages due to stoppage, including
lost profits as a result of losses, civil liability and
product liability. In the Operations, policies are
considered to cover more specific risks, such as
transportation, motor vehicles, credit risk,
construction, among others.

Coca-Cola Andina’s main equipment
consists of bottling lines and auxiliary
equipment, market assets, packaging and
distribution assets. All of these are
in good condition and are sufficient to
sustain the normal performance of
the Operations.

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(10% of total 2023 investment)

(new line of PET flakes in Brazil).

Other investments

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EXHIBITS

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_INFORMATION

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Material Events ››

The Material Events and their effects
for the reporting period from January
1 to December 31, 2022 are as follows:

On February 22, 2022, the CMF was
informed of the following:
The following was resolved, among other matters,
at a Company’s Regular Board of Directors’
Meeting held on February 22, 2022:

I. To convene a Regular Shareholders Meeting for April
13, 2022, at 10:00 a.m., which will be carried out
100% remotely from the Company’s offices located at
Av. Miraflores 9153, Renca, Metropolitan Region. The
aforementioned in accordance with the provisions of
General Rule No. 435 and Circular No. 1141.

II. The matters to be discussed at the Meeting shall
be those required for this type of meetings,
including, among others, to ratify the interim
dividends paid against 2021 earnings and approve
the distribution of profits and the distribution of
new dividends for the following amounts:

a)CLP 189 (one hundred eighty-nine Chilean Pesos)

per Series A Shares and;

b) CLP 207,9 (two hundred seven point nine

Chilean Pesos) per Series B Shares.

If the Shareholders’ Meeting approves the payment of
the aforementioned new dividends, they will be paid
beginning on April 26th 2022. The Shareholders’
Registry would close on the fifth business day prior to
the payment date, for payment of these dividends.

On April 13, 2022, the CMF was
informed of the following:
The following resolutions were adopted at the
General Shareholders’ Meeting held on April 13,
2022, among others:

1. The approval of the Annual Report, Statements
of Financial Position and Financial Statements for
the year 2021; as well as the Report of Independent
Auditors with respect to the previously mentioned
Financial Statements;
2. The approval of earnings distribution and
dividend payments;
3. The approval of Company dividend distribution
policy and the distribution and payment
procedures utilized;
4. The approval of compensation for Directors and
members of the Ethics’ Committee, the Executive
Committee, the Directors’ Committee pursuant to
Chilean Corporate Law and members of the Audit
Committee established pursuant to the Sarbanes-
Oxley Act; their annual report and incurred
expenses;
5. The appointment of PricewaterhouseCoopers
Consultores Auditores SpA as the Company’s
independent auditors for the year 2022;
6. The appointment of Fitch Chile Clasificadora de
Riesgo Limitada and International Credit Rating
Clasificadora de Riesgo Limitada as the Company’s
local rating agencies and Fitch Ratings, Inc. and
S&P Global Ratings as the Company’s international
rating agencies, for the year 2022;
7. The approval of the report on Board agreements
in accordance with articles 146 and forward of
Chilean Corporate Law, regarding operations that
took place after the last General Shareholders’
Meeting; and,

8. The appointment of Diario Financiero, as the
newspaper where Company notices and
shareholders’ meetings announcements should be
published.
Regarding number 2 above, the Shareholders’
Meeting approved to ratify the interim dividends
paid on account of 2021 fiscal year profits and
approved the distribution and payment of a Mixed
Dividend N°221, payable in pesos, local currency, in
the amount of CLP 189 (one hundred eighty-nine
pesos) for each Series A share and CLP 207.9 (two
hundred seven point nine pesos) for each Series B
share.
The Mixed Dividend No. 221 considers:
(i) a final, additional dividend, of CLP 29 (twenty-
nine pesos) for each Series A share and CLP 31.9
(thirty-one point nine pesos) for each Series B
share, to be paid on account of a part of the profits
of Fiscal Year 2021; and
(ii) a final, eventual dividend, of CLP 160 (one
hundred and sixty pesos) per each Series A share
and CLP 176 (one hundred and seventy-six pesos)
per each Series B share, to be paid on account of a
part of the Company’s accumulated earnings.
This dividend will be paid as of April 26, 2022, to all
shareholders of record in the Shareholders’
Registry at midnight on April 20, 2022.

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

On July 27, 2022, the CMF was
informed of the following:
INTERIM DIVIDEND: As authorized by the General
Shareholders’ Meeting held on April 13, 2022, the
Board of Directors during session held on July 26,
2022, agreed to distribute the following amounts as
interim dividend:

On September 28, 2022, the CMF was
informed of the following:
INTERIM DIVIDEND: As authorized by the General
Shareholders’ Meeting held on April 13, 2022, the
Board of Directors during session held on
September 27, 2022, agreed to distribute the
following amounts as interim dividend:

On December 28, 2022, the CMF
was informed of the following:
INTERIM DIVIDEND: As authorized by the General
Shareholders’ Meeting held on April 13, 2022, the
Board of Directors during session held on
December 27, 2022, agreed to distribute the
following amounts as interim dividend:

a) CLP 29.0 (twenty-nine Chilean pesos) per each
Series A Shares; and
b) CLP 31.9 (thirty-one point nine Chilean pesos)
per each Series B Shares.

This dividend will be paid on account of income
from the 2022 fiscal year and will be available to
shareholders beginning August 26, 2022. The
Shareholders’ Registry will close on the fifth
business day prior to the payment date, for
payment of these dividends.

This dividend will be paid on account of income
from the 2022 fiscal year and will be available to
shareholders beginning October 28, 2022. The
Shareholders’ Registry will close on the fifth
business day prior to the payment date, for
payment of these dividends.

This dividend will be paid on account of income
from the 2022 fiscal year and will be available to
shareholders beginning January 27, 2023. The
Shareholders’ Registry will close on the fifth
business day prior to the payment date, for
payment of these dividends.

F
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During the year 2022, there were no material
effects on the Company’s business, financial
statements, securities or offerings thereof, arising
from events reported as material in prior periods,
other than those reported on each particular
occasion.

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Risks_Relating_
to_our_Company

We rely heavily on our relationship
with The Coca-Cola Company, which
has substantial influence over our
business and operations; and changes
in this relationship may adversely
affect our business.

The Coca-Cola Company has substantial influence
on the conduct of our business. The interests of
The Coca-Cola Company may be different from
the interests of our other shareholders. 61% and
64% of our net sales for 2021 and 2022,
respectively, were derived from the distribution of
soft drinks under The Coca-Cola Company
trademarks, while 18% and 20% of our net sales for
2021 and 2022, respectively, were derived from the
distribution of other beverages also bearing
trademarks owned by The Coca-Cola Company. In
addition, The Coca-Cola Company currently owns,
directly or through its subsidiaries, 14.65% of our
Series A shares (representing 7.33% of our total
shares) and benefits from certain rights under a
shareholders’ agreement. We produce, market and
distribute Coca-Cola products through standard
bottler agreements between our bottler
subsidiaries and The Coca-Cola Company.

The Coca-Cola Company has the ability to exert a
substantial influence on the business of the
Company through its rights under the bottler
agreements. The Coca-Cola Company also
monitors our prices and has the right to review and
approve our marketing, operating and advertising
plans. These factors may impact our profit margins,
which could adversely affect our net income and
results of operations.

Our marketing campaigns for Coca-Cola products
are designed and controlled by The Coca-Cola
Company. The Coca-Cola Company also makes
significant contributions to our marketing expenses,
although it is not required to contribute a particular
amount. Accordingly, The Coca-Cola Company
may discontinue or reduce such contribution at any
time. Pursuant to the bottler agreements, we are
required to submit a business plan to The Coca-
Cola Company for prior approval on a yearly basis.
In accordance with our bottler agreements, The
Coca-Cola Company may, among other things,
require that we demonstrate the financial ability to
meet our business plan, and if we are not able to
demonstrate our financial capacity, The Coca-Cola
Company may terminate our rights to produce,
market and distribute Coca-Cola soft drinks or
other Coca-Cola beverages in territories where we
have such approval. Under these bottler
agreements, we are prohibited from producing,
bottling, distributing or selling any products that
could be substituted for, be confused with or be
considered an imitation of soft drinks or other
beverages and products under the trademarks of
The Coca-Cola Company.

We depend on The Coca-Cola Company to renew
our bottler agreements, which are subject to
termination by The Coca-Cola Company in the
event we default or upon expiration of their
respective terms. We currently are party to four
bottler agreements: one agreement for Chile,
which is currently under renewal, one agreement
for Brazil, which expires in October 2027, one
agreement for Argentina, which expires in
September 2027, and one agreement for Paraguay,
which expired in March 2023 and is currently under
renewal. We cannot provide any assurance that our
bottler agreements will be maintained or renewed
upon their termination. Even if they are renewed,
we cannot provide any assurance that renewal will
be granted on the same terms as those currently in
effect. Termination, non-extension or non-renewal
of any of our bottler agreements would prevent us
from selling Coca-Cola trademark beverages in the
affected territory, which would have a material
adverse effect on our business, financial condition
and results of operation.

In addition, any acquisition we make of bottlers of
Coca-Cola products in other territories may
require, among other things, the consent of The
Coca-Cola Company under bottler agreements to
which such other bottlers are subject. We cannot
assure you that The Coca-Cola Company will
consent to any future geographic expansion of our
Coca-Cola beverage business.

We cannot assure you that our relationship with
The Coca-Cola Company will not deteriorate or
otherwise undergo significant changes in the future.
If such changes do occur, our operations and
financial results and condition could be materially
affected.

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The beverage business environment
is changing rapidly, including as
a result of increased health and
environmental concerns, such as
epidemic diseases, and if we do not
address evolving consumer product
and shopping preferences, our
business could suffer.

The beverage business environment in our territories
is dynamic and constantly evolving rapidly as a result
of, among other things, changes in consumer
preferences, including changes based on health and
nutrition considerations, obesity concerns and
epidemic diseases such as the COVID-19 pandemic
and related variants shifting consumer preferences and
needs; changes in consumer lifestyles; concerns
regarding location of origin or source of ingredients
and raw materials, and the environmental and
sustainability impact of the product manufacturing
process; consumer shopping patterns that are
changing with the digital revolution; consumer
emphasis on transparency related to our products and
packaging; and competitive product and pricing
pressures. While we have been offering our products
through online platforms and websites, if we do not
adapt our product offer to the needs of our customers
and changes in their lifestyles, our business could be
affected. Also, while we have reduced the amounts of
sugar in multiple beverages across our portfolio and
increased availability of low or no-calorie soft drinks, if
we are unable to successfully adapt in this
environment, our participation in the sales of
beverages and financial results in general would be
negatively affected.

Increased concern about the
health effects of sugar and other
sweeteners in beverages could result
in changes to the beverage business.

Consumers, public health officials and government
agencies in the majority of our markets, are
increasingly concerned with public health
consequences associated with obesity, particularly
among young people. Additionally, some
researchers, health advocates and dietary
guidelines are encouraging consumers to reduce
consumption of sugar-sweetened beverages and
beverages sweetened with nutritive or alternative
sweeteners. Increasing public concern about these
issues, the possibility of taxes on sugar-sweetened
beverages or other sweeteners, additional
governmental regulations concerning the
marketing, labeling, packaging or sale of our
beverages and any negative publicity resulting from
actual or threatened legal actions against beverage
companies relating to the marketing, labeling or
sale of beverages may reduce demand for our
products or increase the cost, which could
adversely affect our profitability.

Our business is highly competitive,
including with respect to price
competition, which may adversely
affect our net profits and margins.

The beverage business is highly competitive in each
of the territories in which we operate. We compete
with bottlers of local and regional brands, including
low cost beverages and Pepsi products.

This competition in each of the regions where we
operate is likely to continue, and we cannot assure
you that it will not intensify in the future, which
could materially and adversely affect our financial
condition and results of operations. If we do not
continuously strengthen our capabilities in
marketing and innovation to maintain our brand
loyalty and market share, our business and results
of operations could be negatively affected.

If our raw material costs increase,
including as a result of U.S. dollar/
local currency exchange risk and
price volatility, our profitability may
be affected.

In addition to water, our most significant raw
materials are (1) concentrate, which we acquire from
affiliates of The Coca-Cola Company, (2) sweeteners
and (3) packaging materials. Our most significant
packaging raw material costs arise from the purchase
of resin and plastic preforms to make plastic bottles
and from the purchase of finished plastic bottles, the
prices of which are related to crude oil prices and
global resin supply. Prices for concentrate are
determined by an agreement between the Company
and The Coca-Cola Company. The prices for our
remaining raw materials are driven by market prices
and local availability, the imposition of import duties
and restrictions, fluctuations in exchange rates and
inflation. We may not be successful in negotiating or
implementing measures to mitigate the negative
effect that increased raw material costs may have in
the pricing of our products or our results.

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We purchase our raw materials from both
domestic and international suppliers, some of
which must be approved by The Coca-Cola
Company, which may limit the number of suppliers
available to us. Because the prices of our main raw
materials –except for concentrate– are
denominated in U.S. dollars, we are subject to
local currency risk with respect to each of our
operations. If any of the Chilean peso, Brazilian
real, Argentine peso, or Paraguayan guaraní were
to depreciate significantly against the U.S. dollar,
the cost of certain raw materials in our respective
territories could rise significantly, which could have
an adverse effect on our financial condition and
results of operations. We cannot assure you that
these currencies will not lose value against the U.S.
dollar in the future. Additionally, some raw material
prices are subject to high volatility, which could
also have a material adverse effect on our
profitability. The supply or cost of specific raw
materials could be adversely affected by domestic
or global price changes, strikes, weather
conditions, taxes, inflation, governmental controls,
the COVID-19 pandemic, future variants thereof,
or other factors. Any sustained interruption in the
supply of these raw materials or any significant
increase in their price could have a material
adverse effect on our financial performance.

Instability in the supply of utility
services and oil prices may adversely
impact our results of operations.

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Our operations depend on a stable supply of
utilities and fuel in the countries where we operate.
Electrical power outages could lead to increased
energy prices and possible service interruptions.
We cannot assure you that in the future we will not
experience energy interruptions that could
materially and adversely affect our business. In
addition, a significant increase in energy prices
would raise our costs, which could materially
impact our results of operations. Fluctuations in oil
prices have adversely affected our cost of energy
and transportation in the regions where we
operate, and we expect that they will continue to
do so in the future. Recently, global fuel prices have
increased significantly as a result of Russia’s invasion
of Ukraine. We cannot assure you that fuel prices
will not increase in the future, and that such an
increase would not have a significant effect on our
financial performance.

Water scarcity, poor water quality
and energy shortages could adversely
impact our production costs and
capacity.

Water is the main ingredient in substantially all of
our products. It is also a limited resource in many
parts of the world, facing unprecedented
challenges from overexploitation, increasing
demand for food and other consumer and
industrial products whose manufacturing processes
require water, increasing pollution and poor
management, lack of physical or financial access to
water, sociopolitical tensions due to lack of public
infrastructure in certain areas of the world and the
effects of climate change. As demand for water
continues to increase around the world, and as the
quality of available water deteriorates, we may incur
increasing production costs or face capacity
constraints and the possibility of reputational
damage, which could adversely affect our
profitability.

We obtain water from various sources in our
territories, including springs, wells, rivers and
municipal and state water companies pursuant to
concessions granted by governments in our various
territories. Water scarcity or changes in
governmental regulations aimed at rationing water
in the regions where we operate could affect our
water supply and therefore our business.

Some of the countries in which we operate have
experienced prolonged periods of drought. For
example, in 2021 Brazil we experienced periods of
drought and water quality problems. In the event
that these drought periods occur and are
prolonged over time, the costs of our operations
could be significantly affected due to water scarcity
and consequent power shortages. Similarly, in the
event that a drought situation worsens, the
authorities could be forced to issue new laws and
regulations that could limit or restrict the sale of
our products, which could adversely affect our
financial results.

We also anticipate future discussions on new
regulations in Chile and other countries where we
operate relating to future ownership of water
resources, including possible nationalization, and
stricter controls on water usage. In Chile
particularly, discussions are beginning to take place
relating to the framework on ownership of water
resources. In the event that these discussions lead
to relevant changes in regulations regarding the
ownership or use of water resources, the costs of
our operation could be significantly affected.

We cannot assure you that water will be available in
sufficient quantities and/or quality to meet our
future production needs or will prove sufficient to
meet our current water supply needs.

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Climate change and legal or
regulatory responses thereto
may have an adverse impact on our
business and results of operations.

There is increasing concern that a gradual increase
in global average temperatures due to increased
concentration of carbon dioxide and other
greenhouse gases in the atmosphere is causing
significant changes in weather patterns around the
globe and an increase in the frequency and severity
of natural disasters. Decreased agricultural
productivity in certain regions of the world as a
result of changing weather patterns may limit the
availability or increase the cost of key agricultural
commodities, such as sugarcane, and corn which
are important sources of ingredients for our
products. Climate change may also exacerbate
extreme weather, resulting in water scarcity or
flooding, and cause a further deterioration of water
quality in affected regions, which could limit water
availability for our operations. Increased frequency
or duration of extreme weather conditions could
also impair production capabilities, disrupt our
supply chain or impact demand for our products.
Increasing concern over climate change also may
result in additional legal or regulatory requirements
designed to reduce or mitigate the effects of carbon
dioxide and other greenhouse gas emissions on the
environment and/or may result in increased
disclosure obligations. Increased energy or
compliance costs and expenses due to increased
legal or regulatory requirements may cause
disruptions in, or an increase in the costs associated
with, the manufacturing and distribution of our
beverage products. The effects of climate change
and legal or regulatory initiatives to address climate
change could have an adverse impact on our
business and results of operations.

Our ability to achieve our
environmental, social and governance
goals are subject to risks, many of
which are outside of our control, and
our reputation and brands could be
harmed if we fail to meet such goals.

Companies across all industries are facing
increasing scrutiny from stakeholders related to
environmental, social and governance (“ESG”)
matters, including practices and disclosures related
to environmental stewardship; social responsibility;
diversity, equity and inclusion; and workplace
rights. Our ability to achieve our ESG goals and
objectives and to accurately and transparently
report our progress presents numerous
operational, financial, legal and other risks. If we are
unable to meet our ESG goals or evolving
stakeholder expectations and industry standards, or
if we are perceived to have not responded
appropriately to the growing concern for ESG
issues, our reputation, and therefore our ability to
sell products, could be negatively impacted.

In addition, in recent years, investor advocacy
groups and certain institutional investors have
placed increasing importance on ESG matters. If,
as a result of their assessment of our ESG
practices, certain investors are unsatisfied with our
actions or progress, they may reconsider their
investment in our Company.

Significant additional labeling or
warning requirements may inhibit
sales of our products.

The countries in which we operate may adopt
significant advertising restrictions as well as
additional product labeling or warning requirements
relating to the chemical content or perceived
adverse health consequences of certain of our
Coca-Cola products or other products. The
Chilean Congress passed Law No. 20,606 with
respect to labeling of certain consumer products,
including soft drinks and bottled juices and waters
such as ours. The law became effective in June
2016 and its implementation has been carried out
in stages, with labeling requirements becoming
progressively stricter in June 2018 and June 2019.
Furthermore, in Argentina, on November 12, 2021,
the “Healthy Nutrition Law” (Law No. 27642),
known as the “Food Labelling Law,” was published
and became effective on November 21, 2021. This
law mandates the display of warning labels on food
and beverages containing an excess of critical
ingredients shall bear the following warning labels:
“excess of sugar,” “excess of sodium,” “excess of
saturated fats” and “excess of total fats”.
Cautionary warnings on food and beverages
containing artificial sweeteners and caffeine are
required to read as follows: “Contains artificial
sweeteners. Not recommendable for children” and
“Contains caffeine. Avoid child consumption.” The
regulation implementing this law was approved and
published on March 23, 2022. We cannot predict
at this time whether these requirements will have
an impact on our sales in Argentina.

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Given the uncertainty surrounding the
interpretation of the law, we may occasionally be
subject to costs and penalties associated with
non-compliance, which are difficult to predict. Also,
these requirements may adversely affect sales of
our products and our results of operations.

Our business may be adversely
affected if we are unable to maintain
brand image and product quality.

Our beverage business is highly dependent on
maintaining the reputation of our products in the
countries where we operate. If we fail to maintain high
standards for product quality, our reputation and
ability to remain a distributor of The Coca-Cola
Company beverages in the countries where we
operate could be jeopardized. Negative publicity or
incidents related to our products may reduce their
demand and could have a material adverse effect on
our financial performance. If any of our products is
defective or found to contain contaminants, or causes
injury or illness, we may be subject to legal claims filed
by consumers, product recalls, business interruptions
and/or other liabilities.

We take significant precautions in order to minimize
any risk of defects or contamination in our products.
These precautions include quality-control programs
for raw materials, the production process and our final
products. We also have established procedures to
correct as soon as practicable any problems that are
detected. However, the precautions and procedures
we implement may not be sufficient to protect us from
potential incidents.

Trademark infringement could
adversely impact our beverage
business.

A significant portion of our sales derives from sales
of beverages branded with trademarks of The
Coca-Cola Company, as well as other trademarks. If
other parties attempt to misappropriate trademarks
we use, we may be unable to protect these
trademarks. The maintenance of the reputation of
these brands is essential for the future success of
our beverage business. Misappropriation of
trademarks we use, or challenges thereto, could
have a material adverse effect on our financial
performance.

We may not be able to successfully
implement our expansion strategies
or achieve the expected operational
efficiencies or synergies from
potential acquisitions.

We have, and we may continue to, acquire businesses
and pursue other strategic transactions as part of our
expansion strategies. We cannot assure you that we
will be successful in identifying opportunities and
consummating acquisitions and other strategic
transactions on favorable terms or at all. These types
of transactions may involve additional risks to our
Company, including operating in geographic regions
or with beverage categories in which we have less or
no operating history. Depending on the size and timing
of an acquisition or transaction, we may be required to
raise future financing to consummate the acquisition
or transaction. Moreover, even if we are able to
consummate a transaction, acquisitions and other
strategic opportunities may involve significant risks and
uncertainties.

Key elements to achieving the benefits and expected
synergies of our acquisitions are the integration of
acquired businesses’ operations into our own in a
timely and effective manner and the retention of
qualified and experienced key personnel. We may
incur in unforeseen liabilities in connection with
acquiring, taking control of, or managing beverage
operations and other businesses and may encounter
difficulties and unforeseen or additional costs in
restructuring and integrating them into our operating
structure. These difficulties include distraction of
management from current operations, difficulties in
integration with our existing business and technology,
greater than expected liabilities and expenses,
inadequate return on capital, and unidentified issues
not discovered in our pre-acquisition investigations
and evaluations of those strategies and acquisitions.
We cannot assure you that these efforts will be
successful or completed as expected by us, and our
business, financial condition, results of operations
could be adversely affected if we are unable to do so.

Weather conditions or natural
disasters may adversely affect our
business.

Lower temperatures and higher rainfall may
negatively impact consumer patterns, which may
result in lower per capita consumption of our
beverages. Additionally, adverse weather conditions
or natural disasters may affect road infrastructure in
the countries in which we operate and limit our
ability to sell and distribute our products. For
example, in February of 2010 our business
experienced a temporary interruption in our
production as a result of the 8.8 magnitude
earthquake in central Chile; and in March 2015, flash
floods in the north of Chile interrupted our
production and distribution in such territory.

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Additionally, we may experience raw material supply
disruptions due to COVID-19 restrictions. While
our operations have not been materially disrupted
to date, the COVID-19 pandemic and government
measures taken to contain the spread of the virus
could disrupt our supply chain and the
manufacture or shipment of our products, and
adversely impact our business or results of
operations.

Additionally, during 2020 and 2021 the COVID-19
pandemic and government measures disrupted
certain of our sales channels, in particular as a
result of the temporary mandatory closing of
restaurants and bars and prohibition on social
gathering events, which adversely affected our sales
volumes to these channels. We cannot predict how
much of an impact the COVID-19 pandemic and
government measures will ultimately have on these
sales channels, nor can we predict how much or
for how long consumer spending patterns may
change as a result of these developments.

The COVID-19 pandemic and government
measures could in the future adversely affect our
business and results of operations, potentially
materially. In addition, an outbreak of other
epidemics in the future, such as the bird flu,
influenza, SARS, the Ebola virus and the Zika virus
or any other unknown disease, could also result in
a similar impact.

Our business is subject to risks
arising from the COVID-19 pandemic.

In early 2020, the outbreak of the Coronavirus
2019 (COVID-19) was declared by the World Health
Organization to be a “public health emergency of
international concern” and spread across most of
the world. Since 2020, countries around the world
have adopted extraordinary measures to contain
the spread of COVID-19, including imposing travel
restrictions and bans, closing borders, establishing
restrictions on public gatherings, instructing
residents to practice social distancing, requiring
closures of non-essential businesses, issuing
stay-at-home advisories and orders, implementing
quarantines and similar actions. Although most
restrictions and measures have been lifted or
relaxed by now, the impact of the COVID-19
pandemic on global economic conditions has
significantly increased economic uncertainty. We
cannot predict how long the COVID-19 pandemic
will continue or for how long and to what extent
current or future governments’ restrictions will
remain in place or be imposed. Furthermore, even
if the outbreaks of COVID-19 subside, we cannot
predict whether subsequent outbreaks, including
from new variants of the virus, will reoccur, or
whether governments will implement longer-term
measures that continue to affect industries.

Given uncertainties regarding the impact of the
COVID-19 pandemic, we cannot predict accurately
the extent to which the COVID-19 outbreak, any
variants thereof and its related ongoing effects,
could affect our business and results of operations.
COVID-19 poses the risk that we or our employees,
contractors, suppliers and other partners may be
limited or prevented from conducting business
activities for an indefinite period of time, including
due to shutdowns that may be requested or
mandated by governmental authorities.

Our insurance coverage may not
adequately cover losses resulting
from the risks for which we are
insured.

We maintain insurance for our principal facilities
and other assets. Our insurance coverage protects
us in the event we suffer certain losses resulting
from fire, terrorism and natural disasters, such as
earthquake and floods, or from business
interruptions caused by such events. In addition,
we maintain other insurance policies for general
liability and product contamination. We cannot
assure you that our insurance coverage will be
sufficient or will provide adequate compensation
for losses that we may incur.

If we are unable to protect our
information systems against data
corruption, cyber-based attacks
or network security breaches, our
operations could be disrupted.

We are increasingly dependent on information
technology networks and systems, including over the
Internet, to process, transmit and store electronic
information. In particular, we depend on our
information technology infrastructure for digital
marketing activities and electronic communications
among us and our clients, suppliers and also among
our subsidiaries and facilities. Security breaches or
infrastructure flaws can create system disruptions,
shutdowns or unauthorized disclosure of confidential
information. If we are unable to prevent such
breaches or flaws, our operations could be disrupted,
or we may suffer financial damage or loss because of
lost or misappropriated information.

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Cyber threats are rapidly evolving and the means for
obtaining access to information in digital and other
storage media are becoming increasingly
sophisticated. Coca-Cola Andina has recognized
cyber risk as a threat to our business and to mitigate
it, it has implemented a cybersecurity strategy which,
through its regulations, processes and measures aims
to increase the level of cyber resilience of the
Company.

If our information systems or third-party information
systems on which we rely suffer severe damage,
disruption or shutdown and our business continuity
plans do not effectively resolve the issues in a timely
manner, we could experience delays in reporting our
results, and we may lose revenue and profits as a
result of our inability to timely manufacture,
distribute, invoice and collect payments for finished
products.

Moreover, hardware, software or applications we use
may have inherent defects of design, manufacture or
operations or could be inadvertently or intentionally
implemented or used in a manner that could
compromise information security. A security breach
and loss of information may not be discovered for a
significant period of time after it occurs. While we
have no knowledge of a material security breach to
date, any compromise of data security could result in
a violation of applicable privacy and other laws or
standards, the loss of valuable business data, or a
disruption of our business. A security breach
involving the misappropriation, loss or other
unauthorized disclosure of sensitive or confidential
information could give rise to unwanted media
attention, materially damage our customer
relationships and reputation, and result in fines or
liabilities, which may not be covered by our insurance
policies

Despite the measures and systems that have been
implemented by the Company, as cyber threats
evolve, change and become more difficult to detect
and successfully defend against, therefore one or
more cyber-attacks might defeat our or a third-party
service provider’s security measures in the future and
obtain personal information of customers or
employees. Employee error or other irregularities
may also defeat of security measures and result in a
breach of information systems. Because information
systems are critical to many of the Company’s
operating activities, our business may be impacted by
system shutdowns, service disruptions or
cybersecurity incidents. These incidents may be
caused by failures during routine operations such as
system upgrades or by user errors, as well as network
or hardware failures, malicious or disruptive software,
unintentional or malicious actions of employees or
contractors, cyberattacks by hackers, criminal groups
or nation-state organizations (which may include
social engineering, business email compromise,
cyber extortion, denial of service, or attempts to
exploit vulnerabilities), geopolitical events, natural
disasters, failures or impairments of
telecommunications networks, or other catastrophic
events.

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If we fail to comply with personal
data protection and privacy laws, we
could be subject to adverse publicity,
government enforcement actions
and/or private litigation, which could
negatively affect our business and
operating results.

In the ordinary course of our business, we
receive, process, transmit and store information
relating to identifiable individuals (“personal
data”), primarily employees, former employees
and consumers with whom we interact. As a
result, we are subject to laws and regulations
relating to personal data. These laws have been
subject to frequent changes, and new legislation
in this area may be enacted in other jurisdictions
at any time. These laws impose operational
requirements for companies receiving or
processing personal data, and many provide for
significant penalties for noncompliance. Also, new
standards or regulations over data security or the
handling of personal information, in the countries
where we operate, may increase our costs in
order to comply with those potential regulations
and have required and may in the future require
costly changes to our business practices and
information security systems, policies, procedures
and practices.

Perception of risk in emerging
economies may impede our access to
international capital markets, hinder
our ability to finance our operations
and adversely affect our financial
performance.

International investors, as a general rule, consider the
countries in which we operate to be emerging market
economies. Consequently, economic conditions and
the market for securities of emerging market
countries influence investors’ perceptions of Chile,
Brazil, Argentina and Paraguay and their evaluation of
securities of companies located in these countries.

During periods of heightened investor concern
regarding emerging market economies, in particular
in recent years Argentina, the countries where we
operate may experience significant outflows of U.S.
dollars.

In addition, during these periods companies based in
the countries where we operate have faced higher
costs for raising funds, both domestically and abroad,
as well as limited access to international capital
markets, which have negatively affected the prices of
the aforementioned countries’ securities. Although
economic conditions are different in each of the
emerging-market countries, investors’ reactions to
developments in one of these countries may affect
the securities of issuers in the others. For example,
adverse developments in emerging market countries
may lead to decreased investor interest in the
securities of Chilean companies.

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Our business may be adversely affected
if we fail to renew collective bargaining
labor agreements on satisfactory terms
or experience strikes or other labor
unrest.

A substantial portion of our employees is covered by
collective bargaining labor agreements. These
agreements generally expire every year. Our inability
to renegotiate these agreements on satisfactory
terms could cause work stoppages and interruptions,
which may adversely impact our operations. Changes
to the terms and conditions of existing agreements
could also increase our costs or otherwise have an
adverse effect on our operational efficiency. We
experience periodic strikes and other forms of labor
unrest through the ordinary course of business. We
cannot assure you labor interruptions or other labor
unrest will not occur in the future. If we experience
strikes, work stoppages or other forms of labor
unrest at any of our production facilities, our ability
to supply beverages to customers could be impaired,
which would reduce our net operating revenues and
could expose us to customer claims.

Our business is subject to regulation,
which is complex and subject to
change.

We are subject to local regulations in each of the
territories in which we operate. The main areas of
regulation are water, environment, labor, taxation,
health, consumer protection, advertising and antitrust.
Regulation could affect our ability to set prices for our
products. The adoption of new laws or regulations or a
stricter interpretation or enforcement thereof in the
countries in which we operate may increase our
operating costs or impose restrictions on our
operations which, in turn, may adversely affect our
financial condition, business and results.

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Further changes in current regulations may result in
increased compliance costs, which may have an
adverse effect on our results or financial condition.

In the past, voluntary price restraints or statutory
price controls have been imposed in several of the
countries in which we operate. Currently there are
no restraints or price controls applicable to our
products in any of the territories in which we
operate, except with respect to a limited number of
products in Argentina. However, we cannot assure
you that government authorities in any country in
which we operate will not impose statutory price
controls, or that we will not be requested to impose
voluntary price restraints in the future. The potential
imposition of restraints or price controls in the future
may have an adverse effect on our results and
financial condition.

Our business is subject to increasing
environmental regulation, which may
result in increases in our operating
costs or adverse changes in consumer
demand.

We are subject to various environmental laws and
regulations in the countries where we operate, which
apply to our products, containers and activities.

If these environmental laws and regulations are
strengthened or newly established in jurisdictions in
which we conduct our businesses, we may be
required to incur considerable expenses in order to
comply with such laws and regulations. We are also
subject to uncertainty regarding the interpretation of
the environmental laws and regulations of the
countries in which we operate, and any ambiguity or
uncertainty regarding the interpretation or
application of regulations can result in increased
production costs or penalties for non-compliance,
which are difficult to predict. Such increased
expenses may have a material adverse effect on our
results of operations and financial position. To the
extent we determine that it is not financially sound
for us to continue to comply with such laws and
regulations, we may have to curtail or discontinue
our activities in the affected business areas.

In addition, concerns over the environmental impact
of plastic may reduce the consumption of our
products sold in plastic bottles or result in additional
taxes that could adversely affect consumer demand.
In Chile, in August 2021, Law No. 21,368 was
enacted, establishing limits on the generation of
disposable products and regulating the use of
plastics. Additionally, Law No. 20,920 passed in 2016,
sets the framework for waste management, the
extended liability of the producer and the promotion
of recycling, which aims to reduce waste generation
and encourage reuse, recycling and other types of
valorization, in order to protect people’s health and
the environment.

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If we were to become subject to
adverse judgments or determinations
in legal proceedings to which we are,
or may become, a party, our future
profitability could suffer through
significant liabilities, a reduction of
sales, increased costs or damage to
our reputation.

In the ordinary course of our business, we become
involved in various claims, lawsuits, investigations and
governmental and administrative proceedings, some
of which are or may be significant. We are currently a
party to certain legal proceedings. Adverse
judgments or determinations in one or more of these
proceedings could require us to change the way we
do business or use substantial resources in adhering
to the settlements. These could have a material
adverse effect on our business, including, among
other consequences, by significantly increasing the
costs required to operate our business. Ineffective
communications during or after these proceedings
could amplify the negative effects, if any, of these
proceedings on our reputation and may result in a
negative market impact on the price of our
securities. We evaluate these litigation claims and
legal proceedings to assess the likelihood of
unfavorable outcomes and to estimate, if possible,
the amount of potential losses. Based on these
assessments and estimates, we establish reserves
and/or disclose the relevant litigation claims or legal
proceedings, as appropriate. These assessments and
estimates are based on the information available to
management at the time and involve a significant
amount of management judgment. Actual outcomes
or losses may differ materially from our current
assessments and estimates.

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In addition, during recent years, the Company has
been subject to judicial proceedings and
administrative investigations associated with alleged
monopolistic practices. Although these proceedings
and investigations have not resulted in any
convictions or penalties for the Company, we cannot
assure that this will not occur in the future. Antitrust
complaints may be submitted in Chile without any
prior admissibility test and, as a result, we cannot
predict whether unsubstantiated claims against us will
be filed. Possible sanctions in matters of competition
could have an adverse effect on our business.

The countries in which we operate may
adopt new tax laws or modify existing
laws to increase taxes applicable to
our business or reduce existing tax
incentives.

We cannot assure you that any governmental
authority in any country where we operate will not
impose new taxes or increase the taxes on our
products in the future. The imposition of new taxes,
the increases in taxes or the reduction of tax
incentives may have a material adverse effect on our
business, financial condition and results.

For example, in Chile, for companies such as Andina,
the latest reform introduced in Chile in February
2020 maintains corporate tax and withholding tax
rates on dividends. In addition, the government of
Mr. Gabriel Boric has made tax reform one of its
priorities in order to have resources to finance
changes promised during election campaign, aiming
to increase tax revenues by 5.0% of Chile’s GDP in 4
years and up to 8.0% within an 8-year period. The
reform may include a transition to a non-integrated
tax system, which would imply that taxes paid at the
corporate level cannot be used as a credit for taxes
payable at the personal level, which would be offset
in all cases by a decrease in the withholding rate on
profit remittances abroad. In any event, the reform,
as proposed, would not apply to shareholders
residing in countries that have a double taxation
avoidance treaty with Chile, as they would continue
to use the current integrated system.

In Argentina, in June 2021, a new tax reform was
enacted. Under this new tax reform, which became
effective for the 2021 fiscal period, the most
important consequence for the Company was the
increase in the applicable income tax rate from 30%
to 35%. Additionally, the Company has to pay
income tax on dividends, the rate for which has
remained at 7%. In relation to the gross income tax
(so-called “tax over gross revenues”), in 2019 there
was a 0.5% average reduction in the gross income
tax rate for industrial activity in provinces of
Argentina where Andina has no productive plants,
while the 0.5% reduction planned for 2020 was
suspended and has remained suspended during
2022. Municipal rates in 2022, and so far as of the
date of this annual report, remain unchanged, with
few insignificant exceptions. Andina Argentina enjoys
the benefit of a zero-tax rate on gross income in the
province of Córdoba until 2030 under a new
industrial promotion granted on August 31, 2020.

For further information, see also “Risks Relating to
Brazil – Changes in tax laws may increase our tax
burden and reduce tax incentives and, as a result,
negatively affect our profitability.”

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Brazilian tax proceedings may result
in a significant tax liability.

Our subsidiary Rio de Janeiro Refrescos Ltda. is
party in several tax proceedings in which the
Brazilian federal tax authorities argue the alleged
existence of liabilities associated with value added
tax on industrialized products for an approximate
total amount of R$2.82 billion (equivalent to
approximately US$546.32 million). These
proceedings are at different administrative as well as
judicial procedural stages. We disagree with the
Brazilian tax authorities’ position and believe that
Rio de Janeiro Refrescos Ltda. is entitled to claim
Imposto sobre Produtos Industrializados (IPI) tax
credits in connection with its purchases of certain
exempt raw materials from suppliers located in the
Manaus Free Trade Zone. We believe that the
Brazilian tax authorities’ claims are without merit.
Our external Brazilian counsel has advised us that it
believes that Rio de Janeiro Refrescos Ltda.’s
likelihood of loss in most of these proceedings is
classified as possible or remote. Despite the
foregoing, the outcome of these claims is subject to
uncertainty, and it is difficult to predict their final
resolution or any other negative repercussions from
this dispute with the Brazilian tax authorities to The
Coca-Cola Company or its bottling companies in
Brazil, including our Brazilian subsidiaries.

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If we do not successfully comply
with laws and regulations designed
to combat corruption in countries in
which we sell our products, we could
become subject to fines, penalties or
other regulatory sanctions, and our
sales and profitability could suffer.

Although we are committed to conducting business
in a legal and ethical manner in compliance with
local and international statutory requirements and
standards applicable to our business, there is a risk
that our employees or representatives may take
actions that violate applicable laws and regulations
that generally prohibit the making of improper
payments to foreign government officials for the
purpose of obtaining or keeping business, including
laws relating to the 1997 OECD Convention on
Combating Bribery of Foreign Public Officials in
International Business Transactions or the U.S.
Foreign Corrupt Practices Act.

We may not be able to recruit or
retain key personnel.

The implementation of our strategic business plans
could be undermined by a failure to recruit or retain
key personnel or the unexpected loss of senior
employees, including in acquired companies. We
face various challenges inherent in the management
of a large number of employees over diverse
geographical regions. Key employees may choose to
leave their employment for a variety of reasons,
including reasons beyond our control. The impact of
the departure of key employees cannot be
determined and may depend on, among other
things, our ability to recruit other individuals of
similar experience and skill.

It is not certain that we will be able to attract or
retain key employees and successfully manage them,
which could disrupt our business and have an
unfavorable material effect on our financial position,
income from operations and competitive position.

A devaluation of the currencies
of the countries where we have
our operations, with regard to the
Chilean peso, can negatively affect
the results reported by the Company
in Chilean pesos.

The Company reports its results in Chilean pesos,
while a large part of its revenues comes from
countries that use other currencies. During 2021 and
2022, 24% and 24% of the Company’s net sales were
generated in Brazil, 24% and 26% in Argentina, and
8% and 8% in Paraguay. If the currencies of these
countries depreciate against the Chilean peso, this
would have a negative effect on the results and
financial condition of the Company, which are
reported in Chilean pesos.

The imposition of exchange controls
could restrict the entry and exit
of funds to and from the countries
in which we operate, which could
significantly limit our financial
capacity.

The imposition of exchange controls in the
countries in which we operate could affect our
ability to repatriate profits, which could significantly
limit our ability to pay dividends to our
shareholders. Additionally, it may limit the ability of
our foreign subsidiaries to finance payments of U.S.
dollar denominated liabilities required by foreign
creditors.

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Geopolitical and economic risks have also increased
over the past few years as a result of trade tensions
between the United States and China, Brexit, and
the rise of populism and tensions in South America
and Middle East. Growing tensions may lead, among
others, to a deglobalization of the world economy,
an increase in protectionism or barriers to
immigration, a general reduction of international
trade in goods and services and a reduction in the
integration of financial markets, any of which could
materially and adversely affect our business,
financial condition and results of operations.

Negative information on social
media and similar platforms could
adversely affect our reputation.

Negative or inaccurate information concerning us or
The Coca-Cola trademarks may be posted on social
media and similar platforms of Internet-based
communications at any time. This information may
affect our reputation, and adversely impact our
business and results of operations.

Geopolitical and other challenges
and uncertainties globally could have
a material adverse effect on the
global economy and our business.

In addition to the significant macroeconomic
challenges posed by health concerns, such as the
COVID-19 pandemic, which led to a fall in GDP in
all of the countries where we operate, we could be
exposed to experience negative impacts to our
businesses, financial condition and results of
operations as a result of geopolitical and other
challenges and uncertainties globally, including
inflation, increase in the interest rates, increased
unemployment, foreign exchange rates and
recession or economic slowdown, changing policy
positions or priorities. Currently, the world
economy is facing several exceptional challenges.

Escalating tensions between Russia and Ukraine and
massive military actions between Russia and Ukraine
could adversely impact macroeconomic conditions,
leading to significant disruption, instability and
volatility in global markets, as well as higher inflation
(including by contributing to further increases in the
prices of energy, oil and other commodities and
further disrupting supply chains) and lower or
negative growth. The EU, UK, U.S. and other
governments have imposed significant sanctions and
export controls against Russia and Russian interests
and threatened additional sanctions and controls.
The impact of these measures, as well as potential
responses to them by Russia, is currently unknown
and, although we do not have direct exposure to
Ukraine and Russia, they could adversely affect our
business, financial condition and results of
operations.

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Risks Relating to Chile

Our growth and profitability depend
significantly on economic conditions
in Chile.

Our operations in Chile represented 46.3% and
44.1% of our assets as of December 31, 2021 and
2022, respectively, and 44.0% and 42.3% of our
net sales for 2021 and 2022, respectively.
Accordingly, our business, financial condition, and
results of operations depend, to a considerable
extent, upon economic conditions in Chile.

International and local economic conditions may
adversely affect the Chilean economy, and
unfavorable general economic conditions could
negatively affect the affordability of and demand for
some of our products in the country. In difficult
economic conditions, consumers may seek to
reduce discretionary spending by forgoing
purchases of our products or buying low cost
brands offered by competitors. Any of these events
could have an adverse effect on our business,
financial condition and results of operations.

According to data published by the Central Bank,
the Chilean economy contracted by 5.8% in 2020,
in 2021 it grew by 11.7%, and in 2022 the economy
grew by 2.4%.

Our financial condition and results of operations
could also be adversely affected by changes over
which we have no control, including, without
limitation:

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• political or economic developments in or

affecting Chile;

• the economic or other policies of the Chilean
government, which has a substantial influence
over many aspects of the private sector;

• tax rates and policies;

• regulatory changes or administrative practices of

Chilean authorities;

• energy or water shortages or rationalization;

• the Chilean constitutional process, and the
impact of a new Chilean Constitution, if
approved;

• government restrictions in response to the

COVID-19 pandemic and authorities, capacity to
keep the pandemic under control;

• inflation and governmental policies to combat

inflation;

• currency exchange movements; and

• global and regional economic conditions.

We cannot assure you that the future development
of the Chilean economy will not impair our ability
to successfully carry out our business plan or
materially adversely affect our business, financial
condition or results of operations.

Civil unrest in Chile, the process to
draft a new constitution, and the
health conditions resulting from
COVID-19 have had and could have
in the future a significant adverse
effect on the general economic
conditions in Chile and our business,
results of operations and financial
condition.

Currently, Chile is in a period of uncertainty
generated by political and economic factors.
Beginning in October 2019, widespread protests
took place in Chile. Demonstrations spread across
the country and resulted in violent and, sometimes,
fatal acts, as well as significant damage to public
and private property. While to date the riots and
protests described above have decreased
significantly in intensity and frequency, they are not
completely over. There is currently a process of
drafting a new constitution in Chile, which will be
voted in December 2023. Any new constitution
could alter the Chilean economy, political situation
and therefore the business and outlook of the
Company. In addition, a tax reform and a pension
system reform is currently being discussed, adding
to economic uncertainty.

We cannot predict the extent to which the
economy of Chile will be affected by the political
discussion regarding the new constitution and the
tax and pension system reform, nor can we predict
if government policies will have a negative impact
on the Chilean economy. Changes in government
policies may include higher tax rates and other
changes in laws and policies that could result in a
less favorable environment for private businesses.

Thus, the long-term effects of the new constitution
are hard to predict, but could include slower
economic growth and higher taxes, which could
adversely affect our business, financial condition
and results of operation.

Political developments in Chile could
result in instability.

In December 2021, Chile elected a new President,
Mr. Gabriel Boric, who took office on March 11,
2022. This is the first time that a representative of
the Apruebo Dignidad coalition (made up of several
political parties from Chilean left wing) assumes the
executive power, through the appointment of his
cabinet members, the coalition has enlarged to
include the Socialist party, and the Partido por la
Democracia, former members of the Concertación
coalition, who had won 5 elections for president
between 1989 and 2014. In addition, a new
Congress was elected in November 2021, resulting
in the Chamber of Deputies having a 44%
representation from right-wing candidates, 5%
independents, and the remaining 51% from center
and left-wing candidates (24% of total deputies
belong to Apruebo Dignidad). In the case of the
Senate, 50% is represented by right-wing politics,
and 50% from center and left-wing parties (10% of
the Senate will belong to the next ruling coalition).

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In this context, Chile has a relatively balanced
Congress in terms of political representation, and
as a result the probability of having extreme
reforms seems more limited. However, we cannot
assure that measures taken by the new
government impacting private investment, such as
higher taxation, will not be implemented, and we
cannot assure whether the Chilean government
will continue to pursue business-friendly and
open-market economic policies that stimulate
economic growth and stability. Further, there can
be no assurance that future developments in or
affecting the Chilean political landscape, including
economic, social or political instability in Chile, will
not materially and adversely affect our business,
financial condition or results of operations.

The Chilean peso is subject to
depreciation and volatility, which
could adversely affect our business.

The Chilean peso has been subject to large nominal
devaluations in the past and may be subject to
significant fluctuations in the future. The main drivers
of exchange rate volatility in past years were the
significant fluctuations of commodity prices, as well
as general uncertainty and trade imbalances in the
global markets.

During 2022, the Chilean peso experienced high
volatility, reaching $1.051 CH$/US$ during July, and
ending the year at $856 CH$/US$.

A significant part of the raw materials used by the
Company are in U.S. dollars, therefore a devaluation
of the Chilean peso against the U.S. dollar can affect
our costs and margins in a significant way.

In addition, as we report our results of operations in
Chilean pesos, fluctuations in the value of the
Chilean peso versus the Brazilian real, the Argentine
peso and the Paraguayan guaraní could also impact
our reported performance in Chilean pesos.

Inflation in Chile and government
measures to curb inflation may
disrupt our business and have an
adverse effect on our financial
condition and results of operations.

Although Chilean inflation had remained relatively
stable in recent years (3.0 % in 2019 and 3.0% in
2020), inflation in 2021 reached 7.2%, and 12.8% in
2022. The increase in inflation rates is mainly due to
the COVID-19 economic and financial aid package
promulgated by the Chilean Congress. Since July
30, 2020, three laws (Law No. 21,248; Law No.
21,295; and Law No. 21,330) have been passed to
allow affiliates of the private pension system
governed by Decree Law No. 3,500, to withdraw
funds (up to 10% each time, subject to certain
limitations) from their personal pension funds
accounts. Also, the government distributed an
Emergency Family Income (“IFE”) to 90% of
Chilean households, monthly during most of 2021,
thus increasing their disposable income significantly.
These withdrawals and the IFE program had a
significant effect on consumption, and as a
consequence, have led to an increase in inflation.
As a measure to control inflation, the Central Bank
has made recurrent increases in the Monetary
Policy Rate ranging from 0.5% in 2021 to 11.25%
during 2022, aiming to achieve a significant
decrease in consumption and thus in inflation.

