Embotelladora Andina S.A. Annual Report 2023

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FY2023 Annual Report · Embotelladora Andina S.A.

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INTEGRATED ANNUAL REPORT

TABLE OF
CONTENTS

Message from the Chairman
of the Board of Directors

Main figures 2023

REACH TOGETHER
EVERY CORNER

CORPORATE
INTERGITY MODEL

PEOPLE:
DEVELOPING AND CARING FOR
OUR TALENTS

MARKET PRESENCE, CLIENTS
AND CONSUMPTION:
REFRESHING MOMENTS

We are Andina: our purpose,
reach and operations

Our history

Sustainable value chain

Materiality process

Sustainable Value Creation Strategy

Budgeted investment plan

Stakeholders

Economic value delivered
to our stakeholders

Corporate Governance Model

Board of Directors and principal
officers

Prevention of crime and
corrupt practices

Main policies and guidelines

Governance and risk management
model

Living the Purpose at
Coca-Cola Andina

Talent attraction and development

Training

Diversity and inclusion

Fair compensation

Climate and engagement
management

Labor relations

Occupational health and safety

Our market presence

Portfolio and brand breadth

Clients, consumers and channels

Digitization and innovation

Efficient, flexible and agile production
and processes

RETHINKING CONSUMPTION
AND ITS IMPACT ON
THE ENVIRONMENT

LOCAL ECOSYSTEM:
DRIVING ECONOMIC
AND SOCIAL GROWTH

FINANCIAL AND
ECONOMIC OVERVIEW

FINANCIAL
STATEMENTS

ESG INDICATORS
AND STANDARDS

Circular perspective

Water awareness

Climate action

103

110

Community engagement and
value creation

Responsible supply chain

124

118

Regulatory framework

Ownership and control

Corporate structure

Subsidiaries, equity investees and
associates

Properties and facilities

Bottling agreements

Distribution agreements

129

130

138

139

149

154

155

Material Events

Summarized Financial Statements -
Subsidiaries

Consolidated Financial Statements

168

157

160

Impact and materiality matrix

ESG impact tables and indicators

Rules and standards table of
contents

Glossary and acknowledgments

Assurance statement

Statement of Responsibility

170

172

211

227

228

236

INTEGRATED ANNUAL REPORT 2023

MESSAGE FROM THE
CHAIRMAN OF THE
BOARD OF DIRECTORS

GRI 2-22

Juan Claro G.
Chairman of the board
of directors

“SUSTAINABILITY CONTINUES
TO GUIDE OUR ACTIONS
THROUGH OUR SUSTAINABLE
VALUE CREATION STRATEGY, WHERE
WE INTEGRATE THE BUSINESS PILLARS
WITH ENVIRONMENTAL, SOCIAL
AND GOVERNANCE (ESG) ASPECTS
WITH A LONG-TERM VIEW.”

Dear shareholders and collaborators,

We faced significant political, economic, and social
challenges in the countries where we operate in 2023,
but we overcame them because of the commitment and
dedication of the Coca-Cola Andina team and the solid
execution of our sustainable value creation strategy.

In some of the markets we serve, we witnessed persistent
economic instability during this time, as evidenced by the
high rates of inflation and economic contraction in Argentina,
the high interest rates in Chile and Brazil, and the sharp rise
in the price of sugar, one of our primary raw materials.

In the political arena, Argentina recently elected a new
president who plans to carry out a comprehensive
economic recovery plan with his team. After a year of
political and economic difficulties, the new government
in Brazil concluded its first year in office. In Paraguay, the
ruling party was re-elected to a new term of office following
the presidential election. After years of uncertainty, a
second constitutional referendum was finally held in Chile,
bringing the process to an end and creating a framework for
governance based on the current Constitution.

In this scenario, Coca-Cola Andina has been attentive to the
needs of our customers and consumers, adapting efficiently
and quickly to fulfill our purpose of “reaching every corner
together to refresh moments and open opportunities”.

As a result, at the end of 2023, our consolidated adjusted
EBITDA reached Ch$ 470,108 million, up 1.2% from 2022,
and sales volume reached 882.6 million unit cases, up 1.0%
from 2022. It should be mentioned that the conversion
of the local currency results of each operation to Chilean
pesos had a negative impact on this result. The company’s
net income (profit attributable to owners of the controlling
interest) reached CLP 171,441 million, 36.6% higher than the
previous year. As a result, the four operations showed very
good results in local currency, with Argentina’s adjusted
EBITDA increasing by 3.0% (in real terms), Brazil by 23.9%,
Chile by 5.1%, and Paraguay by 16.4%, while the Company’s
net income (attributable to owners of the controller) reached
Ch$171,441 million, 36.6% higher than the previous year.

In order to refinance a bond that the company had in the
United States, in September we placed a 5-year bond in the
Swiss market for 170 million Swiss francs (approximately
US$190 million) at a rate of 2.7175%, which is a sign of the
market’s support for the company’s management.

Sustainability continues to guide our actions through our
sustainable value creation strategy, where we integrate
the business pillars with environmental, social and
governance (ESG) aspects with a long-term view. In this
way, we continued with our investment plan, which reached
Ch$222,620 million and whose main projects include the
construction of the first plastic bottle recycling plant in Chile,
a new returnable bottling plant in Mendoza, and a beer

INTEGRATED ANNUAL REPORT 20234

brewing plant in Brazil, which will start operations in 2025.
In Paraguay, we inaugurated Circular Pet, a 33.33%-owned
plant that allows us to recycle PET containers and transform
them into recycled food-grade resin to produce new bottles.

this sense, returnability, collection, recycling and
In
reduction are key aspects in Coca-Cola Andina’s ongoing
environmental progress. In 2023, we reached returnability
percentages of soft drinks of 41.4% in Argentina, 22.2% in
Brazil, 41.1% in Chile and 40.0% in Paraguay, becoming one of
the leading bottlers in the system worldwide.

with “Desafío 100+ Labs” together with ABInbev, among
others.

We are very proud to have been recognized once again in
the prestigious Dow Jones Sustainability Index MILA Pacific
Alliance and Dow Jones Sustainability Index Chile, as the
best-ranked Chilean company in our industry and fourth
globally. This result reflects our ongoing commitment to
and work on sustainability, and it encourages us to continue
innovating to improve the well-being of the communities
where we operate.

In the social realm, and in order to create shared value
with our host communities, we have implemented water
management projects such as the construction of artificial
glaciers with Nilus in Chile and the preservation of forests
and aquifers in Paraguay; returnability and recycling through
partnerships with municipalities in Argentina, education
programs in Brazil, and recycling points in Chile and Paraguay.
In addition, we have initiatives that promote employment
and the local economy by strengthening traditional channel
stores, such as “Mi Almacén Mi Comunidad” in Chile and
“Estemos Abiertos 2.0” in Paraguay, and an entrepreneurship

In terms of the digital transformation process we are
implementing, the platform for B2B customers, which
operates under a single technological architecture
in
Argentina, Brazil, Chile, and Paraguay, accounted for 18%
of the Traditional Channel’s net income, while 38% of the
company’s net income - across all channels - was realized
through digital media in December 2023.

Similarly, the B2C platforms, through which we offer
the entire Coca-Cola Andina portfolio which allows
products to be received at consumers’ homes, have

seen consistent growth in all of our operations, with high
satisfaction indicators. In addition, we increased efficiency
and productivity by implementing nearly 150 bots, which
enabled us to automate various operations in the BackOffice,
Supply Chain, and Commercial areas.

All of these advancements and achievements have been
made possible by the work, commitment, talent, and
experience of a great team, as well as our partner, The
Coca-Cola Company, with whom we collaborate every day
to build a total beverage company that is resilient, agile,
and efficient, but above all, committed to caring for the
environment and the economic and social development of
the countries where it operates.

Juan Claro G.
Chairman of the Board of Directors

INTEGRATED ANNUAL REPORT 20235

COMPANY IDENTIFICATION:
GRI 2-1

EMBOTELLADORA ANDINA S.A.
Open Stock Corporation

RUT: 91.144.000-8

Legal address: Av. Miraflores 9153, Renca, Santiago.

www.koandina.com

CONTACT FOR ISSUES RELATED TO INTEGRATED
REPORT:
GRI 2-3

andina.ir@koandina.com

Av. Miraflores 9153, Renca, Santiago.

Tel: (56-2) 2338 0520

COUNTRIES WHERE IT OPERATES
GRI 2-1

ABOUT THIS INTEGRATED ANNUAL REPORT

SCOPE AND STANDARDS
GRI 2-2, 2-14 |CMF 2.1

This Integrated Annual Report was prepared in accordance with the
provisions of General Rule No. 30 of the Financial Market Commission
(CMF), in compliance with the Global Reporting Initiative (GRI) 2021
Standards and incorporating the specific standards of the Sustainability
Accounting Standards Board (SASB) of the food and beverage and
non-alcoholic beverage (FB-NB) sector, in accordance with the industry
classification of the Sustainable Industry Classification System (SICS) and
the Task Force on Climate-related Financial Disclosure (TCFD).

The financial information considered in this report includes Embotelladora
Andina S.A. and its subsidiaries, and the sustainability information includes
Embotelladora Andina S.A. and its main subsidiaries (Coca-Cola Andina
Argentina, Coca-Cola Andina Brazil, Coca-Cola Andina Chile and Paresa) as
disclosed in Note 2.2 to the Financial Statements.