The measures taken by the Central Bank in the past
to control inflation have often included maintaining
a conservative monetary policy with high interest
rates, thereby restricting the availability of credit
and economic growth. Inflation, measures to
combat inflation, and public speculation about
possible additional actions by the government have
also contributed in the past to economic
uncertainty in Chile and to heightened volatility in
its securities markets. Periods of higher inflation
may also slow the growth rate of the Chilean
economy, which could lead to reduced demand for
our products and decreased sales. Inflation is also
likely to increase some of our costs and expenses,
given that the majority of our supply contracts in
Chile are UF-denominated or are indexed to the
Chilean consumer price index. We cannot assure
that, under competitive pressure, we will be able to
carry out price increases, which could adversely
impact our operating margins and operating
income. Additionally, an important part of our
financial debt in Chile is UF-denominated, and
therefore the value of the debt reflects any increase
of the inflation in Chile.

A severe earthquake or tsunami in
Chile could adversely affect the
Chilean economy and our network
infrastructure.

Chile lies on the Nazca tectonic plate, one of the
world’s most seismically active regions. Chile has
been adversely affected by powerful earthquakes in
the past, including an 8.0 magnitude earthquake
that struck Santiago in 1985 and a 9.5 magnitude
earthquake in 1960 which is the largest earthquake
ever recorded.

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In February 2010, an 8.8 magnitude earthquake
struck the central and south-central regions of
Chile. The quake epicenter was located 200 miles
southwest of Santiago and 70 miles north of
Concepción, Chile’s second largest city. The
regions of Bío Bío and Maule were the most
severely affected regions, especially the coastal
area, which, shortly after the earthquake, was hit by
a tsunami that significantly damaged cities and port
facilities. The Valparaíso and Metropolitan regions
were also severely affected. At least 1.5 million
homes were damaged, and more than 500 people
were killed. As a result of these developments,
economic activity in Chile was adversely affected in
March 2010. Legislation was passed to raise the
corporate income tax rate in order to pay for
reconstruction following the earthquake and
tsunami, which had an adverse effect on our
results.

A severe earthquake and/or tsunami in Chile in the
future could have an adverse impact on the Chilean
economy and on our business, financial condition
and results of operation, including our production
and logistics network.

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• expansion or contraction of the Brazilian

economy;

• exchange rate fluctuations;

Risks Relating to Brazil

• high inflation rates;

Our business operations in Brazil are
dependent on economic conditions in
Brazil.

Our operations in Brazil represented 30.7% and
31.5% of our assets as of December 31, 2021 and
2022, respectively, and 24.3% and 24.0% of our
net sales for 2021 and 2022, respectively. Because
demand for soft drinks and beverage products is
usually correlated to economic conditions
prevailing in the relevant local market,
developments in economic conditions in Brazil, and
measures taken by the Brazilian government, have
had and are expected to continue to have an
impact on our business, results of operations and
financial condition.
The Brazilian economy has historically been
characterized by unstable economic cycles and
interventions by the Brazilian government. Brazilian
GDP contracted by 3.3% in 2020, grew by 5.0% in
2021 and grew estimated by 3.0% in 2022
according to the Brazilian Institute of Geography
and Statistics (Instituto Brasileiro de Geografia e
Estatistica). The Brazilian government has often
changed monetary, taxation and other policies to
influence the course of Brazil’s economy. Our
business, results of operations and financial
condition may be adversely affected by, among
others, the following factors:

• changes in fiscal or tax policies;

• changes in monetary policy, including an increase

in interest rates;

• exchange control policies and restrictions on

remittances abroad;

• investment levels;

• liquidity of domestic capital and credit markets;

• employment levels and labor and social security

regulations;

• energy or water shortages or rationalization;

• changes in environmental regulation;

• government restrictions in response to the
COVID-19 pandemic and the capacity of
authorities to keep the pandemic under control;

• social and political instability;

• uncertainty related to the new Government and

the policies it may adopt; and

• other developments in or affecting Brazil.

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The Brazilian economy is also affected by
international economic and market conditions in
general, especially economic and market conditions
in the United States, the European Union and
China.

Inflation and the Brazilian
government’s measures to curb
inflation, including by increasing
interest rates, may contribute to
economic uncertainty in Brazil.

The Brazilian real is subject to
depreciation and volatility, which
could adversely affect our business,
financial condition and results of
operations.

Historically volatile political, social
and economic conditions in Brazil
could adversely affect our business
and results of operations.

Brazil’s political environment has historically
influenced, and continues to influence, the
performance of the country’s economy. Political crises
have affected and continue to affect the confidence of
investors and the general public, which have
historically resulted in economic deceleration.

Luis Ignacio Lula da Silva was elected President of
Brazil in October 2022 and assumed office in January
2023. A failure by the Brazilian government to
implement necessary reforms may result in diminished
confidence in the Brazilian government’s fiscal
condition and budget, which could result in
downgrades of Brazil’s sovereign foreign credit rating
by credit rating agencies, negatively impact Brazil’s
economy, lead to further depreciation of the real and
an increase in inflation and interest rates, adversely
affecting our business, financial condition and results
of operations.

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Brazil has historically experienced high rates of
inflation, including periods of hyperinflation before
1995. Several measures have been implemented by
the Brazilian government in an effort to curb rising
inflation, but we cannot predict whether these
policies will be effective. According to the National
Consumer Price Index (Índice Nacional de Preços ao
Consumidor Amplo, or “IPCA”), published by the
Brazilian Institute of Geography and Statistics
(Instituto Brasileiro de Geografia e Estatística, or
“IBGE”), Brazilian annual rates of inflation for
consumer prices were 4.5% in 2020, 10.1% in 2021
and 5.8% in 2022.

Inflationary pressures may result in governmental
interventions in the economy, including policies that
could adversely affect the general performance of the
Brazilian economy, which, in turn, could adversely
affect our business operations in Brazil. Inflation may
also increase our costs and expenses, and we may be
unable to transfer such costs to our customers,
reducing our profit margins and net income. In
addition, inflation could also affect us indirectly, as
our customers may also be affected and have their
financial capacity reduced. Any decrease in our net
sales or net income, as well as any reduction in our
financial performance, may also result in a reduction
in our net operating margin. Our customers and
suppliers may be affected by high inflation rates and
such effects on our customers and suppliers may
adversely affect us.

The Brazilian currency has been subject to significant
fluctuations over the past three decades. Throughout
this period, the Brazilian government has implemented
various economic plans and exchange rate policies,
including sudden devaluations, periodic mini
devaluations (during which the frequency of
adjustments has ranged from daily to monthly),
exchange controls, dual exchange market and floating
exchange rate systems. Although long-term
devaluation of the real is generally related to the rate
of inflation in Brazil, the devaluation of the real over
shorter periods has resulted in significant fluctuations
in the exchange rate between the Brazilian currency,
the U.S. dollar and other currencies. The Brazilian real
depreciated 29% and 7% during 2020 and 2021
respectively and appreciated 7% in 2022 compared to
the closing exchange rate as of the end of the prior
period for the U.S. dollar in nominal terms.

A significant part of the raw materials we use in Brazil
are priced in U.S. dollars, so a depreciation of the
Brazilian real against the U.S. dollar has a significant
adverse effect in our costs and margins.

Any depreciation of the real against the U.S. dollar
could create additional inflationary pressure, which
might result in the Brazilian government adopting
restrictive policies to combat inflation. This could lead
to increases in interest rates, which might negatively
affect the Brazilian economy as a whole, as well as our
results of operations, in addition to restricting our
access to international financial markets. It also
reduces the U.S. dollar value of our revenues.

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On the other hand, future appreciation of the real
against the U.S. dollar might result in the deterioration
of Brazil’s current and capital accounts, as well as a
weakening of Brazilian GDP growth derived from
exports. We cannot assure you that the real will not
again fluctuate significantly against the U.S. dollar in
the future and, as a result, have an adverse effect on
our business, results of operations and financial
condition.

Changes in tax laws may increase our
tax burden and reduce tax incentives
and, as a result, negatively affect
our profitability.

The Brazilian government regularly implements
changes to tax regimes that may increase our and our
customers’ tax burdens. These changes include
modifications in the tax rates and, on occasion,
enactment of temporary taxes, the proceeds of which
are earmarked for designated governmental purposes.
In the past, the Brazilian government has presented
certain tax reform proposals, which have been mainly
designed to simplify the Brazilian tax system, to avoid
internal disputes within and between the Brazilian
states and municipalities, and to redistribute tax
revenues. The tax reform proposals provide for
changes in the rules governing the federal Social
Integration Program (Programa de Integração Social,
or “PIS”) and Social Security Contribution
(Contribuição para o Financiamento da Seguridade
Social, or “COFINS”) taxes, the state Tax on the
Circulation of Goods and Services (Imposto Sobre a
Circulação de Mercadorias e Serviços, or “ICMS”)
and some other taxes, such as increases in payroll
taxes.

These proposals may not be approved and passed into
law. The effects of these proposed tax reform
measures and any other changes that result from
enactment of additional tax reforms have not been,
and cannot be, quantified. However, some of these
measures, if enacted, may result in increases in our
overall tax burden, which could negatively affect our
overall financial performance. In addition, the Brazilian
beverage industry experiences unfair competition
arising from tax evasion, which is primarily due to the
high level of taxes on beverage products in Brazil. An
increase in taxes may lead to an increase in tax
evasion, which could result in unfair pricing practices
in the industry.

Since 2018, the Brazilian government has gradually
altered the value-added tax on industrialized products
(Imposto sobre Produtos Industrializados or “IPI”)
applicable to soft drinks concentrate. This measure
has negatively affected our operations, since it
significantly reduced the tax credit derived from the
purchases of concentrate from the Manaus Free Trade
Zone that currently benefits Rio de Janeiro Refrescos,
and the soft drinks industry as a whole. Such
alterations have been implemented gradually since
2018 and most recently as follows:
(1) 8% IPI rate from February 2021 to February 2022;
(2) 6% IPI rate from February to April 2022; and
(3) 8% IPI rate from May 2022 onwards.
Any further reductions of the IPI may adversely affect
our financial condition and results of operations.

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• the competitiveness and efficiency of domestic

industries and services;

Risks Relating to Argentina

peso against foreign currencies;

• the stability and competitiveness of the Argentine

Our business operations in Argentina
are dependent on economic conditions
in Argentina.

• the rate of inflation;

• the government’s fiscal deficits;

Our operations in Argentina represented 11.3% and
13.1% of our assets as of December 31, 2021 and
2022, respectively, and 24.2% and 25.9% of our net
sales for 2021 and 2022, respectively.
Developments in economic, political, regulatory
and social conditions in Argentina, and measures
taken by the Argentine government, have had and
are expected to continue to have an impact on our
business, results of operations and financial
condition.

Historically, the Argentine economy has
experienced periods of high levels of instability and
volatility, low or negative economic growth and high
and variable inflation and devaluation levels.
According to the National Statistics and Census
Institute (Instituto Nacional de Estadísticas y
Censos, or “INDEC”), Argentine GDP in real
terms, contracted by 9.9% in 2020 and grew 10.4%
in 2021, compared to the previous year according
to the INDEC. GDP in 2022 grew by an estimate of
6.38% according to the INDEC.

Argentine economic conditions are dependent on a
variety of factors, including the following:

• domestic production, international demand and

prices for Argentina’s principal commodity
exports;

• the government’s public debt levels;

• government restrictions in response to the
COVID-19 pandemic and the capacity of
authorities to keep the pandemic under control;

• foreign and domestic investment and financing;

and

• governmental policies and the legal and

regulatory environment.

Government policies and regulation—which at times
have been implemented through informal measures
and have been subject to radical shifts—that have had
a significant impact on the Argentine economy in the
past have included, among others: monetary policy,
including exchange controls, capital controls, high
interest rates and a variety of measures to curb
inflation, restrictions on exports and imports, price
controls, mandatory wage increases, taxation and
government intervention in the private sector.

We cannot assure you that the future development of
the Argentine economy will not impair our ability to
successfully carry out our business plan or materially
adversely affect our business, financial condition or
results of operations.

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Political and economic instability
in Argentina may recur, which could
have a material adverse effect on
our Argentine operations and on our
financial condition and results of
operations.

Argentina has a history of political and economic
instability that often results in abrupt changes in
government policies. Argentine governments have
pursued different, and often contradictory, policies to
those of preceding administrations. In recent decades,
succeeding administrations have implemented
interventionist policies, which included nationalization,
debt renegotiation, price controls, and exchange
restrictions, as well as market-friendly policies, such as
export tax reductions, elimination of currency
controls, deregulation of utility prices, negotiation of
free trade agreements and implementation of
pro-investor initiatives.

Presidential elections in Argentina are scheduled to
take place in October 2023. We cannot predict the
outcome of these elections.

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We cannot provide assurance that the Argentine
government will not adopt policies, over which we
have no control, that adversely affect the Argentine
economy and impair our Argentine operations and
our business, financial condition or results of
operations.

Inflation in Argentina may adversely
affect our operations, which could
adversely impact our financial
condition and results of operations.

Argentina has experienced high levels of inflation in
recent decades. Argentina’s historically high rates of
inflation resulted mainly from its lack of control over
fiscal policy and the money supply. Argentina
continues to face high inflationary pressures. In 2020,
the INDEC registered an increase in the consumer
price index (índice de precios al consumidor or “CPI”)
of 36.1%, while the wholesale price index (índice de
precios internos al por mayor or “WPI”) increased
35.4%. In 2021, INDEC recorded a CPI increase of
50.9%, while WPI increased 51.3%. In 2022, INDEC
recorded a CPI increase of 94.79% while WPI
increased 94.78%.

During 2020, 2021 and 2022, Argentina met the
criteria to be considered a hyperinflationary economy
as provided by IAS 29 guidelines, which include,
among other characteristics, a cumulative inflation
rate over three years that approaches or exceeds
100%. Accordingly, IAS 29 must be applied for
financial statements for fiscal years ending on or after
July 1, 2018. IAS 29 requires non-monetary assets and
liabilities, shareholders’ equity and comprehensive
income to be restated in terms of a measuring unit
current at the period end.

IAS 29 also requires the use of a general price index to
reflect changes in purchasing power. As a result, since
July 2018, we began to apply IAS 29 in the preparation
of our financial statements and report the results of
our operations in Argentina as if this economy were
hyperinflationary from January 1, 2018. In addition, by
application of IAS 29, we had to translate figures in
Argentine pesos to Chilean pesos using the period
closing exchange rate (and not the average exchange
rate), thus reducing our results of operations and net
earnings. We cannot predict for how long Argentina
will be considered a hyperinflationary economy and
we will have to apply IAS 29 to the preparation of our
financial statements.

In the past, inflation has materially undermined the
Argentine economy and the government’s ability to
generate conditions that foster economic growth.
High inflation or a high level of price instability may
materially and adversely affect the business volume of
the financial system. This result, in turn, could
adversely affect the level of economic activity and
employment in the country.

High inflation would also undermine Argentina’s
foreign competitiveness and adversely affect economic
activity, employment, real salaries, consumption and
interest rates, thereby materially and adversely
affecting economic activity and consumers’ income
and their purchasing power, all of which could have a
material adverse effect on our financial condition and
operating results.

Between 2007 and 2015, the INDEC, which is the only
institution in Argentina with the statutory authority to
produce official national statistics, experienced
significant institutional and methodological changes
that gave rise to controversy regarding the reliability of
the information that it produces, including inflation,
GDP and unemployment data, resulting in allegations
that the inflation rate in Argentina and the other rates
calculated by INDEC could be substantially different
than as indicated in official reports. While the previous
administration undertook reforms and the credibility
of the national statistics systems has since been
restored, we cannot assure you that the new or future
administrations will not implement policies that may
affect the national statistics system undermining
consumer and investor confidence, which ultimately
could affect our business, results of operations and
financial condition.

The Argentine peso is subject to
depreciation and volatility, which
could adversely affect our financial
condition and results of operations.

Fluctuations in the value of the peso continue to
affect the Argentine economy. Since January 2002,
the peso has fluctuated significantly in value, often
following periods of high inflation and currency
controls that artificially appreciated the value of the
currency. Frequent devaluations have had an
adverse effect on the ability of the Argentine
government and Argentine companies to make
timely payments on their foreign currency
denominated obligations, have significantly reduced
wages in real terms, and have adversely impacted
the stability of businesses whose success depends
on the domestic market demand.

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In an effort to reduce downward pressure on the
value of the Argentine peso, the Argentine
government has at times implemented policies
aimed at maintaining the level of reserves of the
Banco Central de la República Argentina (“BCRA”)
that limit the purchase of foreign currency by
private companies and individuals. Currently,
access to the foreign exchange market is subject to
several restrictions and governmental
authorizations.

In 2020, 2021 and 2022, the Argentine peso
depreciated 41%, 22% and 72%, respectively,
compared to the closing exchange rate as of the
end of the prior period for the U.S. dollar. A
significant part of the raw materials used by the
company in Argentina are in U.S. dollars, so a
devaluation of the Argentine peso against the U.S.
dollar can affect our costs and margins in a
significant way.

The depreciation of the Argentine peso may have a
negative impact on the ability of certain Argentine
businesses to service their foreign currency
denominated debt, significantly reduce real wages
and jeopardize the stability of businesses which
success depends on domestic market demand. It
may also, adversely affect the Argentine
government’s ability to honor its foreign debt
obligations. A significant appreciation of the
Argentine peso against the U.S. dollar also presents
risks for the Argentine economy, including the
possibility of a reduction in exports as a
consequence of the loss of external
competitiveness. Any such appreciation could also
have a negative effect on economic growth and
employment, and reduce tax revenues.

Given the economic and political conditions in
Argentina, we cannot predict whether, and to what
extent, the value of the Argentine peso may
depreciate or appreciate against the U.S. dollar, the
euro or other foreign currencies. We cannot
predict how these conditions will affect the
consumption of our products. Moreover, we
cannot predict whether the current Argentine
government will continue its monetary, fiscal, and
exchange rate policy and, if so, what impact any of
these changes could have on the value of the
Argentine peso and, accordingly, on our financial
condition, results of operations and cash flows, and
on our ability to transfer funds abroad in order to
comply with commercial or financial obligations.

The Argentine government could
impose certain restrictions
on currency conversions and
remittances abroad, which could
affect the timing and amount of
any dividends or other payment we
receive from our Argentine subsidiary.

Beginning in December 2015, the Argentine
government gradually eased restrictions which
significantly curtailed access to the foreign
exchange market by individuals and private sector
entities and affected our ability to declare and
distribute dividends with respect to our Argentine
subsidiary. These measures included informal
restrictions, which consisted of de facto measures
restricting local residents and companies from
purchasing foreign currency through the foreign
exchange market to make payments abroad, such
as dividends and payment for the importation of
goods and services.

In September 2019, in a response to the weakening
of the Argentine peso following the results of the
primary elections, the Argentine government
temporarily reinstated certain exchange
restrictions. The new controls apply with respect to
access to the foreign exchange market by residents
(both companies and natural persons) for savings
and investment purposes abroad, the payment of
external financial debts abroad, the payment of
dividends in foreign currency abroad, the payment
of imports of goods and services, and the obligation
to repatriate and settle for Argentine pesos the
proceeds from exports of goods and services,
among others. Under current Argentine law, we are
restricted from accessing the official foreign
exchange market to make dividend payments to us
from our Argentine subsidiaries without prior
approval from the Argentine Central Bank.

The Argentine government could maintain or
impose new exchange control regulations,
restrictions and adopt other measures to prevent
capital flight or significant depreciation of the peso,
which could limit access to international capital
markets, adversely affecting Argentina’s economy,
and further impair our ability to declare and
distribute dividends from our Argentine
subsidiaries.

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government complied with all payments
corresponding to the debt restructuring of its
sovereign bonds (foreign law and local law) made
during 2020.

in March 2022, Argentina and the IMF ultimately
signed an Extended Facilities agreement that
provides for longer repayment terms for the loan
received in 2018, but also provides increased
obligations for Argentina.

While Argentina had regained access to the
international capital markets, actions by the
Argentine government, or investor perceptions of
the country’s creditworthiness, could curtail access in
the future or could significantly increase borrowing
costs, limiting the government’s ability to foster
economic growth. Limited or costly access to
international financing for the private sector could
also affect our business, financial condition and
results of operations.

The Argentine government’s ability to
obtain financing from international
capital markets may be limited or
costly, which may impair its ability
to implement reforms and foster
economic growth.

At the end of 2001, the Argentine government
defaulted in part of its sovereign debt. In 2005 and
2010, Argentina conducted exchange offers to
restructure part of its sovereign debt that had been
in default since the end of 2001. Through these
exchange offers, Argentina restructured over 92% of
its eligible defaulted debt. In April 2016, after a series
of judicial actions by Argentina’s bondholders, the
Argentine government settled substantially all of the
remaining defaulted debt. Additionally, as a result
partially of emergency measures undertaken by the
government in response to the crisis of 2001 and
2002, foreign shareholders of several Argentine
companies filed claims with the International Centre
for Settlement of Investment Disputes (“ICSID”),
alleging that those measures diverged from the just
and equal treatment standards set forth in bilateral
investment treaties to which Argentina is a party. The
ICSID ruled against the Argentine government in a
number of these proceedings, and the Argentine
government has settled some but not all of these
claims.

Between December 2019 and September 2020, the
Argentine government agreed restrictions to its
sovereign debt with international and local
bondholders. In August and September 2020, the
Argentine government restructured its sovereign
bonds debt under foreign law in the amount of
US$67 billion and under local law in the amount of
US$45 billion, in both cases with an acceptance level
of over 99%. During 2022, the Argentine

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The government may order salary
increases to be paid to employees
in the private sector, which could
increase our operating costs and
affect our results of operations.

In the past, the Argentine government has passed
laws, regulations and decrees requiring companies
in the private sector to increase wages and provide
specified benefits to employees. On December 23,
2019, the Argentine government passed a law
granting emergency powers to the executive branch
which, among others, include the ability to
mandate increases to private sector wages. Due to
persistent high levels of inflation, labor
organizations regularly demand significant wage
increases. In 2020, 2021 and 2022 the increase in
the federally-mandated minimum wage was 22%,
55% and 94%, respectively, and for these same
years the market average salary increase for
workers was 38%, 48% and 88%, respectively. In
addition, the Argentine government has arranged
various measures to mitigate the impact of inflation
and exchange rate fluctuation in wages. Due to high
levels of inflation, both public and private sector
employers continue to experience significant
pressure to further increase salaries.

Labor relations in Argentina are governed by
specific legislation, such as Labor Law No. 20,744
and Law No. 14,250 on Collective Bargaining
Agreements, which, among other things, dictate
how salary and other labor negotiations are to be
conducted. In the future, the government could
take new measures requiring salary increases or
additional benefits for workers, and the labor force
and labor unions may apply pressure in support of
such measures. Any such increase in wages or
worker benefit could result in added costs and
reduced results of operations for Argentine
companies, including us.

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Government measures to preempt
or respond to social unrest may
adversely affect the Argentine
economy and our business.

Price control policies in Argentina
may be accentuated, which may have
a material and adverse effect on the
results of our Argentine operations.

In recent decades, Argentina has experienced
significant social and political turmoil, including civil
unrest, riots, looting, nationwide protests, strikes
and street demonstrations. Social and political
tension and high levels of poverty and
unemployment continue. Unions frequently stage
nationwide strikes and protests, and riots and
lootings of shops and supermarkets in cities around
the country have taken place at times of social
turmoil.

Future government policies to preempt, or in
response to, social unrest may include
expropriation, nationalization, forced renegotiation
or modification of existing contracts, suspension of
the enforcement of creditors’ rights, new taxation
policies and changes in laws and policies affecting
foreign trade and investment. Such policies could
destabilize the country and adversely and materially
affect the Argentine economy, and thereby our
business, results of operations and financial
condition.

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The Argentine government has from time to time
established price controls on consumer products. To
the extent that the price of our products in Argentina
is restricted by government imposed price controls
the results of our Argentine operations may be
materially affected. As of 2020, with the change of
administration, the Argentine government re-
established its “Precios Cuidados” price-watch
program with new products including 93 new items
from different categories of the mass consumption
basket with price revisions on a quarterly basis or
every four months. In addition to this program, in
March 2020, and together with the implementation
of the COVID-19 pandemic health measures, through
a resolution issued by the Secretariat of Commerce
presidential decree the “Precios Máximos de
Referencia” (Maximum Reference Prices) program
was created, freezing prices of 2,300 products from
50 basic consumer categories (in force for
hypermarkets, supermarkets, mom & pops, self-
service, mini markets and wholesale supermarkets
and their respective products suppliers throughout
the country). Price increases for the products
involved in the new program were subsequently
authorized in July and October. In line with price
control policies, in March 2021 the Secretariat of
Commerce created a new reporting regime known as
the “System for the Implementation of Economic
Reactivation Policies” (SIPRE for its acronym in
Spanish) to prevent arbitrary price increases and
product shortages. The SIPRE requires large
commercial and industrial companies, including
beverage manufacturers, to report on a monthly
basis the price, production and sales, and inventory
stocks of their products.

The obligation to report to SIPRE will remain in force
for the duration of the emergency declared by Law
No. 27,541 (at least until December 31, 2023).
Likewise, the Secretariat of Commerce announced,
during April 2021, the creation of the Monitoring
Center for the Price and Availability of Inputs, Goods
and Services, with the purpose of monitoring,
surveying and systematizing the prices and availability
of all inputs, goods and services that are produced,
traded and rendered in Argentina. The extension and
validity of this program will depend on the Argentine
government’s policy based on the evolution of the
health crisis and inflation. During 2022, the “Precios
Cuidados” program included a list of more than
1,300 products. On November 10, 2022, the
National Ministry of Economy created the “Precios
Justos” (“Fair Prices”) program, to guarantee the sale
to final consumers of certain products at a fixed
price or with a constant variation, previously agreed
upon for a determined term. This program is
applicable to manufacturing companies, wholesale
supermarkets and retailers that voluntarily entered
into the established agreement, by which the prices
of the products included therein could not be
modified during the months of November and
December 2022 and January and February 2023,
while the prices of the products not within the scope
were only allowed a monthly 4% increase during
November and December 2022 and January and
February 2023. Under the agreement, the companies
that become party thereto must guarantee to
maintain their average supply level of the latest 12
months. The Secretary of Commerce may enter into
agreements with municipalities to supervise and
ensure compliance with these measures.

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The participation of Coca-Cola products in the
“Precios Cuidados” price-watch program as
referential products involved one product from the
soft drinks’ category, which was temporarily extended
to three in sugar-free variants during 2021, where
some new categories were incorporated into the
program. During 2022, number of Coca-Cola
products in the program increased and more
packaging, flavors and juices, such as Cepita and
Ades, were included as reference products.

We cannot assure that price controls in Argentina will
not continue or be expected to include additional
consumer products. Nor can we assure you the
affect to which government imposed price control
will affect the profitability of our Argentina
operations.

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Inflation in Paraguay may adversely
affect our financial condition and
results of operations.

Although inflation in Paraguay has remained stable
at around 4.6% over the last five years, we cannot
assure that inflation in Paraguay will not increase
significantly. An increase in inflation in Paraguay
could decrease the purchasing power of our
consumers in the country, which could adversely
affect our volumes and impact our sales income.

The Paraguayan guaraní is subject
to depreciation and volatility, which
could adversely affect our financial
condition and results of operations.

The exchange rate of Paraguay is free and floating
and the Paraguay Central Bank, actively participates
in the exchange market in order to reduce volatility.
Since a portion of our total costs (35%) in Paraguay
for raw material and supplies are denominated in
U.S. dollars, a significant depreciation of the local
currency could adversely affect our financial
situation and results.

The Paraguayan guaraní depreciated by 7% in
2020, appreciated 0.2% in 2021 and in 2022 it
depreciated by 7%, in each case compared to the
closing exchange rate as of the end of the prior
period of the U.S. dollar.

Risks Relating to Paraguay

Our business operations in Paraguay
are dependent on economic conditions
in Paraguay.

Our operations in Paraguay represented 11.7% and
11.3% of our assets as of December 31, 2021 and
December 31, 2022, respectively, and 7.6% and 8.0%
of our net sales for 2021 and 2022, respectively.
Because demand for soft drinks and beverage
products is generally related to the economic
conditions prevailing in the local market which, in
turn, depend on the macroeconomic and political
conditions of the country, our financial situation and
our results of operations could be adversely affected
by changes in these factors over which we have no
control.

Paraguay has a history of economic and political
stability, exchange controls, frequent changes in
regulatory policies, corruption and weak judicial
security. Paraguayan GDP contracted 1% in 2020,
grew 4% in 2021, and in 2022 it grew 0.2%,
according to the Paraguayan Central Bank.
Paraguayan GDP is closely tied to the performance of
Paraguay’s agricultural sector, which can be volatile.
The situation of the Paraguayan economy is also
strongly influenced by the economic situation in
Argentina and Brazil. A deterioration in the economic
situation of these countries could adversely affect the
Paraguayan economy and, in turn, our financial
condition and operating results.

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The local currency follows regional and global
trends. When the U.S. dollar’s value increases, and
raw materials lose value in Paraguay, this directly
impacts Paraguay’s generation of foreign exchange
which occurs mainly through the export of raw
materials. A deterioration in the economic growth
of Paraguay as result of a significant depreciation of
the Paraguayan guaraní could have an effect on our
business, financial condition and results of
operations.

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Risk Factors Relating to the ADRs and
Common Stock

Preemptive rights may be unavailable
to ADR holders.

According to the Ley de Sociedades Anónimas No.
18,046 and the Reglamento de Sociedades
Anónimas (collectively, the “Chilean Companies
Law”), whenever we issue new shares for cash, we
are required to grant preemptive rights to holders
of our shares (including shares represented by
ADRs), giving them the right to purchase a
sufficient number of shares to maintain their
existing ownership percentage. However, we may
not be able to offer shares to United States holders
of ADRs pursuant to preemptive rights granted to
our shareholders in connection with any future
issuance of shares unless a registration statement
under the U.S. Securities Act of 1933, as amended,
is effective with respect to such rights and shares,
or an exemption from the registration requirements
of the U.S. Securities Act of 1933, as amended, is
available.

Under the procedure established by the Central
Bank of Chile, the foreign investment agreement of
a Chilean company with an existing ADR program
will become subject to an amendment (which will
also be deemed to incorporate all laws and
regulations applicable to international offerings in
effect as of the date of the amendment) that will
extend the benefits of such contract to new shares
issued pursuant to a preemptive rights offering to
existing ADR owners and to other persons residing
and domiciled outside of Chile that exercise
preemptive rights, upon request to the Central
Bank of Chile.

We intend to evaluate at the time of any rights
offering the costs and potential liabilities associated
with any such registration statement as well as the
indirect benefits to us of enabling United States
ADR holders to exercise preemptive rights and any
other factors that we consider appropriate at the
time, and then make a decision as to whether to
file such registration statement.

We cannot assure you that any registration
statement would be filed. To the extent ADR
holders are unable to exercise such rights because
a registration statement has not been filed, the
depositary will attempt to sell such holders’
preemptive rights and distribute the net proceeds
thereof if a secondary market for such rights exists
and a premium can be recognized over the cost of
any such sale. If such rights cannot be sold, they
will expire, and ADR holders will not realize any
value from the grant of such preemptive rights. In
any such case, such holder’s equity interest in the
Company would be diluted proportionately.

Shareholders’ rights are less
well-defined in Chile than in other
jurisdictions, including the United
States.

Under the United States federal securities laws, as a
foreign private issuer, we are exempt from certain
rules that apply to domestic United States issuers
with equity securities registered under the United
States Securities Exchange Act of 1934, as amended,
including the proxy solicitation rules, the rules
requiring disclosure of share ownership by directors,
officers and certain shareholders.

228

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

The lack of liquidity is owed, in part, to the
relatively small size of the Chilean securities
markets and may have a material adverse effect on
the trading prices of our shares. Because the
market for our ADRs depends, in part, on investors’
perception of the value of our underlying shares,
this lack of liquidity for our shares in Chile may
have a significant effect on the trading prices of our
ADRs.

We are also exempt from certain of the corporate
governance requirements of the Sarbanes-Oxley Act
of 2002 and the New York Stock Exchange, Inc.,
including the requirements concerning independent
directors.

Our corporate affairs are governed by the laws of
Chile and our estatutos or bylaws. Under such laws,
our shareholders may have fewer or less well-defined
rights than they might have as shareholders of a
corporation incorporated in a U.S. jurisdiction.

Pursuant to Law No. 19,705, enacted in December
2000, the controlling shareholders of an open stock
corporation can only sell their controlling shares
through a tender offer to all shareholders in which
the bidder would have to buy all of the offered shares
up to the percentage determined by it, where the
price paid is substantially higher than the market
price (i.e., when the price paid was higher than the
average market price for a period starting 90 days
before the proposed transaction and ending 30 days
before such proposed transaction, plus 10%).

The market for our shares may be
volatile and illiquid.

The Chilean securities markets are substantially
smaller, less liquid and more volatile than major
securities markets in the United States. The Bolsa
de Comercio de Santiago (the “Santiago Stock
Exchange”), which is Chile’s principal securities
exchange, had a market capitalization of
approximately US$170,480 million as of December
31, 2022 and an average monthly trading volume of
approximately US$3,330 million for the year.

I
I
I

V
.
2
.

F
M
C

229

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

SUMMARIZED FINANCIAL STATEMENTS - SUBSIDIARIES

For the periods ended December 31, 2022 and 2021

Vital Aguas S.A.

Envases Central S.A.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

1
1

F
M
C

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

Assets

7,326,743

5,516,881

5,575,990

5,789,335

Current assets

Non-current assets

12,843,624

11,365,325

Total assets

Liabilities

6,073,685

4,934,841

Current liabilities

154,669

335,449

Non-current liabilities

6,228,354

5,270,290

Total liabilities

4,331,154

Equity

Capital

19,675

30,463

Reserves

2,264,441

1,733,418

Accumulated earnings

6,615,270

6,095,035

Total equity

811,284

(292,164)

519,120

72,506

591,626

329,624

(283,497)

2,894

(24,913)

544,973

(122,583)

422,390

(32,771)

389,619

INCOME STATEMENT

Operating income

Non-operating income

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

1,700,006

Operating cash flow

(261,383)

Investment cash flow

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

1,226

8,231

666,969

2,115,049

2022

Th$

2021

Th$

22,918,372

17,976,169

22,057,335

20,945,892

44,975,707

38,922,061

21,712,326

20,091,524

6,887,495

4,742,707

28,599,821

24,834,231

7,562,354

579,875

562,678

8,233,657

5,962,798

16,375,886

14,087,830

2,548,326

2,155,529

(139,851)

(140,814)

2,408,475

2,014,715

46,234

2,454,709

(172,848)

1,841,867

5,823,724

2,824,769

(6,104,356)

(3,681,135)

(48,684)

(112,470)

(789,067)

22,810

Cash and cash equivalents at the beginning of the period

2,115,049

Balance Cash and cash equivalents

2,139,157

Cash and cash equivalents at the beginning of the period

3,624,057

5,246,680

Balance Cash and cash equivalents

3,182,271

3,624,057

230

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Embotelladora Andina Chile S.A.

VJ S.A.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

1
1

F
M
C

Assets

862,025

2,647,976

Current assets

48,230,845

50,798,864

Non-current assets

49,092,870

53,446,839

Total assets

Liabilities

425,666

389,231

Current liabilities

6,349,129

6,191,508

Non-current liabilities

6,774,795

6,580,739

Total liabilities

27,278,206

36,569,067

9,290,861

Equity

Capital

Reserves

5,749,008

10,297,034

Accumulated earnings

42,318,075

46,866,101

Total equity

INCOME STATEMENT

7,065,795

5,672,181

Operating income

22,301

(36,621)

Non-operating income

Income (loss) before taxes

7,088,096

5,635,560

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

Cash and cash equivalents at the beginning of the period

1,763

Balance Cash and cash equivalents

9,999

(390,365)

(802,353)

Income tax expense

6,697,731

4,833,207

Profit (loss)

CASH FLOW STATEMENT

(1,644,211)

8,376,112

Operating cash flow

1,652,447

(2,503,250)

Investment cash flow

(5,873,000)

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

1,901

1,763

2022

Th$

2021

Th$

27,190,771

25,441,585

19,346,711

16,832,859

46,537,482

42,274,444

20,026,609

17,498,997

1,228,226

1,756,730

21,254,835

19,255,727

20,675,167

533,561

544,594

4,073,919

1,798,956

25,282,647

23,018,717

2,167,491

1,683,171

53,270

(245,534)

2,220,761

1,437,637

417,035

(9,287)

2,637,796

1,428,350

2,138,963

2,674,624

(4,362,318)

(2,020,683)

(1,550,477)

(21,591)

68,859

Cash and cash equivalents at the beginning of the period

4,985,359

5,813,036

Balance Cash and cash equivalents

2,740,413

4,985,359

231

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Transportes Andina Refrescos Ltda.

Servicios Multivending Ltda.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

1
1

F
M
C

Assets

10,375,125

13,330,925

Current assets

30,691,794

27,122,523

Non-current assets

41,066,919

40,453,448

Total assets

Liabilities

19,844,028

14,611,578

Current liabilities

9,255,097

9,075,160

Non-current liabilities

29,099,125

23,686,738

Total liabilities

12,620,629

12,639,173

Equity

Capital

(1,780,295)

(892,646)

Reserves

1,127,460

5,020,183

Accumulated earnings

11,967,794

16,766,710

Total equity

INCOME STATEMENT

3,205,972

6,972,054

Operating income

(28,814)

(96,193)

Non-operating income

Income (loss) before taxes

3,177,158

6,875,861

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

(805,306)

(1,281,902)

Income tax expense

2,371,852

5,593,959

Profit (loss)

CASH FLOW STATEMENT

6,615,506

15,871,543

Operating cash flow

(5,048,626)

(12,236,325)

Investment cash flow

(1,566,415)

(3,687,854)

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Balance Cash and cash equivalents

2,745

3,210

55,381

2,745

Cash and cash equivalents at the beginning of the period

131,809

Balance Cash and cash equivalents

50,943

2022

Th$

2021

Th$

1,525,191

1,550,430

452,918

475,547

1,978,109

2,025,977

555,669

24,572

737,182

27,361

580,241

764,543

862,248

662

534,958

1,397,868

5,019

394,167

1,261,434

115,431

13,850

129,281

11,510

140,791

661,973

(425,109)

(317,730)

92,770

87,910

180,680

(34,504)

146,176

825,178

(239,255)

(638,619)

7,545

176,960

131,809

232

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Andina Bottling Investments S.A.

Andina Bottling Investments Dos S.A.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

1
1

F
M
C

Assets

2,690,419

1,918

Current assets

752,660,715

858,180,089

Non-current assets

755,351,134

858,182,007

Total assets

Liabilities

682,542

103,097

Current liabilities

Non-current liabilities

682,542

103,097

Total liabilities

311,727,582

Equity

Capital

(22,357,349)

52,203,333

Reserves

465,298,359

494,147,995

Accumulated earnings

754,668,592

858,078,910

Total equity

(448,716)

(416,093)

Operating income

113,025,673

73,125,715

Non-operating income

INCOME STATEMENT

Income (loss) before taxes

112,576,957

72,709,622

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

(5,773,658)

(3,673,569)

Income tax expense

106,803,299

69,036,053

Profit (loss)

CASH FLOW STATEMENT

1,779,378

186,135

Operating cash flow

149,022

(289)

Investment cash flow

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

(1,485,734)

(186,524)

Effects of exchange rate variation on
cash and cash equivalents

2022

Th$

2021

Th$

420,202,850

413,440,080

273,509,225

607,262,358

693,712,075

1,020,702,438

287,279

(61,947)

225,332

466,474,897

(152,875,392)

(167,976,870)

379,887,238

722,204,410

693,486,743

1,020,702,437

(445,302)

(413,356)

91,744,667

122,886,259

91,299,365

122,472,903

(5,356,076)

795,753

85,943,289

123,268,656

205,319

(12,694,814)

3,774

4,418

(73,891)

738,134

Cash and cash equivalents at the beginning of the period

1,918

Balance Cash and cash equivalents

444,583

2,596

1,918

Cash and cash equivalents at the beginning of the period

5,923

11,954,411

Balance Cash and cash equivalents

137,351

5,923

233

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Andina Inversiones Societarias SpA.

Rio de Janeiro Refrescos Ltda.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

1
1

F
M
C

Assets

1,291,079

1,075,061

Current assets

36,937,697

34,324,943

Non-current assets

38,228,776

35,400,004

Total assets

9,418

8,603

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

30,082,325

Equity

Capital

15,237

63,613

Reserves

8,121,796

5,245,463

Accumulated earnings

38,219,358

35,391,401

Total equity

INCOME STATEMENT

(2,899)

(2,481)

Operating income

4,166,020

3,387,724

Non-operating income

Income (loss) before taxes

4,163,121

3,385,243

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

Cash and cash equivalents at the beginning of the period

34,362

Balance Cash and cash equivalents

46,049

(23,375)

(6,620)

Income tax expense

4,139,746

3,378,623

Profit (loss)

CASH FLOW STATEMENT

15,280

Operating cash flow

Investment cash flow

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

5,501

(105)

6,290

(312)

2,623

16,771

34,362

2022

Th$

2021

Th$

383,021,239

183,268,173

566,116,304

720,101,807

949,137,543

903,369,980

140,642,493

109,691,047

536,281,288

534,386,761

676,923,781

644,077,808

119,168,159

(22,088,232)

(40,234,915)

175,133,835

180,358,928

272,213,762

259,292,172

84,531,293

72,479,337

(9,667,664)

(26,958,643)

74,863,629

45,520,694

(21,342,331)

82,395

53,521,298

45,603,089

58,391,224

37,895,024

(42,173,211)

(34,649,309)

(3,064,412)

(2,455,073)

497,193

5,953,760

Cash and cash equivalents at the beginning of the period 56,272,827

49,528,425

Balance Cash and cash equivalents

69,923,621

56,272,827

234

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Embotelladora del Atlántico S.A.

Andina Empaques Argentina S.A.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

1
1

F
M
C

Assets

132,214,928

107,589,399

Current assets

243,866,619

209,051,488

Non-current assets

376,081,547

316,640,887

Total assets

Liabilities

138,653,369

98,942,717

Current liabilities

23,668,595

19,520,634

Non-current liabilities

162,321,964

118,463,351

Total liabilities

3,782,900

Equity

Capital

82,458,475

53,105,129

Reserves

127,518,208

141,289,507

Accumulated earnings

213,759,583

198,177,536

Total equity

INCOME STATEMENT

80,077,074

47,813,070

Operating income

(5,024,110)

(3,651,915)

Non-operating income

Income (loss) before taxes

75,052,964

44,161,155

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

(37,463,176)

(23,853,446)

Income tax expense

37,589,788

20,307,709

Profit (loss)

CASH FLOW STATEMENT

57,486,703

51,823,184

Operating cash flow

(38,889,708)

(31,849,249)

Investment cash flow

(41,768)

(940,318)

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

3,123,513

(13,058,031)

Effects of exchange rate variation on
cash and cash equivalents

2022

Th$

2021

Th$

16,481,794

13,197,912

11,897,459

11,865,985

28,379,253

25,063,897

6,679,478

6,210,788

915,427

868,253

7,594,905

7,079,041

2,472,553

1,731,912

(1,092,675)

16,579,883

16,604,978

20,784,348

17,984,856

8,566,356

5,969,309

(7,403,256)

(2,566,721)

1,163,100

3,402,588

(1,188,196)

(1,844,112)

(25,096)

1,558,476

2,675,714

3,666,739

(1,589,561)

(1,939,986)

508,461

(44,994)

Cash and cash equivalents at the beginning of the period

19,383,917

13,408,331

Cash and cash equivalents at the beginning of the period

3,213,068

1,531,309

Balance Cash and cash equivalents

41,062,657

19,383,917

Balance Cash and cash equivalents

4,807,682

3,213,068

235

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Transportes Polar S.A.

Re-Ciclar S.A.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

1
1

F
M
C

Assets

7,533,502

4,425,632

Current assets

7,350,176

7,536,009

Non-current assets

14,883,678

11,961,641

Total assets

Liabilities

6,990,804

5,506,848

Current liabilities

1,722,007

1,735,304

Non-current liabilities

8,712,811

7,242,152

Total liabilities

1,619,315

Equity

Capital

4,232,666

4,068,596

Reserves

318,886

6,170,867

(968,422)

4,719,489

Accumulated earnings

Total equity

10,590,624

2,062,401

Operating income

(2,128,837)

(13,236)

Non-operating income

INCOME STATEMENT

Income (loss) before taxes

8,461,787

2,049,165

Income (loss) before taxes

2022

Th$

2021

Th$

14,595,558

4,135,678

5,626,492

3,560,269

20,222,050

7,695,947

382,408

9,366,211

35,752

9,748,619

35,752

10,700,000

7,500,000

(226,569)

160,195

10,473,431

7,660,195

(72,923)

(313,841)

(386,764)

(4,200)

164,395

160,195

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

(1,364,595)

(542,589)

Income tax expense

7,097,192

1,506,576

Profit (loss)

(386,764)

160,195

CASH FLOW STATEMENT

3,961,181

8,528

Operating cash flow

(3,858,772)

(106,631)

Investment cash flow

(102,061)

97,466

Financing cash flow

(111.865)

16,854

(6,145.372)

(6,101,996)

12,274,732

7,500,000

Effects of exchange rate variation on
cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Balance Cash and cash equivalents

556

904

1,193

556

Effects of exchange rate variation on
cash and cash equivalents

Cash and cash equivalents at the beginning of the period

1,414,858

Balance Cash and cash equivalents

7,432,354

1,414,858

236

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Paraguay Refrescos S.A.

Red de Transportes Comerciales Ltda.

2022

Th$

2021

Th$

STATEMENT OF FINANCIAL POSITION

Assets

Current assets

Non-current assets

Total assets

Liabilities

Current liabilities

Non-current liabilities

Total liabilities

Equity

Capital

Reserves

Accumulated earnings

Total equity

INCOME STATEMENT

Operating income

Non-operating income

1
1

F
M
C

Assets

72,297,644

64,121,536

Current assets

269,314,097

279,148,198

Non-current assets

341,611,741

343,269,734

Total assets

Liabilities

40,454,954

34,207,817

Current liabilities

16,451,513

17,242,154

Non-current liabilities

56,906,467

51,449,971

Total liabilities

9,904,604

Equity

Capital

156,883,356

171,446,744

Reserves

117,917,314

110,468,415

Accumulated earnings

284,705,274

291,819,763

Total equity

50,579,364

44,766,041

Operating income

828,634

828,296

Non-operating income

INCOME STATEMENT

Income (loss) before taxes

51,407,998

45,594,337

Income (loss) before taxes

Income tax expense

Profit (loss)

CASH FLOW STATEMENT

Operating cash flow

Investment cash flow

Financing cash flow

(5,853,395)

(4,805,536)

Income tax expense

45,554,603

40,788,801

Profit (loss)

CASH FLOW STATEMENT

24,568,062

30,973,259

Operating cash flow

(18,135,556)

(22,513,317)

Investment cash flow

(462,602)

(390,735)

Financing cash flow

Effects of exchange rate variation on
cash and cash equivalents

(1,507,161)

5,855,701

Effects of exchange rate variation on
cash and cash equivalents

2022

Th$

2021

Th$

5,594,525

3,765,141

1,910,446

447,886

7,504,971

4,213,027

4,445,516

1,552,610

860,324

36,611

5,305,840

1,589,220

2,200,314

(1,183)

423,493

2,199,131

2,623,806

(263,220)

(276,721)

664,687

(29,265)

(539,941)

635,423

115,266

(424,675)

(254,699)

380,724

(413,899)

1,028,243

(22,947)

(20,546)

(32,552)

Cash and cash equivalents at the beginning of the period

36,831,966

22,907,058

Cash and cash equivalents at the beginning of the period

1,302,563

327,417

Balance Cash and cash equivalents

41,294,709

36,831,966

Balance Cash and cash equivalents

865,717

1,302,563

237

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Consolidated
| Financial/
Statements

These Financial Statements
are available at
www.cmfchile.cl
www.koandina.com

1
1

F
M
C

238

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

EMBOTELLADORA ANDINA S.A. AND
SUBSIDIARIES

Consolidated Financial Statements

at December 31, 2022 and 2021

INDEPENDENT AUDITOR’S REPORT

Santiago, January 30, 2023

To the Shareholders and Directors
Embotelladora Andina S.A.