There are no changes in the approach of the GRI standard used in the survey of the
different material topics for the entities included in this report.

Argentina

Brazil

Ruta Nacional 19, Km 3,7,
Córdoba.

Rua André Rocha 2299, Taquara,
Jacarepaguá, Rio de Janeiro.

A team composed of people from multiple areas of the Company was formed to
prepare this Integrated Annual Report. Additionally, it was reviewed and approved by
the Board of Directors of the Company.

REPORTING CYCLE

GRI 2-3

This Integrated Annual Report and its corresponding financial reports, which
are issued on an annual basis, correspond to the fiscal year from January 1 to
December 31, 2023. As required by regulation, this document was made
accessible to all stakeholders and the general public a minimum of 15 calendar
days prior to the General Shareholders’ Meeting, and was published on the
Company’s website on March 28, 2024.

In adherence to the company’s pledge to minimize paper usage, the
Integrated Annual Report is exclusively provided in digital format and can
be accessed through the Company’s website.

Chile

Av. Miraflores 9153,
Renca, Santiago.

Paraguay

Acceso Sur, Ruta Ñemby Km 3,5 -
Barcequillo -San Lorenzo, Asunción.

INDEPENDENT AUDITORS
External suppliers with full independence

GRI 2-5

Financial Statements audited by:

PricewaterhouseCoopers Consultores, Auditores SpA.

RUT 81.513.400-1

GRI - SASB indicators, Materiality and Carbon Footprint
verified by:

EY Servicios Profesionales de Auditoría y Asesoría Ltda.

RUT 77.802.430-6

INTEGRATED ANNUAL REPORT 20236

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MAIN FIGURES
2023

272,504
Total clients

57.4 million
Potential consumers

Brazil

Paraguay

2,861,800 Km2

franchise

Chile

Argentina

Ch$2,618,437 million

Total sales

4
Countries

Bottling plants
Main subsidiaries

Plants
subsidiaries

882.6 million

unit cases sold

Ch$470,108 million

Consolidated adjusted EBITDA

Ch$171,441 million

Net income attributable to the owners
of the controller

18.0%

Consolidated adjusted EBITDA margin

Ch$1,862,707 million

Market capitalization
at December 31, 2023

Distribution
centers

8,630

Suppliers

economic234567891

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MAIN FIGURES
2023

16,628

Total collaborators

16.9%

Women

US$2,320,553
Invested in community

1,034,534
Beneficiaries of the community

* BBSP: Behavior based safety program / **ENPS: Employee Net Promoted Score.

Brazil

Paraguay

(Chile + Holding)

Argentina

8,055

Collaborators

1,061

Collaborators

4,144

Collaborators

3,368

Collaborators

17.5%
Women

15.4%
Women

20.8%
Women

11.2%
Women

402,455

Training hours

US$1.1
million
Invested in education

22,655
Collaborators covered by BBSP*
(own + third parties)

3.98
Average level of employee
engagement
(Score based on a scale of 1 to 5)

42.8%
Positions filled through internal
recruitment

2,798
New hires 2023

2,661,929
Liters donated

-1.5%
kilocalories
per liter sold
vs 2022

social234567891

MAIN FIGURES
2023

33.8%

of sales volume in returnable containers
over SSD total

27.5%

of sales volume in returnable containers
over NARTD total

18.4%

Percentage of
recycled resin use

29.5%

Percentage of post-
consumer recovery

1.72

Water use ratio

1.24 million m3
Water reused

38.6%
Renewable energy used

242.3 gCO2e per liter produced
Carbon footprint emissions ratio

environmentalINTEGRATED ANNUAL REPORT 20232345678919

1
Reach
together
every
corner

INTEGRATED ANNUAL REPORT 2023Learn how we live our purpose in chapter 3

OUR PURPOSE
CMF 2.1

REACH TOGETHER
EVERY CORNER,
TO REFRESH
MOMENTS
AND OPEN
OPPORTUNITIES

WE ARE ANDINA:
OUR PURPOSE, REACH
AND OPERATIONS

GRI 2-1, 2-6, 6.1.I, 6.2.I

OUR MISSION
CMF 2.1

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

Integrity

Attitude

VALUES THAT
DEFINE US
CMF 2.1

OUR VISION
CMF 2.1

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

Customer
centric

Results-
oriented

Austerity

Team work

INTEGRATED ANNUAL REPORT 202311

GEOPOLITICAL CONTEXT OF COUNTRIES
AND MARKETS

Change, and the speed at which it occurs, is challenging
companies around the world to be flexible in order to
thrive in an increasingly uncertain future. Coca-Cola
Andina is no exception. With operations in Argentina,
Brazil, Chile and Paraguay, it is essential to be able to
read the issues that arise and then adopt strategies that
allow it to adapt to the economic, political, social and
environmental context of each country. This is the only
way to respond appropriately to the different situations
and demands of the markets in which it operates.

Embotelladora Andina S.A. (hereinafter “Coca-Cola Andina”,
“Andina” or the “Company”) has become one of the largest
franchisees of The Coca-Cola Company (“TCCC”) in Latin
America, whose value proposition is to become a Total
Beverage Company, using its resources efficiently and
sustainably to increase the return for its shareholders and
all its stakeholders.

Its main activity is to produce, bottle, commercialize and
distribute products under the brands registered by The
Coca-Cola Company, as well as to commercialize and
distribute some brands of other companies such as Monster
Energy Drinks, AB InBev Brewery, Diageo, Cooperativa
Capel, and Viña Santa Rita S.A., among others.

The Company -controlled equally by the Chadwick Claro,
Garcés Silva, Said Handal and Said Somavía families-
maintains operations and has a
license to produce,
commercialize and distribute TCCC products in certain
territories in Argentina (through Embotelladora del Atlántico
S.A., hereinafter “EDASA” or “EDASA”), 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”).

INTEGRATED ANNUAL REPORT 2023OUR
HISTORY

CMF 2.2

2016

Creation of 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.

1946

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

1955

Andina begins trading on the
Santiago Stock Exchange.

1985

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

1994

Andina begins trading on the
New York Stock Exchange.

Acquisition of the bottler Rio de
Janeiro Refrescos in Brazil.

2015

2013

2012

2011

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

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

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

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

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.

2007-2008

Andina incorporates Benedictino
to its water portfolio.

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

Sustainability pillars are
incorporated into the Business
Strategy.

Publication of First
Sustainability Report.

2017

Publication of Corporate
Human Rights Policy and
the Corporate Policy on
Non-Discrimination and
Harassment, Respect for
People, Diversity and Inclusion.

2018

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

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.

2019

New agreement to distribute
Pisco Capel in Chile.

2020

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 is no
longer part of the Controlling
Group.

2021

New agreement to distribute
Viña Santa Rita products in
Chile and Estrella Galicia beers
in Brazil.

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

2022

The purpose of Coca-Cola
Andina is unveiled.

Acquisition, together with
Femsa, of the Therezópolis beer
brand in Brazil.

Publication of the Corporate
Policy on Environmental
Management.

1995-1996

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

The Coca-Cola Company
acquires 11% ownership of
Andina

2000

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

2023

Coca-Cola Andina issues a
Bond in Switzerland

Inauguration of Circular
PET plant in Paraguay

INTEGRATED ANNUAL REPORT 2023SUSTAINABLE

VALUE
CHAIN

GRI 2-6 | CMF 6.2.II

The Company’s lengthy and consistent trajectory

demonstrates how we have progressed to the point

where we are present in the territories, refreshing

moments and opening opportunities. This has been

accomplished through the integration of a sustainable

business vision into the Company’s strategy, which

has served as a compass for Coca-Cola Andina’s
operations to the present day.

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The Coca-Cola Company

It is the main strategic partner
with which the Company
works to create a more
sustainable future for people,
neighboring communities and
the planet.

Suppliers of raw materials
and services

They are a fundamental part
of the value chain and play
a key role in the success of
the products manufactured
and commercialized by the
Company, through the supply
of raw materials (sugar,
carbon dioxide, concentrate,
preforms and caps, among
others) and utilities (water,
energy, maintenance, etc.).

Production and Bottling

Collaborators

Through state-of-the-art
technology and high quality
and safety standards, the
Company manufactures
products in returnable
and recyclable single-use
containers (plastic and glass),
as well as cans and tetra
containers.

The people who make up the
teams are essential, as they
contribute with their talent,
knowledge and experience
in each of the processes
involved in the value chain.

SUSTAINABLE VALUE CHAIN

Recyclers

Consumers

Clients

Distribution

Recyclers make it possible
to return packaging to the
production chain and thus
contribute to the development
of a circular economy.

The end consumer is reached
indirectly through clients,
and directly through digital
platforms.

This process includes the
logistics and distribution of
products to customers and
distribution centers, using
third-party and company-
owned trucks.

Clients are at the center of
everything we do, since they
allow the Company to reach
each and every consumer,
whether through “On premise”
formats (pubs, restaurants and
discotheques, among others)
or “Off premise” (stores,
grocery stores, newsstands,
kiosks, self-service stores,
supermarkets, wholesalers,
etc.).

MATERIALITY
PROCESS

GRI 3-1 | CMF 3.7.II

This process -which involves a comprehensive review
of management and performance on material issues- is
fundamental for Coca-Cola Andina, as it allows the company
to identify its key environmental, social and governance
(ESG) impacts, as well as the priorities and expectations of
its various stakeholders.This allows the company to have
relevant information for decision-making and to define new
investments and objectives, as well as to redirect or focus
operational aspects, among other things.

In this line, in order to define the material issues, the interests
and expectations of the stakeholders (internal and external
to the organization), the relevant sustainability issues of
the sector and the industry, the relevant issues of its main
executives, the economic, environmental and/or social
impacts extracted from the previous analyses, as well as
the values, policies, strategies, objectives and fundamental
purposes of the organization have been considered.

Learn more about the process of identifying impacts in chapter 9.

Standards
analyzed

International Perspective

Through the analysis of global
sustainability standards.

Executive Committee
Perspective

Interviews conducted with
directors and officers to raise
management focuses and
impacts on environmental,
social and governance
issues.

Interviews
conducted

Companies
analyzed

Industry
Perspective

Relevant topics published in
various sustainability reports
and integrated reports were
reviewed.

IDENTIFYING AND
PRIORITIZING IMPACTS
GRI 3-1

In order to prioritize the impacts that were
surveyed, we utilized the frequency level that
was greater than the mean, as determined by
the information sources. This survey facilitated
the calibration of material issues in
accordance with the Company’s impacts,
as required by the GRI 2021 Standard.

Media and Social
Networks

Review search engines and
digital media to identify relevant
news between January 1 of this
year to date.

News
analyzed

1,708

Responses
received

Stakeholder
Perspective

A digital survey was conducted
to identify the issues and
impacts to be addressed
by Coca-Cola Andina in
environmental, social and
governance matters.

Impact Matrix and
Calibration

The identification of impacts
allows us to unveil opportunities
and risks in environmental,
social and governance matters
related to the operation and
the business.

Impacts
addressed

INTEGRATED ANNUAL REPORT 2023MATERIAL TOPICS
GRI 3-2

SUSTAINABLE
LEADERSHIP

In addition to incorporating an ESG perspective
into all processes, adhering to regulations, and
adjusting to the realities of the various countries
in which it operates, the Company strives to
improve its market leadership and sustainable
management.
It also continuously seeks to
increase efficiency and productivity, with a
particular emphasis on digital transformation and
innovation.

Material Topic

Business

Stakeholders

Prioritization

Market leadership, growth and
cost control

Geopolitical context of countries
and markets

Regulatory compliance and
business ethics

Sustainable strategy and the ESG
perspective on the business

Digital transformation and
innovation

CIRCULAR
PERSPECTIVE

CLIMATE
ACTION

PORTFOLIO, QUALITY
AND NUTRITION

Committed to waste management, lowering the
environmental effect of packaging by collecting,
recycling, and reducing it.

Undertakes actions to decrease GHG emissions
and manage carbon
the
value chain. Actively works to reduce energy
consumption and increase the percentage of
renewable sources in all operations.

footprint across

Working permanently to expand the portfolio
and offer consumers a wide variety of great-
tasting beverages, including more sugar-free
low-sugar options, and making product
or
reformulations.

Material Topic

Business

Stakeholders

Material topic

Business

Stakeholders

Prioritization

Returnability, circular economy
(Plastic/PET, Resin) and packaging

Waste management and
responsible use of resources

Climate change and emissions

Promoting energy transition and
the use of renewable energies

Material Topic

Business

Stakeholders

Product health and safety

Breadth of portfolio
and value strategy

Nutrition and healthy lifestyles

SUPPLY CHAIN
MANAGEMENT

CLIENT
PROXIMITY

Promotes development-oriented policies that
support productive activities, the creation of
jobs, compliance, entrepreneurship,
decent
creativity and innovation. It also promotes the
formalization and growth of micro, small and
medium-sized enterprises.

Proximity to clients allows us to achieve their
constant development and attain the highest
levels of service. It measures and manages
the variables that have an impact on customer
satisfaction, addresses
their concerns and
requirements, and innovates, especially in the
area of digitalization.

CONNECTION WITH
THE COMMUNITIES

Coca-Cola Andina is committed to the social
and economic development of the communities
where it operates, generating shared value,
ethical and transparent relationships, and, above
all, positively impacting people’s quality of life.

Material Topic

Business

Stakeholders

Material Topic

Business

Stakeholders

Prioritization

Responsible procurement (supply
chain management)

Customer relations and
satisfaction

WATER
AWARENESS

Seeks to reduce water consumption and protect
local sources for future generations. The four
strategic axes on which it operates are: reduce,
reuse, recycle and replenish.

Material Topic

Business

Stakeholders

Prioritization

Water management and water
scarcity

DIVERSE, SAFE AND
COMMITTED TEAM

Coca-Cola Andina seeks to generate the best
workplace for its collaborators. It is convinced
that by creating respectful, diverse, inclusive
and safe environments in which individuals feel
valued and happy, it will be possible to attain
goals, foster collective economic development
and ultimately ensure the success of the
organization.

Material Topic

Business

Stakeholders

Prioritization

Health and safety of collaborators

Talent attraction, retention and
development

Promoting diversity, gender equity
and inclusion

Well-being, benefits and work
environment

Labor and union relations

Material Topic

Business

Stakeholders

Economic development,
employment and local
entrepreneurship

Community relations, donations
and public-private alliances

New material topics 2023

High

Medium

Low

INTEGRATED ANNUAL REPORT 202316

SUTAINABLE
VALUE CREATION
STRATEGY

GRI 2-25 | CMF 3.1.II, 3.1.IV, 4.2

To meet the purpose and integrate the
challenges posed by the various stakeholders
presented in the materiality matrix, a strategy
has been developed that is structured around
five pillars, which include the growth and
sustainability of the business.

PILLARS, OBJECTIVES AND STRATEGIC FOCUS

MARKET LEADERSHIP AND BREADTH OF PORTFOLIO,

CHANNELS AND GEOGRAPHIES

Coca-Cola Andina strives to become a Total Beverage Company by offering a

diverse range of products, combining the expansion of its core business with

The Coca-Cola Company with the creation of new categories that are distributed

through various channels to reach customers and consumers in a timely and

efficient manner.

CONTRIBUTION TO THE
SUSTAINABLE DEVELOPMENT
GOALS (SDGS)

CMF 4.2

COCA - COL A ANDINA HAS LONG BEEN
COMMIT TED TO MAKING THE PL ANET A
MORE SUSTAINABLE PL ACE, WH ICH IS
REFLECTED THROUGHOUT ITS SUSTAINABLE
VALUE CREATION STRATEGY.

THE COMPANY HAS FORMALIZED GOALS,
OBJECTIVES, AND INDICATORS WITH
EXPECTED VALUES FOR THE MEDIUM
AND LONG TERM IN ACCORDANCE WITH
THE UNITED NATIONS 2030 AGENDA’S
SUSTAINABLE DEVELOPMENT GOALS (SDGS).

CORPORATE GOVERNANCE EXCELLENCE

The Company has a management team of excellence that operates in accordance

with the highest Corporate Governance standards, ensuring that the management

system generates value for all stakeholders in an ethical, responsible, and

sustainable manner.

EFFICIENCY AND PRODUCTIVITY IN THE VALUE CHAIN

The Company works to strengthen production, sales, and distribution networks, with a
focus on resource sustainability and the implementation of a digital transformation

process to increase efficiency. Natural resource management is critical to achieving

the proposed goals and caring for the environment, with a particular emphasis on

water and energy management, returnability and recycling, and carbon footprint

measurement, among other things.

AGILITY, FLEXIBILITY AND COMMITMENT

The team’s resilience reflects the capacity and flexibility of each of its members,

who are continuously cared for using a comprehensive and diverse approach,

with the goal of creating the best conditions for them to deploy their talent,

enhance their knowledge, and apply their experience. The Company is also

committed to the economic and environmental development of its host

communities through shared value initiatives and ethical and transparent

relationships with all stakeholders.

INTEGRATED ANNUAL REPORT 2023Material Topic

Strategic Pillars

Stakeholders

SDG

Commitment 2030

Progress
2023

GRI 3-3

Sustainable
leadership

Market leadership, growth
and cost control

Geopolitical context of countries
and markets

Regulatory compliance and
business ethics

Sustainable strategy and the ESG
perspective in the business

Digital transformation and
innovation

Circular
perspective

Returnability, circular economy
(Plastic/PET, Resin) and
packaging

Waste management and
responsible use of resources

8.1

16.5

17.19

9.4

12.4

12.5

Sustained growth of
consolidated Adjusted EBITDA

Ch$470,108
million
Consolidated adjusted EBITDA.

42.8%

of sales volume in the returnable
segment over total NARTD

27.5%

Target World Without Waste

recyclability of
our packaging.
recovery of
bottles sold.
of recycled resin to produce
our bottles.

100%
100%
50%

100%
29.5%
18.4%

Water
awareness

Water management and
water scarcity

6.4

1.27 liters

of water consumed per liter of
beverage produced.

1.72 liters

Climate
action

Climate change and emissions

Promotion of energy transition and
use of renewable energies

13.2

7.2

0.255
Mega Joules

of energy consumed per liter of
beverage produced.

0.317
Mega Joules

of energy consumed from
renewable sources.