We have audited the accompanying consolidated financial statements of Embotelladora Andina S.A. and
subsidiaries, which comprise the consolidated statement of financial position as of December 31, 2022 and the
related consolidated statements of income by function, comprehensive income, changes in equity and cash flows
for the year then ended, and the related thereto.

Management’s responsibility for the consolidated financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with International Financial Reporting Standards. This responsibility includes the design,
implementation and maintenance of a relevant internal control for the preparation and fair presentation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with Chilean Generally Accepted Auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatements of the consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. Consequently, we do not express such an opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates made
by Management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Embotelladora Andina S.A. and subsidiaries as of December 31, 2022, and the results of
their operations and cash flows for the year then ended, in accordance with International Financial Reporting
Standards.

Other matters

The financial statements of Embotelladora Andina S.A. and subsidiaries for the year ending December 31, 2021
were audited by other auditors, who issued an unqualified opinion on those financial statements on February 22,
2022.

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Financial Statements

II.

Consolidated Statements of Financial Position ........................................................................................................... 1

Consolidated Statements of Income by Function ....................................................................................................... 3

III.

Consolidated Statements of Comprehensive Income ................................................................................................ 4

IV.

Consolidated Statements of Changes in Equity ......................................................................................................... 5

Consolidated Statements of Direct Cash Flows ......................................................................................................... 6

VI.

Notes to the Consolidated Financial Statements

1 – Corporate Information .......................................................................................................................... 7
2 – Basis of preparation of Consolidated Financial Statements and application of accounting criteria .............. 8
3 – Financial Reporting by Segment ......................................................................................................... 25
4 – Cash and cash equivalents ................................................................................................................. 28
5 – Other current and non-current financial assets ..................................................................................... 28
6 – Other current and non-current non-financial assets .............................................................................. 29
7 – Trade accounts and other accounts receivable .................................................................................... 30
8 – Inventories ........................................................................................................................................ 31
9 – Tax assets and liabilities..................................................................................................................... 32
10 – Income tax epense and deferred taxes .............................................................................................. 32
11 – Property, plant and equipment .......................................................................................................... 35
12 – Related parties ............................................................................................................................................ 38
13 – Current and non-current employee benefits ....................................................................................... 40
14 – Investments in associates accounted for using the equity method ....................................................... 42
15 – Intangible assests other than goodwill ............................................................................................... 46
16 – Goodwill .......................................................................................................................................... 47
17 – Other current and non-current financial liabilities ................................................................................ 48
18 – Trade and other accounts payable .................................................................................................... 58
19 – Other provisions, current and non-current .......................................................................................... 58
20 – Other non-financial liabilities ............................................................................................................. 59
21 – Equity .............................................................................................................................................. 59
22 – Derivatives assets and liabilities ........................................................................................................ 62
23 – Litigations and contingencies ............................................................................................................ 65
24 – Financial risk management ............................................................................................................... 69
25 – Expenses by nature ......................................................................................................................... 73
26 – Other income ................................................................................................................................... 73
27 – Other expenses by function .............................................................................................................. 73
28 – Financial income and costs ............................................................................................................... 74
29 – Other (losses) gains ......................................................................................................................... 74
30 – Local and foreign currency ................................................................................................................ 75
31 – Environment ................................................................................................................................... 79
32 – Subsequent events .......................................................................................................................... 79

Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

December 31, 2022 and 2021

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position
as of December 31, 2022 and 2021

ASSETS

Current assets:

Cash and cash equivalents

Other financial assets

Other non-financial assets

Trade and other accounts receivable, net

Accounts receivable from related companies

Inventory

Current tax assets

Total Current Assets

Non-Current Assets:

Other financial assets

Other non-financial assets

Trade and other receivables

Accounts receivable from related parties

Investments accounted for under the equity method

Intangible assets other than goodwill

Goodwill

Property, plant and equipment

Deferred tax assets

Total Non-Current Assets

NOTE

12.31.2022

CLP (000’s)

12.31.2021

CLP (000’s)

12.1

10.2

291,681,987

263,044,869

26,957,000

279,770,286

15,062,167

245,886,656

39,326,427

304,312,020

195,470,749

14,719,104

265,490,626

9,419,050

191,350,206

10,224,368

1,161,729,392

990,986,123

94,852,711

296,632,012

59,672,266

70,861,616

539,920

109,318

126,464

98,941

92,344,598

91,489,194

671,778,888

659,631,543

129,023,922

118,042,900

798,221,259

716,379,127

2,428,333

1,858,727

1,848,971,215

1,955,120,524

Total Assets

3,010,700,607

2,946,106,647

The accompanying notes 1 to 32 form an integral part of these Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position
as of December 31, 2022 and 2021

LIABILITIES AND EQUITY

LIABILITIES

Current Liabilities

Other financial liabilities

Trade and other accounts payable

Accounts payable to related parties
Other provisions

Tax liabilities

Employee benefits current provisions

Other non-financial liabilities

Total Current Liabilities

Other financial liabilities
Trade accounts and other accounts payable

Accounts payable to related companies

Other provisions

Deferred tax liabilities

Employee benefits non-current provisions

Other non-financial liabilities

Total Non-current liabilities

EQUITY

Issued capital

Retained earnings

Other reserves

NOTE

12.31.2022
CLP (000’s)

12.31.2021
CLP (000’s)

12.2
19

17
18

12.2

10.2

367,302,080

47,763,039

384,801,630

327,409,207

90,248,067
1,591,644

14,615,447

48,391,806

42,294,460

56,103,461
1,528,879

30,512,787

35,012,072

31,237,834

949,245,134

529,567,279

904,802,058
3,015,284

10,354,296

47,103,783

1,041,048,972
256,273

11,557,723

55,883,527

165,778,556

168,454,827

17,409,793

14,139,670

29,589,051

23,784,817

1,178,052,821

1,315,125,809

270,737,574

716,975,127

(132,452,557)

270,737,574

768,116,920

37,289,310

Equity attributable to equity holders of the parent

855,260,144

1,076,143,804

Non-controlling interests

Total Equity

Total Liabilities and Equity

28,142,508

25,269,755

883,402,652

1,101,413,559

3,010,700,607

2,946,106,647

The accompanying notes 1 to 32 form an integral part of these Consolidated Financial Statements.

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Income by Function
For the fiscal years ended December 31, 2022 and 2021

Net sales

Cost of sales

Gross Profit

Other income

Distribution expenses

Administrative expenses

Other expenses

Other (loss) gains

Financial income

Financial expenses
Share of profit (loss) of investments in associates and joint ventures accounted for using
the equity method

Foreign exchange differences

Income by indexation units

Net income before income taxes

Income tax expense

Net income

Net income attributable to

Owners of the controller

Non-controlling interests

Net income

01.01.2022

12.31.2022

01.01.2021
12.31.2021

NOTE CLP (000’s)

CLP (000’s)

2,656,878,395

2,216,732,593

8 - 25 (1,628,701,823)

(1,375,392,773)

1,028,176,572

841,339,820

2,497,520

1,337,878

(253,514,676)

(199,952,373)

(429,517,716)

(348,949,863)

(886,331)

(15,211,790)

(24,983,899)

39,722,410
(59,547,953)

7,791,869
(52,992,456)

14.3

1,409,069

3,093,102

(11,607,728)

(5,508,311)

(58,943,643)

(27,738,888)

232,803,625

203,208,988

10.1

(104,344,638)

(46,177,320)

128,458,987

157,031,668

125,497,642

154,698,150

2,961,345

2,333,518

128,458,987

157,031,668

Earnings per Share, basic and diluted in ongoing operations

Earnings per Series A Share

Earnings per Series B Share

21.5

126.27

138.89

155.65

171.21

The accompanying notes 1 to 32 form an integral part of these Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income
For the fiscal years ended December 31, 2022 and 2021

Net Income

Other Comprehensive Income:

01.01.2022
12.31.2022

01.01.2021
12.31.2021

CLP (000’s)

128,458,987

157,031,668

Components of other comprehensive income that will not be reclassified
to net income for the period, before taxes

Actuarial Gains (losses) from defined benefit plans

(3,960,084)

(357,840)

Components of other comprehensive income that will be reclassified to
net income for the period, before taxes

Gain (losses) from exchange rate translation differences

Gain (losses) from cash flow hedges

(78,009,918)

98,973,862

(155,206,655)

104,232,055

Income tax related to components of other comprehensive income that
will not be reclassified to net income for the period

Income tax benefit related to defined benefit plans

1,069,223

96,617

Income tax related to components of other comprehensive income that
will be reclassified to net income for the period

Income tax related to exchange rate translation differences

23,777,899

(22,103,267)

Income tax related to cash flow hedges

Other comprehensive income, total

Total comprehensive income

Total comprehensive income attributable to:

Equity holders of the controller

Non-controlling interests

Total comprehensive income

42,276,806

(28,944,992)

(170,052,729)

151,896,435

(41,593,742)

308,928,103

(44,244,225)

2,650,483

(41,593,742)

305,715,046

3,213,057

308,928,103

The accompanying notes 1 to 32 form an integral part of these Consolidated Financial Statements.

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity
For the fiscal years ended December 31, 2022 and 2021

Issued
Capital

Reserves for
exchange
rate
differences

Cash flow hedge

reserve.

Other reserves

Actuarial gains or
losses in
employee
benefits.

Other
reserves

Total other
reserves

Retained
earnings

Controlling
equity

Non-controlling

interests

Total equity

CLP (000’s)

270,737,574

(441,580,088)

50,603,698

(4,885,926)

433,151,626

37,289,310

768,116,920

1,076,143,804

25,269,755

1,101,413,559

(53,903,278)

(112,948,199)

(2,890,390)

-
270,737,574

(53,903,278)
(495,483,366)

(112,948,199)
(62,344,501)

(2,890,390)
(7,776,316)

433,151,626

125,497,642

2,961,345

128.458.987

(169,741,867)

(169,741,867)
-

(169,741,867)
(132,452,557)

125,497,642

(274,316,049)

97,676,614
(51,141,793)
716,975,127

(169,741,867)
(44,244,225)

(274,316,049)

97,676,614
(220,883,660)
855,260,144

(310,862)

(170.052.729)

2,650,483
(1,057,730)

(41.593.742)
(275,373,779)

1,280,000
2,872,753
28,142,508

98,956,614
(218,010,907)
883,402,652

Issued
Capital

Reserves for
exchange
rate
differences

Cash flow hedge
reserve.

Other reserves

Actuarial gains or
losses in
employee
benefits.

Other
reserves

Total other
reserves

Retained
earnings

Controlling
equity

Non-controlling

interests

Total equity

CLP (000’s)

270,737,574

(517,496,486)

(24,719,533)

(4,663,193)

433,151,626

(113,727,586)

654,171,126

811,181,114

20,379,477

831,560,591

-
-

75,916,398

75,916,398
-

-
270,737,574

75,916,398
(441,580,088)

75,323,231

75,323,231
-

75,323,231
50,603,698

(222,733)

(222,733)
-

-
-

154,698,150

2,333,518

157.031.668

151,016,896

151,016,896
-

151,016,896

879,539

151.896.435

154,698,150
(109,328,860)

305,715,046

(109,328,860)

3,213,057

308.928.103

(1,386,857)

(110,715,717)

68,576,504

3,064,078

71,640,582

(222,733)
(4,885,926)

-
433,151,626

151,016,896
37,289,310

113,945,794
768,116,920

264,962,690
1,076,143,804

4,890,278
25,269,755

269,852,968
1,101,413,559

Opening balance as of
01.01.2022
Changes in equity

Comprehensive income
Earnings
Other comprehensive

income

Comprehensive income

Dividends
Increase (decrease) from other
changes *
Total changes in equity
Ending balance as of 12.31.2022

Opening balance as of
01.01.2021
Changes in equity

Comprehensive income
Earnings
Other comprehensive

income

Comprehensive income

Dividends
Increase (decrease) from other
changes *
Total changes in equity
Ending balance as of 12.31.2021

*Corresponds mainly to inflation effects on the equity of our Subsidiaries in Argentina (see Note 2.5.1)

The accompanying notes 1 to 32 form an integral part of these Consolidated Financial Statements.

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Direct Cash Flows
For the fiscal years ended December 31, 2022 and 2021

Cash flows provided by (used in) Operating Activities

NOTE

Cash flows provided by Operating Activities
Receipts from the sale of goods and the rendering of services (including
taxes)
Payments for Operating Activities
Payments to suppliers for goods and services (including taxes)
Payments to and on behalf of employees
Other payments for operating activities (value-added taxes on purchases,
sales and others)
Dividends received
Interest payments
Interest received
Income tax payments
Other cash movements (tax on bank debits Argentina and others)
Cash flows provided by (used in) Operating Activities

Cash flows provided by (used in) Investing Activities
Proceeds from sale of Property, plant and equipment
Purchase of Property, plant and equipment
Purchase of intangible assets
Payments from futures, forwards, options and swaps agreements
Collection on forward, term, option and financial exchange agreements
Other (payments) redemptions for (purchases) of financial instruments
Other cash inflows (outflows)

Net cash flows used in Investing Activities

Cash Flows generated from (used in) Financing Activities
Collection for changes in ownership interest in subsidiaries
Proceeds (payments) from short term loans
Loan payments
Lease liability payments
Dividend payments by the reporting entity
Other cash inflows (outflows) (placement and payment of public debt)
Net cash flows (used in) generated by Financing Activities
Net
differences

increase

in cash and cash equivalents before exchange

Effects of exchange differences on cash and cash equivalents

Effects of inflation in cash and cash equivalents in Argentina

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents – beginning of period

Cash and cash equivalents - end of period

01.01.2022
12.31.2022

CLP (000’s)

01.01.2021
12.31.2021

CLP (000’s)

3,682,470,527

2,953,813,799

(2,551,652,407)
(258,202,599)

(363,740,268)

4,079,309
(44,822,402)
24,649,593
(87,757,706)
(7,571,623)
397,452,424

92,253
(186,702,179)
-
-
146,070
101,191,506
103,879
(85,168,471)

-
23,625,853
(13,934,477)
(5,385,167)
(274,316,050)
(16,953,541)
(286,963,382)

25,320,571

(21,352,255)

(16,598,349)

(12,630,033)

304,312,020

291,681,987

(2,048,185,735)
(216,192,088)

(278,367,683)

1,441,355
(55,497,167)
5,373,494
(46,100,050)
(11,230,942)
305,054,983

18,596
(138,856,157)
(5,171,139)
(375,579)
678,274
(54,567,998)
-
(198,252,680)

3,000,000
-
(797,428)
(4,008,924)
(106,347,165)
(7,165,997)
(115,319,514)

(8,517,211)

9,501,803

(6,203,271)

(5,218,679)

309,530,699

304,312,020

The accompanying notes 1 to 32 form an integral part of these Consolidated Financial Statements

Notes to the Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

December 31, 2022 and 2021

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

1. CORPORATE INFORMATION

Embotelladora Andina S.A. RUT (Chilean Taxpayer Id. N°) 91.144.000-8 (hereinafter “Andina,” and
together with its subsidiaries, the “Company”) is an open stock corporation, whose corporate address and
principal offices are located at Miraflores 9153, borough of Renca, Santiago, Chile. The Company is
registered under No. 00124 of the Securities Registry and is regulated by Chile’s Financial Market
Commission (hereinafter “CMF”) and pursuant to Chile’s Law 18,046 is subject to the supervision of this
entity. It is also registered with the U.S. Securities and Exchange Commission (hereinafter “SEC”) and its
stock is traded on the New York Stock Exchange since 1994.

The principal activity of Embotelladora Andina S.A. is to produce, bottle, commercialize and distribute the
products under registered trademarks of The Coca-Cola Company (TCCC), as well as commercialize and
distribute some brands of other companies such as Monster, AB InBev, Diageo and Capel, among others.
The Company maintains operations and is licensed to produce, commercialize and distribute such
products in certain territories in Chile, Brazil, Argentina and Paraguay

In Chile, the territories in which it has such a franchise are the Metropolitan Region; the province of San
Antonio, the V Region; the province of Cachapoal including the commune of San Vicente de Tagua-
Tagua, the VI Region; the II Region of Antofagasta; the III Region of Atacama, the IV Region of Coquimbo
XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanes and Chilean
Antarctic. In Brazil, the aforementioned franchise covers much of the state of Rio de Janeiro, the entire
state of Espirito Santo, and part of the states of Sao Paulo and Minas Gerais. In Argentina it includes the
provinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos, as well as part of the provinces of Santa
Fe and Buenos Aires, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa, Tierra del Fuego, Antarctica
and South Atlantic Islands. Finally, in Paraguay the territory comprises the whole country. The bottling
agreement for the territories in Argentina expires in September 2027; for the territories in Brazil, it expires
in October 2027; for the territories in Chile, it is under the normal process of renewal; and for Paraguay it
expires in March 2023. Said agreements are renewable upon the request of Embotelladora Andina S.A.
and at the sole discretion of The Coca-Cola Company.

As of the date of these consolidated financial statements, regarding Andina’s principal shareholders, the
Controlling Group holds 55.25% of the outstanding shares with voting rights, corresponding to the Series
A shares. The Controlling Group is composed of the Chadwick Claro, Garcés Silva, Said Handal and Said
Somavía families, who control the Company in equal parts.

These Consolidated Financial Statements reflect the consolidated financial position of Embotelladora
Andina S.A. and its Subsidiaries, which were approved by the Board of Directors on January 30, 2023..

2 – BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION
OF ACCOUNTING CRITERIA

2.1 Accounting principles and basis of preparation

The Company’s Consolidated Financial Statements for the fiscal years ended December 31, 2022 and
2021, have been prepared in accordance with the International Financial Reporting Standards (hereinafter
"IFRS") issued by the International Accounting Standards Board (hereinafter "IASB").

These Consolidated Financial Statements have been prepared following the going concern principle by
applying the historical cost method, with the exception, according to IFRS, of those assets and liabilities
that are recorded at fair value.

These Consolidated Statements reflect the consolidated financial position of Embotelladora Andina S.A.
and its Subsidiaries as of December 31, 2022 and 2021 and the results of operations for the periods
between January 1 and December 31, 2022 and 2021, together with the statements of changes in equity
and cash flows for the periods between January 1 and December 31, 2022 and 2021

These Consolidated Financial Statements have been prepared based on the accounting records
maintained by the Parent Company and by the other entities that are part of the Company and are
presented in thousands of Chilean pesos (unless expressly stated) as this is the functional and
presentation currency of the Company. Foreign operations are included in accordance with the accounting
policies established in Notes 2.5.

2.2

Subsidiaries and consolidation

Subsidiary entities are those companies directly or indirectly controlled by Embotelladora Andina. Control
is obtained when the Company has power over the investee, when it has exposure or is entitled to variable
returns from its involvement in the investee and when it has the ability to use its power to influence the
amount of investor returns. They include assets and liabilities, results of operations, and cash flows for
the periods reported. Income or losses from subsidiaries acquired or sold are included in the consolidated
statements of income by function from the effective date of acquisition through the effective date of
disposal, as applicable.

The acquisition method is used to account for the acquisition of subsidiaries. The consideration
transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities
issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired,
and identifiable liabilities and contingencies assumed in a business combination are accounted for initially
at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of
the consideration transferred and the fair value of non-controlling interest over the net identifiable assets
acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the
subsidiary acquired, the difference is recognized directly in the income statement.

Intercompany transactions, balances and unrealized gains on transactions between Group entities are
eliminated. Unrealized losses are also eliminated. When necessary, the accounting policies of the
subsidiaries are modified to ensure uniformity with the policies adopted by the Group.

The interest of non-controlling shareholders is presented in the consolidated statement of changes in
equity and the consolidated statement of income by function under "Non-Controlling Interest" and
“Earnings attributable to non-controlling interests", respectively.

The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of
the Company and its subsidiaries after eliminating balances and transaction among the Group’s entities,
the subsidiary companies included in the consolidation are the following:

Ownership interest

12.31.2022

12.31.2021

Taxpayer ID

Company Name

Direct

Indirect

Total

Direct

Indirect

Total

96.842.970-1 Andina Bottling Investments S.A.

96.972.760-9 Andina Bottling Investments Dos S.A.

99.9

0.09

99.99

0.09

99.99

99.9

0.09 99.99

Foreign

Andina Empaques Argentina S.A.

99.98

99.98 99.98

96.836.750-1 Andina Inversiones Societarias S.A.

99.98

0.01

99.99

99.98

0.01 99.99

76.070.406-7 Embotelladora Andina Chile S.A.

99.99

- 99.99

Foreign

Embotelladora del Atlántico S.A.

0.92

99.07

99.99

0.92

99.07 99.99

96.705.990-0 Envases Central S.A.

59.27

- 59.27

Foreign

Paraguay Refrescos S.A.

0.08

97.75

97.83

0.08

97.75 97.83

76.276.604-3 Red de Transportes Comerciales Ltda.

99.9

0.09

99.99

99.9

0.09 99.99

77.427.659-9 Re-Ciclar S.A.

60.00

- 60.00

Foreign

Rio de Janeiro Refrescos Ltda.

99.99

99.99 99.99

78.536.950-5 Servicios Multivending Ltda.

78.861.790-9 Transportes Andina Refrescos Ltda.

96.928.520-7 Transportes Polar S.A.

76.389.720-6 Vital Aguas S.A.

99.9

99.99

66.50

0.09

99.99

0.09

99.99

66.50

99.9

99.99

66.50

0.09 99.99

- 99.99

- 66.50

93.899.000-k VJ S.A.

15.00

50.00

65.00

15.00

50.00 65.00

2.3

Investments in associates

Ownership interest held by the Group in associates are recorded following the equity method. According
to the equity method, the investment in an associate is initially recorded at cost. As of the date of
acquisition, the investment in the statement of financial position is recorded by the proportion of its total
assets, which represents the Group's participation in its capital, once adjusted, where appropriate, the
effect of the transactions made with the Group, plus capital gains that have been generated in the
acquisition of the company.

Dividends received from these companies are recorded by reducing the value of the investment and the
results obtained by them, which correspond to the Group according to its ownership, are recorded under
the item “Participation in profit (loss) of associates accounted for by the equity method.”

Associates are all entities over which the Group exercises significant influence but does not have control.
Significant influence is the power to intervene in the financial and operating policy decisions of the
associate, without having control or joint control over it. The results of these associates are accounted for
using the equity method. Accounting policies of the associates are changed, where necessary, to ensure
conformity with the policies adopted by the Company and unrealized gains are eliminated.

For associates located in Brazil, the financial statements accounted for using the equity method have a
one-month lag because their reporting dates are different from those of Embotelladora Andina.

2.4

Financial reporting by operating segment

“IFRS 8 Operating Segments” requires that entities disclose information on the results of operating
segments. In general, this is information that Management and the Board of Directors use internally to
assess performance of segments and allocate resources to them. Therefore, the following operating
segments have been determined based on geographic location:

• Operation in Chile
• Operation in Brazil
• Operation in Argentina
• Operation in Paraguay

2.5

Functional currency and presentation currency

2.5.1 Functional currency

Items included in the financial statements of each of the entities in the Company are measured using
the currency of the primary economic environment in which the entity operates (“functional currency”).
The functional currency of each of the Operations is the following:

Functional Currency

Company
Embotelladora del Atlántico Argentine Peso (ARS)
Embotelladora Andina
Paraguay Refrescos
Rio de Janeiro Refrescos

Chilean Peso (CLP)
Paraguayan Guaraní (PYG)
Brazil Real (BRL)

Foreign currency-denominated monetary assets and liabilities are converted to the functional currency at
the observed exchange rate of each central bank, in effect on the closing date.

All differences arising from the liquidation or conversion of monetary items are recorded in the income
statement, with the exception of the monetary items designated as part of the hedging of the Group's net
investment in a business abroad. These differences are recorded under other comprehensive income
until the disposal of the net investment, at which point they are reclassified to the income statement. Tax
adjustments attributable to exchange differences in these monetary items are also recognized under other
comprehensive income.

Non-monetary items that are valued at historical cost in a foreign currency are converted using the
exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in
a foreign currency are converted using the exchange rate in effect at the date on which fair value is
determined. Losses or gains arising from the conversion of non-monetary items measured at fair value
are recorded in accordance with the recognition of losses or gains arising from the change in the fair value
of the respective item (e.g., exchange differences arising from items whose fair value gains or losses are
recognized in another overall result or in results are also recognized under comprehensive income).
Functional currency in hyperinflationary economies

Beginning July 2018, Argentina's economy is considered as hyperinflationary, according to the criteria
established in the International Accounting Standard No. 29 “Financial information in hyperinflationary
economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative
criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with
IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in
Argentina have been retrospectively restated by applying a general price index to the historical cost, in
order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these
financial statements.

Non-monetary assets and liabilities were restated since February 2003, the last date an inflation
adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that
the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for
Property, plant and equipment.

For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the
results and financial situation of our Argentine subsidiaries were converted to the closing exchange rate
(ARS/CLP) at the date of presentation of these financial statements , in accordance with IAS 21 "Effects
of foreign currency exchange rate variations", when dealing with a hyperinflationary economy.

The comparative amounts in the consolidated financial statements are those that were presented as
current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for
subsequent changes in price level or exchange rates). This results in differences between the closing net
equity of the previous year and the opening net equity of the current year and, as an accounting policy
option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS
29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21 , as
"Exchange rate differences in the conversion of foreign operations" under other comprehensive income.

Inflation for the periods from January to December 2022 and from January to December 2021 was 96.95%
and 50.21%, respectively.

2.5.2 Presentation currency

The presentation currency is the Chilean peso, which is the functional currency of the parent company,
for such purposes, the financial statements of subsidiaries are translated from the functional currency to
the presentation currency as indicated below:

a. Translation of

financial statements whose

functional currency does not correspond

hyperinflationary economies (Brazil and Paraguay)

Financial statements measured as indicated are translated to the presentation currency as
follows:

• The statement of financial position is translated to the closing exchange rate at the financial
statement date and the income statement is translated at the average monthly exchange
rates, the differences that result are recognized in equity under other comprehensive income.
• Cash flow income statement are also translated at average exchange rates for each

•

transaction.
In the case of the disposal of an investment abroad, the component of other comprehensive
income (OCI) relating to that investment is reclassified to the income statement.

b. Translation of financial statements whose functional currency corresponds to hyperinflationary

economies (Argentina)

Financial statements of economies with a hyperinflationary economic environment, are
recognized according to IAS 29 Financial Information in Hyperinflationary Economies, and
subsequently converted to Chilean pesos as follows:

• The statement of financial position sheet is translated at the closing exchange rate at the

financial statements date.

• The income statement is translated at the closing exchange rate at the financial statements

date.

• The statement of cash flows is converted to the closing exchange rate at the date of the

financial statements.

• For the disposal of an investment abroad, the component of other comprehensive income

(OCI) relating to that investment is reclassified to the income statement.

2.5.3 Exchange rates

Exchange rates regarding the Chilean peso in effect at the end of each period are as follows:

USD

BRL

ARS

PYG

Date
12.31.2022
12.31.2021

855.86
844.69

164.03
151.36

4.83
8.22

0.116
0.123

2.6

Property, plant, and equipment

The elements of Property, plant and equipment, are valued for their acquisition cost, net of their
corresponding accumulated depreciation, and of the impairment losses they have experienced.

The cost of the items of Property, plant and equipment include in addition to the price paid for the
acquisition: i) the financial expenses accrued during the construction period that are directly attributable
to the acquisition, construction or production of qualified assets, which are those that require a substantial
period of time before being ready for use, such as production facilities. The Group defines a substantial
period as one that exceeds twelve months. The interest rate used is that corresponding to specific
financing or, if it does not exist, the weighted average financing rate of the Company making the
investment; and ii) personnel expenses directly related to the construction in progress.

Construction in progress is transferred to operating assets after the end of the trial period when they are
available for use, from which moment depreciation begins.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only
when it is probable that future economic benefits associated with the items of Property, plant and
equipment will flow to the Company and the cost of the item can be measured reliably. Repairs and
maintenance are charged to expense in the reporting period in which they are incurred.

Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated
using the straight-line method to allocate their cost or revalued amounts to their residual values over their
estimated useful lives.

The estimated useful lives by asset category are:

Assets
Buildings
Plant and equipment
Warehouse installations and accessories
Furniture and supplies
Motor vehicles
IT equipment
Other Property, plant and equipment
Bottles and containers

Range in years

15-80
5-20
10-50
4-5
4-10
3-5
3-10
1-8

The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the
end of each fiscal year, if appropriate.

The Company assesses on each reporting date if there is evidence that an asset may be impaired. The
Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment
test is required for an asset.

Gains and losses on disposals of property, plant, and equipment are calculated by comparing the
proceeds to the carrying amount and are charged to other expenses by function or other gains, as
appropriate in the statement of comprehensive income.

2.7

Intangible assets and Goodwill

2.7.1

Goodwill

Goodwill represents the excess of the consideration transferred over the Company’s interest in the net
fair value of the net identifiable assets of the subsidiary and the fair value of the non-controlling interest
in the subsidiary on the acquisition date. Since goodwill is an intangible asset with indefinite useful life, it
is recognized separately and tested annually for impairment. Goodwill is carried at cost less accumulated
impairment losses.

Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity.

Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where
it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups
of CGUs represent the lowest level in the organization at which goodwill is monitored for internal
management purposes.

2.7.2 Distribution rights

Distribution rights are contractual rights to produce and/or distribute Coca-Cola brand products and other
brands in certain territories in Argentina, Brazil, Chile and Paraguay. Distribution rights are born from the
process of valuation at fair value of the assets and liabilities of companies acquired in business
combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are
historically permanently renewed by The Coca-Cola Company) and therefore are subject to impairment
tests on an annual basis.

2.7.3

Software

Carrying amounts correspond to internal and external software development costs, which are capitalized
once the recognition criteria in IAS 38, Intangible Assets, have been met. Their accounting recognition is
initially realized for their acquisition or production cost and, subsequently, they are valued at their net cost
of their corresponding accumulated amortization and of the impairment losses that, if applicable, they
have experienced. The aforementioned software is amortized within four years.

2.8

Impairment of non-financial assets

Assets that have an indefinite useful life, such as intangibles related to distribution rights and goodwill,
are not amortized and are tested annually for impairment or more frequently if events or changes in
circumstances indicate a potential impairment. Assets that are subject to amortization are tested for
impairment whenever there is an event or change in circumstances indicating that the carrying amount
may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of
the asset exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value
less costs to sell or its value in use.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (cash generating units - CGU). Cash-generating unit's recoverable
amount has been determined on the basis of its use value.

Regardless of what was stated in the previous paragraph, in the case of CGUs to which capital gains or
intangible assets have been assigned with an indefinite useful life, the analysis of their recoverability is
carried out systematically at the end of each fiscal year. These indications may include new legal
provisions, change in the economic environment that affects business performance indicators,
competition movements, or the disposal of an important part of a CGU.

Management reviews business performance based on geographic segments. Goodwill is monitored at
the operating segment level that includes the different cash generating units in operations in Chile, Brazil,
Argentina and Paraguay. The impairment of distribution rights is monitored geographically in the CGU or
group of cash generating units, which correspond to specific territories for which Coca-Cola distribution
rights have been acquired. These cash generating units or groups of cash generating units are composed
of the following segments:

- Operation in Chile;
- Operation in Argentina;
- Operation in Brazil (State of Rio de Janeiro and Espirito Santo, Ipiranga territories, investment in

the Sorocaba associate and investment in the Leão Alimentos S.A. associate);

- Operation in Paraguay

To check if goodwill has suffered a loss due to impairment of value, the Company compares the book
value thereof with its recoverable value, and recognizes an impairment loss, for the excess of the asset's
carrying amount over its recoverable amount. To determine the recoverable values of the CGU,
management considers the discounted cash flow method as the most appropriate.

The main assumptions used in the annual test are:

a) Discount rate

The discount rate applied in the annual test carried out in 2022 was estimated using the CAPM
(Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to
the level of risk of the CGU in the country where it operates. A nominal discount rate in local
currency before tax is used according to the following table:

2022 Discount
rates
33.1%
9.3%
10.5%
11.3%

2021 Discount
rates
27.2%
7.1%
9.0%
8.1%

Argentina
Chile
Brazil
Paraguay

b) Other assumptions

The financial projections to determine the net present value of future cash flows of the CGUs are
modeled based on the main historical variables and the respective budgets approved by the CGU.
In this regard, a conservative growth rate is used, taking into account the differences that exist in
categories with high maturity such as carbonated beverages, categories with medium growth such
as waters and juices, and less developed categories such as alcohols. Additionally, the valuation
model considers projections over 5 years based on perpetuity growth rates by operation, which
range from 0.3% to 0.9% depending on the degree of maturity of the consumption of the products
in each operation. In this sense, the variables with greatest sensitivity in these projections are the
discount rates applied in the determination of the net present value of projected cash flows, growth
perpetuities and EBITDA margins considered in each CGU.

In order to sensitize the impairment test, variations were made to the main variables used in the
model. Ranges used for each of the modified variables are:

- Discount Rate: Increase / Decrease of up to 200 bps as a value in the rate at which future

cash flows are discounted to bring them to present value

- Perpetuity: Increase / Decrease of up to 26 bps in the rate to calculate the perpetual growth of

future cash flows

- EBITDA margin: Increase / Decrease of 200 bps of EBITDA margin of operations, which is

applied per year for the projected periods, that is, for the years 2023-2027

After modeling and valuing the different CGUs in the annual impairment process that the Company
performs, it is possible to conclude that, as a result of the tests performed as of December 31, 2022, no
impairment indicators were identified in any of the CGUs listed above, assuming conservative EBITDA
margin projections and in line with market history.

Thus, despite the deterioration in macroeconomic conditions experienced by the economic conditions of
the countries in which operations are carried out , the impairment test yielded recovery values higher than
the book values of assets, including those for the sensitivity calculations in the stress test conducted on
the model for the 3 previously mentioned variables.

2.9

Financial instruments

A financial instrument is any contract that results in the recognition of a financial asset in one entity and
a financial liability or equity instrument in another entity.

2.9.1 Financial assets

Pursuant to IFRS 9 “Financial Instruments”, except for certain trade accounts receivable, the Group
initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset
that is not at fair value, reflecting changes in P&L.

The classification is based on two criteria: (a) the Group's business model for the purpose of managing
financial assets to obtain contractual cash flows; and (b) if the contractual cash flows of financial
instruments represent "solely payments of principal and interest” on the outstanding principal amount (the
“SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i) fair value with
changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI).

The subsequent classification and measurement of the Group's financial assets are as follows:

- Financial asset at amortized cost for financial instruments that are maintained within a business
model with the objective of maintaining the financial assets to collect contractual cash flows that
meet the SPPI criterion. This category includes the Group’s trade and other accounts receivable.

Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains
or losses recognized in P&L at the time of liquidation. Financial assets in this category correspond to the
Group's instruments that meet the SPPI criterion and are kept within a business model both to collect
cash flows and to sell.

Other financial assets are classified and subsequently measures as follows:

Equity instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing
earnings or losses in P&L at the time of liquidation. This category only includes equity instruments that
the Group intends to keep in the foreseeable future and that the Group has irrevocably chosen to classify
in this category in the initial recognition or transition.

Financial assets at fair value with changes in P&L (FVPL) include derivative instruments and equity
instruments quoted that the Group had not irrevocably chosen to classify at FVOCI in the initial recognition
or transition. This category also includes debt instruments whose cash flow characteristics do not comply
with the SPPI criterion or are not kept within a business model whose objective is to recognize contractual
cash flows or sale.

A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar
financial assets) is initially disposed (for example, canceled in the Group's consolidated financial
statements) when:

- The rights to receive cash flows from the asset have expired,

- The Group has transferred the rights to receive the cash flows of the asset or has assumed the
obligation to pay all cash flows received without delay to a third party under a transfer agreement;
and the Group (a) has substantially transferred all risks and benefits of the asset, or (b) has not
substantially transferred or retained all risks and benefits of the asset but has transferred control
of the asset.

2.9.2 Financial Liabilities

Financial liabilities are classified as a fair value financial liability at the date of their initial recognition, as
appropriate, with changes in results, loans and credits, accounts payable or derivatives designated as
hedging instruments in an effective coverage.

All financial liabilities are initially recognized at fair value and transaction costs directly attributable are
netted from loans and credits and accounts payable.

The Group's financial liabilities include trade and other accounts payable, loans and credits, including
those discovered in current accounts, and derivative financial instruments.

The classification and subsequent measurement of the Group's financial liabilities are as follows:

- Fair value financial liabilities with changes in results include financial liabilities held for trading and
financial liabilities designated in their initial recognition at fair value with changes in results. The
losses or gains of liabilities held for trading are recognized in the income statement.

Loans and credits are valued at cost or amortized using the effective interest rate method. Gains
and losses are recognized in the income statement when liabilities are disposed, as well as
interest accrued in accordance with the effective interest rate method.

A financial liability is disposed of when the obligation is extinguished, cancelled or expires. Where an
existing financial liability is replaced by another of the same lender under substantially different conditions,
or where the conditions of an existing liability are substantially modified, such exchange or modification is
treated as a disposal of the original liability and the recognition of the new obligation. The difference in
the values in the respective books is recognized in the statement of income.

2.9.3 Offsetting financial instruments

Financial assets and financial liabilities are offset with the corresponding net amount presenting the
corresponding net amount in the statement of financial position, if:

- There is currently a legally enforceable right to offset the amounts recognized, and
-

It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities
simultaneously.

2.10 Derivatives financial instruments and hedging activities

The Company and its subsidiaries use derivative financial instruments to mitigate risks relating to changes
in foreign currency and exchange rates associated with raw materials, and loan obligations. Derivatives
are initially recognized at fair value on the date a derivative contract is entered into and are subsequently

re-measured at their fair value at each closing date. Derivatives are accounted as financial assets when
the fair value is positive and as financial liabilities when the fair value is negative. The method of
recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged.

2.10.1 Derivative financial instruments designated as cash flow hedges

At the inception of the transaction, the group documents the relationship between hedging instruments
and hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions. The group also documents its assessment, both at hedge inception and on an ongoing
basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in cash flows of hedged items. The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The
gain or loss relating to the ineffective portion is recognized immediately in the consolidated income
statement within "other gains (losses)”.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item
affects profit or loss (for example, when foreign currency denominated financial liabilities are translated
into their functional currencies). The gain or loss relating to the effective portion of cross currency swaps
hedging the effects of changes in foreign exchange rates are recognized in the consolidated income
statement within "foreign exchange differences.” When a hedging instrument expires or is sold, or when
a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity
at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in
the consolidated income statement.
2.10.2 Derivative financial instruments not designated for hedging

The fair value of derivative financial instruments that do not qualify for hedge accounting pursuant to IFRS
are immediately recognized in the income statement under "Other income and losses". The fair value of
these derivatives is recorded under "other current financial assets" or "other current financial liabilities" in
the statement of financial position.”

The Company does not use hedge accounting for its foreign investments.

The Company also evaluates the existence of embedded derivatives in contracts and financial
instruments as stipulated by IFRS 9 and classifies them pursuant to their contractual terms and the
business model of the group. As of the date of these financial statements, the Company had no embedded
derivatives.

2.10.3 Fair value hierarchy

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants on the date of the transaction. Fair value is based on the
presumption that the transaction to sell the asset or to transfer the liability takes place;

-
-

In the asset or liability main market, or
In the absence of a main market, in the most advantageous market for the transaction of those
assets or liabilities.

The Company maintains assets related to foreign currency derivative contracts which were classified as
Other current and non-current financial assets and Other current and non-current financial liabilities,
respectively, and are accounted at fair value within the statement of financial position. The Company uses
the following hierarchy to determine and disclose the fair value of financial instruments with assessment
techniques:

Level 1: Quote values (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation techniques for which the lowest level variable used, which is significant for the
calculation, is directly or indirectly observable
Level 3: Valuation techniques for which the lowest level variable used, which is significant for the
calculation, is not observable.

During the reporting periods there were no transfers of items between fair value measurement categories.
All of which were valued during the periods using Level 2.

2.11

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted
average cost method. The cost of finished goods and work in progress includes raw materials, direct
labor, other direct costs and manufacturing overhead (based on operating capacity) to bring the goods to
marketable condition, but it excludes interest expense. Net realizable value is the estimated selling price
in the ordinary course of business, less applicable variable selling expenses. Spare parts and production
materials are stated at the lower of cost or net realizable value.

The initial cost of inventories includes the transfer of losses and gains from cash flow hedges, related to
the purchase of raw materials.

Estimates are also made for obsolescence of raw materials and finished products based on turnover and
age of the related goods.

2.12

Trade accounts receivable and other accounts receivable

Trade accounts receivable and other accounts receivable are measured and recognized at the transaction
price at the time they are generated less the provision for expected credit losses, pursuant to the
requirements of IFRS 15, since they do not have a significant financial component, less the provision of
expected credit losses. The provision for expected credit losses is made applying a value impairment
model based on expected credit losses for the following 12 months. The Group applies a simplified focus
for trade receivables, thereby impairment is always recorded referring to expected losses during the whole
life of the asset. The carrying amount of the asset is reduced by the provision of expected credit losses,
and the loss is recognized in administrative expenses in the consolidated income statement by function.

2.13 Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank balances, time deposits and other short-term
highly liquid and low risk of change in value investments.

2.14 Other financial liabilities

Resources obtained from financial institutions as well as the issuance of debt securities are initially
recognized at fair value, net of costs incurred during the transaction. Then, liabilities are valued by
accruing interests in order to equal the current value with the future value of liabilities payable, using the
effective interest rate method.

General and specific borrowing costs directly attributable to the acquisition, construction or production of
qualified assets, considered as those that require a substantial period of time in order to get ready for
their forecasted use or sale, are added to the cost of those assets until the period in which the assets are
substantially ready to be used or sold.

2.15

Income tax

The Company and its subsidiaries in Chile account for income tax according to the net taxable income
calculated based on the rules in the Income Tax Law. Subsidiaries in other countries account for income
taxes according to the tax regulations of the country in which they operate.

Deferred income taxes are calculated using the liability method on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements,
using the tax rates that have been enacted or substantively enacted on the balance sheet date and are
expected to apply when the deferred income tax asset is realized, or the deferred income tax liability is
settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits
will be available against which the temporary differences can be utilized.

The Company does not recognize deferred income taxes for temporary differences from investments in
subsidiaries in which the Company can control the timing of the reversal of the temporary differences and
it is probable that they will not be reversed in the near future.

The Group offsets deferred tax assets and liabilities if and only if it has legally recognized a right to offset
against the tax authority the amounts recognized in those items; and intends to settle the resulting net
debts, or to realize the assets and simultaneously settle the debts that have been offset by them.

2.16 Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result
of past event, it is probable that an outflow of resources will be required to settle the obligation, and the
amount can be reliably estimated.

Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation using a pre-tax rate that reflects current market assessments of the time value of money and
the risks specific to the obligation.

2.17

Leases

In accordance with IFRS 16 “Leases” Embotelladora Andina analyzes, at the beginning of the contract,
the economic background of the agreement, to determine if the contract is, or contains, a lease, evaluating
whether the agreement transfers the right to control the use of an identified asset for a period of time in
exchange for a consideration. Control is considered to exist if the client has i) the right to obtain
substantially all the economic benefits from the use of an identified asset; and ii) the right to direct the use
of the asset.

The Company when operating as a lessee, at the beginning of the lease (on the date the underlying asset
is available for use) records an asset for the right-of-use in the statement of financial position (under
Property, plant and equipment) and a lease liability (under Other financial liabilities).

This asset is initially recognized at cost, which includes: i) value of the initial measurement of the lease
liability; ii) lease payments made up to the start date less lease incentives received; iii) the initial direct
costs incurred; and iv) the estimation of costs for dismantling or restoration. Subsequently, the right-of-
use asset is measured at cost, adjusted by any new measurement of the lease liability, less accumulated
depreciation and accumulated losses due to impairment of value. The right-of-use asset is depreciated in
the same terms as the rest of similar depreciable assets, if there is reasonable certainty that the lessee
will acquire ownership of the asset at the end of the lease. If such certainty does not exist, the asset
depreciates at the shortest period between the useful life of the asset or the lease term.

On the other hand, the lease liability is initially measured at the present value of the lease payments,
discounted at the incremental loan rate of the Company, if the interest rate implicit in the lease could not
be easily determined. Lease payments included in the measurement of the liability include: i) fixed
payments, less any lease incentive receivable; ii) variable lease payments; iii) residual value guarantees;
iv) exercise price of a purchase option; and v) penalties for lease termination.

The lease liability is increased to reflect the accumulation of interest and is reduced by the lease payments
made. In addition, the carrying amount of the liability is measured again if there is a modification in the
terms of the lease (changes in the term, in the amount of payments or in the evaluation of an option to
buy or change in the amounts to be paid). Interest expense is recognized as an expense and is distributed
among the periods that constitute the lease period, so that a constant interest rate is obtained in each
year on the outstanding balance of the lease liability.

Short-term leases, equal to or less than one year, or lease of low-value assets are excepted from the
application of the recognition criteria described above, recording the payments associated with the lease
as an expense in a linear manner throughout the lease term. The Company does not act as lessor, nor
does it have variable payments as lessee.

2.18 Deposits for returnable containers

This liability comprises cash collateral, or deposit, received from customers for bottles and other
returnable containers made available to them.

This liability pertains to the deposit amount that would be reimbursed when the customer or distributor
returns the bottles and containers in good condition, together with the original invoice.

This liability is presented under Other current financial liabilities since the Company does not have legal
rights to defer settlement for a period in excess of one year. However, the Company does not anticipate
any material cash settlements for such amounts during the upcoming year.

2.19 Revenue recognition

The Company recognizes revenue when control over a good or service is transferred to the client. Control
refers to the ability of the client to direct the use and obtain substantially all the benefits of the goods and
services exchanged. Revenue is measured based on the consideration to which it is expected to be
entitled for such transfer of control, excluding amounts collected on behalf of third parties.

Management has defined the following indicators for revenue recognition, applying the five-step model
established by IFRS 15 “Revenue from contracts with customers”: 1) Identification of the contract with the
customer; 2) Identification of performance obligations; 3) Determination of the transaction price; 4)
Assignment of the transaction price; and 5) Recognition of revenue.

All the above conditions are met at the time the products are delivered to the customer. Net sales reflect
the units delivered at list price, net of promotions, discounts and taxes.

The revenue recognition criteria of the good provided by Embotelladora Andina corresponds to a single
performance obligation that transfers the product to be received to the customer.

2.20 Contributions of The Coca-Cola Company

The Company receives certain discretionary contributions from The Coca-Cola Company (TCCC) mainly
related to the financing of advertising and promotional programs for its products in the territories where
the Company has distribution licenses. The contribution received from TCCC are recognized in net
income after the conditions agreed with TCCC in order to become a creditor to such incentive have been
fulfilled, they are recorded as a reduction in the marketing expenses included in the Administration
Expenses account. Given its discretionary nature, the portion of contributions received in one period does
not imply it will be repeated in the following period.

2.21 Dividend distribution

The minimum mandatory dividend established by the Chilean Corporations Law is 30% of net income for
the year, which must be ratified unanimously by the General Shareholders' Meeting. Net income is
determined as of December 31 of each year, at which time the liability is recognized in the Company's
consolidated financial statements.

Interim and final dividends are recorded at the time of their approval by the competent body, which in the
first case is normally the Board of Directors of the Company, while in the second case it is the responsibility
of General Shareholders’ Meeting.

2.22 Critical accounting estimates and judgments

In preparing the Consolidated Financial Statements, the Company has used certain judgments and
estimates made to quantify some of the assets, liabilities, income, expenses and commitments. Following
is an explanation of the estimates and judgments that might have a material impact on future financial
statements.

2.22.1 Impairment of goodwill and intangible assets with indefinite useful lives

The Company tests annually whether goodwill and intangible assets with indefinite useful life (such as
distribution rights) have suffered any impairment. The recoverable amounts of cash generating units are
generating units are determined based on value in use calculations. The key variables used in the
calculations include sales volumes and prices, discount rates, marketing expenses and other economic
factors including inflation. The estimation of these variables requires a use of estimates and judgments
as they are subject to inherent uncertainties; however, the assumptions are consistent with the Company’s
internal planning end past results. Therefore, management evaluates, and updates estimates according
to the conditions affecting the variables. If these assets are considered to have been impaired, they will
be written off at their estimated fair value or future recovery value according to the lowest discounted cash
flows analysis. On an annual basis and close to each fiscal year end discounted cash flows in the
Company's cash generating units in Chile, Brazil, Argentina and Paraguay generated a higher value than
the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and
Paraguayan subsidiaries.

2.22.2 Fair Value of Assets and Liabilities

IFRS require in certain cases that assets and liabilities be recorded at their fair value. Fair value is the
price that would be received for selling an asset or paid to transfer a liability in a transaction ordered
between market participants at the date of measurement.

The basis for measuring assets and liabilities at fair value are their current prices in an active market. For
those that are not traded in an active market, the Company determines fair value based on the best
information available by using valuation techniques.

In the case of the valuation of intangibles recognized as a result of acquisitions from business
combinations, the Company estimates the fair value based on the "multi-period excess earning method",
which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash
flows that do not come from these, but from other assets. The Company also applies estimations over the
period during which the intangible assets will generate cash flows, cash flows from other assets, and a
discount rate.

Other assets acquired, and liabilities assumed in a business combination are carried at fair value using
valuation methods that are considered appropriate under the circumstances. Assumptions include the
depreciated cost of recovery and recent transaction values for comparable assets, among others. These
valuation techniques require certain inputs to be estimated, including the estimation of future cash flows.

2.22.3 Allowances for doubtful accounts

The Group uses a provision matrix to calculate expected credit losses for trade receivables. Provisions
are based on due days for various groups of customer segments that have similar loss patterns (i.e., by
geography region, product type, customer type and rating, and credit letter coverage and other forms of
credit insurance).

The provision matrix is initially based on the historically observed non-compliance rates for the Group.
The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking
information. For example, if expected economic conditions (i.e., gross domestic product) are expected to
deteriorate over the next year, which can lead to more non-compliances in the industry, historical default
rates are adjusted. At each closing date, the observed historical default rates are updated and changes
in prospective estimates are analyzed. The assessment of the correlation between observed historical
default rates, expected economic conditions and expected credit losses are significant estimates.

2.22.4 Useful life, residual value and impairment of property, plant, and equipment

Property, plant, and equipment are recorded at cost and depreciated using the straight-line method over
the estimated useful life of those assets. Changes in circumstances, such as technological advances,
changes to the Company’s business model, or changes in its capital strategy might modify the effective
useful lives as compared to our estimates. Whenever the Company determines that the useful life of
Property, plant and equipment might be shortened, it depreciates the excess between the net book value
and the estimated recoverable amount according to the revised remaining useful life. Factors such as
changes in the planned usage of manufacturing equipment, dispensers, transportation equipment and
computer software could make the useful lives of assets shorter. The Company reviews its long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying value of
any of those assets may not be recovered. The estimate of future cash flows is based, among other
factors, on certain assumptions about the expected operating profits in the future. The Company’s
estimation of discounted cash flows may differ from actual cash flows because of, among other reasons,
technological changes, economic conditions, changes in the business model, or changes in operating
profit. If the sum of the projected discounted cash flows (excluding interest) is less than the carrying
amount of the asset, the asset shall be written-off to its estimated recoverable value.

2.22.5 Contingency liabilities

Provisions for litigation and other contingencies are recognized when the Company has a current
obligation (legal or implied) as a result of a past event, it is probable that an outflow of economic benefits
will be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the
current obligation at the date of issuance of the financial statements, considering the risks and
uncertainties surrounding the obligation. When a provision is measured using estimated cash flows to
settle the current obligation, its carrying amount is the present value of those cash flows (when the effect
of the time value of money is material). The accrual of the discount is recognized as a finance cost.
Incremental legal costs expected to be incurred in settling the legal claim are included in the measurement
of the provision.

Provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best
estimate. If it is no longer probable that an outflow of economic benefits will be required to settle the
obligation, the provision is reversed.

A contingent liability does not imply the recognition of a provision. Legal costs expected to be incurred in
defending the legal claim are recognized in profit or loss when incurred.

2.22.6. Employee benefits

The Company records a liability regarding indemnities for years of service that will be paid to employees
in accordance with individual and collective agreements subscribed with employees, which is recorded at
actuarial value in accordance with IAS 19 “Employee Benefits”. At year-end there have been no
modifications to the agreements.

Results from updated of actuarial variables are recorded within other comprehensive income in
accordance with IAS 19.

Additionally, the Company has retention plans for some officers, which have a provision pursuant to the
guidelines of each plan. These plans grant the right to certain officers to receive a cash payment on a
certain date once they have fulfilled with the required years of service.

The Company and its subsidiaries have recorded a provision to account for the cost of vacations and
other employee benefits on an accrual basis. These liabilities are recorded under current non-financial
liabilities.

2.23 New Standards, Interpretations and Amendments to IFRS

2.23.1 New Standards, Interpretations and Amendments for annual periods beginning on January

1, 2022.

Amendments to IFRS which have been issued and are effective from January 1, 2022, are detailed below.

Amendments

IFRS 3
IAS 16
IAS 37

Reference to the Conceptual Framework
Property, Plant and Equipment — Proceeds before Intended Use
Onerous Contracts—Cost of Fulfilling a Contract

Date of application

January 1, 2022
January 1, 2022
January 1, 2022

IFRS 3 Reference to the Conceptual Framework

Amendment to IFRS 3, "Business Combinations" minor amendments were made to IFRS 3 to update the
references to the Conceptual Framework for Financial Reporting, without changing the requirements for
business combinations.

IAS 16 Property, Plant and Equipment — Proceeds before Intended Use

Amendment to IAS 16, "Property, plant and equipment" prohibits companies from deducting from the cost
of property, plant and equipment the proceeds received from the sale of items produced while the
company is preparing the asset for its intended use. The company must recognize such sales revenue
and related costs in the respective annual profit or loss statement.

IAS 37 Onerous Contracts—Cost of Fulfilling a Contract

In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities, and Contingent
Assets to specify the costs an entity needs to include when assessing whether a contract is onerous, or
it generates losses.

The amendment shall be effective for periods beginning on or after January 1, 2022. The amendment
should be applied retrospectively to existing contracts at the beginning of the annual reporting period in
which the entity first applies the amendment (date of initial application). Early application is permitted and
must be disclosed.

The amendments are intended to provide clarity and help ensure consistent implementation of the
standard. Entities that previously applied the incremental cost approach will see an increase in provisions
to reflect the inclusion of costs directly related to contract activities, while entities that previously
recognized contractual loss provisions using the guidance to the previous standard, IAS 11 Construction
Contracts, should exclude the allocation of indirect costs from their provisions.

The adoption of the standards, amendments and interpretations described above do not have a significant
impact on the Company's consolidated financial statements.

2.223.2 New Accounting Standards, Interpretations and Amendments with effective application
for annual periods beginning on or after January 1, 2023.

Standards and interpretations, as well as IFRS amendments, which have been issued, but have still not
become effective as of the date of these financial statements are set forth below. The Company has not
made an early adoption of these standards.

IFRS 17

Standards and Interpretations
Insurance Contracts

Mandatory application date
January 1, 2023

IFRS 17 - Insurance Contracts

In May 2017, the IASB issued IFRS 17 Insurance Contracts, a new accounting standard IFRS 17
"Insurance Contracts". Issued in May 2017, it replaces the current IFRS 4. IFRS 17 will primarily change
the accounting for all entities that issue insurance contracts and investment contracts with discretionary
participation features. The standard applies to annual periods beginning on or after January 1, 2023, with
early application permitted provided IFRS 9, "Financial Instruments", is applied.

Amendments to IFRS that have been issued to become effective in the near future are detailed below.

Amendments and improvements

Date of
application
January 1, 2024
Classification of liabilities as current or non-current
Non-current liabilities with covenants
January 1, 2024
Deferred taxes regarding assets and liabilities that arise from a single transaction January 1, 2023
January 1, 2023
Definition of Accounting estimate
January 1, 2024

IAS 1
IAS 1
IAS 12
IAS 8
IFRS 16 Lease Liability in a Sale and Leaseback

IAS 1 Presentation of Financial Statements Classification of liabilities as current or non-current

Amendment to IAS 1 "Presentation of Financial Statements" on classification of liabilities. This
amendment clarifies that liabilities are classified as current or non-current depending on the rights that
exist at the end of the reporting period. The classification is not affected by the entity's expectations or
events after the reporting date (e.g., receipt of a waiver or covenant breach). The amendment also clarifies
what IAS 1 means when it refers to the "settlement" of a liability. The amendment should be applied
retrospectively in accordance with IAS 8. Effective date of initial application January 1, 2022, however,
this date was deferred to January 1, 2024.

IAS 1 Presentation of Financial Statements – Non-Current Liabilities with Covenants

Amendment to IAS 1 "Non-current liabilities with covenants", the amendment aims to improve the
information that an entity provides when the payment terms of its liabilities may be deferred depending
on the fulfillment of covenants within twelve months after the date of issuance of the financial statements.

IAS 12 Deferred tax related to assets and liabilities arising from a single transaction

Amendment to IAS 12 - Deferred Tax Relating to Assets and Liabilities Arising from a Single Transaction.
These amendments require companies to recognize deferred taxes on transactions that, on initial
recognition, result in equal amounts of taxable and deductible temporary differences.

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of
Accounting Estimates

Amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes
in Accounting Estimates and Errors", issued in February 2021. The amendments are intended to improve
disclosures of accounting policies and help users of financial statements to distinguish between changes
in accounting estimates and changes in accounting policies.

IFRS 16 - Lease Liability in a Sale and Leaseback

Amendments to IFRS 16 "Leases" on sale and leaseback, which explains how an entity should recognize
the rights to use the asset and how gains or losses arising from the sale and leaseback should be
recognized in the financial statements.

The Company's management estimates that the adoption of the standards, interpretations and
amendments described above will not have a significant impact on the [consolidated] financial statements
of the Company during the first period of their application.

3 – FINANCIAL REPORTING BY SEGMENT

The Company provides financial information by segments according to IFRS 8 “Operating Segments,”
which establishes standards for reporting by operating segment and related disclosures for products and
services, and geographic areas.

The Company’s Board of Directors and Management measures and assesses performance of operating
segments based on the operating income of each of the countries where there are Coca-Cola franchises.

The operating segments are determined based on the presentation of internal reports to the Company´s
chief strategic decision-maker. The chief operating decision-maker has been identified as the
Company´s Board of Directors who makes the Company’s strategic decisions.

The following operating segments have been determined for strategic decision making based on
geographic location:

• Operation in Chile
• Operation in Brazil
• Operation in Argentina
• Operation in Paraguay

The four operating segments conduct their businesses through the production and sale of soft drinks
and other beverages, as well as packaging materials.

Expenses and revenue associated with the Corporate Officer were assigned to the operation in Chile in
the soft drinks segment because Chile is the country that manages and pays the corporate expenses,
which would also be substantially incurred, regardless of the existence of subsidiaries abroad.

Total revenues by segment include sales to unrelated customers and inter-segments, as indicated in
the consolidated statement of income of the Company.

A summary of the Company's operations by segment according to IFRS is as follows:

For the period ended December 31,
2022

Operation in

Chile

Operation in
Argentina

Operation in
Brazil

Operation in

Paraguay

Inter-country
eliminations

Consolidated,
total

Net sales

Cost of sales

1,123,665,196

688,704,911

636,859,882

212,339,131

(4,690,725)

2,656,878,395

(743,226,587)

(367,879,756)

(403,695,516)

(118,590,689)

4,690,725

(1,628,701,823)

CLP (000’s)

Distribution expenses

(94,155,809)

(98,238,512)

(48,572,718)

(12,547,637)

Administrative expenses

(165,139,607)

(133,696,312)

(100,060,355)

(30,621,442)

Financial income

Financial costs

Net financial costs

Share of entity in income of associates
accounted for using the equity method,
total

18,783,930

9,853,565

10,307,344

777,571

(28,065,600)

(1,628,221)

(29,854,132)

(9,281,670)

8,225,344

(19,546,788)

777,571

1,743,656

(334,587)

Income tax expense

(38,497,541)

(38,651,371)

(21,342,331)

(5,853,395)

Oher income (expenses)

(83,536,145)

(20,652,710)

10,213,711

51,063

Net income of the segment reported

(8,428,507)

37,811,594

53,521,298

45,554,602

Depreciation and amortization

40,714,017

33,442,921

31,888,435

13,320,058

Current assets

Non-current assets

564,695,230

141,715,280

383,021,238

72,297,644

762,292,569

251,248,261

566,116,288

269,314,097

Segment assets, total

1,326,987,799

392,963,541

949,137,526

341,611,741

Carrying amount in associates and joint
ventures accounted for using the equity
method, total

Segment disbursements of non-monetary
assets

Current liabilities

Non-current liabilities

Segment liabilities, total

53,869,983

38,474,615

85,998,605

40,479,269

42,173,211

18,051,094

629,575,497

138,572,190

140,642,493

40,454,954

600,735,999

24,584,021

536,281,288

16,451,513

1,230,311,496

163,156,211

676,923,781

56,906,467

Cash flows (used in) provided by in
Operating Activities
Cash flows (used in) provided by Investing
Activities
Cash flows (used in) provided by
Financing Activities

255,357,664

59,379,474

58,391,224

24,324,062

15,619,565

(40,479,269)

(42,173,211)

(18,135,556)

(283,394,600)

(41,768)

(3,064,412)

(462,602)

(253,514,676)

(429,517,716)

39,722,410

(59,547,953)

(19,825,543)

1,409,069

(104,344,638)

(93,924,081)

128,458,987

119,365,431

1,161,729,392

1,848,971,215

3,010,700,607

92,344,598

186,702,179

949,245,134

1,178,052,821

2,127,297,955

397,452,424

(85,168,471)

(286,963,382)

For the period ended December 31,
2021

Operation in

Chile

Operation in
Argentina

Operation in
Brazil

Operation in

Paraguay

Inter-country
eliminations

Consolidated,
total

Revenue on ordinary activities

975,296,052

536,955,468

539,257,423

169,216,180

(3,992,530)

2,216,732,593

Cost of sales

(630,862,197)

(296,090,157)

(361,323,450)

(91,109,499)

3,992,530

(1,375,392,773)

CLP (000’s)

Distribution expenses

(78,995,679)

(78,019,531)

(33,458,924)

(9,478,239)

Administrative expenses

(142,762,661)

(110,329,089)

(71,995,712)

(23,862,401)

Financial income

Financial costs

Net financial costs

Share of entity in income of associates
accounted for using the equity method,
total

(2,936,819)

5,011,888

5,327,527

389,273

(27,669,541)

(577,941)

(24,744,974)

(30,606,360)

4,433,947

(19,417,447)

389,273

2,799,437

293,665

Income tax expense

(15,756,620)

(25,697,558)

82,395

(4,805,537)

Oher income (expenses)

(29,072,689)

(10,652,582)

(7,834,863)

439,023

Net income of the segment reported

50,039,283

20,600,498

45,603,087

40,788,800

Depreciation and amortization

38,189,190

32,863,821

23,647,789

10,074,503

Current assets

Non-current assets

626,277,188

117,319,226

183,268,173

64,121,536

739,113,114

216,757,538

720,101,674

279,148,198

Segment assets, total

1,365,390,302

334,076,764

903,369,847

343,269,734

Carrying amount in associates and joint
ventures accounted for using the equity
method, total

Segment disbursements of non-monetary
assets

Current liabilities

Non-current liabilities

Segment liabilities, total

52,519,831

38,969,363

18,636,178

33,789,235

30,171,387

21,381,700

283,835,866

101,832,549

109,691,047

34,207,817

743,108,008

20,388,886

534,386,761

17,242,154

1,026,943,874

122,221,435

644,077,808

51,449,971

Cash flows (used in) provided by in
Operating Activities
Cash flows (used in) provided by Investing
Activities
Cash flows (used in) provided by
Financing Activities

181,679,320

55,490,096

36,121,074

31,764,493

(108,283,362)

(33,789,408)

(32,875,359)

(23,304,551)

(111,533,388)

(940,318)

(2,455,073)

(390,735)

(199,952,373)

(348,949,863)

7,791,869

(52,992,456)

(45,200,587)

3,093,102

(46,177,320)

(47,121,111)

157,031,668

104,775,303

990,986,123

1,955,120,524

2,946,106,647

91,489,194

103,978,500

529,567,279

1,315,125,809

1,844,693,088

305,054,983

(198,252,680)

(115,319,514)

4 – CASH AND CASH EQUIVALENTS

The composition of cash and cash equivalents is as follows:

By item

Cash
Bank balances
Other fixed rate instruments
Cash and cash equivalents

12.31.2022

CLP (000’s)

203,931
108,486,568
182,991,488
291,681,987

12.31.2021

CLP (000’s)

503,687

94,472,637
209,335,696
304,312,020

Other fixed income instruments correspond primarily to investments in short-term instruments with good credit ratings,
such as Time Deposits and Mutual Funds, which are highly liquid, with insignificant risk of change in value and easily
converted into known amounts of cash.. There are no restrictions for significant amounts available to cash.

By currency

USD
EUR
ARS
CLP
PYG
BRL

Cash and cash equivalents

12.31.2022

CLP (000’s)

12.31.2021

CLP (000’s)

14,266,343
870,613
29,215,288
138,205,025
39,201,097
69,923,621
291,681,987

13,640,823
2,838,102
22,425,407
176,278,025
32,856,836
56,272,827
304,312,020

5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS

The composition of other financial assets is as follows:

Other financial assets

Financial assets (1)
Financial assets at fair value (2)
Other financial assets measured at amortized cost (3)
Total

Balance

Current

Non-current

12.31.2022

CLP (000’s)

12.31.2021
CLP (000’s)

12.31.2022
CLP (000’s)

12.31.2021
CLP (000’s)

170,206,554
-

92,838,315 194,509,044
961,705
-
263,044,869 195,470,749

3,317,778

1,216,865
75,297,737 281,337,127
16,237,196
14,078,020
94,852,711 296,632,012

(1) Financial instrument that does not meet the definition of cash equivalents as defined in Note 2.13.

(2) Market value of hedging instruments. See details in Note 22.

(3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS”
products, which are framed in the purchase of the "AdeS" brand managed by The Coca-Cola Company at the end of
2016.

6 – OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS

The composition of other non-financial assets is as follows:

Other non-financial assets

Prepaid expenses
Tax credit remainder (1)
Judicial deposits
Others (2)
Total

Balance

Current

12.31.2022
CLP (000’s)

6,059,201
905,826
-
19,991,973
26,957,000

12.31.2021
CLP (000’s)
7,860,112
2,022,493
-
4,836,499
14,719,104

Non-current

12.31.2022
CLP (000’s)

1,074,940
40,922,425
15,723,829
1,951,072
59,672,266

12.31.2021
CLP (000’s)
1,254,775
52,746,937
15,259,876
1,600,028
70,861,616

(1) (a) In November 2006, Rio de Janeiro Refrescos Ltda. ("RJR") filed a court order No. 0021799-23.2006.4.02.5101
seeking recognition of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social
Integration) and COFINS (Contribution for the Financing of Social Security) calculation base, as well as recognition of
the right to obtain reimbursement of amounts unduly collected since November 14, 2001, duly restated using the Selic
interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing the recovery of amounts overpaid from
November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security
Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base.

The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from
November 2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021)
(BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary
restatement. These amounts were recorded as of December 31, 2019. In addition, the company acknowledged the
indirect costs (attorneys' fees, consulting, auditing, indirect taxes and other obligations) resulting from the recognition of
the right acquired in court, totaling BRL 175 million.

The payment of income tax occurs when liquidating the credit, therefore the respective deferred tax liability recorded
was CLP 24,276 million (BRL 148 million). Amounts already offset until December 31, 2022 were CLP 92,841 million
(BRL 566 million).

Companhia de Bebidas Ipiranga ("CBI") acquired in September 2013, also filed a court order No. 0014022-
71.2000.4.03.6102 in order to recognize the same issue as the one previously described for RJR. In September 2019,
the ruling favoring CBI became final, allowing the recovery of the amounts overpaid from September 12, 1989 to
December 1, 2013 (date when CBI was incorporated by RJR). CBI's credit will be generated in the name of RJR,
however, pursuant to the contractual clause ("Subscription Agreement for Shares and Exhibits"), as soon as collected
by RJR, this payment should be immediately paid to former CBI shareholders (supervention favoring former CBI
shareholders). Based on supporting documents found, for the August 1993-November 2013 period, the amount of credits
related to this process have been calculated and totaled CLP 27,229 million (BRL 166 million, of which BRL 86 million
corresponds to capital and BRL 84 million correspond to interest and monetary restatement), from this amount, CLP
1,148 million (BRL 7 million) must be deducted from indirect taxes, thus generating an account payable to former
shareholders for CLP 27,229 million (CLP 25,125 million at December 2021) (BRL 156 billion) and a government
receivables related to credits for that same amount. It is worth mentioning that for the September 1989-July 1993 period,
the Company did not account the credit due to the lack of supporting documents.

(2) Other non-financial assets are mainly composed of advances to suppliers.

7 – TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE

The composition of trade and other receivables is as follows:

Trade debtors and other
accounts receivable, Net

12.31.2022

12.31.2021

12.31.2022

12.31.2021

Current

Non-current

CLP (000’s)

Trade debtors
Other debtors
Other accounts receivable
Total

238,146,331 205,466,469
39,798,245 55,281,501
4,742,656
279,770,286 265,490,626

1,825,710

56,781
483,139
-
539,920

CLP
(000’s)

42,726
83,738
-
126,464

Trade debtors and other
accounts receivable,
Gross

Current

Non-current

12.31.2022

12.31.2021

12.31.2022

12.31.2021

CLP (000’s)

CLP
(000’s)

CLP (000’s)

Trade debtors
Other debtors

242,638,974 210,175,775
40,206,431 55,281,501

Other accounts receivable

1,921,211

4,744,721

56,781
483,139

CLP
(000’s)

42,726
83,738

Total

284,766,616 270,201,997

539,920

126,464

The stratification of the portfolio for current and non-current trade debtors without impairment impact, is

as follows:

12.31.2022

12.31.2021

Less than one month
Between one and three months
Between three and six months
Between six and eight months
Older than eight months
Total

CLP (000’s)

CLP (000’s)
229,587,868 195,325,587
6,843,836
1,808,425
2,235,866
4,004,787
242,695,755 210,218,501

4,577,833
2,418,252
5,392,862
718,940

The Company has approximately 292,153 clients, which may have balances in the different sections of
the stratification. The number of clients is distributed geographically with 70,000 in Chile, 84,153 in Brazil,
67,580 in Argentina and 70,420 in Paraguay.

The provision for expected credit losses associated with each tranche of the portfolio for current and
non-current trade receivables is as follows:

12.31.2022

Credit amount
CLP (000’s)

Less than one month
Between one and three months
Between three and six months
Between six and eight months
Older than eight months
Total

229,587,868
4,577,833
2,418,252
5,392,862
718,940
242,695,755

Impairment
provision
CLP (000’s)
(701,701)
(431,630)
(786,856)
(2,402,146)
(170,310)
(4,492,643)

Percentage
%

0.31%
9.43%
32.54%
44.54%
23.69%

The movement in the allowance for expected credit losses is presented below:

Opening balance
Increase (decrease)
Provision reversal
Increase (decrease) for changes of foreign currency
Sub – total movements
Ending balance

12.31.2022

12.31.2021

CLP (000’s)

4,711,371
(150,671)
(654,381)
586,324
(218,728)
4,492,643

6,795,663
1,697,887
(3,832,220)
50,041
(2,084,292)
4,711,371

The provision for expected credit losses is recorded as an administrative expense in the statements of
income by function.

8 – INVENTORIES

The composition of inventories is detailed as follows:

Details

Raw materials (1)
Finished goods
Spare parts and supplies
Work in progress
Other inventories
Obsolescence provision (2)
Total

12.31.2022

CLP (000’s)

12.31.2021
CLP (000’s)
86,914,422
81,461,680
23,063,797
109,467
3,358,474
(3,557,634)
191,350,206

104,833,902
114,164,680
27,109,494
216,164
4,020,372
(4,457,956)
245,886,656

The cost of inventory recognized as cost of sales amounts to CLP 1,388,536,599 thousand and CLP
1,192,363,804 thousand as of December 31, 2022 and 2021, respectively.

(1) Approximately 80% is composed of concentrate and sweeteners used in the preparation of beverages, as well as caps and

PET supplies used in the packaging of the product.

(2) The obsolescence provision is related mainly with the obsolescence of spare parts classified as inventories and to a lesser
extent to finished products and raw materials. The general standard is to provision all those multi-functional spare parts without
utility in rotation in the last four years prior to the technical analysis technical to adjust the provision. In the case of raw
materials and finished products, the obsolescence provision is determined according to maturity.

9 – TAX ASSETS AND LIABILITIES

The composition of current tax accounts receivable is the following:

Tax assets

Monthly provisional payments

Tax credits

Recoverable taxes from prior years

Surplus Tax Credit

Other Recoverable Taxes

Total

12.31.2022
CLP (000’s)

25,428,344

12.31.2021
CLP (000’s)

915,864

6,640,888

473,424

6,387,530

396,242

39,326,428

5,367,115

3,941,279

110

10,224,368

The composition of current tax accounts payable is the following:

Tax liabilities

Income tax expense
Total

Current

12.31.2022
CLP (000’s)

14,615,447
14,615,447

12.31.2021
CLP (000’s)

30,512,787
30,512,787

10 – INCOME TAX EXPENSE AND DEFERRED TAXES

10.1

Income tax expense

The current and deferred income tax expenses are detailed as follows:

Details

12.31.2022

12.31.2021

CLP (000’s)

CLP (000’s)
(63,245,293) (45,614,890)
2,284,477
(2,877,817)
114,130

311,931
(11,129,734)
-

(74,063,096) (46,094,100)

(30,281,542)

(83,220)

(30,281,542)

(83,220)

(104,344,638) (46,177,320)

Current income tax expense
Current tax adjustment previous period
Foreign dividends tax withholding expense
Other current tax expense (income)

Current income tax expense

Expense (income) for the creation and reversal of
temporary differences of deferred tax and others

Expense (income) for deferred taxes

Total income tax expense

The distribution of national and foreign tax expenditure is as follows:

Income taxes

Current taxes
Foreign
National
Current tax expense
Deferred taxes
Foreign
National
Deferred tax expense
Income Tax expense

12.31.2022

CLP (000’s)

12.31.2021

CLP (000’s)

(61,250,403)
(12,812,693)
(74,063,096)

(4,596,695)
(25,684,847)
(30,281,542)
(104,344,638)

(37,363,624)
(8,730,476)
(46,094,100)

6,942,925
(7,026,145)
(83,220)
(46,177,320)

The reconciliation of the tax expense using the statutory rate with the tax expense using the effective
rate is as follows:

Reconciliation of effective rate

Net income before taxes

Tax expense at legal rate (27.0%)
Effect of tax rate in other jurisdictions

Permanent differences:

Non-taxable revenues
Non-deductible expenses
Tax effect on excess tax provision in previous periods
Tax effect of price-level restatement for Chilean companies
Subsidiaries tax withholding expense and other legal tax debits
and credits
Adjustments to tax expense

Tax expense at effective rate

Effective rate

12.31.2022

12.31.2021

CLP (000’s)

232,803,625

203,208,988

(62,856,979)
(2,820,546)

(54,866,427)
860,745

17,024,545
(3,622,958)
(81,258)
-

(10,868,055)
(2,935,310)
13,250,594
(15,794,098)

(51,987,442)

24,175,231

(38,667,113)

7,828,362

(104,344,638)

(46,177,320)

44.8%,

22.7%,

The applicable income tax rates in each of the jurisdictions where the Company operates are the
following:

Country

Chile

Brazil

Argentina

Paraguay

Rate

2022

27.00%

34.00%

35.00%

10.00%

2021

27.00%

34.00%

35.00%

10.00%

10.2

Deferred taxes

The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities,
which are detailed as follows:

Temporary differences

Property, plant and equipment
Obsolescence provision
ICMS exclusion credit
Employee benefits
Provision for severance indemnity
Tax loss carry forwards (1)
Tax goodwill Brazil
Contingency provision
Foreign Exchange differences (2)
Allowance for doubtful accounts
Coca-Cola incentives (Argentina)
Assets and liabilities for placement of bonds
Financial expense
Lease liabilities
Inventories
Distribution rights
Hedge derivatives
Prepaid income
Spare parts
Intangibles
Others
Subtotal
Offsetting of deferred tax assets/(liabilities)
Total assets and liabilities net

12.31.2022

12.31.2021

Assets
CLP (000’s)

5,351,293
1,871,168
2,686,693
5,033,868
2,789,893
5,569,124
-
27,145,591
11,478,538
803,608
633,919
-
-
1,874,166
1,312,833
-
-
5,339,265
-
69,395
5,282,818
77,242,172
(74,813,839)
2,428,333

Liabilities
CLP (000’s)
(58,230,728)
-
-
(3,348)
(42,264)
-
(9,081,512)
-
-
-
-
(610,594)
(1,894,010)
-
-
(154,669,995)
-
(8,287)
(4,142,782)
(7,388,202)
(4,520,673)
(240,592,395)
74,813,839
(165,778,556)

Assets
CLP (000’s)

Liabilities
CLP (000’s)

5,944,185
1,696,051
-
3,163,172
271,789
4,292,863
-
30,216,275
7,165,844
638,484
-
-
-
1,781,922
652,669
-
-
1,711,461
-
130
4,194,697
61,729,542
(59,870,815)
1,858,727

(52,435,301)
-
(4,925,230)
(115,828)
(271,367)
(698)
(3,126,125)
-
-
-
-
(2,081,271)
-
-
-
(151,228,739)
-
-
(3,374,376)
(5,440,229)
(5,326,478)
(228,325,642)
59,870,815
(168,454,827)

(1) Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile.

(2) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency

that for tax purposes are recognized when incurred.

Deferred tax account movements are as follows:

Movement

Opening balance
Increase (decrease) in deferred tax
Increase (decrease) due to foreign currency translation(*)
Total movements
Ending balance

(*) Includes IAS 29 effects due to inflation in Argentina

12.31.2022
CLP (000’s)

166,596,100
(8,090,171)
4,844,294
(3,245,877)
163,350,223

12.31.2021
CLP (000’s)

151,743,678
4,507,688
10,344,734
14,852,422
166,596,100

11 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at the close of each period is detailed as follows:

Property, plant and equipment, gross

Construction in progress
Land
Buildings
Plant and equipment
Information technology equipment
Fixed installations and accessories
Vehicles
Leasehold improvements
Rights of use (1)
Other properties, plant and equipment (2)
Total Property, plant and equipment, gross

Accumulated depreciation of
Property, plant and equipment

Buildings
Plant and equipment
Information technology equipment
Fixed installations and accessories
Vehicles
Leasehold improvements
Rights of use (1)
Other properties, plant and equipment (2)
Total accumulated depreciation
Total Property, plant and equipment, net

12.31.2022
CLP (000’s)

49,169,567
104,906,878
337,689,681
693,153,093
34,992,575
69,798,556
75,759,020
362,243
73,946,435
448,561,681
1,888,339,729

12.31.2022
CLP (000’s)

(117,237,092)
(499,070,234)
(27,257,028)
(44,057,493)
(44,600,066)
(282,057)
(53,350,442)
(304,264,058)
(1,090,118,470)
798,221,259

12.31.2021
CLP (000’s)

56,280,594
101,286,107
306,300,748
613,537,377
29,470,242
61,264,172
56,346,552
322,036
69,616,828
383,403,363
1,677,828,019

12.31.2021
CLP (000’s)

(102,957,623)
(443,885,822)
(23,857,025)
(38,165,051)
(37,161,952)
(208,747)
(45,962,853)
(269,249,819)
(961,448,892)
716,379,127

(1) For adoption of IFRS 16, See details of underlying assets in Note 11.1

(2) The net balance of each of these categories is presented below:

Other Property, plant and equipment, net

Bottles
Marketing and promotional assets (market assets)
Other Property, plant and equipment
Total

12.31.2022
CLP (000’s)

46,351,209
70,149,875
27,796,539

144,297,623

12.31.2021
CLP (000’s)

36,546,377
55,210,620
22,396,547
114,153,544

11.1 Movements

Movements in Property, plant and equipment are detailed as follows:

Construction
in progress

CLP (000’s)

56.280.594
75.269.957

(32.456)

Land

Buildings, net

Plant and
equipment,
net

IT
equipment,
net

Fixed
facilities and
accessories,
net

Vehicles, net

Leasehold
improvement
s, net

Others

Rights-of-use,
net (1)

Property, plant
and equipment,
net

CLP (000’s)

101.286.107

CLP (000’s)

203.343.125
867.990

CLP (000’s)

169.651.555
21.280.010

CLP (000’s)
5.613.217
922.233

CLP (000’s)

23.099.121
74.995

19.184.600
636.420

CLP (000’s)
113.289
10.275

CLP (000’s)

114.153.544
68.730.337

23.653.975

716.379.127
167.792.217

5.883.061

(16.174)

(538.429)

(15.105)

(4.522)

(2.249.837)

(67.398)

(2.923.921)

(84.598.804)

159.232

10.014.587

33.485.897

3.487.406

3.384.472

16.037.695

51.403

17.940.342

37.770

(8.477.029)

(35.372.214)

(2.641.086)

(3.365.827)

(5.524.208)

(68.741)

(49.526.391)

-
-

(104.975.496)

(9.993.249)

4.263.117

3.461.539

11.105.445

7.324.221

43.790

1.282.713

852.241

10.324

6.450.271

1.235.657

36.029.318

Opening balance at 01.01.2022

Additions

Right-of use additions

Disposals

Transfers between items of Property,
plant and equipment

Right-of-use transfers

Depreciation expense

Amortization

Increase (decrease) due to foreign
currency translation differences

Other increase (decrease) (2)

(2.012.841)

3.614.645

(1.748.181)

325.092

1.265.589

(23.272)

(36.364)

(11.200.643)

(153.823)

(9.969.798)

Total movements

(7.111.027)

3.620.771

17.109.464

24.431.304

2.122.330

2.641.942

11.974.354

(33.103)

30.144.079

(3.057.982)

81.842.132

Ending balance al 12.31.2022

49.169.567

104.906.878

220.452.589

194.082.859

7.735.547

25.741.063

31.158.954

80.186

144.297.623

20.595.993

798.221.259

(1) Right of use assets is composed as follows:

Right-of-use

Constructions and buildings
Plant and Equipment
IT Equipment
Motor vehicles
Others
Total

Gross asset

Accumulated
depreciation

Net asset

CLP (000’s)
6.694.251
47.377.683
1.214.851
9.395.320
9.264.330
73.946.435

CLP (000’s)
(3.452.700)
(33.624.676)
(1.081.741)
(6.066.615)
(9.124.710)
(53.350.442)

CLP (000’s)
3.241.551
13.753.007
133.110
3.328.705
139.620
20.595.993

Lease liabilities interest expense at the closing of the period reached CLP 2,092,868 thousand.

(2) Corresponds mainly to the effect of adopting IAS 29 in Argentina.

Construction
in progress

Land

Buildings, net

Plant and
equipment,
net

IT
equipment,
net

Fixed
facilities and
accessories,
net

Vehicles, net

CLP (000’s)

180,916,878
3,708,881

145,790,203
19,025,057

(276,312)

(277,845)

4,370,826

21,182,049

CLP (000’s)
4,878,307
1,428,080

(3,896)

751,603

CLP (000’s)

17,647,892
12,068

(11)

16,410,784
171,420

(9,573)

606,279

4,771,885

88,345

8,074,803

(7,862,888)

(32,058,439)

(2,219,235)

(3,700,948)

(4,054,092)

(51,774)

(43,651,397)

Leasehold
improvement
s, net

CLP (000’s)
59,142
8,738

Others

Rights-of-use,
net (1)

Property, plant
and equipment,
net

CLP (000’s)

90,020,253
47,426,736

21,337,277

9,070,997

(3,156,795)

605,576,545
132,881,206

9,070,997

(3,798,908)

(93,598,773)

Opening balance at 01.01.2021

Additions

Right-of use additions

Disposals

Transfers between items of Property,
plant and equipment

Right-of-use transfers

Depreciation expense

Amortization

34,194,083
61,100,226

(74,476)

(39,845,790)

94,321,726

Increase (decrease) due to foreign
currency translation differences

Other increase (decrease) (2)

6,513,216

(5,606,665)

6,964,382

21,941,520

23,364,406

(1)

544,220

(7,373,876)

658,167

120,191

3,080,061

5,453,780

2,264,353

(370,177)

8,840

(2)

(8,386,063)

16,399,966

(960,022)

1,759,346

(127,582)

82,954,257

(8,320,134)

Total movements

22,086,511

6,964,381

22,426,247

23,861,352

734,910

5,451,229

2,773,816

54,147

24,133,291

2,316,698

110,802,582

Ending balance al 12.31.2021

56,280,594

101,286,107

203,343,125

169,651,555

5,613,217

23,099,121

19,184,600

113,289

114,153,544

23,653,975

716,379,127

(1) Right of use assets is composed as follows:

Right-of-use

Constructions and buildings
Plant and Equipment
IT Equipment
Motor vehicles
Others
Total

Gross asset

Accumulated
depreciation

Net asset

CLP (000’s)

4,042,921
43,450,544
997,458
12,171,762
8,954,143
69,616,828

(2,140,590)
(27,325,328)
(750,993)
(7,065,299)
(8,680,643)
(45,962,853)

1,902,331
16,125,216
246,465
5,106,463
273,500
23,653,975

(2) Corresponds mainly to the effect of adopting IAS 29 in Argentina.

12 – RELATED PARTIES

Balances and main transactions with related parties are detailed as follows:

12.1

Accounts receivable:

Taxpayer ID

Company

Relationship

Country

Currency

Current

Non-current

Current

Non-current

12.31.2022

12.31.2021

96.891.720-K

96.714.870-9
Foreign
Foreign
96.517.210-2
86.881.400-4

77.526.480-2
76.572.588-7
76.140.057-6
79.826.410-9
Total

Embonor S.A.
Coca-Cola de Chile S.A.
Coca-Cola de Argentina
Alimentos de Soja S.A.U.
Embotelladora Iquique S.A.
Envases CMF S.A.
Comercializadora Nova Verde
Coca-Cola del Valle New Ventures S.A.
Monster
Guallarauco

Chile
Shareholder related
Chile
Shareholder
Argentina
Director related
Argentina
Shareholder related
Chile
Shareholder related
Chile
Associate
Common shareholder Chile
Chile
Associate
Chile
Associate
Chile
Associate

CLP
CLP
ARS
ARS
CLP
CLP
CLP
CLP
CLP
CLP

12.2

Accounts payable:

CLP
(000’s)
10,852,709
15,444
-
237,439
745,048
925,189

2,048,054
143,002
86,492
8,790
15,062,167

CLP (000’s)

109,318
-
-
-
-

-
-
-
-
109,318

CLP
(000’s)
3,870,800
62,756
2,490,194
166,813
155,264
1,266,871
934,350
371,907
87,865
12,230
9,419,050

CLP (000’s)

98,941
-
-
-
-

-
-
-
-
98,941

Taxpayer ID

Company

Relationship

Country

Currency

96.714.870-9
Foreign
86.881.400-4
Foreign
Foreign
Foreign
76.572.588-7
96.891.720-K
Foreign
77.526.480-2
Foreign
Foreign
Foreign
Total

Coca-Cola de Chile S.A.
Recofarma do Indústrias Amazonas Ltda.
Envases CMF S.A.
Ser. y Prod. para Bebidas Refrescantes S.R.L.
Leão Alimentos e Bebidas Ltda.
Monster Energy Brasil Com de Bebidas Ltda.
Coca-Cola del Valle New Ventures S.A.
Embonor S.A.
Alimentos de Soja S.A.U.
Comercializadora Nova Verde
Monster Energy Argentina S.A.
Monster Energy Company – USA
Coca-Cola Company

Shareholder
Shareholder related
Associate
Shareholder
Associate
Shareholder related
Associate
Shareholder related
Shareholder related
Common shareholder
Shareholder related
Shareholder related
Shareholder

Chile
Brazil
Chile
Argentina
Brazil
Brazil
Chile
Chile
Argentina
Chile
Argentina
Argentina
Paraguay

CLP
BRL
CLP
ARS
BRL
BRL
CLP
CLP
ARS
CLP
PYG
PYG
PYG

12.31.2022

Current
CLP
(000’s)
32,205,880
30,998,682
8,186,248
8,587,487
232,216
3,811,908
1,089,592
589,127
628,842
2,198,317
-
28,910
1,690,858
90,248,067

12.31.2021

Non-current

Current

Non-current

CLP (000’s)

-
10,354,296
-
-
-
-
-
-
-
-
-
-
-
10,354,296

CLP
(000’s)
19,134,864
13,770,200
7,609,951
9,893,495
577,723
2,173,901
367,186
378,718
277,708
1,858,682
2,365
58,668
-
56,103,461

CLP (000’s)

-
11,557,723
-
-
-
-
-
-
-
-
-
-
-
11,557,723

12.3

Transactions:

Taxpayer ID

Company

Relationship

Country

Transaction Description

Currency

96.714.870-9
96.714.870-9
96.714.870-9
96.714.870-9
96.714.870-9
86.881.400-4
86.881.400-4
86.881.400-4
86.881.400-4
86.881.400-4
86.881.400-4
86.881.400-4
93.281.000-K
93.281.000-K
93.281.000-K
96.891.720-K
96.891.720-K
96.891.720-K
96.517.310-2
89.996.200-1
94.627.000-8
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
89.862.200-2
89.862.200-2
76.572.588-7
76.572.588-7
Foreign
Foreign
Foreign
Foreign
77526480-2
77526480-2
77526480-2
77526480-2
77526480-2
77526480-2
77526480-2
96.633.550-5
97.036.000-K
Foreign

Coca-Cola de Chile S.A.
Coca-Cola de Chile S.A.
Coca-Cola de Chile S.A.
Coca-Cola de Chile S.A.
Coca-Cola de Chile S.A.
Envases CMF S.A.
Envases CMF S.A.
Envases CMF S.A.
Envases CMF S.A.
Envases CMF S.A.
Envases CMF S.A.
Envases CMF S.A.
Coca-Cola Embonor S.A.
Coca-Cola Embonor S.A.
Coca-Cola Embonor S.A.
Embonor S.A.
Embonor S.A.
Embonor S.A.
Embotelladora Iquique S.A.
Envases del Pacífico S.A.
Parque Arauco S.A
Recofarma do Indústrias Amazonas Ltda.
Recofarma do Indústrias Amazonas Ltda.
Serv. y Prod. para Bebidas Refrescantes S.R.L.
Serv. y Prod. para Bebidas Refrescantes S.R.L.
Serv. y Prod. para Bebidas Refrescantes S.R.L.
KAIK Participações
Leao Alimentos e Bebidas Ltda.
Sorocaba Refrescos S.A.
Latam Airlines Group S.A.
Latam Airlines Group S.A.
Coca-Cola Del Valle New Ventures SA
Coca-Cola Del Valle New Ventures SA
Alimentos de Soja S.A.U.
Alimentos de Soja S.A.U.
Alimentos de Soja S.A.U.
Trop Frutas do Brasil Ltda.
Comercializadora Novaverde S.A.
Comercializadora Novaverde S.A.
Comercializadora Novaverde S.A.
Comercializadora Novaverde S.A.
Comercializadora Novaverde S.A.
Comercializadora Novaverde S.A.
Comercializadora Novaverde S.A.
Sinea S.A.
Banco Santander Chile.
Monster Energy Brasil Comercio de Bebidas Ltda

Shareholders
Shareholders
Shareholders
Shareholders
Shareholders
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Common shareholder
Common shareholder
Common shareholder
Shareholder related
Shareholder related
Shareholder related
Shareholder related
Director related
Director related
Shareholder related
Shareholder related
Shareholder related
Shareholder related
Shareholder related
Associate
Associate
Associate
Director related
Director related
Associate
Associate
Shareholder related
Shareholder related
Shareholder related
Associate
Common shareholder
Common shareholder
Common shareholder
Common shareholder
Common shareholder
Common shareholder
Common shareholder
Director related
Director/Manager/Executive
Affiliated company

Concentrate purchase
Purchase of advertising services
Water source lease
Sale of raw materials and others
Minimum dividend
Purchase of containers
Purchase of raw materials
Purchase of caps
Purchase of services and others
Sale of services and others
Purchase of packaging
Sale of packaging/raw materials
Sale of finished products
Sale of services and others
Sale of inputs and materials
Minimum dividend
Sale of fixed asset
Dividend distribution
Sale of finished products
Purchase of inputs and materials
Lease of space
Purchase of concentrate
Reimbursement and other purchases

Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil
Brazil
Argentina Purchase of concentrate
Argentina Advertising rights, prizes and others
Argentina Advertising participation
Brazil
Brazil
Brazil
Chile
Chile
Chile
Chile
Argentina Payment of commissions and services
Argentina Purchase of products
Argentina Marketing services
Brazil
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil

Purchase of products
Sale of raw materials
Sale of finished products
Sale of services and others
Purchase of finished products
Advertising
Cold equipment maintenance
Purchase of raw materials
Purchase of raw materials
Purchase of services
Purchase of products

Reimbursement and other purchases
Purchase of products
Purchase of products
Sale of products
Purchase of products
Sale of services and others
Purchase of services and others

CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
BRL
BRL
ARS
ARS
ARS
BRL
BRL
BRL
CLP
CLP
CLP
CLP
ARS
ARS
ARS
BRL
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
BRL

Accumulated
At 12.31.2022
CLP (000’s)

Accumulated
At 12.31.2021
CLP (000’s)

198,045,624
-
5,958,076
9,980,390
47,262
24,441,192
33,637,921
-
2,270,006
13,914
9,391,000
13,360,534
79,205,926
585,448
956,036
589,127
-
-
5,807,466
204,933
101,981
100,199,500
-
159,807,006
3,002,061
-
96,511
636,938
419,515
93,320
-
288,264
4,306,419
4,128,865
2,107,354
286,488
368,127
781,901
12,867,822
4,512,714
25,440,668
2,367,626
619,419
952,699
--
6,776,225
2,352,550

174,892,744
3,290,184
4,727,676
1,720,061
35,474
17,713,063
24,883,194
153,142
1,325,941
1,430
7,625,273
11,939,711
59,018,653
359,739
523,958
339,562
357,000
541,188
4,220,323
265,503
69,151
69,785,833
100,072
129,275,444
3,230,351
5,201,881
21,180
293,677
2,667,326
269,688
18,695
442,566
4,436,600
2,973,907
11,658
-
2,736,529
6,210
8,937,506
11,183
-
-
-
4,519,948
2,294,594
1,852,076
1,571,632

12.4

Salaries and benefits received by key management

Salaries and benefits paid to the Company’s key management personnel including directors and managers
are detailed as follows:

Description

Executive wages, salaries and benefits
Director allowances
Benefits accrued in the last five years and payments made during the period
Total

12.31.2022

12.31.2021

CLP (000’s)

8,536,107
1,560,000
269,952
10,366,059

7,253,863
1,512,500
254,240
9,020,603

13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS

Employee benefits are detailed as follows:

Description

Accrued vacation
Participation in profits and bonuses
Severance indemnity

Total

Current

Non-current

Total

12.31.2022
CLP (000’s)

12.31.2021

CLP (000’s)

25,773,244
22,618,562
17,409,793
65,801,599

18,630,043
15,538,771
14,982,928
49,151,742

CLP (000’s)

48,391,806
17,409,793
65,801,599

35,012,072
14,139,670
49,151,742

13.1 Severance indemnities

The movements of employee benefits, valued pursuant to Note 2 are detailed as follows:

Movements

Opening balance
Service costs
Interest costs
Actuarial variations
Benefits paid
Total

12.31.2022
CLP (000’s)

14,982,928
1,018,080
737,566
2,905,020
(2,233,801)
17,409,793

12.31.2021
CLP (000’s)

14,086,575
(8,917)
1,672,491
1,216,808
(1,984,029)
14,982,928

13.1.1 Assumptions

The actuarial assumptions used are detailed as follows:

Assumptions

Discount rate
Expected salary increase rate
Turnover rate
Mortality rate
Retirement age of women
Retirement age of men

12.31.2022

12.31.2021

1.71%

2.0%

7.68%

RV-2014

60 years

65 years

2.30%

2.0%

7.68%

RV-2014

60 years

65 years

The result of the changes in severance indemnities arising from the sensitization of the actuarial assumptions
at the valuation date is presented below:

Sensitivity to discount rate

Variation in the provision for an increase of up to 100 bps
Variation in the provision for a decrease of up to 100 bps

Sensitivity to salary increase

Variation in the provision for an increase of up to 100 bps
Variation in the provision for a decrease of up to 100 bps

13.2

Personnel expenses

CLP (000’s)

(1,084,387)
1,088,927

CLP (000’s)

1,133,083
(1,164,934)

Personnel expenses included in the consolidated statement of income are as follows:

Description

12.31.2022

12.31.2021

Wages and salaries
Employee benefits
Severance benefits
Other personnel expenses
Total

CLP (000’s)

277,271,540
71,566,763
6,052,239
21,305,979
376,196,521

225,883,645
53,340,673
4,163,608
18,134,494
301,522,420

14 – INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD

14.1

Description

Investments in associates are accounted for using the equity method. Investments in associates are detailed
as follows:

Investment value

Ownership
interest

TAXPAYER ID
86.881.400-4
Foreign
Foreign
Foreign
Foreign
Foreign
76.572.588.7

Name
Envases CMF S.A. (1)
Leão Alimentos e Bebidas Ltda. (2)
Kaik Participações Ltda. (2)
SRSA Participações Ltda.
Sorocaba Refrescos S.A.
Trop Frutas do Brasil Ltda. (2)
Coca-Cola del Valle New Ventures S.A.