38.6%

SRATEGIC PILLARS:

Market leadership

Breadth of portfolio, channels and geographies

Corporate Governance excellence

Efficiency and productivity in the value chain

Agility, flexibility and commitment

STAKEHOLDERS:

The Coca-Cola Company

Consumers

Clients

Communities

Collaborators

Regulators

NGOs

Investors

Suppliers

Media

INTEGRATED ANNUAL REPORT 2023

Material Topic

Strategic Pillars

Stakeholders

SDG

Commitment 2030

Progress
2023

Diverse,
safe and
committed
team

Portfolio,
quality and
nutrition

Health and safety of collaborators

Promoting diversity, gender equity
and inclusion

Talent attraction, retention and
development

Well-being, benefits and work
environment

Labor and union relations

Breadth of portfolio and value
strategy

Nutrition and healthy lifestyles

Product health and safety

Supply chain
management

Responsible procurement (supply
chain management)

Client
proximity

Customer relations and satisfaction

Connection
with the
communities

Economic development, employment
and local entrepreneurship

Community relations, donations and
public-private alliances

TBD

8.8

10.2

8.3

8.8

16.7

2.1

8.7

17.10

8.A

17.16

26.6%

of women’s participation within
the Company

16.9%

40.75

kilocalories sold
every 200 ml

48.83

Contribute to the consolidation
of sustainable supply chains.

255
critical suppliers
evaluated in ESG

Maintain proximity, boost
digitization and increase their
satisfaction.

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

US$2,320,553
Investment in the community

1,034,534
Beneficiaries in the community

SRATEGIC PILLARS:

Market leadership

Breadth of portfolio, channels and geographies

Corporate Governance excellence

Efficiency and productivity in the value chain

Agility, flexibility and commitment

STAKEHOLDERS:

The Coca-Cola Company

Consumers

Clients

Communities

Collaborators

Regulators

NGOs

Investors

Suppliers

Media

INTEGRATED ANNUAL REPORT 2023

M
E
M
O
R

A
N
U
A
L

N
T
E
G
R
A
D
A

2
0
2
3

INVESTMENT
PLAN

CMF 4.3

2023 INVESTMENT PLAN

Ch$222,620 million
Consolidated 2023

Embotelladora del
Atlántico S.A.

Ch$42,458

million

Andina Empaques
Argentina S.A.

Ch$2,271

million

2024 INVESTMENT PLAN

Rio de Janeiro Refrescos Ltda.

Embotelladora Andina S.A.

Envases Central S.A.

Ch$54,082

million

Ch$79,503

million

Ch$3,075

million

Vital Jugos S.A.

Re-ciclar S.A.

Paraguay Refrescos S.A.

Ch$16,495

million

Ch$2,975

million

Vital Aguas S.A.

Ch$1,351

million

Ch$20,410

million

WITH FUTURE CHALLENGES IN MIND, THE COMPANY HAS BUDGETED CH$213,420 MILLION, WHICH
WILL PRIMARILY BE AIMED AT:

17.5%

of total
investment 2023

Ch$37,343 million
Returnable bottles and
containers optimizing the use of
multipurpose bottles

49.8%

of total investment
2023

Ch$106,276 million
Maintenance, production
capacity expansion and
regulatory compliance

19.4%

of total investment
2023

Ch$41,416 million
Cold equipment with energy
efficiency savings, generating
better customer service

Ch$28,384 million
Other investments

13.3%

of total investment
2023

Investment
breakdown for
maintaining
and expanding
productive capacity

Country

Amount to be
invested in
2024
(Ch$ million)

Machinery and infrastructure at the Duque de Caxias plant in Brazil and
electrical substation for beer production

Brazil

48,611

Machinery and infrastructure in the Cuyo region in Argentina, to expand
the capacity of returnable beverages

Argentina

Improve logistics capacity, specifically in central and northern Chile.

Chile

Compliance with industrial water treatment regulations in Chile with a new
effluent treatment plant and expansion of the existing plant in Argentina.

Argentina
and Chile

Improve water use efficiency in Chile.

Chile

7,405

8,600

6,676

2,580

Breakdown
of “Other
Investments”

Renewal of truck fleet in Chile and forklifts in Brazil.

Improvements in technologies, processes and digital platforms,
incorporation of B2B, B2C, artificial intelligence, data analytics and
machine learning solutions.

Brazil and
Chile

8,324

All countries

6,129

INVESTMENT AND FINANCING POLICY

CMF 4.3

The Board of Directors establishes the investment and financing policies
using the authority bestowed upon it by the Shareholders’ Meeting. In
addition to not defining a particular financing structure, the bylaws do
not specify which investments the company may make. However, in
accordance with the stipulations of the Company’s existing power structure,
the Board of Directors must grant prior approval for the execution of
specific investment ventures and the procurement of particular financing.

INTEGRATED ANNUAL REPORT 2023STAKEHOLDERS

GRI 2-29 | CMF 3.7.I, 6.1.V, 6.3

Coca-Cola Andina maintains a relationship of trust with its stakeholders
through consistent communication and the provision of timely, transparent,
and clear information. This is accomplished via the Investor Relations, External
Communications, and Media Relations Departments.

GENERAL COMMUNICATION CHANNELS

In order to regularly disclose and communicate the issues relevant to Coca-Cola Andina, as well
as to maintain constant and timely contact with all of its stakeholders, the Company has several
communication channels, such as: integrated report, corporate website, social networks and press
publications, among others.

INVESTORS*

COLLABORATORS

CONSUMERS

CLIENTS

THE COCA-COLA COMPANY

Financial analysts and current and
prospective investors in both equity
and debt instruments.

All of the individuals who are
members of the Coca-Cola Andina
team.

Every individual who consumes the
Company’s products.

Those who sell the products to
consumers and are categorized as:
“On premise” (on-site consumption,
pubs, restaurants, discotheques,
among others) and “Off premise”
(stores, drugstores, kiosks, self-
service stores, supermarkets,
wholesalers, among others).

Main strategic partner and licensor
for the production and distribution
of its branded products in part of
the territories of Argentina, Brazil,
Chile and throughout Paraguay.

How we are
engaged

By incorporating sustainability
into its strategic framework, the
Company is capable of providing
a long-term business model and
consequently improving the lives
of others.

The Company is dedicated to
ensuring that every collaborator has
the opportunity to advance their
careers in a way that allows them
to develop their skills and talents,
so that we may jointly identify and
resolve the challenges that Coca-
Cola Andina faces.

By maintaining a commitment
to sustainable management
and offering a broad portfolio of
products that aim to meet the
preferences of each moment of
the day.

Customer satisfaction measurement
and the management of the
variables that affect it are its primary
focuses.

By collaborating to establish a
more sustainable future and
implementing returnable packaging,
we can positively impact the lives of
individuals on the planet.

Main communication
channels

> Documento 20-F.
20-F Annual Report
>
Junta Ordinaria de Accionistas (JOA).
>
Integrated Report
>
Sustainability reporting frameworks
>
> General Shareholders’ Meeting (GSM).
(SASB, GRI, IIRC, TCFD).
Sustainability reporting frameworks
>
Estados financieros (FECU).
>
(SASB, GRI, IIRC, TCFD).
Financial Statements

> Ongoing meetings.
> Corporate intranet, emailing and

newsletter.
Bulletin boards and physical posters.

>
> Work climate and satisfaction surveys.

* Includes shareholders, potential investors and financial analysts.

Surveys and questionnaires.

> Digital channels.
>
> Hotline and call centers.
>

Events and marketing campaigns.

> Ongoing meetings.
> Digital channels and applications.
>
> Customer service and development

Training.

centers, call centers.
Surveys and satisfaction analysis.

> Ongoing meetings.
>

Participation in several initiatives with
specific areas.
Building joint plans.
Audits.

>
>

INTEGRATED ANNUAL REPORT 202322

COMMUNITIES

SUPPLIERS

REGULATORS

MEDIA AND COMMUNICATIONS

Groups located within the direct
radius of influence of the operations.

This group consists of contractors,
suppliers, and business partners
who are involved in the supply of
raw materials and services.

In Chile, the main regulator is the
Financial Market Commission
(CMF), while in the United States
it is the Securities and Exchange
Commission (SEC).

How we are
engaged

Aims to make a positive impact on
the environment and economy in
the communities it serves. It has
designed and executed numerous
initiatives pertaining to, among
other things, youth employability,
mom & pops stores development,
and recycling projects in order to
accomplish this.

Integrating fair and ethical
management with all of its suppliers,
as well as acting as a good partner
to large and small suppliers who
help the company achieve its goals.

It maintains ongoing contact with
authorities, governments, and
regulators, and participates in
events and seminars, as well as
working groups of the various trade
associations in each country.

The Company considers the
relationship and contribution of
traditional and digital media, as well
as those of local, national or global
scope, for the knowledge and
dissemination of what it is and what
it does.

By consistently providing pertinent,
timely, and transparent information
to the different interest groups, the
Sustainable Value Creation Strategy
is intended to be communicated,
with a particular emphasis on
the creation of shared value with
surrounding communities.

NON-GOVERNMENTAL
ORGANIZATIONS (NGO’S)

The Company appreciates the
professional and scientific viewpoint
offered by numerous NGOs that
work to address the issues the
industry presents.

Both directly and via the public
information about the Company that
is accessible on its official platforms.