Country
Chile
Brazil
Brazil
Brazil
Brazil
Brazil
Chile

Total

Functional
currency

12.31.2022

CLP
BRL
BRL
BRL
BRL
BRL
CLP

23,519,277
8,460,307
1,293,219
55,072
26,694,836
1,971,055
30,350,832
92,344,598

12.31.2021
21,863,790
11,359,597
1,107,007
51,615
24,258,224
2,192,920
30,656,041
91,489,194

12.31.2022

112.31.2021
50.00%
10.26%
11.32%
40.00%
40.00%
7.52%
35.00%

50.00%
10.26%
11.32%
40.00%
40.00%
7.52%
35.00%

(1)

In Envases CMF S.A., regardless of the percentage of ownership interest, it was determined that no controlling interest was
held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic
business decisions.

(2)

In these companies, regardless of the ownership interest, it has been defined that the Company has significant influence,
given that it has the right to appoint directors.

Envases CMF S.A.
Chilean entity whose corporate purpose is to manufacture and sell plastic material products and beverage bottling and packaging
services. The business relationship is to supply plastic bottles, preforms and caps to Coca-Cola bottlers in Chile.

Leão Alimentos e Bebidas Ltda.
Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage
concentrates. Invest in other companies. The business relationship is to produce non-carbonated products for Coca-Cola bottlers in
Brazil.

Kaik Participações Ltda.
Brazilian entity whose corporate purpose is to invest in other companies with its own resources.

SRSA Participações Ltda.
Brazilian entity whose corporate purpose is the purchase and sale of real estate investments and property management, supporting
the business of Rio De Janeiro Refrescos Ltda. (Andina Brazil).

Sorocaba Refrescos S.A.
Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage
concentrates, in addition to investing in other companies. It has commercial relationship with Rio de Janeiro Refrescos Ltda. (Andina
Brazil).

Trop Frutas do Brasil Ltda.
Brazilian entity whose corporate purpose is to manufacture, commercialize and export natural fruit pulp and coconut water. The
business relationship is to produce products for Coca-Cola bottlers in Brazil.

Coca-Cola del Valle New Ventures S.A.
Chilean entity whose corporate purpose is to manufacture, distribute and commercialize all kinds of juices, waters and beverages in
general. The business relationship is to produce waters and juices for Coca-Cola bottlers in Chile.

14.2 Movements

The movement of investments in other entities accounted for using the equity method is shown below:

Description

Opening balance
Dividends received
Share in operating income
Amortization unrealized income in associates
Other increase (decrease) in investments in associates+
Ending balance
*Mainly due to foreign exchange rates

The main movements are explained below:

12.31.2022
CLP (000’s)

12.31.2021
CLP (000’s)

91,489,194
(4,383,645)
2,118,728
-
3,120,321
92,344,598

87,956,354
(3,236,541)
4,041,118
(435,884)
3,164,147
91,489,194

•
•

•

Dividends declared in 2022 correspond to Envases CMF S.A.
Dividends declared in 2021 correspond to Sorocaba Refrescos S.A., Envases CMF S.A. and Coca-Cola del Valle New Ventures
S.A.
In 2021 it was identified that for the brand Verde Campo (Trop Frutas do Brasil Ltda.) the recoverable value would be R$ 21.8
million, an amount below the book value recorded, proportionally impacting the result of Andina Brazil according to its participation
(for more information see Note 2.8).

14.3 Reconciliation of share of profit in investments in associates:

Description

Equity value on income of associates
Unrealized earnings from product inventory acquired from associates and not sold at the end of
the period, which is presented as a discount in the respective asset account (containers and / or
inventory)
Amortization goodwill in the sale of fixed assets of Envases CMF S.A.
Amortization goodwill preferred rights CCDV S.A.

Income statement balance

12.31.2022

12.31.2021

CLP (000’s)
2,118,728

CLP (000’s)
4,041,118

(568,767)

(512,131)

-
(140,892)
1,409,069

42,633
(478,518)
3,093,102

14.4

Summary financial information of associates:

At December 31, 2022

Envases CMF
S.A.

Sorocaba Refrescos
S.A.

Kaik Participações

Ltda.

SRSA Participações

Ltda.

Leão Alimentos e
Bebidas Ltda.

Trop Frutas do Brasil
Ltda.

Coca-Cola del Valle New
Ventures S,A,

CLP (000’s)

Short term assets

Long term assets

Total assets

Short term liabilities

Long term liabilities

Total liabilities

Total Equity
Total revenue from ordinary
activities
Earnings before taxes

Earnings after taxes

Other comprehensive income

63,615,517

52,964,004

116,579,521

45,222,022

24,318,944

69,540,966

47,038,555

97,834,148

6,640,224

5,517,062

Total comprehensive income

5,517,062

41,997,646

89,524,823

131,522,469

21,366,336

45,013,681

66,380,017

65,142,452

-741

478,458

243,170

9,680,320

9,923,490

11,424,515

11,424,484

782,772

22,376

317,159

339,535

201,853

137,682

134,401

77,547,906

54,195,351

131,743,257

16,269,385

11,698,126

27,967,511

103,775,746

65,797,238

3,804,172

1,427,601

1,522

1,429,123

22,235,713

27,128,282

49,363,995

14,693,964

12,270,207

26,733,551

22,630,444

45,104,125

-5,105,685

-5,067,707

275,534

-4,792,173

26,927,496

75,247,746

102,175,242

9,038,769

5,480,067

14,518,836

87,656,406

25,249,336

-896,914

163,561

Reporting date (See Note 2.3)

12.31.2022,,

11.30.2022,,

11.30.2022,

11.30.2022

12.31.2022,,

At December 31, 2021:

Envases CMF
S.A.

Sorocaba Refrescos
S.A.

Kaik Participações
Ltda.

SRSA Participações
Ltda.

Leão Alimentos e
Bebidas Ltda.

Trop Frutas do Brasil
Ltda.

Coca-Cola del Valle New
Ventures S.A.

CLP (000’S)

Short term assets

Long term assets

Total assets

Short term liabilities

Long term liabilities

Total liabilities

Total Equity

Total revenue from ordinary
activities

Earnings before taxes

Earnings after taxes

72,400,404

42,875,230

115,275,634

57,080,891

14,467,165

71,548,056

43,727,578

77,805,312

7,347,219

5,509,658

Other comprehensive income

Total comprehensive income

5,509,658

19,468,334

92,639,217

112,107,551

9,779,486

21,255,566

34,960,269

56,215,834

55,891,716

-25,164,499

4,518,371

2,573,415

2,363,061

4,936,476

9,779,458

204,624

20,648

294,662

315,310

186,266

129,043

126,016

68,192,154

50,034,496

118,226,650

12,991,480

6,489,944

19,481,425

98,745,226

94,169,579

2,876,850

1,556,223

49,784

1,606,007

16,765,435

33,021,014

49,786,449

10,009,915

18,294,787

28,304,702

21,481,747

35,224,230

(31,042,731)

(37,324,877)

30,547,925

29,227,758

75,706,352

104,934,110

10,181,664

7,164,058

17,345,722

87,588,388

46,509,329

2,306,620

2,869,945

(6,776,952)

2,869,945

Reporting date (See Note 2.3)

12.31.2021

11.30.2021

12.31.2021

15 – INTANGIBLE ASSETS OTHER THAN GOODWILL

Intangible assets other than goodwill are detailed as follows:

Description

Distribution rights (1)
Software
Water rights
Trademarks - indefinite useful
life (2)
Trademarks - definite useful
life
Others
Total

Gross
value
CLP (000’s)
645,684,416
56,968,738
479,825

December 31, 2022
Accumulated
Amortization
CLP (000’s)

Net
Value
CLP (000’s)
(1,451,000) 644,233,416
20,763,351
439,102

(36,205,387)
(40,723)

Gross
value

December 31, 2021
Accumulated
Amortization
CLP (000’s) CLP (000’s) CLP (000’s)
(1,451,000) 640,056,747
641,507,747
13,064,962
44,084,900
422,220
462,943

(31,019,938)
(40,723)

Net
Value

5,741,054

5,297,760

1,297,378

(703,388)

593,990

1,297,378

(515,499)

781,879

507,928
710,679,339

(499,953)

7,975
(38,900,451) 671,778,888

469,324
693,120,052

(461,349)

7,975
(33,488,509) 659,631,543

(1) Correspond to the contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and
Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired
in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature
of the business and renewals that Coca-Cola has permanently done on these rights, allow qualifying them as indefinite contracts.

(2) On September 21, 2021 Coca-Cola Andina together with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for
BRL 70 million. Each bottler bought 50% of the brand. This transaction is part of the company's long-term strategy to complement
its beer portfolio in Brazil. The transaction was completed and approved by CADE (Brazilian Administrative Council of Economic
Defense). In September, 2021 Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an
indefinite useful life.

Distribution rights together with the assets that are part of the cash-generating units, are annually subjected
to the impairment test. Such distribution rights have an indefinite useful life, are not subject to amortization.
Rights in Chile related to AdeS were provisioned for impairment pursuant to the annual tests performed.

Distribution rights

Chile (excluding Metropolitan Region, Rancagua and San Antonio)
Brazil (Rio de Janeiro, Espirito Santo, Ribeirão Preto and Investments in
Sorocaba and Leão Alimentos y Bebidas Ltda.)
Paraguay
Argentina (North and South)

Total

12.31.2022
CLP (000’s)
302,814,149

12.31.2021
CLP (000’s)
302,814,149

165,670,430

152,878,219

172,548,023
3,200,814
644,233,416

181,675,993
2,688,386
640,056,747

The movement and balances of identifiable intangible assets are detailed as follows:

Description

Distribution
Rights

Software

CLP (000’s)

December 31, 2022
Trademarks
- indefinite
useful life
CLP
(000’s)

Water rights

CLP (000’s)

Trademarks
- definite
useful life
CLP
(000’s)

Others

CLP
(000’s)

Total
CLP (000’s)

Opening balance
Additions
Amortization
Other increases (decreases) (1)
Ending balance

640,056,747
-
-
4,176,669
644,233,416

13,064,962
12,020,412
(4,208,798)
(113,225)
20,763,351

422,221
16,881
-
-
439,102

5,297,760
-
-
443,294
5,741,054

781,878

(187,888)
-
593,990

7,975 659,631,543
12,037,293
(4,396,686)
4,506,738
7,975 671,778,888

-
-
-

Description

Distribution
Rights

CLP (000’s)

Software

CLP (000’s)

December 31, 2021
Trademarks
- indefinite
useful life
CLP
(000’s)

Water rights

CLP (000’s)

Trademarks
- definite
useful life
CLP
(000’s)

Others

CLP
(000’s)

Total
CLP (000’s)

Opening balance
Additions
Amortization
Other increases (decreases) (1)
Ending balance

595,477,794
-
-
44,578,953
640,056,747

8,147,452
6,998,593
(2,637,823)
556,740
13,064,962

422,221
-
-
-
422,221

-
5,297,760
-
-
5,297,760

458,723
475,800
(152,645)
-
781,878

7,975 604,514,165
12,772,153
(2,790,468)
45,135,693
7,975 659,631,543

-
-
-

(1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries.

16 – GOODWILL

Movement in Goodwill is detailed as follows:

Cash Generating Unit

Chilean operation
Brazilian operation
Argentine operation
Paraguayan operation
Total

01.01.2022
CLP (000’s)

8,503,023
61,851,449
39,976,392
7,712,036
118,042,900

Cash Generating Unit

01.01.2021

Chilean operation
Brazilian operation
Argentine operation
Paraguayan operation

Total

CLP (000’s)

8,503,023
56,001,413
27,343,642
6,477,515

98,325,593

Foreign currency
translation differences
where functional
currency is different from
presentation currency
CLP (000’s)

-
5,090,059
6,278,439
(387,476)
10,981,022

Foreign currency
translation differences
where functional currency
is different from
presentation currency
CLP (000’s)

-
5,850,036
12,632,750
1,234,521

19,717,307

12.31.2022
CLP (000’s)

8,503,023
66,941,508
46,254,831
7,324,560
129,023,922

12.31.2021

CLP (000’s)

8,503,023
61,851,449
39,976,392
7,712,036

118,042,900

17 – OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

Liabilities are detailed as follows:

Current

Non-current

Balance

12.31.2022

CLP (000’s)

12.31.2021
CLP
(000’s)

12.31.2022

12.31.2021

CLP (000’s)

Bank loans (Note 17.1.1 - 3)
Bonds payable, net (1) (Note 17.2)
Bottle guaranty deposits
Derivative contract liabilities (Note 17.3)
Lease liabilities (Note 17.4.1 - 2)
Total

688,800

26,617
340,767,980 25,383,339
16,427,144 13,402,885
758,663
2,317,577
8,191,535
7,100,579
367,302,080 47,763,039

(1) Amounts net of issuance expenses and discounts related to issuance.

The fair value of financial assets and liabilities is presented below:

13,366,211

4,000,000
763,368,160 1,020,661,942
-
-
16,387,030
904,802,058 1,041,048,972

-
112,175,058
15,892,629

Current

Cash and cash equivalent (2)
Other financial assets (1)
Trade debtors and other accounts receivable (2)
Accounts receivable related companies (2)
Bank liabilities (2)
Bonds payable (2)
Bottle guaranty deposits (2)
Forward contracts liabilities (see Note 22) (1)
Leasing agreements (2)
Accounts payable (2)
Accounts payable related companies (2)
Non-current

Other financial assets (1)
Non-current accounts receivable (2)
Accounts receivable related companies (2)
Bank liabilities (2)
Bonds payable (2)
Leasing agreements (2)
Non-current accounts payable (2)
Derivative contracts liabilities (see Note 22) (1)
Accounts payable related companies (2)

Book value
12.31.2022
CLP (000’s)
291,681,987
170,206,554
279,770,286
15,062,167
688,800
340,767,980
16,427,144
2,317,577
7,100,579
384,801,630
90,248,067
12.31.2022
CLP (000’s)
75,297,737
539,920
109,318
13,366,211
763,368,160
15,892,628
3,015,284
112,175,058
10,354,296

Fair value
12.31.2022
CLP (000’s)
291,681,987
170,206,554
279,770,286
15,062,167
107,114
339,666,507
16,427,144
2,317,577
7,100,579
384,801,630

90,248,067
12.31.2022
CLP (000’s)
75,297,737
539,920
109,318
3,921,569
729,602,210
15,892,628
3,015,284
112,175,058
10,354,296

Book value
12.31.2021
CLP (000’s)
304,312,020
961,705
265,490,626
9,419,050
26,617
25,383,339
13,402,885
758,663
8,191,535
327,409,207
56,103,461

12.31.2021
CLP (000’s)
281,337,127
126,464
98,940
4,000,000
1,020,661,942
16,387,030
256,273
-
11,557,723

Fair value
12.31.2021
CLP (000’s)
304,312,020
961,705
265,490,626
9,419,050
111,992
26,774,799
13,402,885
758,663
8,191,535
327,409,207
56,103,461

12.31.2021
CLP (000’s)
281,337,127
126,464
98,940
4,056,753
1,041,841,338
16,387,030
256,273
-
11,557,723

(1) Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year

period and are classified as Level 2 of the fair value measurement hierarchies.

(2) Financial instruments such as: Cash and Cash Equivalents, Trade and Other Accounts Receivable, Accounts Receivable,
Bottle Guarantee Deposits and Trade Accounts Payable, and Other Accounts Payable present a fair value that approximates
their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial
instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are
received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These
instruments are revalued at amortized cost.

17.1 Bank liabilities

17.1.1 Bank liabilities, current

Maturity

Total

Taxpayer ID

Name

Country

Taxpayer ID

Indebted Entity

Creditor Entity

Name

Country

Currency

Amortization

Type of

Nominal

Rate

Up to

90 days

90 days to

1 year

12.31.2022

96.705.990-0 Envases Central S.A.
77.427.659-9 Re-Ciclar S.A.
91.144.000-8 Embotelladora Andina S.A.
91.144.000-8 Embotelladora Andina S.A.

Chile
Chile
Chile
Chile

97.006.000-6
97.018.000-1
97.023.000-9
97.023.000-9

Banco Estado
Scotiabank Chile S.A.
Itaú Corpbanca
Itaú Corpbanca

Chile
Chile
Chile
Chile

CLP
CLP
UF
UF

Semiannually
Semiannually
At maturity
At maturity

2.00%
9.49%
0.18%
0.18%

28,683
-
21,207
585,560

-
53,350
-
-

Total

17.1.2 Bank liabilities, non-current

28,683
53,350
21,207
585,560

688,800

CLP (000’s)

Indebted entity

Creditor entity

Type of

Nominal 1 year up to More than 2

More than 3

More than 4 More than 5

Taxpayer ID

Name

Country Taxpayer ID

Name

Country Currency Amortization

Rate

2 years

Up to 3 years Up to 4 years Up to 5 years

years

12.31.2022

CLP (000’s)

CLP (000’s) CLP (000’s)

CLP (000’s)

96.705.990-0 Envases Central S.A. Chile

97.006.000-6 Banco Estado

Chile

CLP

Semiannually

2.00%

77.427.659-9 Re-Ciclar S.A.

Chile

97.018.000-1 Scotiabank Chile S.A. Chile

CLP

Semiannually

9,49%

77.427.659-9 Re-Ciclar S.A.

Chile

97.018.000-1 Scotiabank Chile S.A. Chile

Semiannually

3,32%

4,000,000

4,500,000

4,866,211

4,000,000

4,500,000

4,866,211

Total

13,366,211

Maturity

17.1.3 Bank liabilities, non-current previous year

Indebted entity

Creditor entity

Type of

Nominal 1 year up to More than 2

More than 3

More than 4 More than 5

Taxpayer ID

Name

Country Taxpayer ID

Name

Country Currency Amortization

Rate

2 years

Up to 3 years Up to 4 years Up to 5 years

years

12.31.2021

CLP (000’s)

CLP (000’s) CLP (000’s)

CLP (000’s)

96.705.990-0 Envases Central S.A. Chile

97.006.000-6 Banco Estado

Chile

CLP

Semiannually

2.00%

4,000,000

Maturity

Total

4,000,000

12.31.2021
CLP
(000’s)

26,617
-
-
-

26,617

17.1.4 Current and non-current bank obligations “Restrictions”

Bank obligations are not subject to restrictions for the reported periods.

17.2 Bond obligations

Composition of bonds payable

Bonds face value 1

Current

Non-current

12.31.2022
CLP (000’s)

341,478,129

12.31.2021
CLP (000’s)

12.31.2022
CLP (000’s)

26,103,215

769,765,783

12.31.2021
CLP (000’s)
1,027,864,462

12.31.2022
CLP (000’s)
1,104,136,139

Total

12.31.2021
CLP (000’s)
1,053,970,677

17.2.1 Current and non-current balances

Bonds payable correspond to bonds in UF issued by the parent company on the Chilean market and bonds in U.S. dollars issued by the Parent
Company on the international market. A detail of these instruments is presented below:

Current

Non-current

Series

Current nominal
amount

Adjustment

unit

Interest
rate

Final
maturity

Interest
payment

Bonds

CMF Registration 254
06.13.2001
CMF Registration 641
08.23.2010
CMF Registration 760
08.20.2013
CMF Registration 760
04.02.2014
CMF Registration 912
10.10.2018
Bonds USA 2023
10.01.2013
Bonds USA 2050
01.01.2020

1,253,683

1,227,273

4,000,000

3,000,000

5,700,000

365,000,000

300,000,000

USD

12.31.2022

12.31.2021
CLP (000’s) CLP (000’s)

12.31.2022
CLP (000’s)

12.31.2021

CLP (000’s)

6.50%

12.01.2026

Semiannually

4.00%

08.15.2031

Semiannually

3.80%

08.16.2034

Semiannually

3.75%

03.01.2035

Semiannually

2.83%

09.25.2039

Semiannually

10,513,470

5,427,888

1,967,995

1,304,513

1,491,144

5.00%

10.01.2023

Semiannually

316,293,761

8,769,787

4,853,856

1,737,109

1,151,467

1,316,202

3,853,898

28,795,438

38,302,888

140,443,920

105,332,951

200,132,586

34,515,188

38,035,317

123,966,960

92,975,229

176,652,918

308,311,850

3.95%

01.21.2050

Semiannually

Total

4,479,358

4,420,896
341,478,129 26,103,215

256,758,000

253,407,000
769,765,783 1,027,864,462

1 Gross amounts do not include issuance expenses and discounts related to issuance.

17.2.2 Non-current maturities

Series

More than 1
up to 2

More than 2
up to 3

More than 3
up to 4

More than 5

12.31.2022

Year of maturity

Total Non-
current

B
C
D
E
F
-

CLP (000’s)
10,977,281
4,787,861
-
-
-
-

15,765,142

CLP (000’s)

11,690,803
4,787,861
-
-
-
-

16,478,664

6,127,354
4,787,861
-
-
-
-

-
23,939,305
140,443,920
105,332,951
200,132,586
256,758,000

10,915,215

726,606,762

28,795,438
38,302,888
140,443,920
105,332,951
200,132,586
256,758,000

769,765,783

CMF Registration 254 06.13.2001
CMF Registration 641 08.23.2010
CMF Registration 760 08.20.2013
CMF Registration 760 04.02.2014
CMF Registration 912 10.10.2018
Bonds USA 2050

Total

17.2.3 Market rating

The bonds issued on the Chilean market had the following rating:

AA+
AA+

:
:

ICR Compañía Clasificadora de Riesgo Ltda. rating
Fitch Chile Clasificadora de Riesgo Limitada rating

The rating of bonds issued on the international market had the following rating:

BBB
BBB+

: Standard&Poors Global Ratings
:

Fitch Ratings Inc.

17.2.4 Restrictions

17.2.4.1 Restrictions regarding bonds placed abroad.

Obligations with bonds placed abroad are not affected by financial restrictions for the periods reported.

17.2.4.2 Restrictions regarding bonds placed in the local market.

The following financial information was used for calculating restrictions:

Average net financial debt last 4 quarters
Net financial debt
Unencumbered assets
Total unsecured liabilities

EBITDA LTM

Net financial expenses LTM

12.31.2022

CLP (000’s)

566.228.101
642.079.544
2.739.790.315
1.881.793.665

463.623.280

23.350.639

Restrictions on the issuance of bonds for a fixed amount registered under number 254, series B1 and
B2.

• Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes,
"Indebtedness Level" will be considered as the ratio between /a/ the average over the last four Quarters of
the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve
consecutive months ending at the closing of the latest "Consolidated Financial Statements of Income by
Function".

Consolidated Net Financial Liabilities" will be considered as the result of : /i/ "Other Financial Liabilities,
Current", plus /ii/ "Other Financial Liabilities, Non-Current", minus /iii/ the sum of "Cash and Cash
Equivalents"; plus "Other Financial Assets, Current"; plus "Other Financial Assets, Non-Current" (to the
extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge
exchange rate and/or interest rate risk of financial liabilities);

EBITDA" will be considered as the addition of the following accounts of the "Consolidated Financial
Statements of Income by Function" contained in the Issuer's Consolidated Financial Statements:
"Revenues from Ordinary Activities", "Cost of Sales", "Distribution Costs", "Administrative Expenses" and
"Other Expenses, by function", discounting the value of "Depreciation" and "Amortization for the Year"
presented in the Notes to the Issuer's Consolidated Financial Statements.

As of the date of these financial statements, this ratio was 1.20 times.

• Maintain, and in no manner lose, sell, assign or transfer to a third party, the geographical area currently
denominated as the “Metropolitan Region” (Región Metropolitana) as a territory in Chile in which we have
been authorized by The Coca-Cola Company for the development, production, sale and distribution of
products and brands of the licensor, in accordance to the respective bottler or license agreement,
renewable from time to time.

• Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this
date is franchised by TCCC to the Company for the development, production, sale and distribution of
products and brands of such licensor, as long as any of these territories account for more than 40% of the
Issuer's Adjusted Consolidated Operating Cash Flow.

• Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least

equal to 1.3 times of the issuer’s unsecured consolidated liabilities.

Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of
the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and
conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken
to cover exchange rate or interest rate risks on financial liabilities under "Other Current Financial Assets"
and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position.

Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free
of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset
balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial
liabilities and under "Other Current Financial Assets" and "Other non-current Financial Assets" of the
Issuer’s Consolidated Statement of Financial Position.

As of the date of these financial statements, this ratio is 1.46 times.

Restrictions to bond lines registered in the Securities Registered under number 641, series C

Consolidated Net Financial Liabilities" will be considered as the result of: /i/ "Other Financial Liabilities,
Current", plus /ii/ "Other Financial Liabilities, Non-Current", minus /iii/ the sum of "Cash and Cash
Equivalents"; plus "Other Financial Assets, Current"; plus "Other Financial Assets, Non-Current" (to the
extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge
exchange rate and/or interest rate risk of financial liabilities);

"EBITDA" will be considered as the addition of the following accounts of the "Consolidated Financial
Statements of Income by Function" contained in the Issuer's Consolidated Financial Statements:
"Revenues from Ordinary Activities", "Cost of Sales", "Distribution Costs", "Administrative Expenses" and
"Other Expenses, by function", discounting the value of "Depreciation" and "Amortization for the Year"
presented in the Notes to the Issuer's Consolidated Financial Statements.

As of the date of these financial statements, this ratio was 1.20 times.

• Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least

equal to 1.3 times of the issuer’s unsecured consolidated liabilities.

Unencumbered assets refer to the assets that are the property of the issuer; classified under Total Assets
of the Issuer’s Financial Statements; and that are free of any pledge, mortgage or other liens constituted in
favor of third parties, less "Other Current Financial Assets" and "Other Non-Current Financial Assets" of
the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial
instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).

Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current
Liabilities of Issuer’s Financial Statement which do not benefit from preferences or privileges, less "Other
Current Financial Assets" and "Other Non-Current Financial Assets" of the Issuer’s Financial Statements
(to the extent they correspond to asset balances of derivative financial instruments, taken to hedge
exchange rate and interest rate risk of the financial liabilities).

As of the date of these financial statements, this ratio was 1.46 times.

• Maintain a level of "Net Financial Coverage" greater than 3 times in its quarterly financial statements. Net
financial coverage means the ratio between the issuer's EBITDA of the last 12 months and the issuer's Net
Financial Expenses in the last 12 months. Net Financial Expenses will be regarded as the difference
between the absolute value of interest expense associated with the issuer's financial debt account
accounted for under "Financial Costs"; and interest income associated with the issuer's cash accounted for
under the Financial Income account. However, this restriction shall be deemed to have been breached
where the mentioned level of net financial coverage is lower than the level previously indicated during two
consecutive quarters.

As of the date of these financial statements, Net Financial Coverage was 19.85 times.

Restrictions to bond lines registered in the Securities Registrar under number 760, series D and E.

"Other Expenses, by function", discounting the value of "Depreciation" and "Amortization for the Year"
presented in the Notes to the Issuer's Consolidated Financial Statements.

As of the date of these financial statements, this ratio was 1.20 times.

• Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least

equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable.

Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts
of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and
conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken
to cover exchange rate or interest rate risks on financial liabilities under "Other Current Financial Assets"
and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position.

The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage
or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely
by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest
rate risks on financial liabilities under "Other Current Financial Assets" and "Other non-current Financial
Assets" of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any
pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other
real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial
instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under "Other
Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement
of Financial Position.

As of the date of these financial statements, this ratio was 1.46 times.

• Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently
denominated as the “Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola
Company, hereinafter also referred to as "TCCC" or the "Licensor" for the development, production, sale
and distribution of products and brands of said licensor, in accordance to the respective bottler or license
agreement, renewable from time to time. Losing said territory, means the non-renewal, early termination or
cancellation of this license agreement by TCCC, for the geographical area today called "Metropolitan
Region". This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed
territory is purchased or acquired by a subsidiary or an entity that consolidates in terms of accounting with
the Issuer.

• Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the
issuance date of these instruments is franchised by TCCC to the Issuer for the development, production,
sale and distribution of products and brands of such licensor, as long as any of these territories account for
more than 40% of the Issuer's Adjusted Consolidated Operating Cash Flow of the audited period
immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term
"Adjusted Consolidated Operating Cash Flow" shall mean the addition of the following accounting accounts
of the Issuer's Consolidated Statement of Financial Position: (i) "Gross Profit" which includes regular
activities and cost of sales; less (ii) "Distribution Costs"; less (iii) "Administrative Expenses"; plus (iv)
"Participation in profits (losses) of associates that are accounted for using the equity method"; plus (v)
"Depreciation"; plus (vi) "Intangibles Amortization".

Restrictions to bond lines registered in the Securities Registrar under number 912, series F.

• Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes,
"Indebtedness Level" will be considered as the ratio between /a/ the average over the last four Quarters
of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve
consecutive months ending at the closing of the latest "Consolidated Financial Statements of Results by
Function".

"Consolidated Net Financial Liabilities" will be considered as the result of : /i/ "Other Financial Liabilities,
Current", plus /ii/ "Other Financial Liabilities, Non-Current", minus /iii/ the sum of "Cash and Cash
Equivalents"; plus "Other Financial Assets, Current"; plus "Other Financial Assets, Non-Current" (to the
extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge
exchange rate and/or interest rate risk of financial liabilities);

"EBITDA" will be considered as the sum of the following accounts of the "Consolidated Financial
Statements of Income by Function" contained in the Issuer's Consolidated Financial Statements:
"Revenues from Ordinary Activities", "Cost of Sales", "Distribution Costs", "Administrative Expenses" and
"Other Expenses, by function", discounting the value of "Depreciation" and "Amortization for the Year"
presented in the Notes to the Issuer's Consolidated Financial Statements.

As of the date of these financial statements, this ratio was 1.20 times.

• Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least
equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated
Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not
secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by
the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or
interest rate risks on financial liabilities under "Other Current Financial Assets" and "Other non-current
Financial Assets" of the Issuer’s Consolidated Statement of Financial Position. The following will be
considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well
as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset
balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial
liabilities under "Other Current Financial Assets" and "Other non-current Financial Assets" of the Issuer’s
Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other
lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and
conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to
cover exchange rate or interest rate risks on financial liabilities and under "Other Current Financial Assets"
and "Other non-current Financial Assets" of the Issuer’s Consolidated Statement of Financial Position.

As of the date of these financial statements, this ratio was 1.46 times.

• Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the
issuance date of local bonds Series C, D and E is franchised by TCCC to the Issuer for the development,
production, sale and distribution of products and brands of such licensor, as long as any of these territories
account for more than 40% of the Issuer's Adjusted Consolidated Operating Cash Flow of the audited
period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term
"Adjusted Consolidated Operating Cash Flow" shall mean the addition of the following accounting accounts
of the Issuer's Consolidated Statement of Financial Position: (i) "Gross Profit" which includes regular
activities and cost of sales; less (ii) "Distribution Costs"; less (iii) "Administrative Expenses"; plus (iv)
"Participation in profits (losses) of associates that are accounted for using the equity method"; plus (v)
"Depreciation"; plus (vi) "Intangibles Amortization".

As of December 31, 2022 and 2021 the Company complies with all financial covenants.

17.3 Derivative contract obligations

Please see details in Note 22.

17.4 Liabilities for leasing agreements

17.4.1 Current liabilities for leasing agreements

Indebted entity

Creditor entity

Amortization

Nominal

Up to

90 days up to

Maturity

Total

Name

Country

Taxpayer ID

Name

Country

Currency

Type

Rate

90 days

1 year

12.31.2022

12.31.2021

Rio de Janeiro Refrescos Ltda.

Brazil

Embotelladora del Atlántico S.A.

Argentina

Embotelladora del Atlántico S.A.

Argentina

Embotelladora del Atlántico S.A.

Argentina

Embotelladora del Atlántico S.A.

Argentina

Foreign

Cogeração - Light ESCO

Tetra Pack

Real estate

Leão Alimentos e Bebidas Ltda.

Tetra Pak SRL

Banco Comafi

Real estate

Systems

VJ S.A.

Vital Aguas S.A.

Envases Central S.A.

Chile

93.899.000-k

De Lage Landen Chile S.A.

76.389.720-6

Coca-Cola del Valle New Ventures S.A.

96.705.990-0

Coca-Cola del Valle New Ventures S.A.

Brazil

BRL

Argentina

USD

Argentina

USD

Argentina

ARS

Argentina

USD

Chile

USD

CLP

Paraguay Refrescos S.A.

Paraguay

80.003.400-7

Tetra Pack Ltda. Suc. Py

Paraguay

PGY

Transportes Polar S.A.

Embotelladora Andina S.A.

Chile

96.928.520-7

Cons. Inmob. e Inversiones Limitada

91.144.000-8

Central de Restaurante Aramark Ltda.

Transportes Andina Refrescos Ltda

Chile

78.861.790-9

Arrendamiento De Maquinaria SPA

Transportes Andina Refrescos Ltda

Chile

78.861.790-9

Comercializadora Novaverde Limitada

Transportes Andina Refrescos Ltda

Chile

78.861.790-9

Jungheinrich Rentalift SPA

Red de Transportes Comerciales S.A. Chile

76.276.604-3

Inmobiliaria Ilog Avanza Park

Chile

CLP
UF

Monthly

Linear

Monthly

12.28%

7.39%

8.10%

3.50%

12.00%

50.00%

12.00%

12.16%

7.50%

5.56%

1.00%

2.89%

1.30%

1.00%

0.08%

0.24%

0.21%

CLP (000’s)

255,231

814,197

1,069,428

29,490

67,708

74,841

61,435

206,444

43,225

145,000

262,042

602,887

91,801

87,905

224,521

435,873

416,130

80,028

443,820

736,459

118,883

77,216

232,224

106,674

71,128

230,716

119,510

702,187

363,004

121,291

155,613

299,362

497,308

622,574

123,253

588,820

998,501

602,887

118,883

309,440

177,802

932,903

482,514

873,321

180,136

267,752

289,409

148,347

24,779

486,793

138,103

558,872

1,107,139

2,364,977

185,345

101,950

13,997

274,063

376,446

800,106

Total

7,100,579

8,191,535

The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one and eight years without
including a renewal option in the contracts.

17.4.2 Non-current liabilities for leasing agreements

Indebted entity

Creditor entity

Amortization

Nominal

Name

Country

Taxpayer ID

Name

Country Currency

Type

Rate

Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
VJ S.A.

Transportes Andina Refrescos
Ltda

Transportes Polar S.A.

Red de Transportes Comerciales
S.A.
Transportes Andina Refrescos
Ltda

Brasil
Brasil
Brasil
Brasil
Argentina
Argentina
Chile

Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign

Cogeração - Light ESCO
Tetra Pack
Real estate
Leao Alimentos e Bebidas Ltda.
Tetra Pak SRL
Real estate
De Lage Landen Chile S.A

Chile

85.275.700-0

Arrendamiento De Maquinaria SPA

76.413.243-2

Cons. Inmob. e Inversiones Limitada

76.276.604-3

Inmobiliaria Ilog Avanza Park

78.861.790-9

Jungheinrich Rentalift SPA

Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Chile

Chile

BRL
BRL
BRL
BRL
USD
ARS
USD

Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly

Monthly

12.28%
7.39%
8.10%
3.50%
12.00%
50.00%
12.16%

1.00%

2.89%

0.21%

0.24%

Maturity

1 year up
to
2 years

2 years
up to
3 years

3 years up
to
4 years

4 years up to

More than

5 years

CLP
(000’s)
1,208,453
130,569
57,105
292,445
-
-
769,982

CLP
(000’s)
1,365,552
140,558
8,702
270,586
842,297
136,139

CLP (000’s)

1,543,074
151,311

1,743,674
162,886

31,538
-
-
-

29,618
513,737
-
-

CLP
(000’s)
2,501,730
409,959

-
-
335,293
-
-

355,952

195,393

831,235

1,864,841

Total

12.31.2022

CLP (000’s)

8,362,483
995,283
65,807
624,187
1,691,327
136,139
769,982

355,952

195,393

831,235

1,864,841

15,892,629

17.4.3 Non-current liabilities for leasing agreements (previous year)

Indebted entity

Creditor entity

Type of

Nominal

1 year up to

Name

Country

Taxpayer ID

Name

Country

Currency Amortization

Rate

Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Vital Aguas S.A.
Envases Central S.A.
Paraguay Refrescos S.A.
Transportes Polar S.A.
Embotelladora Andina S.A.

Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina
Chile
Chile
Paraguay
Chile
Chile

Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76.572.588-7
76.572.588-7
80.003.400-7
76.413.243-2
76.178.360-2

Cogeração - Light ESCO
Tetra Pack|
Real estate
Leão Alimentos e Bebidas Ltda.
Banco Comafi
Tetra Pak SRL
Real estate
Real estate
Coca-Cola del Valle New Ventures S.A. Chile
Coca-Cola del Valle New Ventures S.A. Chile
Tetra Pack Ltda. Suc. Py
Cons. Inmob. e Inversiones Limitada
Central de Restaurante Aramark Ltda.

Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina

Paraguay
Chile
Chile

BRL
BRL
BRL
BRL
USD
USD
ARS
ARS
CLP
CLP
PGY
UF
CLP

Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly

12.28%
7.39%
8.20%
6.56%
12.00%
12.00%
50.00%
50.00%
8.20%
9.00%
1.00%
2.89%
1.30%

2 years

CLP (000’S)

986,852
64,906
115,321
276,248
-
-
-
1,343,457
602,887
-
-
-
-

Maturity

2 years up
to
3 years

3 years up
to
4 years

4 years up to

More than

5 years

12.31.2021

CLP
(000’S)
1,115,143
69,872
28,670
269,864
86,276
296,693
86,139
-
-
541,264
212,945
156,942
1,670,939

CLP (000’S)

1,260,112
75,217
-
249,693
-
-
-
-
-
-
-
-
-

1,423,926
80,971
-
29,102
-
234,882
-
-
-
44,696
64,460
-
798,571

CLP
(000’S)
3,917,596
256,055
-
27,331
-
-
-
-
-
-
-
-
-
Total

CLP (000’S)

8,703,629
547,021
143,991
852,238
86,276
531,575
86,139
1,343,457
602,887
585,960
277,405
156,942
2,469,510
16,387,030

Leasing agreement obligations are not subject to financial restrictions for the reported periods.

18 – TRADE AND OTHER ACCOUNTS PAYABLE

Trade and other current accounts payable are detailed as follows:

Classification

Current
Non-current
Total

Item

Trade accounts payable
Withholding tax
Others
Total

19 – OTHER PROVISIONS, CURRENT AND NON-CURRENT

19.1

Balances

The composition of provisions is as follows:

Description

Litigation (1)
Total

Current
Non-current
Total

12.31.2022
CLP (000’s)

12.31.2021
CLP (000’s)

384,801,630
3,015,284
387,816,914

327,409,207
256,273
327,665,480

CLP (000’s)

298,298,731
60,738,656
28,779,527
387,816,914

248,163,428
54,812,365
24,689,687
327,665,480

12.31.2022
CLP (000’s)

48,695,427
48,695,427

1,591,644
47,103,783
48,695,427

12.31.2021
CLP (000’s)
57,412,406
57,412,406

1,528,879
55,883,527
57,412,406

(1) Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, based on the opinion of

our legal advisors, according to the following detail:

Description (see note 23.1)

Tax contingencies
Labor contingencies
Civil contingencies
Total

12.31.2022

12.31.2021

CLP (000’s)

27,339,444
11,374,753
9,981,230
48,695,427

28,673,105
9,502,630
19,236,671

57,412,406

19.2

Movements

The movement of principal provisions over litigation is detailed as follows:

Description

Opening balance at January 1st
Additional provisions
Increase (decrease) in existing provisions
Used provision (payments made charged to the provision)
Reversal of unused provision*
Increase (decrease) due to foreign exchange rate differences
Total

12.31.2022
CLP (000’s)

12.31.2021
CLP (000’s)

57,412,406
48,639
6,359,467
(3,108,988)
(15,654,522)
3,638,425
48,695,427

50,070,273
948,632
5,903,714
(3,717,687)
(788,215)
4,995,689
57,412,406

(*) During 2022, the provision constituted by a defendant of the Government of the State of Rio de Janeiro related to the Advertising
Contract was reversed. This is due to a review of the balances involved where the amounts claimed are reduced in favor of Rio
de Janeiro Refrescos Ltda.

20 – OTHER NON-FINANCIAL LIABILITIES

Other current and non-current liabilities at each reporting period end are detailed as follows:

Current

Non-current

Description

12.31.2022

12.31.2021

12.31.2022

12.31.2021

CLP (000’s)

CLP
(000’s)

Dividends payable
Other
Total

13,251,991 (1)

29,042,469 29,020,899
2,216,935
42,294,460 31,237,834

-
-
29,589,051 (2) 23,784,817
29,589,051 23,784,817

(1) Corresponds to an advance payment from Coca-Cola de Chile S.A. for a marketing co-participation plan for the penetration of

market equipment, which will be developed between 2022 and until 2024.

(2) Other non-current corresponds mainly to accounts payable to former shareholders of Companhia de Bebidas Ipiranga (“CBI”).

See Note 6 for further information.

21 – EQUITY

21.1

Number of shares:

Number of subscribed, paid-in and

voting shares

Series

2022

2021

A
B

473,289,301
473,281,303

21.1.1 Capital:

Series

A
B
Total

Paid-in and subscribed capital

2022
CLP (000’s)

2021

CLP (000’s)

135,379,504
135,358,070
270,737,574

21.1.2

Rights of each series:

•
•

Series A: Elects 12 of the 14 Directors.
Series B: Receives an additional 10% of dividends distributed to Series A and elects 2 of the 14
Directors.

21.2

Dividend policy

Under Chilean law, we must distribute cash dividends equivalent to at least 30% of our annual net profit, barring
a unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company shall not
be legally obligated to distribute dividends from accumulated earnings, unless approved by the General
Shareholders Meeting. At the General Shareholders’ Meeting held in April 2022, shareholders agreed to pay out
of the 2021 earnings a final dividend additional to the 30% required by Chile’s Law on Corporations and an eventual
final dividend, which were paid on April 26, 2022.

In accordance with the provisions of Circular No. 1.945 of the Commission for the Financial Market (CMF) dated
September 29, 2009, the Company’s Board of Directors decided to maintain the initial adjustments of adopting
IFRS as cumulative gains whose distribution is conditional on their future realization.

The dividends declared and/or paid per share are presented below:

Approval-Payment
Periods

01.28.2022

Dividend type
Interim

Profits imputable to
dividends
2021 Earnings

CLP
Series
A
29.00

CLP
Series
B
31.90

04.26.2022

Final

Accumulated Earnings

189.00

207.9

08.26.2022

Interim

10.28.2022

Interim

01.27.2023

Interim

2022 Earnings

29.00

31.90

2022 Earnings

29.00

31.90

2022 Earnings

29.00

31.90

12.21.2
021
04.13.2
022
07.27.2
022
09.28.2
022
12.27.2
022

21.3

Other reserves

The balance of other reserves includes the following:

Concept

Polar acquisition
Foreign currency translation reserves
Cash flow hedge reserve
Reserve for employee benefit actuarial gains or losses
Legal and statutory reserves
Other
Total

21.3.1 Polar acquisition

12.31.2022
CLP (000’s)

421,701,520
(495,483,366)
(62,344,501)
(7,776,316)
5,435,538
6,014,568
(132,452,557)

12.31.2021
CLP (000’s)
421,701,520
(441,580,088)
50,603,698
(4,885,926)
5,435,538
6,014,568
37,289,310

This amount corresponds to the difference between the valuation at fair value of the issuance of shares of
Embotelladora Andina S.A. and the book value of the paid capital of Embotelladoras Coca-Cola Polar S.A.,
which was finally the value of the capital increase notarized in legal terms.

21.3.2 Cash flow hedge reserve

They arise from the fair value of the existing derivative contracts that have been qualified for hedge accounting
at the end of each financial period. When contracts are expired, these reserves are adjusted and recognized
in the income statement in the corresponding period (see Note 22).

21.3.3 Reserve for employee benefit actuarial gains or losses

Corresponds to the restatement effect of employee benefits actuarial losses that according to IAS 19
amendments must be carried to other comprehensive income.

21.3.4 Legal and statutory reserves

In accordance with Official Circular N° 456 issued by the Chilean Financial Market Commission (CMF), the
legally required price-level restatement of paid-in capital for 2009 is presented as part of other equity reserves
and is accounted for as a capitalization from Other Reserves with no impact on net income or retained earnings
under IFRS. This amount totaled CLP 5,435,538 thousand as of December 31, 2009.

21.3.5 Foreign currency translation reserves

This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional
currency is different from the presentation currency of the Consolidated Financial Statements. Additionally,
exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries
are presented in this account, which have been treated as investment equivalents accounted for using the
equity method, Translation reserves are detailed as follows:

Description

Brazil
Argentina
Paraguay
Total

12.31.2022
CLP (000’s)
(140,762,397)
(360,988,849)
6,267,880
(495,483,366)

12.31.2021
CLP (000’s)

(167,447,389)
(294,696,228)
20,563,529
(441,580,088)

The movement of this reserve for the periods ended on the dates indicated below, is detailed as follows:

Description

Brazil
Argentina
Paraguay
Total

12.31.2022
CLP (000’s)

12.31.2021
CLP (000’s)

26,684,992
(66,292,621)
(14,295,649)
(53,903,278)

36,210,003
(3,363,826)
43,070,221
75,916,398

21.4

Non-controlling interests

This is the recognition of the portion of equity and income from subsidiaries owned by third parties. This
account is detailed as follows:

Non-controlling interests

Ownership %

Equity

Income

December

Description

2022

2021

2022

2021

2022

2021

Embotelladora del Atlántico S.A.
Andina Empaques Argentina S.A.
Paraguay Refrescos S.A.
Vital S.A.
Vital Aguas S.A.
Envases Central S.A.
Re-Ciclar S.A. (*)
Total

0.0171
0.0209
2.1697
35.0000
33.5000
40.7300
60.0000

0.0171
0.0209
2.1697
35.0000
33.5000
40.7300
40.0000

CLP (000’s)
36,451
4,346
6,177,360
8,848,927
2,216,115
6,669,936
4,189,373
28,142,508

CLP (000’s)

33,794
3,761
6,331,726
8,056,551
2,041,837
5,738,008
3,064,078
25,269,755

6,410
(5)
988,416
923,228
198,195
999,807
(154,706)
2,961,345

3,463
326
885,010
499,923
130,522
750,192
64,082
2,333,518

(*) Re-Ciclar is a company incorporated in September 2021 whose purpose is to produce recycled resin for the Coca-Cola
system and third parties.

21.5 Earnings per share

The basic earnings per share presented in the statement of comprehensive income is calculated as the
quotient between income for the period and the average number of shares outstanding during the same period.

Earnings per share used to calculate basic and diluted earnings per share is detailed as follows:

Earnings per share

to shareholders (CLP

Earnings attributable
000’s)
Average weighted number of shares
Earnings per basic and diluted share (CLP)

SERIES A

12.31.2022
SERIES B

TOTAL

59,761,287

65,736,355

125,497,642

473,289,301
126.27

473,281,303
138.89

946,570,604
132.58

Earnings per share

to shareholders (CLP

Earnings attributable
000’s)
Average weighted number of shares
Earnings per basic and diluted share (CLP)

SERIES A

12.31.2021
SERIES B

TOTAL

73,666,409

81,031,741

154,698,150

473,289,301
155.65

473,281,303
171.21

946,570,604
163.43

22 – DERIVATIVE ASSETS AND LIABILITIES

Embotelladora Andina currently maintains “Cross Currency Swaps” and “Currency Forward” agreements as
derivative financial instruments.

Cross Currency Swaps (“CCS”), also known as interest rate and currency swaps are valued by the method of
discounted future cash flows at a market rate corresponding to the currencies and rates of the transaction.

On the other hand, the fair value of forward currency contracts is calculated in reference to current forward
exchange rates for contracts with similar maturity profiles.

As of the date of these financial statements, the Company holds the following derivative instruments:

22.1 Accounting recognition of cross currency and rate swaps

Cross Currency Swaps, associated with local Bonds (Chile)

At the closing date of these financial statements, the Company maintains derivative contracts to secure some
of its bond debt issued in Unidades de Fomento totaling UF 9,340,963 (UF 9,752,973 as of December 31,
2021), to convert those obligations to CLP.

These contracts were valued at fair value, yielding a net asset at the closing date of the financial statements
of CLP 75,297,737 thousand (CLP 34,239,224 thousand as of December 31, 2021) which is presented in
Other non-current financial assets. Maturity dates of derivative contracts are distributed throughout 2026, 2031,
2034 and 2035.

Cross Currency Swaps, associated with international Bonds (U.S.A.)

At the closing date of these financial statements, the Company maintains derivative contracts to secure US
Dollar public bond obligations of USD 360 million due in 2023, to convert such obligations into Brazilian Real.
In addition, derivative contracts amounting to USD 300 million are held to convert such obligation into Unidades
de Fomento (UF - CLP re-adjustable by the Consumer Price Index) due in 2050. The valuation of the first
contract at its fair value generates an asset of CLP 170,143,055 thousand as of the closing date of these
financial statements (CLP 192,844,908 thousand as of December 31, 2021), while the valuation of the second
contract at its fair value generates a liability of CLP 112,175,058 thousand at the closing date of these financial
statements (CLP 54,252,995 thousand asset at December 31, 2021).

The amount of exchange differences recognized in the statement of income related to financial liabilities in
U.S. dollars are absorbed by the amounts recognized under comprehensive income.

22.2 Forward currency transactions expected to be very likely

During 2022 and 2021, Embotelladora Andina entered into forward contracts to ensure the exchange rate on
future commodity purchasing needs for its 4 operations, i.e., closing forward instruments in USD/ARS,
USD/BRL, USD/CLP and USD/GYP. At the closing date of these financial statements, outstanding contracts
amount to USD 80.2 million (USD 70.2 million as of December 31, 2021).

Futures contracts that ensure prices of future raw materials have not been designated as hedge agreements,
since they do not fulfill IFRS documentation requirements, whereby its effects on variations in fair value are
accounted for directly under other comprehensive income.

Fair value hierarchy

At the closing date of these financial statements, the Company held assets for derivative contracts for CLP
245,504,291 thousand (CLP 282,298,832 thousand as of December 31, 2021) and held liabilities for derivative
contracts for CLP 114,492,635 thousand (CLP 758,663 thousand as of December 31, 2021). Those contracts
covering existing items have been classified in the same category of hedged, the net amount of derivative
contracts by concepts covering forecasted items have been classified in current and non-current financial
assets and financial liabilities. All the derivative contracts are carried at fair value in the consolidated statement
of financial position.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2:

Inputs other than quoted prices included in level 1 that are observable for the assets and
liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices)
Inputs for assets and liabilities that are not based on observable market data.

Level 3:

During the reporting period, there were no transfers of items between fair value measurement categories;
all of which were valued during the period using level 2.

Assets
Current assets
Other current financial assets
Other non-current financial assets
Total assets

Liabilities
Other current financial liabilities
Other non-current financial liabilities
Total Liabilities

Assets
Current and non-current assets
Other current financial assets
Other non-current financial assets
Total assets

Liabilities
Current and non-current liabilities
Other current financial liabilities
Other non-current financial liabilities
Total liabilities

Fair Value Measurement at December 31, 2022

Quoted prices in
active markets
for

identical assets
or liabilities
(Level 1)
CLP (000’S)

Observable
market
data
(Level 2)

Unobservable
market data
(Level 3)

CLP (000’S) CLP (000’S)

-
-
-

170,206,554
75,297,737
245,504,291

2,317,577
112,175,058
114,492,635

-
-
-

Total
CLP (000’S)

170,206,554
75,297,737
245,504,291

2,317,577
112,175,058
114,492,635

Fair Value Measurement at December 31, 2021

Quoted prices in
active markets
for identical
assets or
liabilities

Observable
market data

Unobservabl
e market data

(Level 1)
CLP (000’s)

(Level 2)

(Level 3)

Total

CLP (000’s)

961,705
281,337,127
282,298,832

758,663
-
758,663

-
-
-

961,705
281,337,127
282,298,832

758,663
-
758,663

-
-
-

23 – LITIGATION AND CONTINGENCIES

23.1

Lawsuits and other legal actions:

In the opinion of the Company's legal counsel, the Parent Company and its subsidiaries do not face legal or
extrajudicial contingencies that might result in material or significant losses or gains, except for the following:

Embotelladora del Atlántico S.A. and Andina Empaques Argentina S.A. face labor, tax, civil and trade
lawsuits. Accounting provisions have been made for the contingency of a probable loss because of
these lawsuits, totaling CLP 1,397,149 thousand (CLP 1,917,657 thousand as of December 31, 2021).
Management considers it unlikely that non-provisioned contingencies will affect the Company's income
and equity, based on the opinion of its legal counsel. Additionally, Embotelladora del Atlántico S.A.
maintains time deposits for an amount of CLP 288,399 thousand to guaranty judicial liabilities.

2) Rio de Janeiro Refrescos Ltda. faces labor, tax, civil and trade lawsuits. Accounting provisions have
been made for the contingency of a probable loss because of these lawsuits, totaling CLP 45,706,634
thousand (CLP 53,965,870 thousand as of December 31, 2021). Management considers it unlikely that
non-provisioned contingencies will affect the Company's income and equity, based on the opinion of its
legal counsel. As it is customary in Brazil, Rio de Janeiro Refrescos Ltda. maintains Deposit in courts
and assets given in pledge to secure the compliance of certain processes, irrespective of whether these
have been classified as a possible, probable or remote. The amounts deposited or pledged as legal
guarantees amounted to CLP 23,260,412 thousand (CLP 23,502,962 thousand as of December 31,
2021).

Part of the assets held under warranty by Rio de Janeiro Refrescos Ltda. as of December 31, 2014, are
in the process of being released and others have already been released in exchange for guarantee
insurance and bond letters for BRL 1,950,203,388, with different Financial Institutions and Insurance
Companies in Brazil, these entities receive an annual commission fee of 0.55%. and become
responsible of fulfilling obligations with the Brazilian tax authorities should any trial result against Rio de
Janeiro Refrescos Ltda. Additionally, if the warranty and bond letters are executed, Rio de Janeiro
Refrescos Ltda. promises to reimburse to the financial institutions and Insurance Companies any
amounts disbursed by them to the Brazilian government.

Main contingencies faced by Rio de Janeiro Refrescos are as follows:

a) Tax contingencies resulting from credits on tax on industrialized products (IPI).

Rio de Janeiro Refrescos is a party to a series of proceedings under way, in which the Brazilian
federal tax authorities demand payment of value-added tax on industrialized products (Imposto sobre
Produtos Industrializados, or IPI) totaling BRL 2,867,475,111 as of the date of these financial
statements.

The Company does not share the position of the Brazilian tax authority in these procedures and
considers that it was entitled to claim IPI tax credits in connection with purchases of certain exempt
raw materials from suppliers located in the Manaus free trade zone.

Based on the opinion of its advisers, and legal outcomes to date, Management estimates that these
procedures do not represent probable losses and has not recorded a provision on these matters.

Notwithstanding the above, the IFRS related to business combination in terms of distribution of the
purchase price establish that contingencies must be measured one by one according to their
probability of occurrence and discounted at fair value from the date on which it is deemed the loss
can be generated. As a result of the acquisition of Companhia de Bebidas Ipiranga in 2013 and
pursuant to this criterion and although there are contingencies listed only as possible for BRL
552,722,424 (amount includes adjustments for current lawsuits) a start provision has been generated
in the accounting of the business combination for BRL 125,421,068.

b) Other tax contingencies.

They refer to ICMS-SP tax administrative processes that challenge the credits derived from the
acquisition of tax-exempt products acquired by the Company from a supplier located in the Manaus
Free Zone. The total amount is BRL 464,269,491 being assessed by external attorneys as a remote
loss, so it has no accounting provision.

The company was challenged by the federal tax authority for tax deductibility of a portion of goodwill
in the 2014-2016 period arising from the acquisition of Companhia de Bebidas Ipiranga. The tax
authority understands that the entity that acquired Companhia de Bebidas Ipiranga is Embotelladora
Andina and not Rio de Janeiro Refrescos Ltda. In the view of external lawyers, such a statement is
erroneous, classifying it as a possible loss. The value of this process is BRL 546,082,453, as of the
date of these financial statements.

3) Embotelladora Andina S.A. and its Chilean subsidiaries face labor, tax, civil and trade lawsuits.
Accounting provisions have been made for the contingency of a probable loss because of these lawsuits,
totaling CLP 1,552,353 thousand (CLP 1,487,509 thousand as of December 31, 2021). Management
considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company,
in the opinion of its legal advisors.

4) Paraguay Refrescos S.A. faces tax, trade, labor and other lawsuits. Accounting provisions have been
made for the contingency of any loss because of these lawsuits amounting to CLP 39,291 thousand (CLP
41,370, thousand as of December 31, 2021). Management considers it is unlikely that non-provisioned
contingencies will affect income and equity of the Company, in the opinion of its legal advisors.

23.2

Direct guarantees and restricted assets:

Guarantees and restricted assets are detailed as follows:

Guarantees that commit assets recognized in the financial statements:

Guaranty Creditor

Debtor name

Relationship

Committed assets
Guaranty

Type

Administradora Plaza Vespucio S.A.
Cooperativa Agricola Pisquera Elqui Limitada
Mall Plaza
Serv.Nacional Aduanas
Metro S.A.
Parque Arauco S.A.
Lease agreement
Others
Several retail
Several retail
Several retail
Workers’ claims
Civil and tax claims
Governmental entities
Distribuidora Baraldo S.H.
Acuña Gomez
Nicanor López
Municipalidad Bariloche
Municipalidad San Antonio Oeste
Municipalidad Carlos Casares
Municipalidad Chivilcoy
Granada Maximiliano
Municipalidad de Junin
Almada Jorge
Farias Matias Luis
Temas Industriales SA - Embargo General de Fondos
DBC SA C CERVECERIA ARGENTINA SA ISEMBECK
Coto Cicsa
Cencosud
Jose Luis Kreitzer, Alexis Beade Y Cesar Bechetti
Bariloche Case
Vicentin
Marcus A.Peña
Mauricio J Cordero C
José Ruoti Maltese
Alejandro Galeano
Ana Maria Mazó

Embotelladora Andina S.A.
Embotelladora Andina S.A.
Embotelladora Andina S.A.
Embotelladora Andina S.A.
Embotelladora Andina S.A.
Embotelladora Andina S.A.
Embotelladora Andina S.A.
Embotelladora Andina S.A.
Vending
Transportes Refrescos
Transportes Polar
Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Embotelladora del Atlántico S.A.
Paraguay Refrescos
Paraguay Refrescos
Paraguay Refrescos
Paraguay Refrescos
Paraguay Refrescos

Parent company
Parent company
Parent company
Parent company
Parent company
Parent company
Parent company
Parent company
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary

Cash
Cash
Cash
Cash
Cash
Cash
Cash
Cash
Cash
Cash
Cash
Judicial deposit
Judicial deposit
Plant and equipment
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Judicial deposit
Real estate
Real estate
Real estate
Real estate
Real estate

Trade accounts and other accounts receivable
Other non-current financial assets
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Trade accounts and other accounts receivable
Other non-current non-financial assets
Other non-current non-financial assets
Property, plant and equipment
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Other non-current non-financial assets
Property, plant and equipment
Property, plant and equipment
Property, plant and equipment
Property, plant and equipment
Property, plant and equipment

Accounting value

12.31.2022
CLP (000’s)
98,170
1,056,320
330,298

21,207
142,901
103,711
14,183
61,395
693
22,235
6,605,781
6,457,702
10,196,929
97
145
104
2,428
10,664
431
66,697
870
139
1,180
541
60,575
10,870
1,932
1,208
4,784
-
125,683
4,965
-
-
-
1,113

12.31.2021
CLP (000’s)
86,416
1,216,865
290,890
18,583
24,335
126,136
-
-
63,792
628
69,745
6,057,282
6,562,747
10,882,933
164
247
176
2,230
18,153
734
113,530
1,480
237
2,009
922
103,110
18,502
3,289
2,056
8,143
1,902
-
5,692
987
712
1,365
1,300

Guarantees that do not commit assets recognized in the Financial Statements:

Committed assets

Amounts involved

Guaranty creditor

Debtor name

Relationship Guaranty

Type

12.31.2022

12.31.2021

Labor procedures

Rio de Janeiro Refrescos Ltda.

Administrative procedures

Rio de Janeiro Refrescos Ltda.

Federal government

Rio de Janeiro Refrescos Ltda.

State government

Rio de Janeiro Refrescos Ltda.

Sorocaba Refrescos
Others
Aduana de EZEIZA

Rio de Janeiro Refrescos Ltda.
Rio de Janeiro Refrescos Ltda.
Andina Empaques Argentina S.A.

Subsidiary
Subsidiary

Subsidiary

Subsidiary
Subsidiary

Guaranty receipt

Guaranty receipt
Guaranty receipt

Surety insurance

Legal proceeding

Guarantor
Legal proceeding
Faithful compliance of contract

CLP (000’s) CLP (000’s)
1,593,498

1,936,493

7,616,498

4,717,824

186,607,491

153,491,717

117,027,313

64,725,638

3,280,603

3,027,291

3,423,715
3,791

3,390,177
637,631

24 – FINANCIAL RISK MANAGEMENT

The Company’s businesses are exposed to a variety of financial and market risks (including foreign exchange risk, interest
rate risk and price risk). The Company’s global risk management program focuses on the uncertainty of financial markets
and seeks to minimize potential adverse effects on the performance of the Company. The Company uses derivatives to
hedge certain risks. A description of the primary policies established by the Company to manage financial risks are
provided below:

Interest Rate Risk

As of the closing date of these financial statements, the Company maintains all its debt liabilities at a fixed rate as to avoid
fluctuations in financial expenses resulting from tax rate increases.

The Company’s greatest indebtedness corresponds to six contracts for own issued Chilean local bonds at a fixed rate,
which currently have an outstanding balance of UF 15,45 million denominated in UF (“UF”), debt indexed to inflation in Chile
(Company sales are correlated with the UF variation), of which five of these Local Bonds have been redenominated through
Cross Currency Swaps to Chilean Pesos (CLP).

On the other hand, there is also the Company’s indebtedness on the international market through two 144A/RegS Bonds
at a fixed rate, one for USD 365 million, denominated in dollars, and practically 100% of which has been re-denominated to
BRL through Cross Currency Swaps, and another one for USD 300 million denominated in USD, and practically 100% of
which has been re-denominated to Unidades de Fomento (UF) through Cross Currency Swaps.

Credit risk

The credit risk to which the Company is exposed comes mainly from trade accounts receivable maintained with retailers,
wholesalers and supermarket chains in domestic markets; and the financial investments held with banks and financial
institutions, such as time deposits, mutual funds and derivative financial instruments.

a) Trade accounts receivable and other current accounts receivable

Credit risk related to trade accounts receivable is managed and monitored by the area of Finance and Administration of
each business unit. The Company has a wide base of more than 283 thousand clients implying a high level of atomization
of accounts receivable, which are subject to policies, procedures and controls established by the Company. In accordance
with such policies, credits must be based objectively, non-discretionary and uniformly granted to all clients of a same
segment and channel, provided these will allow generating economic benefits to the Company. The credit limit is checked
periodically considering payment behavior. Trade accounts receivable pending of payment are monitored on a monthly
basis,

Sale Interruption

In accordance with Corporate Credit Policy, the interruption of sale must be within the following framework: when a
customer has outstanding debts for an amount greater than USD 250,000, and over 60 days expired, sale is
suspended. The General Manager in conjunction with the Finance and Administration Manager authorize
exceptions to this rule, and if the outstanding debt should exceed USD 1,000,000, and in order to continue operating
with that client, the authorization of the Chief Financial Officer is required. Notwithstanding the foregoing, each
operation can define an amount lower than USD 250,000 according to the country’s reality.

ii.

Impairment

The impairment recognition policy establishes the following criteria for provisions: 30% is provisioned for 31 to 60
days overdue, 60% between 60 and 91 days, 90% between 91 and 120 days overdue and 100% for more than 120
days. Exemption of the calculation of global impairment is given to credits whose delays in the payment correspond
to accounts disputed with the customer whose nature is known and where all necessary documentation for collection
is available, therefore, there is no uncertainty on recovering them. However, these accounts also have an

impairment provision as follows: 40% for 91 to 120 days overdue, 80% between 120 and 170, and 100% for more
than 170 days.

iii.

Prepayment to suppliers

The Policy establishes that USD 25,000 prepayments can only be granted to suppliers if its value is properly and
fully provisioned. The Treasurer of each subsidiary must approve supplier warranties that the Company receives
for prepayments before signing the respective service contract, In the case of domestic suppliers, a warranty ballot
(or the instrument existing in the country) shall be required, in favor of Andina executable in the respective country,
non-endorsable, payable on demand or upon presentation and its validity will depend on the term of the contract.
In the case of foreign suppliers, a stand-by credit letter will be required which shall be issued by a first line bank; in
the event that this document is not issued in the country where the transaction is done, a direct bank warranty will
be required. Subsidiaries can define the best way of safeguarding the Company’s assets for prepayments under
USD 25,000.

iv.

Guarantees

In Chile, we have insurance with Compañía de Seguros de Crédito Continental S.A (AA rating –according to Fitch
Chile and Humphreys rating agencies) covering the credit risk regarding trade debtors in Chile.

The rest of the operations do not have credit insurance, instead mortgage guarantees are required for volume
operations of wholesalers and distributors in the case of trade accounts receivables. In the case of other debtors,
different types of guarantees are required according to the nature of the credit granted.

Historically, uncollectible trade accounts have been lower than 0,5% of the Company’s total sales,

b) Financial investment.

The Company has a Policy that is applicable to all the companies of the group in order to cover credit risks for financial
investments, restricting both the types of instruments as well as the institutions and degree of concentration. The companies
of the group can invest in:

Time deposits: only in banks or financial institutions that have a risk rating equal or higher than Level 1 (Fitch) or
equivalent for deposits of less than 1 year and rated A or higher (S&P) or equivalent for deposits of more than 1
year.

ii. Mutual funds: investments with immediate liquidity and no risk of capital (funds composed of investments at a fixed-
term, current account, fixed rate Tit BCRA, negotiable obligations, Over Night, etc.,) in all those counter-parties that
have a rating greater than or equal to AA-(S&P) or equivalent, Type 1 Pacts and Mutual Funds, with a rating greater
than or equal to AA+ (S&P) or equivalent.

iii. Other investment alternatives must be evaluated and authorized by the office of the Chief Financial Officer.

Exchange Rate Risk

The company is exposed to three types of risk caused by exchange rate volatility:

a) Exposure of foreign investment

This risk originates from the translation of net investment from the functional currency of each country (Brazilian Real,
Paraguayan Guaraní, and Argentine Peso) to the Parent Company’s reporting currency (Chilean Peso). Appreciation or
devaluation of the Chilean Peso with respect to the functional currencies of each country, originates decreases and
increases in equity, respectively. The Company does not hedge this risk.

Parity variation at closing

Total assets
Total liabilities
Net investment
Share on income

BRL/CLP
+8.4%

Brazil
CLP (000’s)
949,137,527
676,923,781
272,213,746
24.0%,

ARS/CLP
-41.3%

Argentina
CLP (000’s)
392,963,540
163,156,211
229,807,329
25.7%,

PGY/CLP
-5.0%

Paraguay
CLP (000’s)
341,611,741
56,906,467
284,705,274
8.0%,

-5% variation impact on currency translation
Impact on results for the period
Impact on equity at closing

(2,548,633)
(12,962,559)

(1,800,552)
(10,943,206)

(2,169,267)
(13,557,394)

Net exposure of assets and liabilities in foreign currency

This risk stems mostly from carrying liabilities in US dollar, so the volatility of the US dollar with respect to the functional
currency of each country generates a variation in the valuation of these obligations, with consequent effect on results.

In order to protect the Company from the effects on income resulting from the volatility of the Brazilian Real and the
Chilean Peso against the U,S, dollar, the Company maintains derivative contracts (cross currency swaps) to cover almost
100% of US dollar-denominated financial liabilities.

By designating such contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the
Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange rates.

b) Exposure of assets purchased or indexed to foreign currency

This risk originates from purchases of raw materials and investments in Property, plant and equipment, whose values are
expressed in a currency other than the functional currency of the subsidiary. Changes in the value of costs or investments
can be generated through time, depending on the volatility of the exchange rate.

In order to minimize this risk, the Company maintains a currency hedging policy stipulating that it is necessary to enter into
foreign currency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US
dollars, corresponding mainly to payment to suppliers of raw materials in each of the operations. This policy stipulates up
to 12-month forward horizon.

Commodities risk

The Company is subject to a risk of price fluctuations in the international markets mainly for sugar, PET resin and aluminum,
which are inputs used to produce beverages and containers, which together, account for 35% to 40% of operating costs.
Procurement and anticipated purchase contracts are made frequently to minimize and/or stabilize this risk. To minimize this
risk or stabilize often supply contracts and anticipated purchases are made when market conditions warrant.

Liquidity risk

The products we sell are mainly paid for in cash and short-term credit; therefore, the Company´s main source of financing
comes from the cash flow of our operations. This cash flow has historically been sufficient to cover the investments
necessary for the normal course of our business, as well as the distribution of dividends approved by the General
Shareholders’ Meeting. Should additional funding be required for future geographic expansion or other needs, the main
sources of financing to consider are: (i) debt offerings in the Chilean and foreign capital markets (ii) borrowings from
commercial banks, both internationally and in the local markets where the Company operates; and (iii) public equity
offerings.

The following table presents an analysis of the Company’s committed maturities for liability payments throughout the coming
years, with interest calculated for each period:

Payments on the year of maturity

Item

Bank debt
Bonds payable
Lease obligations
Contractual obligations (1)
Total

1 year
CLP (000’s)

741,228
340,767,980
7,100,579
127,611,501
476,221,288

More than 1
up to 2
CLP (000’s)

More than 2
up to 3
CLP (000’s)

More than 3
up to 4
CLP (000’s)

-
15,765,142
2,854,106
39,242,308
57,861,556

4,081,333
16,478,664
5,615,704
5,973,129
32,148,830

-
10,915,215
6,887,353
5,339,005
23,141,573

More than 5
CLP (000’s)
-
720,209,139
535,465
4,950,895
725,695,499

(1) Agreements that the Andina Group has with collaborating entities for its operation, which are mainly related to contracts entered
into to supply products and/or support services in information technology services, commitments of the company with its franchisor
to make investments or expenses related to the development of the franchise, support services to personnel, security services,
maintenance services of fixed assets, purchase of inputs for production, among others.

25 – EXPENSES BY NATURE

Other expenses by nature are:

Description

employee

and

Direct production costs
Payroll
benefits
Transportation
distribution
Advertisement
Depreciation y amortization
Repairs and maintenance
Other expenses
Total (1)

and

01.01.2022
12.31.2022
CLP (000’s)
(1,388,536,599)
(376,196,521)

(224,190,549)
(26,575,951)
(119,365,431)
(43,847,581)
(133,021,583)
(2,311,734,215)

01.01.2021
12.31.2021
CLP (000’s)

(1,192,363,804)

(301,522,420)

(174,253,526)
(28,475,957)
(104,775,303)
(38,631,914)
(84,272,085)
(1,924,295,009)

(1) Corresponds to the addition of cost of sales, administrative expenses and distribution costs

26 – OTHER INCOME

Other income by function is detailed as follows:

Description

Gain on disposal of Property, plant and equipment
Credit recovery in Brazil (1)
Others
Total

01.01.2021
01.01.2022
12.31.2022
12.31.2021
CLP (000’s) CLP (000’s)
480,401
-
857,477
1,337,878

79,650
1,856,762
561,108
2,497,520

(1) restitution of credits for the payment of coffee quota (cota.café)

27 – OTHER EXPENSES BY FUNCTION

Other expenses by function are detailed as follows:

Description

Contingencies and
non-operating fees
Tax on bank debts
and other bank
expenses
Write-offs, disposals
and loss of property,
plant and equipment

Others

Total

01.01.2022
12.31.2022
CLP (000’s)

01.01.2021
12.31.2021
CLP (000’s)

6,316,102

(7,950,093)

(7,150,739)

(5,270,040)

(417,623)

(51,694)

(1,574,034)

(886,331)

(15,211,790)

28 – FINANCIAL INCOME AND COSTS

Financial income and costs are detailed as follows:

a) Financial income

Description

purchase

Interest income
Ipiranga
warranty restatement
From PIS credit and
COFINS (1)
Other financial income

Total

01.01.2022
12.31.2022
CLP (000’S)

01.01.2021
12.31.2021
CLP (000’S)

32,388,801

2,196,886

39,509

11,290

2,054,586

1,312,930

5,239,514
39,722,410

4,270,763
7,791,869

(1) See Note 6 for more information on recovery.

b) Financial costs

Description

Bond interest
Bank loan interest
Lease interest
Other financial costs

Total

01.01.2022
12.31.2022
CLP (000’S)

01.01.2021
12.31.2021
CLP (000’S)

(51,863,601)
(1,782,972)
(2,092,868)
(3,808,512)
(59,547,953)

(48,624,062)
(267,012)
(1,816,506)
(2,284,876)
(52,992,456)

29 – OTHER (LOSSES) GAINS

Other (losses) gains are detailed as follows:

Description

Other gains and losses*

Total

01.01.2022
12.31.2022
CLP (000’S)

(24,983,899)

01.01.2021
12.31.2021
CLP (000’S)

* During the first half of 2022, losses of CLP 24,982,887 thousand were recorded due to the assignment of a loan owned by Embotelladora Andina S.A.
to a financial institution with a discount. The credit of Embotelladora Andina was originally generated as a result of dividends from subsidiaries declared
in Argentine pesos.

30 – LOCAL AND FOREIGN CURRENCY

Local and foreign currency balances are the following:

CURRENT ASSETS

Cash and cash equivalent
USD
EUR
CLP
BRL
ARS
PGY

Other current financial assets
CLP
BRL
ARS
PGY

Other non-current financial assets
USD
EUR
UF
CLP
BRL
ARS
PGY

Trade debtors and other accounts payable
USD
EUR
UF
CLP
BRL
ARS
PGY

Accounts receivable related entities
CLP
BRL
ARS

Inventory
CLP
BRL
ARS
PGY

Current tax assets
CLP
BRL
ARS

Total current assets
USD
EUR
UF
CLP
BRL
ARS
PGY

12.31.2022
CLP (000’s)

12.31.2021
CLP (000’s)

291,681,987,,
14,266,343 ,,
870,613 ,,
138,205,025 ,,
69,923,621 ,,
29,215,288 ,,
39,201,097 ,,

263,044,869,,
92,826,375 ,,
170,154,995 ,
-,,
63,499,

26,957,000
847,149
329,535
517,748
12,478,839
2,382,575
8,596,540
1,804,614

279,770,286
1,467,851
6,770
49,469
155,443,395
74,851,690
39,795,968
8,155,143

15,062,167
14,738,236
86,492
237,439

245,886,656
103,719,764
60,074,387
62,655,300
19,437,205

39,326,427
33,296,214
5,633,971
396,242

1,161,729,392
16,581,343
1,206,918
567,217
550,707,848
383,107,731
140,896,777
68,661,558

304,312,020
13,640,823
2,838,102
176,278,025
56,272,827
22,425,407
32,856,836

195,470,749
194,834,125
140,544
481,148
14,932

14,719,104
1,141,780
77,526
256,912
6,282,535
1,183,076
3,831,513
1,945,762

265,490,626
2,347,439
-
69,142
147,478,959
76,173,944
32,330,010
7,091,132

9,419,050
6,674,178
87,865
2,657,007

191,350,206
77,225,374
44,848,239
54,376,217
14,900,376

10,224,368
5,574,826
4,649,542
-

990,986,123
17,130,042
2,915,628
326,054
614,348,022
183,356,037
116,101,302
56,809,038

NON-CURRENT ASSETS

Other non-current assets
UF
CLP
BRL
ARS

Other non-current, non-financial assets
USD
CLP
BRL
ARS
PGY

Non-current accounts receivable
UF
CLP
ARS
PGY

Non-current accounts receivable related entities
CLP

Investments accounted for using the equity method
CLP
BRL

Intangible assets other than goodwill
CLP
BRL
ARS
PGY

Goodwill
CLP
BRL
ARS
PGY

Property, plant and equipment
EUR
CLP
BRL
ARS
PGY

Deferred tax assets
CLP

Total non-current assets
USD
EUR
UF
CLP
BRL
ARS
PGY

12.31.2022
CLP (000's)

12.31.2021
CLP (000’s)

94,852,711
75,297,737
3,317,778
-
16,237,196

59,672,266
91,220
483,530
55,060,849
2,367,042
1,669,625

539,920
249,366
233,773
56,781
-

109,318
109,318

92,344,598
53,869,966
38,474,632

671,778,888
312,981,971
177,173,694
9,075,200
172,548,023

129,023,922
9,523,768
65,920,764
46,254,831
7,324,559

798,221,259
3,146
303,797,013
229,486,365
177,219,624
87,715,111

2,428,333
2,428,333

1,848,971,215
91,220
3,146
75,547,103
686,745,450
566,116,304
251,153,893
269,314,099

296,632,012
34,239,224
55,469,858
192,844,909
14,078,021

70,861,616
673,524
419,910
66,621,741
1,836,280
1,310,161

126,464
7,089
76,649
-
42,726

98,941
98,941

91,489,194
52,519,699
38,969,495

659,631,543
311,086,862
159,307,806
7,560,882
181,675,993

118,042,900
9,523,767
60,830,705
39,976,392
7,712,036

716,379,127
404,450
273,812,253
201,527,151
152,227,991
88,407,282

1,858,727
1,858,727

1,955,120,524
673,524
404,450
34,246,313
704,866,666
720,101,807
215,679,566
279,148,198

CURRENT LIABILITIES

Other current financial liabilities
USD
UF
CLP
BRL
ARS
PGY

Current trade accounts and other accounts payable
USD
EUR
UF
CLP
BRL
ARS
PGY
Other currencies

Current accounts payable to related entities
CLP
BRL
ARS
PGY

Other current provisions
CLP
PGY

Current tax liabilities
CLP
ARS
PGY

Current employee benefit provisions
CLP
BRL
ARS
PGY

Other current non-financial liabilities
CLP
ARS
PGY

Total current liabilities
USD
EUR
UF
CLP
BRL
ARS
PGY

Up to 90 days
CLP (000’s)

12.31.2022
90 days up to 1 year
CLP (000’s)

Total
CLP (000’s)

Up to 90 days
CLP (000’s)

12.31.2021
90 days up to 1 year
CLP (000’s)

Total
CLP (000’s)

13,431,339
249,660
11,047,586
893,612
427,270
813,211

369,548,991
34,223,389
3,148,088
2,263,175
166,847,281
78,514,701
69,945,679
14,606,678

90,248,067
44,298,074
35,671,648
8,587,487
1,690,858

1,319,935
1,319,935

627,257
627,257

-
-

45,482,776
8,115,837
19,586,150
17,780,789

353,870,741
321,143,849
11,557,808
14,216,358
1,703,193
3,910,926
1,338,607

15,252,639
33,046
899,198

14,320,395

-
-
-

-
-
-
-
-

271,709
232,418
39,291

13,988,190
7,301
13,479,571
501,318

2,909,030
1,052,395

-
-

1,856,635

1,054,187
1,043,048
11,139

521,712,552
34,473,049
3,148,088
13,310,761
223,145,044
134,199,769
97,138,305
16,297,536

41,240,273
41,072,576

167,697

427,532,582
321,176,895
899,198
11,557,808
70,901,442
1,703,193
17,390,497
3,903,548

367,302,080
321,393,509
22,605,394
15,109,970
2,130,463
4,724,137
1,338,607

384,801,630
34,256,435
4,047,286
2,263,175
181,167,676
78,514,701
69,945,679
14,606,678

90,248,067
44,298,074
35,671,648
8,587,487
1,690,858

1,591,644
1,552,353
39,291

14,615,447
634,558
13,479,571
501,318

48,391,806
9,168,232
19,586,150
17,780,789
1,856,635

42,294,460
42,115,624
11,139
167,697

949,245,134
355,649,944
4,047,286
24,868,569
294,046,486
135,902,962
114,528,802
20,201,084

10,887,752
233,993
9,155,688
923,663
413,835
94,094
66,479

312,643,627
20,438,936
6,093,006
2,359,381
142,370,837
74,142,872
52,030,144
15,208,451

56,103,461
29,349,401
16,799,532
9,893,495
61,033

1,082,929
1,082,929

20,733,623
20,038,643
694,980

13,434,697
1,181,717
11,649,154
603,826

612,391
612,391

-
-

415,498,480
20,672,929
6,093,006
11,515,069
195,559,581
103,005,393
63,316,539
15,335,963

36,875,287
8,329,598
10,086,725
13,491,768
1,381,397
2,272,643
1,313,156

14,765,580
1,309,678

-
-

13,455,902

-
-
-

-
-
-
-
-

445,950
404,580
41,370

9,779,164
8,452
8,524,083
1,246,629

21,577,375
7,327,637

12,529,323
1,720,415

30,625,443
30,472,381
18,234
134,828

114,068,799
9,639,276

10,086,725
65,160,720
1,381,397
23,344,283
4,456,398

47,763,039
8,563,591
19,242,413
14,415,431
1,795,232
2,366,737
1,379,635

327,409,207
21,748,614
6,093,006
2,359,381
155,826,739
74,142,872
52,030,144
15,208,451

56,103,461
29,349,401
16,799,532
9,893,495
61,033

1,528,879
1,487,509
41,370

30,512,787
20,047,095
9,219,063
1,246,629

35,012,072
8,509,354
11,649,154
13,133,149
1,720,415

31,237,834
31,084,772
18,234
134,828

529,567,279
30,312,205
6,093,006
21,601,794
260,720,301
104,386,790
86,660,822
19,792,361

NON CURRENT LIABILITIES

More than 1 year
up to 3

More than 3 and
up to 5

More than 5 years

Total

CLP (000’S)

31.12.2021

31.12.2020

More than 1
year up to 3

CLP (000’S)

35,164,178
1,726,426
29,821,850
602,887
2,926,876
86,139

256,273
256,273

904,802,058
253,743,096
520,200,005
120,675,058
10,047,760
136,139

3,015,284
3,015,284

10,354,296

11,557,723

47,103,783
45,706,635
1,397,148

165,778,556
94,551,830
34,050,044
21,348,923
15,827,759

17,409,793
16,775,556
10,484
623,753

29,589,051

1,178,052,821
253,743,096
520,200,005
235,017,728
129,747,786
22,892,694
16,451,512

1,917,655
-
1,917,655

21,365,277
3,619,149
-
17,746,128
-

1,329,992
629,798

700,194

21,113

71,612,211
1,726,426
29,821,850
5,108,107
14,484,599
19,771,035
700,194

More than 3
and
up to 5

CLP (000’S)
331,118,858
308,546,732
15,453,105
4,000,000
3,119,021
-

-
-

53,965,872
53,965,872
-

35,470,702
1,845,868
33,624,834
-
-

62,456
62,456

23,763,704

444,381,592
308,546,732
15,453,105
5,908,324
114,473,431
-
-

More than 5
years

CLP (000’S)

674,765,936
247,094,136
423,470,818
-
4,200,982
-

Total

CLP (000’S)

1,041,048,972
557,367,294
468,745,773
4,602,887
10,246,879
86,139

-
-

-
-
-

111,618,848
95,076,888
-
-
16,541,960

12,747,222
12,747,222

799,132,006
247,094,136
423,470,818
107,824,110
4,200,982
-
16,541,960

256,273
256,273

11,557,723

55,883,527
53,965,872
1,917,655

168,454,827
100,541,905
33,624,834
17,746,128
16,541,960

14,139,670
13,439,476

700,194

23,784,817

23,763,704

21,113

1,315,125,809
557,367,294
468,745,773
118,840,541
133,159,012
19,771,035
17,242,154

Other non-current financial liabilities
USD
UF
CLP
BRL
ARS

Non-current accounts payable
CLP

Accounts payable related entities

BRL

Other non-current provisions
BRL
ARS

Deferred tax liabilities
CLP
BRL
ARS
PGY

Non-current employee benefit provisions
CLP
ARS
PGY

Other non-financial liabilities
BRL

ARS

Total non-current liabilities
USD
UF
CLP
BRL
ARS
PGY

28,457,265
513,738
15,781,426
8,500,000
3,662,101

835,631,179
251,617,079
468,927,353
112,175,058
2,911,689

40,713,614
1,612,279
35,491,226

3,473,970
136,139

3,015,284
3,015,284

10,354,296

1,397,148
-
1,397,148

26,966,210
5,617,287

21,348,923

1.299.511
665,274
10,484
623,753

-
-

45,706,635
45,706,635
-

34,088,989
38,945
34,050,044

-
-

60,560
60,560

-
-

29,589,051

83,746,063
1,612,279
35,491,226
9,297,845
13,828,266
22,892,694
623,753

137,902,500
513,738
15,781,426
8,599,505
113,007,831

-
-

104,723,357
88,895,598

-
-

15,827,759

16,049,722
16,049,722

-
-

956,404,258
251,617,079
468,927,353
217,120,378
2,911,689

15,827,759

31 – ENVIRONMENT (non-audited)

The Company has made disbursements for improvements in industrial processes, equipment to measure
industrial waste flows, laboratory analysis, consulting on environmental impacts and others.

These disbursements by country are detailed as follows:

2022 period

Future commitments

Recorded as
Expenses

Capitalized to
Property,
plant and
equipment

To be

Recorded as
Expenses

To be
Capitalized to
Property,
plant and
equipment

CLP (000’s)

3,015,409
158,361
1,604,187
175,654
4,953,611

-
407
1,514,218
211,113
1,725,738

-
-
1,517,803
-
1,517,803

-
-
1,778,503
-
1,778,503

Country

Chile
Argentina
Brazil
Paraguay

Total

32 – SUBSEQUENT EVENTS

No other events have occurred subsequent to December 31, 2022 that may significantly affect the Company's
consolidated financial position,

-Sustainability
Standards-

324

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESAbout ›this
Integrated_Annual
›Report

Scope and Standards
Cola Andina, corresponding to the fiscal
year from January 1 to December 31, 2022,
was prepared in accordance with General
Rule No. 461 of the Financial Market
Commission (CMF), which applies to issuers
registered in the Securities Registry, as
is the case of the Company. Along with
this standard, and on a voluntary basis,
its contents were also prepared in
accordance with the GRI 2021 Standards
of the Global Reporting Initiative (GRI).

The financial information considered in this report
includes Coca-Cola Andina and its subsidiaries,
and the sustainability information includes Coca-
Cola Andina and its main subsidiaries (Coca-Cola
Andina Argentina, Coca-Cola Andina Brazil and
Paresa) for the period from January 1, 2022 to
December 31, 2022, as described in Note 2.2 to
the Financial Statements page 8.

In addition, the construction of this Integrated
Annual Report considers other relevant
sustainability frameworks:

4
1
-
2

,
5
-
2

,
3
-
2

,
2
-
2

R
G

Representation cycle
This Integrated Annual Report 2022 was published
in March 2023, and was made available to all
stakeholders and the general public at least 15
calendar days prior to this year’s General
Shareholders’ Meeting, as required by regulations.

As part of our commitment to reduce paper
consumption, this Integrated Annual Report is
presented in digital version only and is available
on our website.

The preparation and collection of information is
carried out and supervised by the Corporate
Management Control, Risk and Sustainability
Department, in conjunction with the Sustenta+
consulting firm, to ensure compliance with the
various standards addressed by the document. In
addition, and in general, the contents have been
reviewed by senior executives and members of the
Board of Directors.

• Principles of the International Integrated

Reporting Council (IIRC).

• Accountability Principles AA1000-APS 2008 on
recognition, assumption of responsibility and
transparent attitude on the impacts of policies,
decisions, actions, products and performance of
organizations.

• Coca-Cola Andina’s performance linked to its

contribution to the United Nations Sustainable
Development Goals (SDGs).

• Sustainability indicators of the S&P IPSA ESG

Tilted Index (SPCLETCP).

• Specific Sustainability Accounting Standards

Board (SASB) standards in the food and beverage
and non-alcoholic beverage (FB-NB) sector,
according to the Sustainable Industry
Classification System (SICS) industry
classification.

• Task Force on Climate-related Financial

Disclosure (TCFD)

In addition, compliance with GRI standards, as well
as the materiality update process, was
independently reviewed and audited by E&Y as an
external supplier.

325

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Materiality_
|Process

F or Coca-Cola Andina, the preparation of the

Integrated Annual Report entails an
exhaustive analysis of the management and
performance of its four franchised territories’
material issues. This materiality process identifies
the most significant actual and potential impacts
in the economic, environmental, people, and
human rights areas, as well as those that have a
significant influence on the decisions of its
stakeholders.

This process is crucial for Coca-Cola Andina, as
materiality enables the company to identify the
most important aspects and expectations of its
stakeholders regarding its management and
performance, as well as to support its decision-
making in key areas, such as defining investments
and new objectives, reorienting or focusing
operational aspects, always with the goal of
maximizing the positive impact and minimizing gaps.

The materiality of this Integrated
Annual Report considered the review
and update of the material issues
identified in the previous period (2021),
considering the following information
sources for the analysis:

1
-
3

;
9
2
-
2

R
G

Review of international sustainability standards

Review of international
sustainability standards:

Industry
benchmarking

Interviewing
Executives

• Sustainability Accounting
Standards Board (SASB);
FB-NB: food and beverage
sector; non-alcoholic
beverages.

• Dow Jones Sustainability

Index (DJSI), 2022
questionnaire for the
beverage industry.

• beverage industry.

• 5 bottlers/distributors.

• Chief Executive Officer.

• 6 beverage brands.

• Chief Financial Officer.

• 4 other relevant companies
in the beverage and food
industry.

• Chief Strategic Planning

Officer.

• Management Control, Risk

and Sustainability
Corporate Officer.

326

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

List of 2022 Material Issues

Robust and efficient
operation

• Market leadership and
operational efficiency.

• Anti-corruption and free

competition.

• Transparency and ethics
in business management.

Water management

Returnability and recycling

Energy management

Climate action

• Water consumption and

reuse.

• Water consumption in
water-stressed areas.

• Programs for safe access
to water in communities.

• Packaging circularity
(returnability and
recovery).

• Waste management.

• Energy efficiency and use
of renewable energies.

• Carbon footprint
management.

2
-
3

,
1
-
3

R
G

Supply chain
management

Nutrition and product
portfolio

• Management of the

environmental and social
impacts of the supply
chain.

• Healthier beverages with
lower sugar content.

• Product quality, safety

and excellence.

• Respect for human rights.

• Consumer information

Customer satisfaction

• Customer satisfaction.

• Sales channels and

geographic coverage.

• Innovation - Digitization
- Boosting e-commerce.

and labeling.

• Breadth of the portfolio,
satisfying consumer
preferences.

Community outreach

• Economic and social
development of local
communities.

Committed and
diverse team

• Purpose and internal

climate.

• Diversity and inclusion -

fair compensation.

• Health and safety of our

employees.

• Innovation, co-creation

and digitalization.

• Talent development and

attraction.

In general, the material issues for the 2022 period remain consistent with those reported the previous year; however, robust and efficient operation has been added
to this version. Regarding the other modifications, which are mostly nominal, they are primarily attributable to a period marked by the pandemic’s effects on
consumption patterns, working methods, operating costs, and logistics; global political and economic crises; and an exponential increase in knowledge and
awareness of people and their rights, focusing on climate change and its effects on current life and its future projections.

327

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Impact and materiality matrix
Coca-Cola Andina uses the channels described in Chapter 1 to inform stakeholders about the identification
of material topics, the management and performance of the measures taken, and their effectiveness.
However, the primary channel of disclosure is the annual publication of the Integrated Annual Report on the
Company’s website, in addition to the numerous permanent publications of its policies, programs, actions,
and quarterly results on the same website.

*
s
r
o
t
s
e
v
n

Material issue

Management

Impact

Nature of the
impact

ESG impact
scope

*
y
n
a
p
m
o
C
a
o
C
-
a
c
o
C
e
h
T

*
s
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s
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s
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s
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p
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S

*
s
r
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a
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l

o
C

I
.
1
.
3

F
M
C

2
-
3
1
4

,
3
-
3

,
1
-
3

,
5
2
-
2

R
G

ROBUST AND
EFFICIENT
OPERATION

Our Corporate Governance system and management are integral to
creating value not just for shareholders, but for all of our stakeholders.
This issue is the foundation upon which the organization’s culture is built,
thereby enabling good performance.

Market leadership, country
contribution, payment of taxes and
other tax contributions

Cost- and resource-efficient
operation

Regulatory compliance, anti-
corruption and antitrust policy, and
adaptation to changes in regulation

Transparent and ethical operation
in business management

Water
management

Coca-Cola Andina uses this resource conscientiously and with care. We
seek to reduce our water consumption continuously and permanently
and to preserve local water sources for future generations.

Water consumption and reuse,
including water consumption in
water-stressed zones

+ / -

Returnability
and recycling

We work on four strategic axes: reduce, reuse, recycle and replenish. We are
committed to managing initiatives and projects that allow us to continue reducing
the impact of packaging on the environment. Our pillar of reuse through
returnable packaging is the most environmentally responsible solution and is the
core of our packaging strategy, together with the pillars of collect, recycle and
reduce.

Energy
management

We are actively working to reduce our energy consumption and increase
the percentage of energy from renewable sources in all our operations.

Safe water access programs in
communities

Circularity of packaging, recovery,
returnability and management of
the packaging lifecycle

Waste generation

Fleet fuel use

Energy efficiency and use of
renewable energies

Climate action

We take actions to reduce GHG emissions and manage the carbon
footprint throughout the value chain.

Generation of carbon footprint
and emissions

Supply chain
management

Together with TCCC, we work in partnership with our suppliers to
respect and protect the human rights of all those who work in our supply
chain. We have a supplier code of conduct and seek to ensure that our
suppliers abide by it and have a positive impact in the countries where we
operate.

Environmental and social impacts
of the ingredient supply chain

Respect for human rights in the
supply chain

*Stakeholders
+: Positive impacts / -: negative impacts
E: economic areas / s: social areas / ev: environmental areas

s
n
o
i
t
a
z
i
n
a
g
r
o

t
n
e
m
n
r
e
v
o
g
-
n
o
N

*
)
s

O
G
N

(

*
a
d
e
M

*
s
r
o
t
a
u
g
e
R

328

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Material issue

Management

Impact

Nature of the
impact

ESG impact
scope

*
s
r
o
t
s
e
v
n

*
y
n
a
p
m
o
C
a
o
C
-
a
c
o
C
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h
T

*
s
e
i
t
i
n
u
m
m
o
C

*
s
r
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m
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s
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*
s
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*
s
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p
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S

s
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t
a
z
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a
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o

t
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m
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v
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-
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N

*
)
s

O
G
N

(

*
s
r
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R

*
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M

*
s
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I
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1
.
3

F
M
C

2
-
3
1
4

,
3
-
3

,
1
-
3

,
5
2
-
2

R
G

Supply chain
management

Environmental and social impacts
of the ingredient supply chain

Respect for human rights in the
supply chain

Nutrition and
product
portfolio

We are working to expand our portfolio and offer consumers a wider
variety of great-tasting beverages, including more low-sugar and
sugar-free options and reformulations of our products.

Health and nutrition of products,
including lower sugar and healthier
beverages.

Customer
satisfaction

Our close relationship with our customers enables us to achieve their
constant growth and attain the highest service standards. We measure
and manage the variables that have an effect on their level of satisfaction,
address their concerns and needs, and innovate, particularly in the areas
of digitization.

Product quality, safety and
excellence

Consumer information and labeling

Product labeling and marketing

Customer satisfaction

Sales channels and geographic
coverage

Innovation. Digitization. Boosting
e-commerce

Commited and
diverse team

At Coca-Cola Andina we seek to provide our collaborators with the best
place to work, convinced that happiness at work is fundamental for the
development of our activities, the well-being of our people, economic
growth and the success of the organization.

Purpose and internal climate

Diversity and inclusion. Fair
compensation

Health and safety of our
collaborators

Innovation, co-creation and
digitization

Talent development and attraction

Economic and social development
of local communities

Local hiring

Community
outreach

At Coca-Cola Andina we assume this responsibility by developing
relationship programs with neighboring communities that have a tangible
impact on the quality of life of people.