Main communication
channels

> Ongoing meetings.
>

Integration of citizen dialogue
roundtables.

> Community relations project

> Ongoing meetings
> Digital platforms
Training sessions
>
Bidding processes
>

>
>
>

20-F Annual Report
Financial Statements
Integrated Report

> Digital and traditional media
>
> Meetings

Integrated Report

Liaising and public relations.

> Ongoing meetings.
>
> Quarterly results.
Integrated Report
>

* Includes shareholders, potential investors and financial analysts.

INTEGRATED ANNUAL REPORT 2023AFFILIATIONS AND MEMBERSHIPS
GRI 2-28 | CMF 6.1.VI, 6.3

The Company actively participates in guilds and business
groups, where it shares its experience, allowing it to better
face the challenges of the market and changes in the
environment. The main participations during the year 2023
are detailed below:

During 2023
US$1,135,242
were contributed
to associations

Asociación de Fabricantes Argentinos
de Coca-Cola (AFAC).
Instituto Argentino de Responsabilidad
Social y Sustentabilidad (IARSE).
Bolsa de Comercio de Córdoba.
>
> Cámara Argentina de la Industria de

Guilds and
associations

Bebidas sin Alcohol.

> Cámara de Comercio de Córdoba.
> Cámara de Comercio de los Estados

Unidos de América en la República
Argentina.
Instituto Argentino de Ejecutivos de
Finanzas.

> Unión Comercial e Industrial de

Mendoza.

> Unión Industrial de Bahía Blanca.
> Unión Industrial de Córdoba.

> Municipios de Bahía Blanca, San Martín

de Córdoba

Alliances and
collaboration

>
>

>
>
>

> Geocycle
>

Empresa de educación gastronómica
Pimienta Negra
Fundación Junior Achievement
Fundación Fondo de Becas para
Estudiantes (FONBEC)
Fundación Las Omas
Fundación La Rañatela
Bancos de Alimentos (Córdoba, Rosario,
Mendoza, Santa Fe, Neuquén, Bahía
Blanca)
Fundación Empate

>
> Cooperativa Los Carreros

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 Refrigerantes e de Bebidas Não
Alcoólicas (ABIR).
Federação das Indústrias do Estado
do Rio de Janeiro / Confederação das
Indústrias do Rio de Janeiro (FIRJAN/
CIRJ).
Associação Comercial do Rio de Janeiro
(ACRJ).

> Centro das Indústrias do Estado de São

Paulo Distrital Sul (CIESP).
SINDICERV

>
>
>

Sociedad de Fomento Fabril (SOFOFA)
Alimentos y Bebidas de Chile (AB Chile)
Asociación Gremial de Industrias
Proveedoras (AGIP)
Fundación Generación Empresarial
(FGE).
Bolsa de Comercio de Santiago.

>
> Unión Social de Empresarios Católicos

(USEC).

> Cámara de Comercio de Santiago.
Asociación de Industriales de
>
Antofagasta.

> Confederación del Comercio Detallista y

Turismo de Chile.

PRO Desarrollo

> Cámara de Alimentos y Bebidas
>
> Unión Industrial Paraguaya.
> Cámara de Anunciantes del Paraguay.
> Cámara de Alimentos y Bebidas.
>
> Centro de Regulación, Normas
y Estudios de la Comunicación
(CERNECO).

Pro Desarrollo.

> Cámara Paraguaya de Supermercados

(CAPASU).

> Municipios de Duque de Caxias
Instituto Coca-Cola Brasil
>
> Colaboración Colectivo MOVER
> Colectivo Reciclar
> Coletivo Jovem
>

Instituto Moleque Mateiro de Educação
Ambiental
Secretaría Municipal de Educación del
Municipio de Duque de Caxias
Escuela Nova América de Duque de
Caxias

> Municipios de Puente Alto, San Joaquín,

Renca, Coquimbo, La Reina, Las
Condes, Macul, San Antonio
Fundación Tacal.
Fundación María Ayuda
Kyklos
Rembre

>
>
>
>
> Organización internacional TNC (The

Nature Conservancy)
Red Pacto Global Chile
Fundación Chile Diferente
Fundación Carlos Vial Espantoso.
Fundación Libertad y Desarrollo.
Seminarium Chile.

>
>
>
>
>
> Centro de Estudios Públicos.
Fundación Reforestemos.
>
Red de Alimentos.
>

>
>

>
>
>

Fundación Paraguaya
Asociación de Almaceneros Minoristas
del Paraguay
Fundación Coca-Cola
Fundación Moisés Bertoni
Servicio Nacional de Saneamiento
Ambiental (SENASA)

> Comisión Nacional del Lago Ypacarí
> Global Environment and Technology

Foundation

> Cruz Roja Paraguaya
>
>
>

Asociación Tierranuestra
A Todo Pulmón
Red local de Pacto Global

Major Contributions 2023: Asociación de Fabricantes Argentinos de Coca-Cola (Argentina): US$147,875; Associação dos Fabricantes Brasileiros de Coca-Cola (Brazil): US$318,007; Sociedad de Fomento Fabril (Chile): US$56,648; Cámara Paraguaya de Supermercados (Paraguay): US$6,648. We do not fund political
campaigns, lobbying, advocacy, or similar activities, nor do we fund ballot measures or referendums.

INTEGRATED ANNUAL REPORT 2023ECONOMIC VALUE
DELIVERED TO OUR
STAKEHOLDERS

GRI 201-1

Ch$
21,415
million
Economic value
withheld

Driven by the Sustainable Value
Creation Strategy, during 2023
Coca-Cola Andina generated value for
all stakeholders, through the following
resource allocation:

Ch$
1,558
million
Social investment
payments

Ch$
2,613,254
million
Payment to suppliers, contractors
and distributors

Ch$3,684 billion

Economic value generated

Ch$
260,337
million
Remuneration
payments

Ch$
192,707
million
Payments for purchases
of fixed assets and
intangible assets

N
T
E
G
R
A
T
E
D

A
N
N
U
A
L

R
E
P
O
R
T

2
0
2
3

Ch$
165,877
million
Dividend
payments

Ch$
428,387
million
Government
payments

234567891

Corporate
integrity
model

INTEGRATED ANNUAL REPORT 2023CORPORATE GOVERNANCE
MODEL

GRI 2-12 | CMF 3.1.II, 3.1.VII

CORPORATE GOVERNANCE

GRI 2-9| CMF 3.1

GSM

Shareholders

Board of
Directors

Induction and
Training

CEO

Crisis
Management

s
r
e
d
o
h
e
k
a
t
S

Independent Auditor

Committees

Executive

Finance

Culture / Ethics /
Sustainability

Audit / Directors

Internal Audit

Investor Relations

Sustainability
and External
Communications

Integrated
Report

COCA-COLA ANDINA’S CORPORATE GOVERNANCE MODEL
AIMS TO EFFECTIVELY MANAGE THE RELATIONSHIPS
BETWEEN THE VARIOUS AREAS THAT MANAGE THE
COMPANY, WITH THE OBJECTIVE OF CREATING
SUSTAINABLE ECONOMIC, SOCIAL, AND ENVIRONMENTAL
VALUE FOR THE VARIOUS STAKEHOLDERS. THIS MODEL
IS USED TO DEFINE AND IMPLEMENT ORGANIZATIONAL
STRUCTURES, FUNCTIONS, MANAGEMENT, AND
CONTROL MECHANISMS, AS WELL AS PLANS FOCUSED
ON INTEGRATING THESE GUIDELINES INTO THE
ORGANIZATIONAL CULTURE.

The Board of Directors grants authority to Management to carry out the day-to-day
management of the Company in compliance with the Corporate Policy on Delegation of
Authority. The Board of Directors also establishes the responsibilities regarding the roles and
authority of the organization’s executives.

Management bears the responsibility of overseeing the design, dissemination, monitoring,
compliance, effectiveness and updating of the Company’s Corporate Governance Model,
including the development, approval and updating of the Company’s Mission, Vision
and Values statements, as well as the purpose, strategy and objectives that align with
the sustainable development of the business. By doing so, and through the corporate
functional levels, it sets the parameters required to ensure an efficient execution and control
environment across the entire organization, participating actively in achieving the planned
objectives, by holding regular meetings with the critical teams involved in those processes,
and by visiting the countries and units where Coca-Cola Andina operates.

Management
Team:
Corporate Officers
and General Managers

Compliance
Culture

Risk
Management

Complaint
channels

The Company’s structure consists of a company that operates its franchises in Chile,
and on which also depend the companies that operate in Argentina, Brazil and Paraguay.
Furthermore, it incorporates a Board of Directors whose mission, -in accordance with current
legislation-, is to oversee the interests of shareholders, protecting and valuing Coca-Cola
Andina’s equity.

Management / Areas / Collaborators

Policies and codes of conduct that offer guidelines on diversity, respect for people,
and the workplace have been defined in an effort to identify and lessen organizational,
social, or cultural barriers. The following are the primary policies that address these
issues: Compensation Policy, Corporate Human Rights Policy, Corporate Policy on Non-
Discrimination and Harassment, Respect for People, Diversity and Inclusion, and our Code of
Ethics and Business Conduct.

INTEGRATED ANNUAL REPORT 202327

Corporate Governance
Model Objectives

Ensure that, in
accordance with the
interests of stakeholders,
sustainable value is generated
from an economic-financial,
environmental, and social
perspective.

Encourage the creation of
an ethically-driven corporate
culture that prioritizes the
prevention of irregular acts.

Provide
the best
possible environment
for transparency, by
developing policies and
standards that support
appropriate decision-making
grounded in responsible
management and
control of resources.

Protect corporate reputation
in order to continue
strengthening value creation.

Boost the transparency and
dependability of the financial
data.

Control for maintaining
process development,
efficient resource
management, and
compliance with existing
internal policies.

DELEGATING RESPONSIBILITY FOR ENVIRONMENTAL,
SOCIAL AND GOVERNANCE (ESG) IMPACTS

GRI 2-9, 2-12, 2-13 | CMF 3.1.II, 3.2.VII

Sustainability is one of the most pertinent courses of action covered by the Corporate
Governance Model. In order to achieve this, it has a management strategy that aims
to guarantee the generation of long-term value, consistently within an environment
characterized by ethics, transparency and corporate accountability.

Monthly operations results analysis meetings between the Chief Executive Officer, Corporate
Officers, and General Managers are held to ensure appropriate performance in this domain.
The foregoing implies that each team reports on a range of indicators related to logistics,
finance, human resources, sustainability and commercial, and that are accompanied by
investment projections and assessments, among other matters. The Chief Executive Officer
and the Corporate Officers report to the Board of Directors each month on the outcomes of
these meetings.

The Board of Directors’ committees, which are comprised of the Executive Committee,
Culture, Ethics and Sustainability Committee, Directors’ Committee, and Sarbanes-Oxley
Audit Committee, are another example of how the committees support the Company’s
management and decision-making in the areas of the economy, environment, and people.

Assessment of corporate governance performance
CMF 3.1.I

There are internal bodies, as well as actions and programs to ensure its proper operation, to
guarantee and assess corporate governance performance.

Code of Ethics and
Business Conduct

Culture, Ethics and
Sustainability Committee

Board of Directors
Induction Process

Corporate Policies
and Standards

Monitoring by
Internal Audit

Certification of Accounting
Standards

Certification of the Crime
Prevention Model (CPM)

Monthly Results
meetings

among others.

INTEGRATED ANNUAL REPORT 202328

OUR ETHICAL CULTURE
CMF 3.6.VII, 3.6.VIII

Through a variety of policies and documents, including the
Corporate Governance Manual, Code of Ethics and Business
Conduct, Crime Prevention Model, and Free Market
Competition Policy, among others, Coca-Cola Andina
fosters a corporate culture that is centered on adherence
to the law and the company’s values. These documents
also serve as guidelines for the conduct of all employees,
consultants, contractors, executives, and board members. In
keeping with this commitment, the Company is a member

of the Fundación Generación Empresarial, a non-profit
organization that guides companies on how to establish a
solid culture based on ethics and compliance.

Furthermore, a permanent and systematic communication
plan as well as a series of trainings have been developed to
ensure that employees at all levels are aware of this culture
of integrity.

CODE OF ETHICS AND BUSINESS CONDUCT

GRI 205-2 | CMF 3.6.VII

Coca-Cola Andina’s Code of Ethics and Business Conduct
-updated in April 2021- is communicated to the entire
organization and its subsidiaries. It guides the actions of all
members of the Company, without exception, to ensure that
their performance and commitment are carried out within an
ethical framework of laws and regulations, keeping in mind
the preservation of natural resources.

CODE OF ETHICS FOR SUPPLIERS AND THIRD PARTIES

GRI 205-2

Coca-Cola Andina maintains a duly disseminated Code of
Ethics for Suppliers and Third Parties, which aims to extend
the Company’s values-based commitment and adherence
to suppliers, contractors, and subcontractors with whom
we do business, as well as their intermediaries, while also
ensuring their compliance with the regulations of the various
countries in which they conduct business.

This is complemented with evaluations and the request
of documents that attest to the fact that these groups are
complying with the laws and base their actions on principles
of integrity in business management.

The application of this code implies that
failure to comply with it may result in the
application of a disciplinary measure.
Such disciplinary measure may also be
applicable to any other person who, with
respect to one of its employees, knows
or knows that a conduct prohibited by the
Code of Ethics and Business Conduct has
been carried out by such persons, and
does not take the appropriate corrective
action.

Principles of
the Code of
Ethics and
Business
Conduct

> Respect for people and the work environment.

> Legal and regulatory standards.

> Respect and responsibility for union activity.

> Prohibition of corrupt practices and bribery.

> Fraud.

> Accounting information.

> Conflicts of interest.

> Dealing with public officials, customers and

suppliers of the Company.

> Competition and fair dealing.

> Protection and proper use of Company assets

and information.

Internal loans.

> Obligation to report any illegal and unethical

behavior of the Company.

> Communities and environment.

> Leadership responsibility.

INTEGRATED ANNUAL REPORT 2023BOARD OF DIRECTORS AND PRINCIPAL OFFICERS

Our Board of
Directors
GRI 2-9, 2-11| CMF 3.2.I

The Company is
managed by a Board of
Directors elected by the
Shareholders’ Meeting.
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.

JUAN
CLARO GONZÁLEZ

RUT N°5.663.828-8
Chairman of the Board
Businessman

Member of the Company’s Board of
Directors since 2004, when he became
Chairman of the Board.

Experience: He has studies of civil
engineering and theoretical physics 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
the founding Chairman of Metrogas S.A.
(1994-2000) worked on the development
of the trans-Andean gas interconnection
and of the electric company 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
Melón S.A., 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
is also an honorary
Committee. He
member of the Centro de Estudios
Públicos (CEP).

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

GONZALO
SAID HANDAL

RUT N°6.555.478-K
Vice Chairman of the Board
Business Administrator

SALVADOR
SAID SOMAVÍA

RUT N°6.379.626-3
Director
Business Administrator

JOSÉ ANTONIO
GARCÉS SILVA

RUT N°8.745.864-4
Director
Business Administrator

Member of the Company’s Board of
Directors since 1993.

Member of the Company’s Board of
Directors since 1992.

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

good

and

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 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

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. He is advisor of the Centro de
Estudios Públicos (CEP).

Other positions: Currently, he is the
chairman of Scotiabank Chile S.A. and
of Parque Arauco S.A., chief executive
officer of Inversiones Caburga SpA and
Inversiones Cabildo SpA, and director
of several companies from diverse
business sectors.

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

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 Advisor 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. He is also a member
of the Ethics, Culture and Sustainability
Committee of Coca-Cola Andina.

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

INTEGRATED ANNUAL REPORT 2023EDUARDO
CHADWICK CLARO

LUIS FELIPE COELHO
DUPRAT AVELLAR*

MARIANO
ROSSI

GEORGES ANTOINE DE
BOURGUIGNON ARNDT

FELIPE
JOANNON VERGARA

RUT N°7.011.444-5
Director
Civil Industrial Engineer

Passport Nº FP471227
Director
Bachelor in Economics

Director Titular

DNI N°17761559
Director
Business Administrator

RUT N°7.269.147-4
Director
Economist

RUT N°6.558.360-7
Director
Economist

Member of the Company’s Board of
Directors since 2012.

Member of the Company’s Board of
Directors since 2023.

Member of the Company’s Board of
Directors since 2012.

Member of the Company’s Board of
Directors since 2016.

Member of the Company’s Board of
Directors since 2018.

Programs

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
The
Coca-Cola Company of Emory &
Wharton Universities
(USA). With 32
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 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

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.

is a
Other positions: Currently, he
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 with a major
in
Chemistry from the Pontificia Universidad
Católica de Chile, Class of 1981, and was
elected UC Engineer of the Year in 2017.
He is a recognized entrepreneur in the
agricultural sector, mainly in the wine
and beverage industries, with more than
40 years of experience, both in Chile
and abroad. He is considered as one
of the main promoters and developers
of the image of fine wines in Chile. He
was Chairman of Cervecería Austral
until 2007, Chairman of Viña Errázuriz
and Coca-Cola Polar until 2012 and is
currently a director and member of
the executive committee of Coca-Cola
Andina.

Other Positions: He is President of the
holding company of the Chadwick Claro
family, Founder and Director of Hatch
Mansfield Co. in England and Maltexco
S.A. He was Director of Sofofa until
2015, and also served as ABAC/APEC
representative of the Government of
Chile during the years 2018 to 2020. He
was selected in 2021 as one of the 25
people chosen from Imagen de Chile to
be part of the “Chilen@s Creando Futuro”
Network. He successfully participated
at the University of Oxford in The Oxford
Strategic Leadership Programme in 2013
and later he was a Fellow of the Advance
Leadership Initiative Program at Harvard
University, which he attended during the
year 2022.