*Stakeholders
+: Positive impacts / -: negative impacts
E: economic areas / s: social areas / ev: environmental areas

329

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

market_&
portfolio

Business Pillar

Market
leadership

Broad portfolio,
channels and geographies

Material Topic

1
-
6
1
4

R
G

Nutrition and
product portfolio

Customer
satisfaction

»ESG impact tables_and_indicators

Certifications by country

Quality
ISO 9001

Environment
ISO 14001

Health &
Safety
ISO 45001

Food Safety
FSSC22

GAO, corporate
requirements
The Coca-Cola
Company

Behavior-based
safety

Argentina

Brazil

Chile

Paraguay

Note: GAO audit in Argentina was conducted in 2021 and in Paraguay in 2020.
The Behavior Based Safety program does not require certification or external auditing.

Quality and excellence: Sensory analysis

Sensory Analysis: Number of panelists trained (#/year)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

171

105

133

479

Sensory Analysis: Percentage of products tested [%/year].

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

100%

2021

108

136

422

2021

100%

2022

139

156

466

2022

100%

330

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Low-sugar and nutritional additives segments

Kilocalories/liter of beverage sold

Revenues by category [MUSD/year].

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

315.4

320.5

218.3

333.3

287.6

2021

295.6

309.4

209.0

322.6

275.0

2022

282.0

260.6

184.7

310.0

247.8

Note: based on NARTD volume sold. Values for Chile 2021 were recalculated for greater accuracy

Note: The number of calories per SKU was revised, which generated variations in the consolidated
values as well as the values for Chile in 2021.

Reformulated products

Revenues from zero- and
low-calorie beverages

Revenue from beverages with no added sugar

Revenue from artificially
sweetened beverages

2020

629.0

93.1

328.6

2021

728.9

122.1

407.3

2022

839.7

143.8

467.2

1
.
A
0
6
2
-
B
N
-
B
F

B
S
A
S

% Sales volume of reformulated products involving
sugar reduction

Sales volume of products reformulated for other
reasons ( excluding sugar reduction)

2021

2022

Argentina

1.7%

Brazil

6.3%

Chile

8.7%

Paraguay

Argentina

4.8%

28.9%

Brazil

0.3%

Chile

7.8%

Paraguay

2.0%

0.0%

12.5%

0.0%

0.4%

0.1%

0.0%

Note: Other reasons, refers to nutritional additives, fruit juices, among others.

Client development

Number of clients (thousands of clients / year)

Consumer complaints rate

Argentina

Brazil

Chile

Paraguay

2020

Total Coca-Cola Andina

259

2021

269

2022

274

Argentina

Brazil

Chile

Paraguay

2020

3.9

4.6

8.5

0.5

2021

3.2

3.4

5.6

0.4

2022

2.3

2.5

5.5

0.4

Note: Complaints rate= No. of operational complaints*1,000,000 / Bottles Sold.

Note: Considers clients serviced directly.
Note: In order to homogenize the criteria in the four operations, Paraguay considers only direct
customers (previously it considered indirect customers), which generates variations in the 2020 and
2021 values for Paraguay and consolidated values .

331

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Percentage of clients serviced via call-centers

Complaints

Orders (sales)

Requests (services,
visits, etc.)

2020

4.3%

52.1%

17.4%

2021

6.2%

37.3%

15.9%

2022

9.5%

32.0%

21.3%

Inquiries

26.2%

40.5%

37.3%

Total calls [#/year].

1,152,034

1,057,438

1,038,934

Total Sales Volume [MUC/year]

2020

2021

2022

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Total

Soft drinks

Waters

Juices and other non-alcoholic beverages

Beers and other alcoholic beverages

166.7

265.1

236.3

66.4

184.7

266.4

307.0

70.3

201.4

278.0

319.8

74.4

145.2

205.5

153.8

55.1

157.4

204.3

168.6

57.6

169.8

224.5

166.1

59.9

12.0

17.9

41.1

9.5

0.0

18.8

33.9

23.0

7.5

6.5

4.8

0.0

14.1

13.1

0.0

18.6

51.0

22.0

47.9

21.5

39.5

7.8

4.9

0.0

16.4

20.4

57.4

15.1

0.1

28.5

54.5

4.7

41.7

8.7

5.8

0.0

Notes: MUC = Million unit cases ( product unit used to measure volumes, equivalent to approximately 5,678 liters). In Argentina, the volume of beer sold on account and order is not considered.

Annual Per Capita Consumption

2020

2021

2022

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

250.0

209.7

360.6

181.9

271.0

204.1

388.1

187.6

293.0

221.3

376.5

192.6

88.0

21.3

24.0

18.0

107.5

25.3

28.0

18.7

116.4

28.0

Soft drinks

Waters

Juices and other non-alcoholic beverages

19.0

16.0

18.1

16.7

Beers and other alcoholic beverages

71.0

23.4

18.1

0.0

73.0

21.5

94.1

Note: Measured in number of 237 cc bottles/year.

48.7

16.2

23.0

18.1

65.0

16.1

0.0

26.0

68.0

19.7

4.5

70.7

18.5

98.6

0.0

332

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Sales of soft drinks by format [UC SSD Format/ UC SSD Totals]

2020

2021

2022

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Multi-serving non returnable

37.7%

58.2%

40.7%

42.8%

39.6%

60.4%

44.2%

41.4%

43.8%

62.4%

42.8%

43.5%

Multi-serving returnable

54.1%

26.8%

44.5%

46.4%

50.1%

23.9%

37.7%

44.7%

43.8%

20.3%

35.7%

40.1%

Single-serving non-returnable

7.1%

12.0%

10.6%

8.3%

Single-serving returnable

SSD Post Mix

0.6%

0.5%

1.5%

2.4%

1.8%

1.9%

0.7%

8.9%

0.7%

0.8%

12.3%

13.7%

11.0%

10.6%

13.7%

16.8%

13.4%

1.6%

1.7%

2.7%

1.8%

2.0%

0.6%

1.0%

1.2%

1.7%

1.9%

2.9%

1.8%

1.9%

1.2%

Sales by Channel [UC Channel/UC Total]

2020

2021

2022

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Traditional (Mom & Pops)

36.5%

33.8%

54.0%

42.4%

34.3%

32.6%

49.8%

40.5%

34.9%

32.7%

46.4%

38.3%

Wholesales

Supermarkets

On-premise

36.3%

21.9%

11.5%

36.0%

33.4%

21.7%

13.5%

36.9%

32.1%

21.7%

12.9%

36.0%

23.1%

32.7%

24.5%

12.3%

26.7%

33.1%

26.3%

11.9%

26.2%

32.7%

28.2%

13.4%

4.2%

11.7%

10.0%

9.3%

5.6%

12.6%

10.4%

10.7%

6.8%

13.0%

12.5%

12.3%

Soft drink sales by category [UC SSD Category/ UC SSD Totals]

2020

2021

2022

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

Coca-Cola

Other sugary

65.3%

72.7%

55.4%

65.5%

72.5%

55.7%

65.1%

72.2%

55.0%

56.3%

18.0%

14.2%

16.2%

26.7%

17.7%

13.9%

15.6%

26.3%

18.4%

13.9%

14.8%

25.0%

Coca-Cola Sin Azúcar/Light

11.4%

6.9%

23.6%

2.9%

11.7%

7.4%

24.0%

3.2%

11.5%

8.4%

25.8%

3.5%

Other Light

5.3%

6.3%

4.8%

15.0%

5.2%

6.3%

4.7%

14.7%

5.0%

5.5%

4.5%

15.2%

333

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Water_
management

Business Pillar

Efficiency and productivity in the
value chain

Material Topic

Water management

5
-
3
0
3

R
G

Total water consumption (m3/year)

Argentina

Brazil

Chile

Paraguay

2020

2,168,179

1,867,946

1,993,497

668,740

Total Coca-Cola Andina

6,698,362

Liters of beverages produced (m3/year)

Argentina

Brazil

Chile

Paraguay

2020

931,243

1,347,586

944,490

370,194

Total Coca-Cola Andina

3,593,513

2021

2,154,593

1,893,388

2,013,054

698,928

6,759,963

2021

1,031,567

1,366,493

1,032,501

392,308

3,822,870

Water Ratio (WUR) (liters of water used / liters of beverages produced)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

2.33

1.39

2.11

1.81

1.86

2021

2.09

1.39

1.95

1.78

1.77

note: the 2022 consolidated target is 1.70 and the 2030 consolidated target is 1.27.

Water Ratio (WUR) (liters of water used / liters of beverages produced)

Andina Chile Renca Plant

2020

2.13

2021

1.96

2022

2,297,134

2,116,134

1,857,748

761,713

7,032,728

2022

1,146,146

1,538,196

1,009,881

420,159

4,114,381

2022

2.00

1.38

1.84

1.81

1.71

2022

1.84

334

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Water source (m3 /year)

Water use in production process (m3/year)

2020

2021

2022

2020

2021

2022

Underground

5,249,830

5,323,868

5,392,772

Beverages

3,593,513

3,822,870

4,114,381

Network

Surface

Rain

Others

978,097

386,842

396

83,197

1,081,408

1,160,137

Auxiliary services

3,104,848

2,937,094

2,918,248

354,143

479,099

Total water used

6,698,362

6,759,963

7,032,728

545

720

Effluent discharge (m3/year)

2020

2021

2022

Total water used

6,698,362

6,759,963

7,032,728

Water source by operation 2022 (m3/year)

Argentina

Brazil

Chile

Paraguay

Total
Coca-Cola
Andina

5
-
3
0
3

4
-
3
0
3

,
3
-
3
0
3

R
G

Underground

2,197,643

838,602

1,594,815

761,713

5,392,772

Network

Surface

Rain

Others

Total

99,298

797,909

262,931

193

479,099

524

1,160,137

479,099

720

2,297,134

2,116,134

1,857,748

761,713

7,032,728

Water source - Andina Chile Renca Plant (m3/year)

2020

2021

2022

Underground

1,657,203

1,736,339

1,594,815

Network

Surface

Rain

Others

29,106

22,180

21,157

Total water used

1,686,309

1,758,519

1,615,971

Own treatment

2,246,407

1,983,532

2,034,929

Third party treatment

939,393

875,135

744,367

Total effluent discharge

3,185,800

2,858,667

2,779,296

Wastewater discharge by destination [m3/year]

2020

2021

2022

Underground

288,394

139,898

86,886

Surface

Third party

2,589,415

1,412,843

478,657

307,991

1,305,926

2,213,753

Total effluent discharge

3,185,800

2,858,667

2,779,296

Discharge of wastewater at own treatment plants (m3/year)

Argentina

Brazil

Chile

Paraguay

2020

2021

2022

1,330,246

1,077,157

1,190,393

496,159

510,280

416,095

121,456

89,475

86,886

298,546

306,620

341,554

Total Coca-Cola Andina

2,246,407

1,983,532

2,034,929

335

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Wastewater discharge at third-party treatment plants [m3/year]

Argentina

Brazil

Chile

Paraguay

2020

40,046

2021

39,307

2022

43,188

899,347

835,828

701,179

Total Coca-Cola Andina

939,393

875,135

744,367

Water reuse (internally treated effluent and/or other) (m3/year)

Argentina

Brazil

Chile

Paraguay

Total water reused

2020

133,357

83,197

299,245

515,799

2021

184,118

119,382

20,093

2022

243,543

498,776

1,732

432,896

309,504

756,489

1,053,554

4
-
3
0
3

R
G

336

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

3
-
6
0
3

,
2
-
1
0
3

R
G

Sustainable packaging

Solid waste generation (gr waste / liter beverage produced)

›PACKAGING›

Business Pillar

Efficiency and productivity in the
value chain

Material Topic

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

Recycling of solid waste (% of total)

Argentina

Brazil

Chile

Paraguay

Returnability and recycling

Total Coca-Cola Andina

Recycled resin (Tn/year)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

Recycled resin (%)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

13.9

7.8

13.0

18.1

11.8

2020

91.8%

90.4%

89.5%

93.7%

91.1%

2020

746

3,371

4,117

2020

6.2%

15.3%

0.0%

7.9%

2021

13.0

7.9

13.9

18.1

11.9

2021

91.6%

88.3%

92.1%

91.6%

91.0%

2021

1,025

4,937

5,962

2021

7.0%

21.4%

0.0%

10.1%

2022

12.5

8.4

13.3

15.7

11.5

2022

91.9%

93.9%

90.2%

92.0%

91.9%

2022

2,533

5,613

300

8,445

2022

14.3%

22.1%

0.0%

4.0%

12.8%

337

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

PET savings

Post-consumer recovery (%)

Total tons saved(Tn/year)

Total US$ saved(USD/
year)

Ahorro de polietileno

Total tons saved(Tn/year)

2020

413

2021

482

2022

558

488,535

732,838

883,097

2020

2021

142

3
-
1
0
3

,
2
-
1
0
3

,
1
-
1
0
3

R
G

Returnability (% returnable volume/ NARTD volume)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

47.5%

24.2%

36.3%

40.0%

35.1%

2021

43.3%

21.7%

30.5%

38.2%

31.6%

Note: the 2022 consolidated target is 32.7% and the 2030 consolidated target is 42.8%.

Investment in packaging and cases (MUSD/year)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

9.2

7.1

12.5

4.0

32.8

2021

11.9

7.3

13.8

5.1

38.0

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

4.3%

22.5%

1.1%

0.8%

10.9%

Post-consumer recovery (Tn/year)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

Note: Brazil includes cans in 2020.

2020

500

7,734

145

8,420

Plastic containers Coca-Cola Andina

Weight of all plastic packaging
[Tn/year]

Percentage of recyclable plastic
containers [%/total]

Percentage of recycled content in
their plastic containers [%].

2021

8.3%

32.5%

0.8%

0.7%

14.6%

2021

1,257

7,463

133

8,896

2022

12.7%

36.8%

0.1%

38.9%

21.4%

2022

2,234

9,244

2,656

14,155

2020

2021

2022

73,661

82,224

90,148

100%

16.7%

27.5%

34.8%

Note: All indicators include film, shrink film, crates, caps and PET resin from returnable and disposable
bottles. Label not included.

Food loss (Tn/year)

2020

2021

2022

Food loss and waste

35,814

29,846

39,648

Used for alternative purposes

2,128

904

1,124

Total Coca-Cola Andina (Tn/year)

33,686

28,942

38,524

338

2022

100

2022

37.4%

18.7%

28.4%

33.8%

28.0%

2022

15.6

6.6

16.0

7.7

46.0

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Consumption of raw materials (Tn/year)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

2021

2022

2020

2021

2022

2020

2021

2022

2020

2021

2022

2020

2021

2022

Virgin plastic PET

11,314

13,577

15,181

18,656

18,127

19,759

12,612

15,304

5,307

6,213

7,139

47,889

53,221

57,383

Recycled plastic PET

746

1,025

2,533

3,371

4,937

5,613

300

4,117

5,962

8,445

Virgin glass

Recycled glass

1,470

1,259

2,267

2,241

1,706

1,347

9,371

9,106

6,542

1,283

1,353

3,161

14,365

13,425

13,317

2,099

1,888

3,259

238

2,339

4,651

3,387

1,852

2,030

2,295

6,290

8,569

9,178

Virgin aluminum

542

804

263

2,949

3,142

3,321

158

171

187

Recycled aluminum

Tetrabrik

253

309

790

344

1,423

524

860

1,428

Virgin plastic caps

1,553

1,820

1,951

2,142

2,245

2,504

1,473

1,648

1,601

Recycled plastic caps

Virgin plastic cases

Recycled plastic cases

196

458

344

802

860

1,082

349

566

141

130

521

231

317

467

Plastic stretch film + shrink film

1,396

1,607

1,850

2,735

2,777

3,235

1,495

1,771

1,641

Wood pallets

2,655

4,828

4,592

2,569

1,751

2,462

4,471

Hardwood pallets

2,271

3,083

472

720

237

777

504

779

233

3,649

4,117

3,771

2,213

580

1,249

1,673

2,352

891

5,888

6,492

6,947

178

104

1,859

1,789

888

678

1,401

844

845

1,002

6,403

7,000

7,728

327

363

911

4,406

10,186

9,063

2,271

363

3,994

Sugar

Fructose

71,837

75,099

67,346

109,007

104,511

98,888

67,151

67,857

61,766

23,386

32,260

30,855

271,381

279,727

258,855

1,034

13,422

1,727

10,713

3,132

12,440

1,034

16,554

CO2 (raw material)

7,083

7,778

8,979

9,563

9,456

10,803

6,441

7,010

7,043

2,717

2,822

2,994

25,804

27,066

29,819

1
-
1
0
3

R
G

Chapadur hardboard (pressed cardboard divider)

Cardboard divider

3,851

2,920

3,379

3,843

4,545

344

450

637

1,935

435

252

Virgin Ref PET

2,332

2,558

2,690

1,867

Recycled Ref PET

1,107

2,295

2,308

3,719

333

404

303

820

269

622

288

335

3,379

8,129

8,087

2,833

1,413

6,827

6,090

7,851

269

Sub totals

103,934

118,927

129,386

161,291

156,646

158,352

105,793

114,874

106,240

47,876

48,898

54,787

418,895

439,345

448,765

Note: Returnable glass investments are considered within the consumption of virgin and recycled glass for the year 2022, which was also added for the years 2020 and 2021. This generated an increase in
the tons of raw materials consumed for those years.

339

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

5
-
6
0
3

4
-
6
0
3

,
3
-
6
0
3

R
G

425

290

150

Glass

Caps

Metals (all except

aluminum)

Aluminum

PET

PP in caps)

Wood

Organic

Solid waste generation [Tn/year].

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

2021

2022

2020

2021

2022

2020

2021

2022

2020

2021

2022

2020

2021

2022

Paper/Cardboard

834

1,101

1,081

944

1,143

703

1,085

884

276

211

258

2,697

3,341

3,366

1,941

2,009

2,036

315

184

318

150

326

176

884

643

303

434

527

262

510

595

235

552

2,874

2,357

2,907

1,550

1,273

1,315

1,777

1,850

1,776

Plastic (all except PET and

1,484

1,652

1,828

691

794

945

726

1,160

599

4,933

6,175

5,743

2,779

2,969

2,620

10,296

11,679

10,995

345

329

134

267

443

434

550

348

333

131

416

415

1,129

988

1,175

1,251

960

993

111

176

6,644

5,829

6,413

3,335

3,940

3,788

2,605

2,360

2,288

3,930

3,783

4,477

1,935

2,093

2,017

1,034

506

376

9,504

8,743

9,157

924

1,076

967

Others recyclable

1,431

1,491

1,574

119

192

1,308

Others non-recyclable

289

1,136

1,441

980

1,193

762

1,075

206

283

962

602

961

953

419

1,074

1,282

991

1,509

1,788

2,554

3,475

5,273

593

531

2,763

3,884

3,695

Sub totals

12,002

12,616

13,734

10,488

10,598

12,362

12,077

14,227

13,104

6,691

7,082

6,606

41,258

44,523

45,807

Hazardous waste (Tn/year)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

2021

2022

2020

2021

2022

2020

2021

2022

2020

2021

2022

2020

2021

2022

Treated by local third

980

833

617

123

161

516

217

153

361

1,324

1,148

1,500

parties

Note: 100% of hazardous waste is treated domestically at each operation.

340

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

_Energy

Business Pillar

Efficiency and productivity in
the value chain

Material Topic

Energy management
and climate action

5
-
2
0
3

4
-
2
0
3

,
3
-
2
0
3

,
2
-
2
0
3

,
1
-
2
0
3

R
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Energy management

Energy consumption (MJ/year)

Argentina

Brazil

Chile

Paraguay

2020

333,985,664

364,996,908

238,674,407

174,128,314

Total Coca-Cola Andina

1,111,785,293

Energy Use Ratio (EUR) (MJ/liter of beverage produced)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

0.359

0.271

0.253

0.470

0.309

Note: 2022 consolidated target is 0.303 and 2030 consolidated target is 0.255.

Energy consumption from non-renewable sources [MJ/year]

Electricity

Others

2020

462,150,180

335,197,584

Total Coca-Cola Andina

797,347,764

Energy consumption from renewable sources (MJ/year)

Biomass

Hydroelectric

Solar

Wind

Biogas

Other

2020

58,072,592

99,745,025

138,335,286

18,284,626

Total Coca-Cola Andina

314,437,529

2021

350,182,948

375,850,814

238,318,360

187,846,333

1,152,198,455

2021

0.339

0.275

0.231

0.479

0.301

2021

333,149,539

350,697,346

683,846,884

2021

63,641,780

106,773,375

23,963

8,229,543

289,682,910

468,351,571

2022

386,366,713

420,352,470

240,569,230

210,435,799

1,257,724,212

2022

0.337

0.273

0.238

0.501

0.306

2022

357,823,850

397,094,293

754,918,143

2022

69,735,917

121,789,901

311,280,251

502,806,069

341

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

EMISSIONS

Emissions [kg CO2 equivalents/year]

Distance traveled by trucks (Km/year)

2020

2021

2022

2020

2021

2022

Total Scope 1

Total Scope 2

Total Scope 3

63,139,775

57,393,008

53,163,371

Own trucks

17,260,419

20,839,551

25,876,170

61,249,312

52,223,594

52,007,894

1,209,799,099

885,549,836

845,802,888

Third party trucks

70,153,983

81,197,579

81,775,093

Total Coca-Cola Andina

87,414,402

102,037,129

107,651,263

Total Coca-Cola Andina

1,334,188,186

995,166,439

950,974,153

Note: In 2020 the methodology was updated and the coverage of Scope 3 was expanded to include cold
equipment, raw materials, logistics and waste disposal.
Note: In 2021 the allocation of emissions between Scope 1 and 3 categories was modified.

Note: does not consider km traveled by third parties in Brazil.

7
-
5
0
3

6
-
5
0
3

,
5
-
5
0
3

4
-
5
0
3

,
3
-
5
0
3

,
2
-
5
0
3

,
1
-
5
0
3

R
G

Total Emissions Ratio Coca-Cola Andina.
[gr CO2 equivalents/liter of beverage produced]

Scopes 1 + 2 + 3

Scope 1 + 2

2020

369.69

34.47

Emissions [Tn CO2 equivalent/year]

Argentina

Brazil

Chile

Paraguay

2020

384,830

473,533

317,486

158,339

Total Coca-Cola Andina

1,334,188

Trucks

Own trucks
(Amount/year)

Third-party trucks
(Amount/year)

2020

1,133

1,691

2021

260.32

28.67

2021

324,543

343,768

251,174

75,682

995,167

2021

1,218

1,571

2022

231.13

25.56

2022

295,646

358,562

217,113

79,653

950,974

2022

1,414

1,607

Total Coca-Cola Andina

2,824

2,789

3,021

342

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

–Suppliers–

Business Pillar

Agility, flexibility and
commitment

Material Topic

Supply chain management

1
7.

F
M
C

2
-
4
1
4

,
2
-
8
0
3

,
1
-
4
0
2

R
G

Number of suppliers [Number/year]

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

Domestic suppliers [% of total]

Argentina

Brazil

Chile

Paraguay

2020

2,227

3,491

1,744

1,042

8,504

2020

96.3%

99.7%

94.9%

94.0%

Spending on domestic suppliers [% of total]

Argentina

Brazil

Chile

Paraguay

2020

95.1%

99.2%

98.0%

49.1%

Critical suppliers evaluated [Number/year]

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

176

333

2021

2,140

3,459

1,719

1,005

8,323

2021

96.1%

99.5%

92.0%

90.0%

2021

95.4%

98.7%

98.8%

58.0%

2021

219

407

2022

2,357

3,283

1,788

1,040

8,468

2022

96.6%

99.3%

91.6%

89.5%

2022

96.6%

97.0%

98.4%

60.0%

2022

188

356

343

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Suppliers evaluated [Number/year]

2020

303

253

312

496

1,364

2021

313

258

375

425

1,371

2022

298

255

297

432

1,282

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

Supplier management 2022

V
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1
7.

I
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1
7.

,
I
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F
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2
-
4
1
4

,
2
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8
0
3

R
G

Embotelladora del Atlántico

Up to 30 days

31 to 60 days

More than 60 days

Up to 30 days

31 to 60 days

More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

36,309

64,262

2,083

N/A

3,909

3,046

783

N/A

3,247

1,007

595

N/A

248

6,6

N/A

144

3,7

N/A

183

5,7

N/A

Note: amounts are in millions of AR$. 1) The above data excludes payments between related companies of the Andina Group. 2) Contains only invoices with actual payment disbursement to the supplier (a payment
was made by the bank). 3) Excludes Rappel invoices, which are discounted by the Supermarkets from the payment of the products sold. 4) Excludes credit notes and debit notes.

Rio de Janeiro Refrescos

Up to 30 days

31 to 60 days

More than 60 days

Up to 30 days

31 to 60 days

More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

64,881

1,485

2,829

N/A

19,983

1,512

1,746

N/A

6,352

358

764

N/A

0,6

N/A

344

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Embotelladora Andina S.A.

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

11,188

314,104

1,470

14,874

419,824

502

2,070

42,352

166

102

3,091

413

4,396

584

12,586

Transportes Andina Refrescos Ltda.

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

6,353

78,185

431

871

5,510

122

372

6,751

Transportes Polar SA.

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

Domestic Suppliers

Foreign Suppliers

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

1,185

24,802

101

546

7,568

766

345

V
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1
7.

I
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1
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,
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1
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,
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1
7.

,
I
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1
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F
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C

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Embotelladora Andina Chile SA.

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

288

Servicios Multivending Ltda.

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

528

1,477

298

625

212

Red de Transportes Comerciales Ltda.

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

1,971

6,847

236

111

346

V
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1
7.

I
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1
7.

,
I
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1
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1
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,
I
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1
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F
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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Paraguay

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

10,105

479,654

547

N/A

5,859

187,735

613

N/A

2,691

69,266

238

N/A

472

107,535

N/A

560

251,010

N/A

453

127,908

N/A

Note: amounts are in millions of AR$. 1) The above data excludes payments between related companies of the Andina Group. 2) Contains only invoices with actual payment disbursement to the supplier (a payment was
made by the bank). 3) Excludes Rappel invoices, which are discounted by the Supermarkets from the payment of the products sold.

Vital Jugos

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

Domestic Suppliers

Foreign Suppliers

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

7,995

58,556

551

2,211

25,941

147

366

176

7,808

3,217

910

Note: amounts are in millions of AR$. 1) The above data excludes payments between related companies of the Andina Group. 2) Contains only invoices with actual payment disbursement to the supplier (a payment was
made by the bank). 3) Excludes Rappel invoices, which are discounted by the Supermarkets from the payment of the products sold.

Vital Aguas S.A.

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

Domestic Suppliers

Foreign Suppliers

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

2,194

20,073

0,2

353

221

976

181

220

889

114

Note: amounts are in millions of AR$. 1) The above data excludes payments between related companies of the Andina Group. 2) Contains only invoices with actual payment disbursement to the supplier (a payment was
made by the bank). 3) Excludes Rappel invoices, which are discounted by the Supermarkets from the payment of the products sold.

347

V
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1
7.

I
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1
7.

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,
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,
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M
C

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Envases Central S. A.

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

Domestic Suppliers

Foreign Suppliers

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

1,629

14,409

262

3,683

63,745

336

1,750

36,728

202

165

928

123

1,352

Empaques Argentina

Number of invoices paid

Total amount of invoices paid

Total amount of interest due to late
payment of invoices

Number of suppliers

Number of agreements registered in the
Registry of Agreements

Domestic Suppliers

Foreign Suppliers

Up to 30 days

31 to 60 days More than 60 days

Up to 30 days

31 to 60 days More than 60 days

3,247

1,845

266

N/A

249

951,5

N/A

100

729,8

N/A

167,8

N/A

123,4

N/A

29,7

N/A

V
.
1
7.

I
.
1
7.

,
I
I
I
.
1
7.

,
I
I
.
1
7.

,
I
.
1
7.

F
M
C

348

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

1
.
1
.
5

,
1
.
5

F
M
C

1
-
5
0
4

,
8
-
2

,
7
-
2

R
G

Talent_and
_diversity

Business Pillar

Material Topic

Agility, flexibility and
commitment

Committed and
diverse team

WORK ENVIRONMENT

Collaborators by operation and gender, detailing own and third party staffing

2020

2021

2022

Own

Third Party

Own plus Third Party

Own

Third Party

Own plus Third Party

Own

Third Party

Own plus Third Party

Women

Men

Total
Own

Women

Men

Women

Men

Total
Own plus
Third
party

Women

Men

Total
Own

Women

Men

Women

Men

Total
Third
party

Total
Own plus
Third
party

Women

Men

Total
Own

Women

Men

Women

Men

Total
Third
party

Total
Own plus
Third
party

Argentina

232

2,781

3,012

1,107

6,608

7,715

527

181

3,161

3,689

225

888

1,069

992

419

276

2,827

3,102

245

2,876

3,121

1,181

6,636

7,817

1,312

6,270

7,582

1,217

752

4,153

4,906

419

181

1,307

1,488

618

141

3,544

4,162

986

1,127

193

194

115

298

2,912

3,210

343

2,957

3,300

422

2,977

3,399

308

1,505

6,385

7,890

1,424

6,509

7,933

208

109

317

1,632

6,618

8,250

1,536

1,730

442

475

812

175

5,080

5,892

806

3,637

4,444

206

1,285

1,491

1,012

4,922

5,935

1,428

1,602

153

1,002

1,155

457

496

192

1,459

1,651

2,063

13,462

15,526

343

1,485

1,828

2,407

14,947

17,354

2,334

13,700

16,034

474

2,129

2,602

2,808

15,829

18,636

2,745

14,132

16,877

532

1,871

2,403

3,277

16,003

19,281

Brazil

Chile

Paraguay

Holding

Total
collaborators

Total
Third
party

102

Note: Full Time Equivalent=Full Time Equivalent, with overtime. Third party staffing corresponds only to those who perform core business activities such as outsourced sales force, stockers and
call center personnel.

Collaborators by gender and position, 2022

Argentina

Brazil

Chile

Paraguay

Holding

Total

Women

Men

Women

Men

Women

Men

Women

Men

Women

Men

Women

Men

169

503

1,680

444

325

176

164

558

394

341

4,050

1,140

387

167

407

315

2,959

1,424

6,508

103

214

116

298

792

278

2,117

354

426

147

3,389

153

167

427

102

899

416

427

710

918

1,300

8,274

2,040

1,220

253

178

467

2,702

13,782

Senior Management

Management

Headships

Worker

Sales force

Administrative

Administrative support staff

Other professionals

Other technicians

Total collaborators

Note: Own staffing (Head Count)

349

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Collaborators by gender and age, 2022

Argentina

Brazil

Chile

Paraguay

Holding

Total

Women

Men

Women

Men

Women

Men

Women

Men

Women

Men

Women

Men

Less than 18 years old

Between 18 and 29 years old

Between 30 and 40 years old

Between 41 and 50 years old

Between 51 and 60 years old

Between 61 and 70 years old

More than 70 years old

122

455

1,098

1,055

310

572

559

216

1,893

2,495

1,470

596

214

359

150

774

1,277

755

453

127

232

438

162

Total collaborators

315

2,959

1,424

6,508

792

3,389

153

899

925

1,114

476

165

3,354

5,316

3,453

1,425

220

2,702

13,782

Note: Own staffing (Head Count)

Collaborators by gender, age and position, 2022

Women by age and position

Senior Management

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

3
.
1
.
5

F
M
C

1
-
5
0
4

R
G

350

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Management

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Headships

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

3
.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

100

213

111

Worker

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

154

167

351

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Sales Force

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

285

296

209

280

113

Administrative

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

3
.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

161

353

142

135

358

145

Administrative support staff

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

352

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Other Professionals

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Women by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Other Technicians

3
.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Note: Own staffing (Head Count)

Men by age and position

Senior Management

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

353

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Management

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

Headships

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

3
.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

167

133

114

500

204

233

131

520

Worker

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

306

1,098

560

155

2,119

604

1,544

776

202

3,126

582

980

420

2,037

168

405

274

861

128

354

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Sales Force

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

559

681

188

449

149

845

170

110

106

411

Administrative

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

3
.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

119

112

334

139

148

164

495

232

124

Administrative support staff

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

355

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

Other Professionals

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

Other Technicians

Men by age and position

Less than 18
years old

Between 18 to 29
years old

Between 30 to
40 years old

Between 41 to
50 years old

Between 51 to
60 years old

Between 61 to
70 years old

More than 70
years old

.
1
.
5

,
3
.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

Note: Own staffing (Head Count)

Distribution by seniority, 2022

Less than 3 years

Between 3 and 6 years

Between 6 and 9 years

Between 9 and 12 years

More than 12 years

Total collaborators

Note: Own staffing (Head Count)

Argentina

864

306

232

465

1,407

3,274

160

186

128

142

Brazil

4,211

1,822

613

647

639

7,932

Chile

2,348

733

226

336

538

4,181

Paraguay

Holding

284

197

213

289

1,052

356

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Collaborators by gender, seniority and position, 2022

Senior Management

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

128

102

Management

Between 6
and 9 years

Headships

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Between 9
and 12 years

More than
12 years

357

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

123

154

321

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

448

100

554

104

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

206

184

501

114

207

Worker

Between 6
and 9 years

Salesforce

Between 6
and 9 years

Administrative

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Between 9
and 12 years

More than
12 years

Between 9
and 12 years

More than
12 years

358

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Administrative support staff

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Other Professionals

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Women by seniority and
position

Less than
3 years

Between 3
and 6 years

Other Technicians

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Argentina

Brazil

Chile

Paraguay

Holding

Total female collaborators

Note: Own staffing (Head Count)

359

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Senior Management

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Management

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

135

233

Headships

Between 6
and 9 years

114

Between 9
and 12 years

More than
12 years

231

314

110

587

360

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

505

2,229

1,299

164

4,197

894

245

1,258

Men by seniority and position

Less than
3 years

Between 3
and 6 years

.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

625

204

916

301

512

Worker

Between 6
and 9 years

138

319

117

601

Salesforce

Between 6
and 9 years

113

Between 9
and 12 years

More than
12 years

248

311

175

102

836

716

297

281

1,382

Between 9
and 12 years

More than
12 years

194

193

305

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Administrative

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

118

167

185

497

105

284

130

222

361

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Administrative support staff

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

127

Other Professionals

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

.
1
.
5

F
M
C

1
-
5
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

Men by seniority and position

Less than
3 years

Between 3
and 6 years

Other Technicians

Between 6
and 9 years

Between 9
and 12 years

More than
12 years

Argentina

Brazil

Chile

Paraguay

Holding

Total male collaborators

Note: Own staffing (Head Count)

145

151

106

122

362

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Staffing by type of employment formality (indefinite/fixed-term/self-employed), by gender 2022

Female Staffing

Male Staffing

Total Staffing

Indefinite

Fixed-term

Self-

Total

Indefinite

Fixed-term

Self-

Total

Indefinite

Fixed-term

Self-

Total

Contract

employed

Contract

employed

Contract

employed

Argentina

266

Brazil

Chile

Paraguay

Holding

1,417

604

150

188

Total

2,455

247

Note: Own staffing (Head Count)

315

2,523

436

1,424

6,499

792

153

2,463

774

926

125

2,702

12,286

1,496

2,959

2,789

485

6,508

7,916

3,389

3,067

1,114

899

924

128

13,782

14,741

1,743

3,274

7,932

4,181

1,052

16,484

Staffing by labor adaptability, by gender, 2022

Female Staffing

Male Staffing

Regular
Workday

Part-time
Workday

With adaptability
agreement for
workers with family
responsibilities

Teleworking With working

Total

hours
adaptability
agreements

Regular
Workday

Part-time
Workday

With adaptability
agreement for
workers with family
responsibilities

Teleworking With working

Total

hours
adaptability
agreements

Argentina

Brazil

Chile

Paraguay

Holding

Total

41%

61%

64%

20%

57%

Note: Own staffing (Head Count).

59%

30%

36%

80%

100%

38%

100%

90%

91%

88%

69%

100%

89%

10%

12%

31%

96%

10%

100%

3
.
5

,
2
.
5

F
M
C

1
-
5
0
4

,
7
-
2

R
G

363

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

DIVERSITY AND INCLUSION

Collaborators by nationality and gender, for each position category

Collaborators by nationality

and position, 2022

Total Staffing

Nationality

Senior

Management

Headships

Worker

Salesforce

Administrative

Other

Management

support staff

Professionals

Technicians

2
.
1
.
5

F
M
C

1
-
5
0
4

,
2
-
2
0
2

R
G

Angolan

Argentinean

Bolivian

Brazilian

Czech

Chilean

Colombian

Cuban

Dominican

Ecuadorian

Spanish

Guyanese

Haitian

Mexican

Paraguayan

Peruvian

Portuguese

Uruguayan

Venezuelan

Total Staffing

Note: Own staffing (Head Count)

580

520

359

226

1,716

491

781

607

1,714

472

4,202

1,697

418

1,752

172

428

253

8,701

105

130

2,750

105

2,138

230

327

174

268

Total

2022

3,273

7,922

3,393

175

465

1,035

456

525

16,484

364

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Collaborators by nationality

and position, 2022

Women

Nationality

Senior

Management

Headships

Worker

Salesforce

Administrative Administrative

Other

Management

support staff

Professionals

Technicians

Angolan

Argentinean

Bolivian

Brazilian

Czech

Chilean

Colombian

Cuban

Dominican

Ecuadorian

Spanish

Guyanese

Haitian

Mexican

Paraguayan

Peruvian

Portuguese

Uruguayan

Venezuelan

Total Staffing

Note: Own staffing (Head Count)

178

416

164

147

427

557

101

710

169

394

246

918

2
.
1
.
5

F
M
C

1
-
5
0
4

,
2
-
2
0
2

R
G

Total

2022

320

1,426

649

146

101

2,702

365

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Collaborators by nationality

and position, 2022

Men

Nationality

Senior

Management Headships

Worker

Salesforce

Administrative Administrative

Other

Management

support staff

Professionals

Technicians

Angolan

Argentinean

Bolivian

Brazilian

Czech

Chilean

Colombian

Cuban

Dominican

Ecuadorian

Spanish

Guyanese

Haitian

Mexican

Paraguayan

Peruvian

Portuguese

Uruguayan

Venezuelan

2
.
1
.
5

F
M
C

1
-
5
0
4

,
2
-
2
0
2

R
G

507

342

262

165

Total Staffing

1,300

Note: Own staffing (Head Count)

1,667

443

4,038

1,140

317

100

1,605

150

426

228

8,274

322

387

361

166

125

178

2,040

1,220

253

Total

2022

2,953

407

6,496

2,744

153

889

355

467

13,782

366

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

People with disabilities and social minorities

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

394

436

2021

365

414

2022

386

442

Full Time Equivalent Staffing until 2021, 2022 is Head Count. Does not include Holding.

People with disabilities by gender and position

5
.
1
.
5

F
M
C

1
-
5
0
4

R
G

Senior

Management Headships

Worker

Salesforce

Administrative

Other

Management

support staff

Professionals

Technicians

Women with Disabilities Staffing

150

155

Senior

Management Headships

Worker

Salesforce

Administrative

Other

Management

support staff

Professionals

Technicians

Men with Disabilities Staffing

136

140

Argentina

Brazil

Chile

Paraguay

Holding

Disabled staffing

Note: Own staffing (Head Count)

Argentina

Brazil

Chile

Paraguay

Holding

Disabled staffing

Note: Own staffing (Head Count)

Total

2022

179

190

Total

2022

207

252

367

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Total Staffing with Disabilities

Senior

Management Headships

Worker

Salesforce

Administrative

Other

Management

support staff

Professionals

Technicians

286

295

Total

2022

386

442

Argentina

Brazil

Chile

Paraguay

Holding

Disabled staffing

Note: Own staffing (Head Count)

Number of collaborators who took leave of absence (maternity and paternity)

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

2021

2022

Women

Men

Women

Men

Women

Men

128

100

168

424

108

198

382

126

190

400

Note: Own staffing. Holding is included in Chile.

7
.
5

,
5
.
1
.
5

F
M
C

3
-
1
0
4

,
1
-
5
0
4

R
G

Average number of days of postnatal leave used during the year WOMEN

Senior

Management

Headships

Worker

Salesforce

Administrative

Other

Total average days maternity

Management

support staff

Professionals

Technicians

leave for women

Argentina

Brazil

Chile

Paraguay

Holding

Average number of days postnatal leave

N/A

126

105

145

285

104

N/A

165

N/A

124

N/A

150

N/A

113

N/A

148

N/A

141

N/A

240

N/A

173

149

174

108

Note: out of the total number of collaborators who took maternity/paternity leave, own staffing.

368

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Average number of days of postnatal leave used during the year MEN

Senior

Management

Headships

Worker

Salesforce

Administrative

Other

Total average days paternity

Management

support staff

Professionals

Technicians

leave for men

N/A

Argentina

Brazil

Chile

Paraguay

Holding

Average days of maternity/paternity leave

N/A

Note: out of the total number of staffing who took postnatal leave, own staffing

% of staffing that used postnatal leave, over own staffing

7
.
5

F
M
C

3
-
1
0
4

R
G

Argentina

Brazil

Chile

Paraguay

Holding

Total

Women

2.3%

4.8%

4.3%

3.6%

11.1%

4.3%

Men

2.2%

2.9%

2.6%

3.4%

0.0%

2.7%

N/A

Total

2.2%

3.3%

2.9%

3.5%

4.4%

3.0%

Number of collaborators who continue to work after maternity and paternity leave

Argentina

Brazil

Chile

Paraguay

Total Coca-Cola Andina

2020

2021

2022

Women

109

Men

149

386

Women

Men

Women

Men

167

347

121

309

Note: Own staffing. Holding is included in Chile

369

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

2
.

.
5

F
M
C

Salary gap

ARGENTINA

Embotelladora del Atlántico S.A.

Andina Empaques Argentina S.A.

BRAZIL

Rio de Janeiro Refrescos Ltda.

CHILE

Embotelladora Andina S.A.

Vital Aguas S.A.

Vital Jugos S.A.

Envases Central S.A.

Re-Ciclar S.A.

PARAGUAY

Paraguay Refrescos S.A.

HOLDING

Holding

Senior
Management

Management

Headships

Worker

Salesforce

Administrative

Administrative
support staff

Other
Professionals

Other
Technicians

Salary ratio calculated with the mean*

N/A

111%

100%

N/A

79%

N/A

97%

96%

89%

96%

93%

61%

138%

130%

49%

89%

87%

N/A

94%

104%

89%

N/A

87%

94%

N/A

111%

N/A

79%

86%

N/A

90%

98%

94%

98%

N/A

68%

N/A

87%

104%

N/A

77%

100%

N/A

123%

94%

102%

89%

81%

87%

N/A

117%

113%

75%

102%

90%

59%

90%

66%

80%

N/A

179%

N/A

95%

N/A

Note: Salary ratio calculated with the mean = (Mean gross hourly wage Women/ Mean gross hourly wage Men)*100

ARGENTINA

Embotelladora del Atlántico S.A.

Andina Empaques Argentina S.A.

BRAZIL

Rio de Janeiro Refrescos Ltda.

CHILE

Embotelladora Andina S.A.

Vital Aguas S.A.

Vital Jugos S.A.

Envases Central S.A.

Re-Ciclar S.A.

PARAGUAY

Paraguay Refrescos S.A.

HOLDING

Holding

Senior
Management

Management

Headships

Worker

Salesforce

Administrative

Administrative
support staff

Other
Professionals

Other
Technicians

Salary ratio calculated with the Median*

N/A

141%

100%

N/A

79%

N/A

93%

94%

115%

80%

98%

90%

61%

128%

106%

49%

110%

93%

N/A

103%

100%

87%

N/A

91%

99%

N/A

103%

N/A

97%

90%

N/A

92%

100%

103%

108%

109%

N/A

79%

N/A

129%

98%

69%

102%

94%

70%

80%

N/A

181%

N/A

95%

109%

N/A

79%

100%

N/A

51%

N/A

135%

96%

112%

95%

79%

96%

N/A

87%

N/A

103%

N/A

Total
2022

100%

99%

129%

114%

121%

127%

97%

82%

101%

40%

128%

29%

Total
2022

87%

84%

125%

167%

144%

127%

116%

81%

96%

40%

111%

55%

Note: Salary ratio calculated with the median = (Median gross hourly wage Women/ Median gross hourly wage Men)*100

370

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Hours of training for women

Hours of training for men

Total hours of training

Note: Own staffing.

2020

40,045

156,232

196,277

2021

63,715

253,455

317,170

2022

59,010

245,879

304,889

I
I
.
8
.
5

F
M
C

1
-
4
0
4

R
G

Hours of training for women

Senior
Management

Management

Headships

Worker

Salesforce

Administrative

Administrative
support staff

Other
Professionals

Other
Technicians

Hours of
training
women

2,009

637

3,032

2,212

4,965

1,292

1,699

4,127

1,624

100

472

6,459

939

9,857

4,546

7,796

1,252

599

1,057

2,037

15,116

1,911

20,398

19,370

3,455

671

2,750

11,532

7,549

7,875

24,050

1,150

2,115

1,911

59,010

Senior
Management

Management

Headships

Worker

Salesforce

Administrative

Administrative
support staff

Other
Professionals

Other
Technicians

Hours of
training men

Hours of training for men

273

336

167

5,633

444

655

18,583

29,096

5,635

10,683

5,685

12,651

3,383

184

74,625

12,202

13,112

7,537

2,769

156

5,087

7,533

1,437

3,799

355

414

127

7,211

64,164

14,329

115,922

49,294

1,981

15,623

875

6,966

40,485

124,370

20,761

24,742

4,570

7,338

16,310

245,879

Argentina

Brazil

Chile

Paraguay

Holding

Total

Argentina

Brazil

Chile

Paraguay

Holding

Total

371

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Senior
Management

Management

Headships

Worker

Salesforce

Administrative

Administrative
support staff

Other
Professionals

Other
Technicians

Average annual training hours women

N/A

56.0

12.5

N/A

318.5

7.1

305.6

44.6

12.6

48.2

19.9

7.8

27.7

36.1

25.2

7.6

49.8

N/A

17.7

15.7

11.6

8.1

0.8

N/A

11.1

58.3

11.5

26.2

25.0

85.6

26.2

N/A

16.5

0.0

30.8

N/A

15.5

N/A

8.2

37.7

0.0

2.3

23.5

N/A

33.0

N/A

33.0

Hours of
training
women

48.0

14.3

24.5

22.6

37.3

21.8

Senior
Management

Management

Headships

Worker

Salesforce

Administrative

Administrative
support staff

Other
Professionals

Other
Technicians

Hours of
training men

Average annual training hours men

0.0

1.5

30.0

273.0

5.3

33.6

27.8

13.5

402.4

63.4

81.8

174.1

36.9

16.7

45.5

20.3

16.7

31.1

17.3

18.4

6.2

17.7

N/A

15.0

12.7

10.7

7.8

1.5

N/A

10.2

32.9

13.1

17.7

2.3

20.3

N/A

22.7

12.2

7.4

2.3

18.1

N/A

12.7

49.1

0.0

N/A

41.2

N/A

35.2

0.0

53.5

N/A

34.9

21.7

17.8

14.5

17.4

32.4

17.8

Argentina

Brazil

Chile

Paraguay

Holding

Total

Argentina

Brazil

Chile

Paraguay

Holding

Total

Note: training hours of own staffing.

I
I
I
.
8
.
5

F
M
C

1
-
4
0
4

R
G

372

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Average Annual Training Hours by gender

Average training hours
for women

Average training hours
for men

Average training hours
per employee

Note: Own staffing.

Distribution of training by subject

2020

19.4

11.6

12.6

2021

27.3

18.5

19.8

2022

21.8

17.8

18.5

Percentage of collaborators with performance evaluation

Argentina

Brazil

Chile

Paraguay

2020

55.4%

2021

96.5%

2022

86.8%

100.0%

97.1%

74.9%

98.2%

88.8%

97.8%

34.8%

Only Argentina considers seasonal staffing in the calculation. In addition, in the case of Paraguay, it does
not consider staff with less than 6 months’ seniority and in the case of Chile, it does not consider
workers or staff with less than 6 months’ seniority.

Job skills development

40.5%

45.9%

43.0%

2020

2021

2022

Unionization rate

Skills development and
employability

Job security

Sustainability and environment

20.4%

16.0%

25.1%

27.2%

6.5%

16.8%

18.1%

23.9%

2.0%

Argentina

Brazil

Chile

Paraguay

2020

66.6%

8.3%

52.2%

27.6%

Ethics and code of conduct

5.4%

3.2%

5.9%

2021

67.4%

11.4%

40.1%

29.5%

31.6%

Total Coca-Cola Andina

32.8%

Note: includes third-parties of the main business processes.

Ratio of starting base salary / legal minimum wage

Note: Own staffing.

Investment in training

Investment in training (US$)

Investment in training as a
percentage of revenues

Sales in MUS$

Note: Own staffing.

2021

944,815

0.03%

2022

967,222

0.03%

2,848

3,058

Argentina

Brazil

Chile

Paraguay

2020

330.6%

115.4%

143.4%

114.0%

2021

316.5%

107.6%

182.9%

126.1%

Note: Minimum starting base salary without additions.