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

Experience: Since January 2023, he
has served as President of Coca-Cola
Mexico at The Coca-Cola Company. He
joined Coca-Cola Brazil in 2002 in the
Finance department, where he gained
experience in several roles in Finance
and Planning. He was also Director of
Market Development
for Coca-Cola
FEMSA’s territory in Brazil, and General
Manager of Southern Brazil operations.
He subsequently served as Vice
President and General Manager of The
Coca-Cola Company’s South African
franchise and led the Coca-Cola System
in South Africa, Swaziland and Lesotho.
From 2021-2022, he served as President
of Southern Operations for The Coca-
Cola Company. In this position, he was
responsible for operations in 6 Latin
American countries: Argentina, Bolivia,
Brazil, Chile, Paraguay and Uruguay.
Prior to joining the board of Coca-Cola
Andina in 2023, he served on the boards
of Arca Continental Bebidas in Mexico
from 2021-2022, and MOVER (Movement
for Racial Equity)
its
foundation until 2022. In addition, he was
chairman of the board of directors of
the Coca-Cola Brazil Institute between
2021-2022 and is currently chairman of
the board of directors of the Coca-Cola
Mexico Foundation.

in Brazil from

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

He replaced Mr. Marco Antonio Araujo, who was a member
of the Board of Directors until May 31, 2023.

INTEGRATED ANNUAL REPORT 2023ROBERTO
MERCADÉ

GONZALO
PAROT PALMA

CARMEN
ROMÁN ARANCIBIA

DOMINGO
CRUZAT AMUNÁTEGUI

RODRIGO
VERGARA MONTES

Passport N°567901030
Director
Engineer

RUT N°6.703.799-5
Director
Civil Industrial Engineer

RUT N°10.335.491-9
Director
Lawyer

RUT N°6.989.304-K
Director
Civil Industrial Engineer

RUT N°7.980.977-2
Director
Business Administrator

Member of the Company’s Board of
Directors since 2019.

Member of the Company’s Board of
Directors since 2009.

Member of the Board of Directors since
2021.

He has been a member of the Board of
Directors since 2021.

He has been a member of the Board of
Directors since 2018.

Experience: He holds an
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. He has 30 years of experience
in the beverage and mass consumption
industry. He was President of Coca-Cola
de Mexico where he also led the Coca-
Cola Foundation. He has developed
his experience in the regions of Latin
America, Africa and Asia- Pacific.

Other positions: He is currently Global
President of The McDonald’s Division at
The Coca-Cola Company.

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

and mass

Experience: He holds a civil industrial
engineering degree from the Universidad
de Chile, a master’s
industrial
in
engineering degree with a major
Economics from the Universidad de
Chile and a master’s in economics from
the University of Chicago. His areas of
specialization are Business Economics,
Market Organization and Regulation,
Public Finance and Corporate Finances.
in the
With 23 years of experience
beverage
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
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 stood out
as Director, Chief Executive Officer and
Advisor 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

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, 7 years at Cencosud
and 4 years at Santa Isabel. She has
risk
knowledge and experience
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.
She
is also member of the Ethics,
Culture and Sustainabilty Committee of
Coca-Cola Andina.

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

As of March 2024, she also becomes a
Director of Grupo Patio.

from

Experience: He holds a civil industrial
engineering
the
degree
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
José; CEO of Watt’s
Coloso-San
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
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 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 advisor
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 Pobreza
(National Foundation for Overcoming
Poverty).

la Superación de

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

INTEGRATED ANNUAL REPORT 2023NOMINATION AND ELECTION PROCESS OF THE
BOARD OF DIRECTORS
GRI 2-10, 2-11 | CMF 3.7.III

The election of the members of the Board of Directors
is carried out in accordance with the election process
contained in Law 18,046 on Corporations, which establishes
the mechanisms for each shareholder to nominate their
candidate, as well as the deadlines for such nomination. The
regulation indicates that nominations may be received even
at the General Shareholders’ Meeting itself, except in the
case of candidates for independent director, which must be
presented at least 10 days prior to the meeting.

The Board of Directors of Embotelladora Andina S.A. is
composed of 14 directors who are proposed and elected
every three years by the General Shareholders’ Meeting,
through separate voting of Series A and B shareholders.
In accordance with Article 5 of the Company’s bylaws,
the holders of Series A shares elect 12 directors and the
holders of Series B shares elect 2 directors. As a result,
those candidates who receive the highest number of
votes are elected, and there must always be at least one
candidate among them who meets the conditions to be
considered independent, in accordance with the provisions
of the Corporations Law. For these purposes, a director is
independent when none of the situations described in
Article 50 bis of the Corporations Law apply to him/her,
and the formal requirements for nomination are met. In
accordance with its legal obligation, the Board of Directors
has complied with the number of independent directors
required by Chilean law.

The last election of the Board of Directors took place on
April 15, 2021 during the General Shareholders’ Meeting, thus
renewing this body in its entirety. In this regard, it should be
added that 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.

Regarding the election of the Chairman of the Board of
Directors, both 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 the position. In the case
of the Board of Directors of Embotelladora Andina S.A., the
Chairman does not hold an executive or managerial position
within the Company and is elected at the first Board meeting
held after its renewal.

SEPARATION OF FUNCTIONS
GRI 2-11 | CMF 2.3.1

In accordance with the Corporations Law, the position of
director is incompatible with that of manager or officer, a
separation of functions that is further specified in Article 17
of the Company’s Bylaws.

Regarding ownership and control, it is pertinent to note that,
as of December 31, 2023, the directors Eduardo Chadwick
Claro, José Antonio Garcés Silva, Gonzalo Said Handal
and Salvador Said Somavía have direct and/or indirect
ownership interests in the Company, while none of the
other members of the Board of Directors have shares in the
Company.

For more information on ownership and control of the
Company, see Chapter 7.

INDUCTION OF THE BOARD OF DIRECTORS
CMF 3.2.V

The Company conducts the induction process, which
entails the Chief Executive Officer giving the new director
a folder containing pertinent information for the exercise of
their position, within 15 days of the director’s appointment.
Important details are covered, including the organization’s
purpose and strategic goals,
its mission, vision, and
values; the guiding principles and values; and its inclusion,
sustainability, diversity, and risk management policies.
These documents also include the regulatory framework
that governs the operations of the Company, the Board of
Directors, and senior executives.

includes

folder also

information about

The
the
responsibilities that each member of the board of directors
has in accordance with current legislation.
Additionally,
interest as stated in the Conflict of
Interest Policy of the Company.

it clarifies conflicts of

if requested, meetings with

Lastly,
the Chief Executive Officer, the Chief
Financial Officer, the Chief Legal Officer,
and the Audit Unit, are all possible
during the Board induction process.

Adherence to national and
international codes

CMF 3.5

The Board of Directors of Coca-Cola Andina
has adopted a number of the good corporate
governance codes’ recommended practices,
although the Company has not formally adhered
to any of them.

If necessary, the Board of Directors is empowered
to assess the convenience of adhering to any of
the good Corporate Governance codes.

INTEGRATED ANNUAL REPORT 2023MATRIX OF DIRECTORS’ KNOWLEDGE, SKILLS AND EXPERIENCE
CMF 3.2.IV

ACTIVITIES OF THE BOARD OF DIRECTORS
CMF 3.2.VIII, 3.2.X, 3.2.XI

Soft drinks
industry

Mass
consumption
industry

Finance

Risks

Corporate
governance

Relationship
with

Sustainability

stakeholders Cybersecurity

Juan Claro

Eduardo Chadwick

José Antonio Garcés

Gonzalo Said

Salvador Said

Luis Felipe Coelho Avellar*

Domingo Cruzat

Georges de Bourguignon

Felipe Joannon

Roberto Mercadé

Gonzalo Parot

Carmen Román

Mariano Rossi

Rodrigo Vergara

*Mr. Marco Antonio Araujo was a member of the Board of Directors until May 31, 2023, and was replaced by Mr. Luis Felipe Coelho Duprat Avellar

DIVERSITY OF THE BOARD OF DIRECTORS
CMF 3.2.IX.B, 3.2.XIII.A, 3.7.III

At Coca-Cola Andina, diversity is a key factor for long-
term success, since having a wide range of perspectives
and experiences results in a better understanding of the
opportunities, risks and challenges faced on a daily basis,
strengthening decision-making and the relationship with the
different stakeholders.

A Board Diversity Policy has been established to address
potential gender-related barriers and social/cultural
barriers that may impede the diversity of experiences,
skills, and perspectives that should be represented on
the Company’s Board of Directors. The policy outlines the
general conditions and qualities that shareholders should
consider when recommending candidates for the position.

Total members of the Board of Directors

1
Woman

13
Men

11
Chilean

3
Foreign citizens

Board sessions of Coca-Cola Andina may be held in person, virtually, or in a
hybrid format pursuant to the decision of the directors during regular meetings
at least once a month An annual agenda is planned and distributed with
sufficient notice to determine the dates and subjects of each meeting.

Although there is no specific policy, in the event of contingencies, the Board of
Directors meets in accordance with the legal regulations and guidelines issued
by the Financial Market Commission (CMF) on remote operation. This allows for
continuity in the sessions.

In order to address all issues that are relevant to the optimal management of the
business, the matters to be discussed at each meeting are defined according to
the interests and requirements of the Company. In 2023, the Board of Directors
defined as key topics those related to finance, technology, sustainability and
risks, as well as the progress of the Company’s main operations, among others.
Each board meeting (held monthly) reports on the matters discussed in the
various committees of the Company with their respective topics, among which
are environmental and social issues. These matters, including the reduction of
the Company’s carbon footprint, are considered by the board when making
decisions regarding strategic issues, business plans, projects, budgets and
others.

The presence of an absolute majority of directors establishes the quorum, and
decisions must be approved by the affirmative vote of the majority of directors
present, unless the Bylaws or the law specify a higher quorum.