2022

67.5%

13.9%

44.5%

21.3%

33.4%

2022

317.8%

117.9%

163.0%

118.2%

373

I
.
8
.
5

,
I
.
8
.
5

F
M
C

1
-
2
0
2

,
2
-
5
0
4

,
3
-
4
0
4

,
1
-
4
0
4

,
5
-
3
0
4

,
2
-
5
0
2

0
3
-
2

4
2
-
2

R
G

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Health and Safety

Average monthly turnover rate

Argentina

Brazil

Chile

Paraguay

2020

0.2%

2.7%

1.1%

0.3%

2021

0.4%

2.4%

1.2%

0.4%

2022

0.5%

2.4%

1.6%

0.5%

Note: Does not include equity investees.Note: Voluntary turnover rate Coca-Cola Andina 2022: 2.2%.

Evaluation of internal climate (organizational commitment)

Argentina

Brazil

Chile

Paraguay

2022

3.5

4.1

3.7

Note: In 2022 the survey presents a change in the methodology, we moved to a questionnaire
that focuses only on the main climate variables, with a score of 1 to 5.

Absenteeism rate (%/year)

2020

1.97%

2.10%

5.35%

1.60%

Argentina

Brazil

Chile

Paraguay

Note: Own staffing

2021

2.95%

2.28%

7.05%

1.03%

2022

3.53%

1.86%

6.42%

1.29%

9
-
3
0
4

,
1
-
1
0
4

R
G

Lost Time Incident Rate (LTIR)

Argentina

Brazil

Chile

Paraguay

2020

2.1

0.4

2.0

0.1

2021

2.0

0.4

1.8

0.4

2022

1.8

0.5

1.2

0.2

LTIR = Lost Time Incident Rate, frequency rate, number of lost time incidents per 200,000 hours
worked.200,000 hours worked. Calculation: No. of lost time incidents*200,000/MHRS worked. Does not
include equity investees.Considers third party staffing in accordance with requirements of The Coca-Cola
Company.

Lost Time Incident Severity Rate [LTISR]

Argentina

Brazil

Chile

Paraguay

2020

80.7

3.9

37.3

0.3

2021

57.5

4.6

30.8

3.6

2022

49.0

4.8

14.8

2.7

LTISR = Lost Time Injury Severity Rate, number of days lost per 200,000 hours worked.It is calculated as
No. of days lost due to incidents*200,000/MHRS worked. Does not include equity investees.Considers
third party staffing in accordance with the requirements of The Coca-Cola Company.

374

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Accident rate % (number of occupational accidents / number of workers)

Argentina

EDASA

Empaques

Brazil

Chile

Andina Chile

Vital Jugos

Vital Aguas

ECSA

Paraguay

Total Coca-Cola Andina

Note: Own staffing

2022

3.2

3.3

1.2

0.6

0.9

0.8

2.5

0.0

1.3

0.4

1.2

Fatality rate % (number of fatalities due to occupational
accidents /number of workers)

Argentina

EDASA

Empaques

Brazil

Chile

Andina Chile

Vital Jugos

Vital Aguas

ECSA

Paraguay

Total Coca-Cola Andina

Note: Own staffing

2022

0.0

Occupational illness rate % (number of occupational illnesses
/number of workers)

Argentina

EDASA

Empaques

Brazil

Chile

Andina Chile

Vital Jugos

Vital Aguas

ECSA

Paraguay

Total Coca-Cola Andina

Note: Own staffing

2022

3.9

4.1

0.0

0.8

Average days lost due to accidents (days lost due to accidents
/number of work accidents)

Argentina

EDASA

Empaques

Brazil

Chile

Andina Chile

Vital Jugos

Vital Aguas

ECSA

Paraguay

Total Coca-Cola Andina

Note: Own staffing

2022

25.4

25.6

14.0

9.4

20.7

18.1

29.1

N/A

21.5

5.5

19.9

.
5

F
M
C

0
1
-
3
0
4

9
-
3
0
4

R
G

375

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

COMMUNITY/

Business Pillar

Agility, flexibility and
commitment

Material Topic

Community outreach

Number of beneficiaries in the community (#/year)

Argentina

Brazil

Chile

Paraguay

2020

352,597

310,385

1,036,180

46,520

Total Coca-Cola Andina

1,745,682

Volunteer hours (hrs/year)

Argentina

Brazil

Chile

Paraguay

2020

907

252

849

Total Coca-Cola Andina

2,008

Liters of beverage donated (liters/year)

Argentina

Brazil

Chile

Paraguay

2020

945,117

122,787

549,124

511,141

Total Coca-Cola Andina

2,128,169

2021

387,644

38,697

159,671

83,513

669,525

2021

870

312

1,195

2021

377,737

196,604

280,783

48,866

903,990

2022

493,026

29,967

217,589

68,204

808,786

2022

343

364

742

2022

678,283

36,046

407,588

2,253

1,124,169

376

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESNorms and_standards table of »contents

CMF - 461 TABLE OF CONTENTS

2. Entity Profile

Ncg 461 code

Significant changes in ownership or control

165

Identification of partners or majority shareholders

165; 169

Mission, vision, purpose and values

Historical information about the entity

Ownership

Control situation

Shares, characteristics and rights

Description of series of shares

Dividend policy

Statistical information

Dividends

Transactions on stock exchanges

Number of shareholders

Other securities issued by the entity

Comment

Page

10, 11; 59

12; 13; 164

164, 165, 166, 167,
168, 169, 170

164

171

172, 173

164

173

Page

Comment

3. Corporate governance

Ncg 461 code

Governance framework

2.1.

2.2.

2.3.

2.3.1

2.3.2

2.3.3

2.3.4

2.3.4.i

2.3.4.ii

2.3.4.III

2.3.4.iii.a

2.3.4.iii.b

2.3.4.iii.c

2.3.5

3.1

3.1.i

3.1.ii

3.1.iii

Corporate governance assurance and evaluation

31, 33; 58

Sustainability approach to business

15, 16, 17, 18, 19, 20,
21; 31; 62

Detecting and managing conflicts of interest

51, 52; 58, 59

377

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES3. Corporate governance

Ncg 461 code

3.1.iv

Concerns of the main stakeholders

Page

Comment

15, 16, 17, 18; 22, 23,
24, 25, 26, 27, 28;
328, 329

3.1.v

3.1.vi

3.1.vii

3,2

3.2.i

3.2.ii

3.2.iii

3.2.iv

3.2.v

3.2.vi

3.2.vii

3.2.viii

3.2.ix

3.2.ix.a

3.2.ix.b

3.2.ix.c

Corporate Policy on Board Diversity; Corporate Policy on Human
Rights; Corporate Policy on Non-Discrimination, Harassment,
Respect for the Person, Diversity and Inclusion

Fostering innovation, research and development

Detecting and reducing organizational, social or
cultural barriers

58, 59

Identification of the diversity of capabilities,
knowledge, conditions, experiences and visions.

32; 53, 59

Board of Directors

Identification of members

34, 35, 36, 37, 38

Income of members of the board of directors

Policy for the hiring of experts by the Board of
Directors

Knowledge matrix

New member induction

Frequency of meetings with risk management,
internal audit and social responsibility units.

Reports on matters related to environmental and
social issues

44, 45, 46; 67

Field visits

Collective and/or individual performance

Detecting areas in which the board of directors
can be trained

Detecting and reducing organizational, social or
cultural barriers of the board of directors

Hiring consultancy for the performance evaluation
and operation of the Board of Directors.

3.2.x

Minimum number of regular meetings

378

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES3. Corporate governance

Ncg 461 code

Page

Comment

3.2.xi

3.2.xii

3.2.xii.a

3.2.xii.b

3.2.xii.c

3.2.xii.d

3.2.xiii

3.2.xiii.a

3.2.xiii.b

3.2.xiii.c

3.2.xiii.d

3.2.xiii.e

Change in the internal organization and operation in
contingency or crisis situations.

Information access system for board members

41; 52

Information access system for board members:
minutes and documents

Information access system for board members:
minutes

Information access system for board members:
whistleblower channel

Information access system for members of the
Board of Directors: final text of the minutes of
each session

Composition of the Board of Directors

Composition of the Board of Directors: men and
women

40; 42

Composition of the Board of Directors: nationality 40

Composition of the Board of Directors: age range

Composition of the Board of Directors: seniority
in the organization

Composition of the Board of Directors: disability
situation

3.2.xiii.f

Composition of the Board of Directors: salary gap

3,3

3.3.i

3.3.ii

3.3.iii

3.3.iv

3.3.v

Board Committees

Description of the role and main functions of the
committees

44, 45, 46

Identifying its members

Income of committee members

Main activities carried out by the committee
during the year

44, 45, 46

Hiring consultancy services and expenses

44, 45, 46

379

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES3. Corporate governance

Ncg 461 code

Page

Comment

3.3.vi

3.3.vii

3 .4

3.4.i

3.4.ii

3.4.iii

3.4.iv

3.5

3.6

3.6.i

3.6.ii

3.6.ii.a

3.6.ii.b

3.6.ii.c

3.6.ii.d

3.6.ii.e

3.6.iii

Directors' Committee of Article 50 bis of Law No.
18,046

44, 45, 46, 47

Frequency with which they report to the Board of
Directors

44, 45, 46

Principal Officers

Position, name, Chilean Tax ID number (RUT),
profession and starting date of the position

54, 55

Amount of compensation received by principal
officers

Special compensation or benefit plans for
principal officers

Percentage ownership interest in the issuer

Adherence to national or international codes

Risk management

General guidelines established by the Board of
Directors

60, 61, 62

Risks and opportunities that could materially affect
business performance and financial condition

63, 64, 65, 66, 67,
68, 69, 70

Risks and opportunities inherent to the entity's
activities

63, 64; 66, 67, 68, 69,
70

Information security risks

65; 91, 92

Risks relating to free competition

Consumer health and safety risks

Other risks and opportunities arising from impacts
on the environment or on society, directly or
indirectly generated

Detecting risks and how to determine the
relatively more significant ones

60, 61

380

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES3. Corporate governance

Ncg 461 code

Page

Comment

3.6.iv

3.6.v

3.6.vi

3.6.vii

3.6.viii

3.6.ix

3.6.x

3.6.xi

3.6.xii

3.6.xiii

3.7

3.7.i

3.7.ii

Role of the Board of Directors, or governing body,
and senior management, in detecting, assessing,
managing and monitoring risks

47, 60, 61, 62

Risk Management Unit

Internal audit unit or equivalent

Code of Ethics or Code of Conduct or equivalent
document

47, 60, 61, 62

48, 49; 58

Information dissemination and training programs
on the policies, procedures, controls and codes
implemented for risk management.

48; 66

Channel available for its personnel, shareholders,
clients, suppliers and/or third parties outside the
entity, to report any irregularities or illicit acts.

48, 52, 59

Succession plan for the general manager and
other principal officers

Board review of salary structures and
compensation policies

Salary structures and compensation and severance
policies for the chief executive officer and other
principal officers

147

Crime prevention model implemented in
accordance with the provisions of Law No. 20,393.

50, 51, 52

Relationship with stakeholders and the general
public

Stakeholder relations and media relations unit

22, 23, 24, 25, 26, 27

Ongoing improvement procedure for processes of
preparation and dissemination of disclosures made
by the entity to the market.

381

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES3. Corporate governance

Ncg 461 code

3.7.iii

Procedure for shareholders to be informed about
the characteristics, capabilities and visions of the
nominees in advance of the shareholders' meeting
at which directors are to be elected.

Page

33; 40

Comment

3.7.iv

System or procedure that allows shareholders to
participate and exercise their voting rights by
remote means.

170

4. Strategy

Ncg 461 code

4.1

4.2

4.3

5. People

Ncg 461 code

5.1

5.1.1

5.1.2

5.1.3

5.1.4

5.1.5

5.2

5.3

5.4

5.4.1

Time horizons

Strategic objectives

Investment plans

Staffing

Number of people by gender

Comment

Page

15,16,17,18,19,20,21

200

Comment

Page

132; 349

349

Number of people by nationality

138; 364, 365, 366

Number of people by age range

Work seniority

350, 351, 352, 353,
354, 355, 356

356, 357, 358, 359,
360, 361, 362

Number of people with disabilities

138; 367, 368

Labor Formality

Job adaptability

Pay equality by gender

Equality policy

363

141

382

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES5. People

Ncg 461 code

5.4.2

5.5

Salary gap (Mean and Median)

Workplace and sexual harassment

Page

142; 370

58, 59

5.6

5.7

5.8

5.8.i

5.8.ii

5.8.iii

5.8.iv

5.9

Occupational safety

Postnatal leave

Training and benefits

Total amount of monetary resources and the
percentage that these resources represent of
income

Total number of trained personnel and the
percentage that this number represents of total
staffing

Average annual hours of training

Subjects covered by training

Outsourcing policy

143, 144; 375

142; 368, 369

141

133; 373

133; 371

133; 372

133; 373

142

Comment

During 2022, in Chile, there was one report of sexual harassment and
one report of labor harassment, both filed with the Labor Department.
In Brazil, there was one labor harassment complaint filed with the
company. The regular procedure established in each jurisdiction was
followed for the treatment of each of these complaints. Although the
Company does not have specific training programs in this regard, all
employees are trained in the Company's Code of Ethics, which covers
these matters.

100% of our collaborators have been trained in at least one of these
subjects.

Although the Company does not have a company-wide outsourcing policy,

each of the operations has procedures that regulate the outsourcing of

personnel performing functions within the Company, which incorporate the

guidelines of local laws related to the Company's joint and several liability.

6. Business Model

Ncg 461 code

6.1

6.1.i

6.1.ii

6.1.iii

Industrial sector

Nature of products and/or services

Competition in the industrial sector

Legal or regulatory framework regulating or
affecting the industry in which it participates

Page

163

Comment

383

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES6. Business Model

Ncg 461 code

6.1.iv

6.1.v

6.1.vi

6.2

6.2.i

6.2.ii

6.2.iii

6.2.iv

6.2.v

6.2.vi

6.2.vii

6.2.viii

6.3

6.4

6.4.i

National or foreign regulatory entities that have
oversight powers on the entity.

Page

163

Comment

Main stakeholders

22,23,24,25,26,27

Membership in guilds, associations or
organizations

Business

Main goods produced and/or services rendered
and the main markets in which these products are
commercialized.

78; 79; 80; 196; 197;
198

Sales channels and distribution methods

83; 194; 196; 197; 198

Number of suppliers that individually account for
at least 10% of total purchases made during the
period.

195; 196; 197; 198

Number of clients that individually account for at
least 10% of the segment's revenues

194; 196; 197; 198

Main brands used in the commercialization of
goods and services

78; 79; 196; 197; 198

Patents owned by the entity

Main licenses, franchises, royalties and/or
concessions owned by the entity

Other external environmental factors that were
relevant to business development

Stakeholders

Properties and facilities

192

190; 191; 192

205; 206; 207; 208;
209; 210; 211; 212;
213; 214; 215; 216;
217; 218; 219; 220;
221; 222; 223; 224;
225; 226; 227; 228;
229

22,23,24,25,26,27

Most relevant characteristics of the main
properties

184; 185; 186; 187;
188; 189

384

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES6. Business Model

Ncg 461 code

6.4.ii

6.4.iii

6.5

6.5.1

6.5.1.i

Natural resource extraction companies:
Identification of concession areas and/or land
owned by the company

Ownership status of the facilities or some other
type of agreement, such as financial or operating
leases

Subsidiaries, associates and investments in other
companies

Subsidiaries and associates

Individualization, domicile and legal nature.

6.5.1.ii

Subscribed and paid-in capital

Page

Comment

184; 185; 186; 187;
188; 189

N/A

175;176;177;178;179;18
0;181;182;183

175;176;177;178;179;18

0;181;182;183

175;176;177;178;179;18

0;181;182;183

175;176;177;178;179;18

0;181;182;183

6.5.1.iii

6.5.1.iv

6.5.1.v

6.5.1.vi

6.5.1.vii

6.5.1.viii

6.5.1.ix

Corporate purpose and clear indication of the
activity(ies) carried out

Name(s) and surname(s) of the director(s),
administrator(s) and general manager.

Current percentage of ownership interest of the
parent company or investing entity

175;176;177;178;179;18

0;181;182;183

Percentage that the investment in each subsidiary
or associate represents over the total individual
assets of the parent company.

175;176;177;178;179;18

0;181;182;183

Indication of the name and surname(s) of the
director, general manager or principal executives
of the parent or investing entity who hold any of
these positions in the subsidiary or associate.

Clear and detailed description of business
relationships with subsidiaries or associates

Brief list of acts and agreements entered into with
subsidiaries or associates

175;176;177;178;179;18

0;181;182;183

175;176;177;178;179;18

0;181;182;183

196;197;198

6.5.1.x

Schematic table showing ownership relationships

174

385

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES6. Business Model

Ncg 461 code

6.5.2

6.5.2.i

Investment in other companies

Individualization of them and their legal nature.

6.5.2.ii

Ownership interest.

6.5.2.iii

Description of the main activities they perform.

6.5.2.iv

Percentage of the company's total individual assets
represented by these investments.

7. Supplier management

Ncg 461 code

Payment to suppliers

Number of invoices paid

Page

183

Comment

The Company does not have investments representing more than
20% of the total assets of the entity.

Comment

Page

159; 343

344, 345, 346, 347, 348

7.1

7.1.i

7.1.ii

7.1.iii

7.1.iv

7.1.v

Total amount paid (millions of pesos)

344, 345, 346, 347, 348

Total amount of interest on late payment of
invoices (millions of pesos)

Number of Suppliers

Number of agreements registered in the Register
of Agreements with Exceptional Payment Periods
kept by the Ministry of Economy.

344, 345, 346, 347, 348

7.2

Supplier evaluation

159, 160, 161

8. Indicators

Ncg 461 code

8.1

8.1.1

Legal and regulatory compliance

Legal and regulatory compliance: in relation to
clients

Page

Comment

During 2022, the Company was not fined for regulatory non-
compliance related to the rights of its clients or for violations of Law
No. 19,496 on Consumer Rights Protection.

386

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES8. Indicators

Ncg 461 code

8.1.2

Legal and regulatory compliance: in relation to
employees

Page

49; 137

8.1.3

Legal and regulatory compliance: Environmental

Comment

The Company was fined 300 UTM (Ch$17,028,600) in 2022 by the Labor
Court of La Serena, Chile, for a single regulatory non-compliance involving
the rights of its employees that was connected to a complaint about
anti-union practices. During the reporting period, the Company has been
subject to labor protection proceedings, and to date, there have been no
enforceable sanctions in this regard.

The Company has an Integrated Management System (IMS) that establishes
procedures that allow it to monitor compliance with environmental
regulations, which is certified annually under ISO 14001 standards. During
2022, the Company has no enforceable sanctions from the Superintendency
of the Environment (SMA) or equivalent agencies in foreign jurisdictions. The
Company has no compliance plans or environmental damage remediation
plans.

During 2022, the Company was not fined for regulatory non-compliance that
could affect free competition.

During 2022, the Company was not fined for regulatory non-compliance with
Law 20,393, which establishes the criminal liability of legal entities.

Legal and Regulatory Compliance: Free Competition

58; 66

Legal and regulatory compliance: Others

50, 51, 52

Sustainability indicators by type of industry

397, 398, 399, 400

8.1.4

8.1.5

8.2

9. Material events

Ncg 461 code

1
-
6
0
4

,
7
2
-
2

R
G

Summary of relevant or material events disclosed
by the entity during the annual period

10. Shareholder and Directors’ Committee comments

Ncg 461 code

A faithful synthesis of the comments and
proposals relating to the progress of the
company's business, made by shareholders and
the Directors' Committee.

Page

203, 204

Page

170

Comment

11. Financial reporting

Ncg 461 code

Page

Comment

Availability of the entity's financial statements on
the Financial Market Commission's website and on
the entity's own website.

230, 231, 232, 233,
234, 235, 236, 237,
238

387

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

GRI CONTENT INDEX
Statement of use: Coca-Cola Andina has submitted the information cited in this GRI content index for the period
from January 1st to December 31st, 2022 referencing the GRI Standards.
GRI 1 Used / GRI 1: Fundamentals 2021

General content

GRI Standard

Indicator

GRI 2: General Content 2021

2-1 Organization details

2-2 Entities included in the organization’s sustainability reporting

2-3 Reporting period, frequency and contact point

2-4 Restatements of information

2-5 External assurance

2-6 Activities, value chain and other business relationships

Comment

Page

6, 74

6; 325

6, 325

128, 331, 339

325, 403, 404

14, 73-75, 78-80, 159, 161,
175-183, 190-192, 194-198

There are no significant changes
in the operations for the
reported period.

2-7 Employees

2-8 Workers who are not employees

132, 349, 363

349

2-9 Governance structure and composition

32, 34-40, 44-46

2-10 Nomination and selection of the highest governance body

2-11 Chair of the highest governance body

2-12 Role of the highest governance body in overseeing the management
of impacts

2-13 Delegation of responsibility for managing impacts

2-14 Role of the highest governance body in sustainability reporting

2-15 Conflicts of interest

2-16 Communication of critical concerns

2-17 Collective knowledge if the highest governance body

2-18 Evaluation of the performance of the highest governance body

2-19 Remuneration policies

2-20 Process to determine remuneration

2-21 Annual total compensation ratio

31-33, 44-47

32, 44-47

325, 405

49, 51

47, 52

34, 42

42-43, 57

42, 57

2-22 Statement on sustainable development strategy

2-23 Policy commitments

48-49, 58-59, 159

Confidential indicator

388

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESGeneral content

GRI Standard

Indicator

Page

Comment

GRI 2: General Content 2021

2-24 Embedding policy commitments

19-21, 48-50, 58-59, 373

2-25 Processes to remediate negative impacts

19-21, 52, 63-65, 70, 328-329

2-26 Mechanisms for seeking advice and raising concerns

23-27, 52

2-27 Compliance with laws and regulations

2-28 Membership associations

2-29 Approach to stakeholder engagement

2-30 Collective bargaining agreements

Material topics

GRI Standard

Indicator

GRI 3: Material Topics 2021

3-1 Process to determine material topics

3-2 List of material topics

387

22-27, 326

373

Page

326-329

327

Comment

Material topic: Breadth of portfolio, satisfaction of consumer preferences

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

64, 78-80, 84-85, 328-329

This material topic has no specific GRI
Standard associated with it

MATERIAL TOPIC INFORMATION - Breadth of portfolio, satisfaction of
consumer preferences

64, 78-80, 84-85, 328-329

Material topic: Anti-corruption and anti-trust

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

47-51, 58-59, 328-329

GRI 205: Anti-corruption 2016

205-1 Operations assessed for risks related to corruption

205-2 Communication and training about anti-corruption policies and
procedures

47-48, 50, 52

48, 66, 159, 373

389

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESMaterial topic: Anti-corruption and anti-trust

GRI Standard

Indicator

GRI 205: Anti-corruption 2016

205-3 Confirmed incidents of corruption and actions taken

Page

GRI 206: Anti-competitive Behavior
2016

206-1 Legal actions for anti-competitive behavior, anti-trust, and
monopoly practices

Comment

No cases of corruption of public
officials, money laundering or
financing of terrorism were
detected during the reporting
period. There is also no
information regarding legal
proceedings related to
corruption that have been
brought against the company or
its collaborators during the
reporting period.

Embotelladora Andina does not
have or has not filed any legal
actions against it related to
unfair competition, antitrust
and/or anti-competitive
practices pending or completed
in 2022.

Material topic: Lower sugar and healthier beverages

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

This material topic has no specific GRI
Standard associated with it

MATERIAL TOPIC INFORMATION - Lower sugar and healthier
beverages

64, 82, 328-329

64, 82, 331

Material topic: Product quality, safety and excellence

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

63, 81, 328-329

GRI 416: Customer Health and Safety
2016

416-1 Assessment of the health and safety impacts if product and service
categories

416-2 Incidents of non-compliance concerning the health and safety
impacts of products and services

81, 330

The organization has not
identified any voluntary
non-compliance with regulations
or codes.

390

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESMaterial topic: Sales channels and geographic coverage

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

This material topic has no specific GRI
Standard associated with it

MATERIAL TOPIC INFORMATION - Sales channels and geographic
coverage

65, 83, 328-329

Material topic: Circularity of packaging (returnability and recovery)

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

GRI 301: Materials 2016

301-1 Materials used by weight or volume

301-2 Recycled input materials used

301-3 Reclaimed products and their packaging materials

20, 59, 101-102, 106-108,
328-329

107, 337-338

108, 338

Material topic: Water consumption in water-stressed areas

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

59, 65, 114, 328-329

GRI 303: Water and Effluents 2018

303-1 Interactions with water as a shared resource

303-2 Management of water discharge-related impacts

303-3 Water withdrawal

111-118

111, 118

111, 335, 397

Material topic: Water consumption and reuse

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

59, 65, 111-112, 115, 117, 327-329

GRI 303: Water and Effluents 2018

303-1 Interactions with water as a shared resource

111-118

303-5 Water consumption

111, 114, 334-335, 397

Material topic: Safe water access programs in the communities

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

59, 111, 118, 154, 156, 158,
327-329

391

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESMaterial topic: Safe water access programs in the communities

GRI Standard

Indicator

GRI 303: Water and Effluents 2018

303-2 Management of water discharge-related impacts

303-3 Water withdrawal

303-4 Water discharge

Comment

Page

111, 118

111, 335, 397

111, 117, 335-336

Material topic: Economic and social development of local communities

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

59, 151-158, 327-329

GRI 413: Local Communities 2016

413-1 Operations with local community engagement, impact
assessments, and development programs

413-2 Operations with significant actual and potential negative impacts
on local communities

153-158

328-329

Material topic: Talent development and attraction

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

59, 133, 146-147, 327-329

GRI 404: Training and Education 2016

404-1 Average hours of training per year per employee

404-2 Programs for updating employee skills and transition assistance
programs

133, 371-373

134-136, 146-147

404-3 Percentage of employees receiving regular performance and
career development reviews

373

Material topic: Diversity, inclusion and fair compensation

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

GRI 405: Diversity and Equal
Opportunity 2016

GRI 202: Market Presence 2016

3-3 Management of material topics

58-59, 137-142, 327-329

405-1 Diversity of governance bodies and employees

40, 349-368

405-2 Ratio for basic salary and remuneration of women to men

202-1 Ratios of standard entry level wage by gender compared to local
minimum wage

202-2 Proportion of senior management hired from the local
community

373

364-366

392

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES
Material topic: Energy efficiency and use of renewable energies

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

GRI 302: Energy 2016

3-3 Management of material topics

59, 119-121, 327-329

302-1 Energy consumption within the organization

302-2 Energy consumption outside of the organization

302-3 Energy intensity

302-4 Reduction of energy consumption

302-5 Reductions in energy requirements of products and services

341

119, 126, 341

120, 341

Material topic: Carbon footprint management

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

GRI 305: Emissions 2016

3-3 Management of material topics

59, 122-130, 327-329

305-1 Direct (Scope 1) GHG emissions

305-2 Energy Indirect (Scope 2) GHG emissions

305-3 Other indirect (Scope 3) GHG emissions

305-4 GHG emissions intensity

305-5 Reduction of GHG emissions

305-6 Emissions of ozone-depleting substances (ODS)

305-7 Nitrogen oxides (NOx), sulfur oxides (SOx) and other significant
air emissions

124, 126-129, 342

126, 342

124-129, 342

Use of refrigerant gases for Total
Coca-Cola Andina in 2022:
R22: 393 kg
R134: 445 kg
404A: 113 kg
R407: 14 kg
R410A: 282 kg
R438A: 2 kg
R449A: 26 kg
R407C: 149 kg
R513A: 38 kg
OTROS: 200 kg

Embotelladora Andina in 2022
did not report NOx and SOx
due to the methodology used to
estimate greenhouse gases.

393

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES
Material topic: Management of the environmental and social impacts of the supply chain

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

GRI 308: Supplier Environmental
Assessment 2016

308-2 Negative environmental impacts in the supply chain and actions
taken

59, 159-161, 327-329

160, 343-344

GRI 414: Supplier Social Assessment
2016

414-2 Negative social impacts in the supply chain and actions taken

160-161, 343-344

Material topic: Waste management

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

59, 63, 110, 327-329

GRI 306: Waste 2020

306-1 Waste generation and significant waste-related impacts

306-2 Management of significant waste-related impacts

306-3 Waste generated

306-4 Waste diverted from disposal

306-5 Waste directed to disposal

Material topic: Consumer information and labeling

GRI Standard

Indicator

GRI 3: Material Topics 2021

3-3 Management of material topics

GRI 417: Marketing and Labeling 2016

417-1 Requirements for product and service information and labeling

417-2 Incidents of non-compliance concerning product and service
information and labeling

417-3 Incidents of non-compliance concerning marketing
communications

63, 102, 110

102, 106-107

110, 337, 340

340

Page

84, 327-329

Comment

The organization has not
identified any voluntary
non-compliance with regulations
or codes.

394

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES
Material topic: Innovation, co-creation and digitization

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

This material topic has no specific GRI
Standard associated with it

MATERIAL TOPIC INFORMATION - Innovation, co-creation and
digitization

65, 91-92, 327-329

65, 91-92

Material topic: Innovation, digitization, boosting e-commerce

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

This material topic has no specific GRI
Standard associated with it

MATERIAL TOPIC INFORMATION - Innovation, digitization, boosting
e-commerce

86-90, 327-329

86-90

Material topic: Market leadership and operational efficiency

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

58-59, 327-329

GRI 201: Economic Performance 2016

201-1 Direct economic value generated and distributed

201-2 Financial implications and other risks and opportunities due to
climate change

201-3 Defined benefit plan obligations and other retirement plans

201-4 Financial assistance received from government

GRI 202: Market Presence 2016

202-1 Ratios of standard entry level wage by gender compared to local
minimum wage

67-70

373

The Company complies with the
system of social security
obligations in force in all
countries where it operates.

Andina does not receive
financial assistance from the
government.

202-2 Proportion of senior management hired from the local community

364-366

Material topic: Internal climate and purpose

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

10, 59, 148, 327-329

GRI 406: Non-discrimination 2016

406-1 Incidents of discrimination and corrective actions taken

There were no cases of
discrimination during the
reporting period (legal action or
complaint registered with the
competent authorities).

395

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES
Material topic: Respect for human rights

GRI Standard

Indicator

GRI 3: Material Topics 2021

GRI 408: Child Labor 2016

3-3 Management of material topics

408-1 Operations and suppliers at significant risk for incidents of child
labor

GRI 409: Forced or Compulsory Labor
2016

409-1 Operations and suppliers at significant risk for incidents of forced
or compulsory labor

Page

59, 327-329

160

Comment

Material topic: Health and safety of our collaborators

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

59, 143-144, 327-329

GRI 403: Occupational Health and
Safety 2018

403-1 Occupational health and safety management system

403-2 Hazard identification, risk assessment, and incident investigation

403-3 Occupational health services

403-4 Worker participation, consultation, and communication on
occupational health and safety

403-5 Worker training on occupational health and safety

403-6 Promotion of worker health

403-7 Prevention and mitigation of occupational health and safety
impacts directly linked by business relationships

403-8 Workers covered by an occupational health and safety
management system

143

144

373

141, 144

143-144

143

403-9 Work-related injuries

403-10 Work-related ill health

143, 374-375

143, 375

Material topic: Customer satisfaction

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

19, 84-85, 327-329

This material topic has no specific GRI
Standard associated with it

MATERIAL TOPIC INFORMATION – Customer satisfaction

84-85

Material topic: Transparency and ethics in business management

GRI Standard

Indicator

Page

Comment

GRI 3: Material Topics 2021

3-3 Management of material topics

48-52, 58-59, 327-329

This material topic has no specific GRI
Standard associated with it

MATERIAL TOPIC INFORMATION - Transparency and ethics in
business management

48-52, 58-59

396

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES
Code

Page

Comment

Quantitative

Measurement
unit

Gigajoules (GJ),
percentage (%)

FB-MP-130a.1

Quantitative

m3; %

FB-MP-140a.1

SASB INDEX
SASB TABLE NON-ALCOHOLIC BEVERAGES
Sustainability disclosure topics and accounting metrics
Food and beverage sector: non-alcoholic beverages table 1.

General contents

Topic

Accounting metric

Category

"(1) Fuel consumed by the fleet
(2) Renewable percentage"

"(1) Total energy consumed
(2) Percentage of energy from the electricity grid
(3) percentage of renewable energy"

"(1) Total water withdrawal
(2) Total water consumed
(3) Percentage of water withdrawal in regions with high
or extremely high water stress
(4) Percentage of water consumption in regions with
high or extremely high water stress "

Fleet fuel
management

Energy
management

Water
management

Health and
nutrition

2
.
8

F
M
C

5
-
3
0
3

,
3
-
3
0
3

R
G

Description of water management risks and analysis of
strategies and practices to mitigate them.

Discussion and
analysis

N/A

FB-MP-140a.2

111-118

"(1) Revenues from non-caloric and low-caloric
beverages
(2) Revenue from beverages with no added sugar
(3) Revenues from artificially sweetened beverages"

Quantitative

Reporting
currency

FB-NB-260a.1

222

Health and
nutrition

Analysis of the process of identification and
management of products and ingredients related to
nutritional and health concerns of consumers.

Discussion and
analysis

N/A

FB-NB-260a.2

81-82

Product labeling
and marketing

Percentage of advertisements targeted to children and
made for children promoting products that meet
dietary recommendations

Product labeling
and marketing

Revenues from products labeled as containing
genetically modified organisms (GMOs) and non-
GMOs

Quantitative

Percentage (%)

FB-NB-270a.1

Quantitative

Reporting
currency

FB-NB-270a.2

"474,545 GJ
5.95%"

"1,280,740 GJ
51.58%
49.03%"

"7,032,728 m3
4,114,381 m3
23.0%
21.4%"

397

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Topic

Accounting metric

Category

Measurement
unit

Code

Page

Comment

Product labeling
and marketing

Number of incidents of non-compliance with
regulatory or industry codes for labeling or marketing

Product labeling
and marketing

Total amount of monetary losses as a result of legal
proceedings related to labeling or marketing
practices.

Quantitative

Number

FB-NB-270a.3

Quantitative

Reporting
currency

FB-NB-270a.4

Packaging life
cycle
management

Environmental
and social
impacts of the
ingredient supply
chain

2
.
8

F
M
C

"(1) Total weight of packaging
(2) Percentage made from recycled or renewable
materials
(3) Percentage that is recyclable, reusable or
compostable"

Quantitative

Metric tons (t),
percentage (%)

FB-NB-410a.1

"143,536 t
14,5%
100%"

Analysis of strategies to reduce the environmental
impact of packaging throughout its life cycle.

Discussion and
analysis

N/A

FB-NB-410a.2

101-109

Audit of suppliers' social and environmental
responsibility: non-compliance rate and
corresponding corrective action rate for major and
minor non-compliance cases.

Quantitative

Speed

FB-NB-430a.1

161

All critical
suppliers are
audited by
accredited,
independent
firms on behalf
of The Coca-
Cola Company.
The results of
these audits are
confidential, so
it is not possible
to report on
this indicator.

398

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Topic

Accounting metric

Category

Ingredient
sourcing

Percentage of beverage ingredients sourced from
regions of high or extremely high initial water stress

Quantitative

Measurement
unit

Percentage (%)
by cost

FB-NB-440a.1

Code

Page

Comment

Ingredient
sourcing

List of priority beverage ingredients and description of
sourcing risks due to environmental and social
considerations

Discussion and
analysis

N/A

FB-NB-440a.2

2
.
8

F
M
C

Although there is

traceability of

ingredients and

associated

suppliers, there is

currently no

record of whether

the operation

associated with

the supply is in a

water stress zone,

so this indicator

was omitted

during this

period.

The Company

has a risk matrix

that considers

supply risks

related to

environmental or

social criteria,

including the

main supplies for

beverages, but no

environmental

criteria have been

included in this

period, so this

indicator was

omitted.

399

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

Activity metric

Volume of products sold

Number of production facilities

Total road miles traveled by the fleet

Category

Quantitative

Measurement
unit

Millions of
hectoliters

Code

Comment

FB-NB-000.A

49.6 Million
hectoliters

Quantitative

Number

FB-NB-000.B

10 facilities

Quantitative

Miles

FB-NB-000.C

66,891,373
miles

2
.
8

F
M
C

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REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES

TCFD TABLE OF CONTENTS

Pillar

Description

Page

Comment

Governance

Describe how the board of directors oversees climate-related risks and opportunities.

47; 61; 62

Describe the role of management in assessing and managing climate-related risks and
opportunities.

Strategy

Describe the climate-related risks and opportunities that the organization has identified in the
short, medium and long term.

Describe the impact of climate-related risks and opportunities on the organization’s business,
strategy and financial planning.

Describe the resilience of the organization’s strategy, taking into account different climate-
related scenarios.

Risk management

Describe the organization’s processes for identifying and assessing climate-related risks.

Describe the organization’s processes for managing climate-related risks.

Describe how the processes for identifying, assessing and managing climate-related risks are
integrated into the organization’s overall risk management.

Metrics and goals

Disclose the metrics used by the organization to assess climate-related risks and opportunities
in accordance with its risk management strategy and process.

Disclose Scope 1, Scope 2 and, if applicable, Scope 3 greenhouse gas (GHG) emissions and
related risks.

Describe the objectives used by the organization to manage risks and opportunities related to
climate and performance in relation to objectives.

60; 61

61;70

69; 234

124; 126

Metrics explained in
chapter 10.

Performance of
metrics described in
chapter 10.

401

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESGlossary and
Acknowledgments

Glossary of terms

20-F:

Form with annual results for the U.S. Securities and
Exchange Commission.

GHG:

Greenhouse gases.

GSM

rPET:

Recycled PET.

SAP:

ADR:

American Depository Receipts.

Botella Contour:

Classic Coca-Cola bottle.

Unit Cases (UCs):

Conventional measurement unit used to measure
sales volumes in the Coca-Cola System worldwide.
Equivalent to 24 8 oz. or 237cc. bottles
(about 5.678 liters).

CMF:

Financial Market Commission. Regulator of the
securities market in Chile.

CO2:

Chemical formula of carbon dioxide used for
carbonating beverages.

FTE:

Full Time Equivalent. Human resources indicator
that divides the working time of several part-time
and full-time employees by all the hours in a
given work period.

FTSE4Good:

General Shareholders’ Meeting.

Systems, Applications and Products.

KORE:

Sarbanes-Oxley:

The Coca-Cola Company’s policies and practices
that regulate bottlers on several aspects.

LTIR:

Lost Time Incident Ratio.

LTISR:

Lost Time Incident Severity Ratio.

U.S. Federal law that establishes
standards for boards of directors, management and
accounting mechanisms of all companies listed on
the U.S. stock exchange.

SSDs:

Sparkling Soft Drinks.

Stills:

NARTD:

Non alcoholic beverages ready to Drink.

Non-alcoholic beverage categories other than
soft drinks.

NYSE:

New York Stock Exchange.

ARTD:

Alcoholic Ready To Drink.

On premise:

Sales channel for restaurants, pubs, hotels and casinos.

PET:

Polyethylene terephthalate.

TCCC:

The Coca-Cola Company.

Acknowledgments
This Integrated Annual Report was prepared by a
team made up of people from different areas of our
Company, whom we would like to thank for their
commitment and collaboration throughout the
process of drafting this document. In addition, it was
reviewed and approved by the Chief Financial Officer,
the Chief Executive Officer and the Company’s Board
of Directors.

Series of sustainable investment stock indexes
launched in 2001 by the FTSE Group.

Ref PET:

GDA:

Daily Dietary Guidelines.

Refillable PET. It is the returnable plastic bottle.

Design:
www.disenohumano.cl

402

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES
Limited Assurance Statement of Embotelladora Andina’s 2022 Integrated Report
(Free translation from the original document in Spanish)

President and Directors
Embotelladora Andina S.A.

Scope

We have carried out a limited and independent assurance review of the
information and data presented in the 2022 Integrated Report of
Embotelladora Andina which has the period scope between 1 January
2022 and 31 December 2022. Any information outside this period was not
part of the verification.

The preparation of the Integrated Report, the information and statements
contained therein, the definition of the scope of the report, the
management and control of the information systems that provide the
reported data, are the sole responsibility of the Administration of
Embotelladora Andina.

Limited verification standards and procedures

for Non-Financial Reporting Audits, established by

Our review was conducted in accordance with the ISAE 3000 International
Standard
the
International Auditing and Assurance Board of the International Federation
of Accountants; the guidelines for the preparation of sustainability reports
under the Global Reporting Initiative (GRI) and the Sustainability
Accounting Standards Board (SASB).

Our responsibility

Our responsibility is limited exclusively to the procedures mentioned in the
preceding paragraphs and corresponds to a limited assurance scope which
serves as basis for our conclusions. By default, we do not apply reasonable
assurance procedures, whose objective is to express an external assurance
opinion on the 2022 Integrated Report of Embotelladora Andina. Accordingly,
we do not express an opinion.

Conclusions

Subject to the limitations of scope indicated above and based on our work of
limited and independent assurance over the 2022 Integrated Report, we
conclude that nothing has come to our attention that would cause us to
believe that:

► The information and data published in Embotelladora Andina's 2022

Integrated Report are not presented fairly.

► Embotelladora Andina's 2022 Integrated Report has not been
prepared in accordance with the GRI Standards for the preparation
of sustainability reports and the SASB indicators selected by
Embotelladora Andina.

Our procedures were designed to:

Recommendations for improvement

► Determine whether the information and data presented in the 2022
Integrated Report of Embotelladora Andina are duly supported by
evidence.

► Verify the traceability of the information presented in the 2022

Integrated Report of Embotelladora Andina.

► Determine that Embotelladora Andina has prepared its 2022
Integrated Report in accordance with the performance indicators and
principles of the GRI and SASB standards.

Procedures performed

Our limited assurance work included enquiries with the Management and
Units of Embotelladora Andina involved in the process of preparing the
2022 Integrated Report, as well as in the execution of other analytical
procedures and sampling tests such as:

►

Interviews with key Embotelladora Andina personnel to understand
the process of preparing the 2022 Integrated Report, the definition of
its content and its underlying information systems.

► Review of supporting documents provided by Embotelladora Andina.

► Review of formulas and calculations by way of recalculation.

► Review of the 2022 Integrated Report to ensure its phrasing and
format does not mislead the reader regarding the information
reported.

The limited assurance process was carried out based on the timely review
of material issues defined by Embotelladora Andina.

Without affecting our conclusions as set out above, we have detected some
improvement opportunities to the Embotelladora Andina's 2022 Integrated
Report preparation process which are detailed in a recommendations report
presented to Embotelladora Andina's Administration.

Yours, truly,

EY Servicios Profesionales de Auditoría y Asesorías Ltda.

Elanne Almeida, Partner/Principal
24 March, 2023

I-00094/23

RGS/lgc
11649748

EY Chile
Avda. Presidente Riesco 5435, piso 4
Las Condes, Santiago

Tel: +56 (2) 2676 1000
www.eychile.cl

Limited Assurance Satement of Embotelladora Andina´s 2022 Greenhouse Gas
Emissions Inventory.
(Free translation from the original document in Spanish)

President and Directors

Embotelladora Andina S.A.

Scope

Specific verification scope

We have carried out a limited and independent assurance review of
the information and data presented in the 2022 Greenhouse Gas
Emissions (GHG) Inventory of Embotelladora Andina which covers
the scope period between 1 January 2022 and 31 December 2022
and considers their operations in Argentina, Brazil, Chile and
Paraguay. Any information outside this period was not part of the
review.

The preparation of the GHG Inventory, the information and
statements contained therein, the definition of the scope of the GHG
Inventory and the management and control of the information
systems that provide the reported data are the sole responsibility of
the Administration of Embotelladora Andina.

Our responsibility is to make our considerations about the
reasonableness, consistency and reliability of the quantitative data
and non-financial information included in the GHG Inventory, based
on the verification work and scope described in the following
paragraph.

Limited verification standards and procedures

Our limited and independent assurance review was conducted in
accordance with the ISAE 3000 International Standard for Non-
Financial Reporting Audits, established by the International Auditing
and Assurance Board of the International Federation of Accountants.

This standard requires that the planning and performance of our
work allows us to obtain a limited level of assurance that the
information contained in the 2022 GHG Emissions Inventories is
aligned with:

► The GHG Protocol Guidelines which are endorsed by the World
Business Council for Sustainable Development (WBCSD) and the
World Resources Institute (WRI); and

► The specifications of ISO 14064:2006 that indicates guidelines, at
the level of organizations, for the quantification and reporting of
GHG emissions and removals.

The examination of data and information was carried out through:

► Review of the 13 sources that have the highest impact on the
footprint of Embotelladora Andina S.A. in the abovementioned
operations.

► Review of supporting documents provided by Embotelladora

Andina S.A.

► Review of formulas and calculations by way of recalculation.

► Application of the guidelines established by ISO 14064 and GHG

Protocol.

► Review of the emission factors used.

Our responsibility

Our responsibility is limited exclusively to the procedures mentioned in
the preceding paragraphs and corresponds to a limited assurance
review which serves as basis for our conclusions. We do not apply
reasonable assurance procedures, whose objective is to express an
external assurance opinion. Accordingly, we do not express an opinion.

Our conclusions refer exclusively to the information provided by the
administration corresponding to the 2022 GHG Emissions Inventory for
the 13 sources of highest impact. Information for prior and subsequent
periods has not been subject to our review.

the methodology described,

Considering
the Management of
Embotelladora Andina S.A. has decided to consider as part of the
verification the following emission sources:

► Natural gas

► Own and outsourced distribution and logistics

► Plant electricity

► Electricity from refrigeration equipment

► Sugars

► PET one way

► Returnable PET

► CO2 gaseous input

► Plastic caps

► Polyethylene

► Sodium hydroxide

► Aluminium containers

► Glass containers

Conclusions

Except for the effects that may have on the GHG Inventory of having
included just the emission sources indicated in the previous paragraph,
and based on the results of the procedures indicated in the scope of
the verification, nothing has come to our attention that would cause us
to believe that:

► The 2022 GHG emissions calculated within Scope 1, 2 and 3 by
Embotelladora Andina S.A. do not have sufficient supporting
documentation on the reported data.

► The inventory of direct (Scope 1) and indirect (Scopes 2 and 3)
emissions has not been prepared according to the methodological
guidelines previously mentioned.

► The information and data published in the 2022 GHG Emissions
Inventory of Embotelladora Andina S.A. are not presented
correctly.

Recommendations for improvement

Without affecting our conclusions as set out above, we have identified
opportunities for improvement related to the reporting process which
are detailed in a separate recommendations report presented to the
Management of Embotelladora Andina S.A.

Kind regards,

EY Servicios Profesionales de Auditoría y Asesorías Limitada.

Elanne Almeida

Partner/Principal

28 de febrero de 2023

I-00071/23

RG/lgc

11649748

Statement of
responsibility

T he directors of Embotelladora Andina S.A. and its Chief Executive Officer, all of whom have

signed this statement, are responsible under oath for the truthfulness of all the information

provided in the Integrated Annual Report 2022, in compliance with General Rule No. 30
of the Financial Market Commission.

JUAN CLARO GONZÁLEZ

EDUARDO CHADWICK CLARO

JOSÉ ANTONIO GARCÉS SILVA

Chairman of the Board of Directors
Rut* 5.663.828-8

Vice Chairman of the Board of Directors
Rut* 7.011.444-5

Director
Rut* 8.745.864-4

SALVADOR SAID SOMAVÍA

GEORGES DE BOURGUIGNON ARNDT

FELIPE JOANNON VERGARA

Director
Rut* 6.379.626-3

Director
Rut* 7.269.147-4

Director
Rut* 6.558.360-7

ROBERTO MERCADÉ

Director
Foreign

GONZALO PAROT PALMA

Independent Director
Rut* 6.703.799-5

CARMEN ROMÁN ARANCIBIA

Director
Rut* 10.335.491-9

GONZALO SAID HANDAL

MARCO ANTONIO ARAUJO

RODRIGO VERGARA MONTES

Director
Rut* 6.555.478-K

Director
Foreign

Director
Rut* 7.980.977-2

DOMINGO CRUZAT AMUNÁTEGUI

Independent Director
Rut* 6.989.304-K

*RUT: Chilean Tax Identification No.

Mariano Rossi

Director
Foreign

MIGUEL ÁNGEL PEIRANO

Chief Executive Officer
Rut* 23.836.584-8

405

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIESIntegrated_ /Annual Report | 2022

406

REACH/ TOGETHERTO REFRESH MOMENTS_EVERY-CORNERAND OPEN OPPORTUNITIES