The Board of Directors met 12 times in 2023, in person or virtually, making up 100%
of the scheduled meetings. The meetings were conducted in compliance with
CMF General Rule No. 450, and the average attendance of directors was 96%.

In addition to the meetings of the Board of Directors, a group of directors
pays periodic visits to the Company’s plants and facilities. The purpose of
these visits is to meet with those responsible for each operation because,
given the characteristics and geographic dispersion of Coca-Cola Andina,
collaborative support is essential for risk management and analysis of the
challenges that may arise when implementing solutions. Thus, a group of
directors visits the four operations at least once a year, accompanied by the
Chief Executive Officer, Chief Financial Officer, and Chief Strategic Planning &
Digital Development Officer. They paid visits to the Company’s facilities in Brazil,
Argentina, and Paraguay in August 2023.

INTEGRATED ANNUAL REPORT 202334

SECURE, REMOTE AND PERMANENT ACCESS TO
THE INFORMATION SYSTEM
CMF 3.2.XII, 3.2.XII.A, 3.2.XII.B, 3.2.XII.D

TRAINING AND PERFORMANCE EVALUATION OF
THE BOARD OF DIRECTORS
GRI 2-17, 2-18 | CMF 3.2.III, 3.2.IX, 3.2.IX.A, 3.2.IX.C, 3.3.V

Directors have access to the Board of Directors’ notice of
meeting, which is a document that outlines the subjects to
be discussed at each meeting and is promptly distributed to
all Board members, via a specialized digital system that has
been in place since 2020. They can also access a repository
that holds the various reports and documents that will be
presented at the meeting, along with the corresponding
minutes.

Additionally, the directors have permanent access to all of
the previously mentioned documents through this digital
system, and they can securely and remotely consult them
whenever needed. Furthermore, the book of Minutes of
Board Sessions, which includes specifics on the various
subjects previously discussed at each meeting, is always
available to them.

The complaints and claims received through the Anonymous
Complaints Channel of the Company are also permanently
and securely accessible to directors.

Despite the lack of a formal policy on the Board of Directors’
and its committees’ performance evaluation, Coca-Cola
Andina is dedicated to the challenge of staying current
on issues that are pertinent to both individuals and the
environment in which the company operates.

The Board of Directors members receive regular training in
the form of conferences and/or lectures. They also have a
digital library where they can access a variety of materials
related to their roles. It should be noted that the Board of
Directors does not disclose the subjects of the training that
was conducted during the previous year.

Finally, although the Company does not have a policy for
hiring experts, the Board of Directors and its committees
have sufficient powers and resources to hire consultants
in the matters or problems they consider relevant for the
optimal management of Coca-Cola Andina. In this regard,
and for the year under review, the Board of Directors
incurred total expenses of Ch$496,109,056, of which
Ch$294,061,931 related to consulting expenses (including
various types of audits).

INTEGRATED ANNUAL REPORT 2023
35

BOARD OF DIRECTORS’ REMUNERATION POLICY
GRI 2-19 | CMF 3.2.II, 3.2.XIII.F, 3.3.III

The members of the Board of Directors have a remuneration
established annually by the General Shareholders’ Meeting.
According to the resolution of the meeting held on April
20, 2023, the gross monthly remuneration was set at
Ch$6,750,000. In addition, the Meeting resolved to provide
an additional remuneration for the Chairman of the Board
of Directors, amounting to a monthly gross amount of
Ch$6,750,000.

Finally, in the same instance, it was agreed to pay a gross
monthly remuneration of Ch$8,450,000 during fiscal year
2023 for each director serving on the Executive Committee,
except for the Chairman and the Chief Executive Officer; a
gross monthly amount of Ch$1,125,000 for each director
serving on the Culture, Ethics and Sustainability Committee;
and a gross monthly remuneration of Ch$2,250,000 for each
director serving on the Directors’ and Audit Committee.
There are no additional royalties, per diems, or other forms of
pay for the members of the Board of Directors beyond what
is mentioned above. These remunerations are provided to
them without regard to their gender.

Allowance Board
of Directors

Executive
Committee

Directors’ and
Audit Committee
(SOX)

Ethics, Culture
and Sustainability
Committee

Total

2022

2023

2022

2023

2022

2023

2022

2023

2022

2023

Juan Claro González 1

144

156

Gonzalo Said Handal

José Antonio Garcés Silva

Salvador Said Somavía

Eduardo Chadwick Claro

Gonzalo Parot Palma 2

Georges de Bourguignon Arndt

Rodrigo Vergara Montes

Felipe Joannon Vergara

Carmen Román Arancibia

Domingo Cruzat Amunátegui 2

Mariano Rossi

Roberto Mercadé Rovira

Luis Felipe Coelho Duprat Avellar 3

Marco Antonio Fernandes De Araujo 4

144

174

186

174

156

189

202

189

104

Total Gross

1,080

1,170

360

390

1,560

1,690

1. Includes an additional Ch$78 million as Chairman of the Board of Directors.
2. Independent director of the Company, in accordance with current regulations.
3. Joined the Board of Directors in May 2023.
4. Left the Board of Directors in May 2023.

Board of Directors’
Remuneration
(Ch$ million)

INTEGRATED ANNUAL REPORT 2023BOARD OF DIRECTORS’ COMMITTEES
GRI 2-9 | CMF 3.2.VII, 3.3.I, 3.3.II, 3.3.IV, 3.3.VII

The Board of Directors of Coca-Cola Andina has
established a number of support committees to
deliberate on matters of critical importance to the
Company. In these instances, the Internal Audit
area is in charge of assisting it in the control
of processes and ensuring adherence
to corporate policies and models.
In addition, external professionals
participate to review the financial
statements, as well as
internal control scenario and
mechanisms.

the

EXECUTIVE COMMITTEE

Date of creation

April 22, 1986.

Role and Main Functions

the Board of Directors, overseeing

the
Represents
Company’s permanent operations. Its powers are more
limited than those of the Board of Directors, which does not
deprive it authority.

Current and former members

< 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

Meetings and expenses

This Committee meets monthly throughout the year. In 2023,
12 meetings were held, and no expenses were incurred.

Reporting to the Board of Directors

Reports monthly to the Company’s Board of Directors.

DIRECTORS’ COMMITTEE

Date of creation

Appointment of its current members at the Board of
Directors’ Meeting held on April 27, 2001, in accordance
with the provisions of 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

It complies with the provisions of Article 50 bis of Law No.
18,046 on Corporations.

Main activities during the year

In accordance with the provisions of Article 50 bis of Law
No. 18,046 on Corporations, the following are the tasks
implemented by the Directors’ Committee of Embotelladora
Andina S.A. During the year 2023, the Committee performed,
among others, the following activities:

> Examination of external auditors’ reports, 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 approval.

> Analysis and preparation of proposal to the Board of
Directors of names for the external auditors and private
risk classifiers, which 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 those operations.

> Examination of remuneration systems and compensation
plans for managers, chief executives and employees of
the Company.

> Review of the budget of Transactions between Related

Entities (Production Joint Ventures).

> Review of Corporate Insurance.

> Review and approval of each Press Release related to

Company communications.

> Review of

in the four
Internal Control standards
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 the Risk Management Model.

> Review of the Crime Prevention Model Law 20.393 (and

its modifications).

> Review of Cybersecurity and Information Technology

progress.

> Review of

legal proceedings and analysis of

contingencies.

> Review of tax situation.

> Authorization of non-prohibited services.

Impairment Test Analysis.

> Review of CMF Official Notices.

> Preparation of Annual Manage

Current and previous fiscal year members

< Mr. Gonzalo Parot Palma (Chairman and

independent director)

< Mr. Domingo Cruzat Amunátegui (independent director)
< Mr. Salvador Said Somavía.

> Review of anonymous complaints.

Sessions and expenses

> Review and approval of 20F Report, and compliance with

Rule 404 of the Sarbanes-Oxley Act.

> Preparation of the Committee’s proposed operating

In 2023, 12 sessions were held. The Directors’ Committee
incurred total expenses of Ch$182,780,666, of which
Ch$122,100,275 related to consulting expenses (including
various types of audit services).

budget.

> Review of Internal Audit reports.

> Periodic

interviews with
Company’s external auditors.

representatives of

the

Reporting to the Board of Directors

Reports monthly to the Company’s Board of Directors.

INTEGRATED ANNUAL REPORT 2023ETHICS, CULTURE AND SUSTAINABILITY COMMITTEE

SARBANES-OXLEY AUDIT COMMITTEE

Date of creation

January 28, 2014.

Role and Main Functions

Monitors, identifies and adopts optimal measures to ensure
that the activities of employees and executives adhere to
the values and principles defined by the Board of Directors.
Its main functions are:

> Propose, promote and follow up on

initiatives to
strengthen the organizational culture, develop talents
and strengthen the commitment and motivation of
employees, to align
individual aspirations with the
Company’s Purpose.

> Establish and develop procedures that promote the
ethical conduct of people, in accordance with the
Company’s Code of Ethics and Business Conduct.

> Establish mechanisms to disseminate the Code of Ethics
and Business Conduct, and related general matters.

> Receive, hear and investigate reports of irregularities
commissioned by the Board of Directors and recommend
actions in each case. This Committee is also empowered
to propose amendments or modifications to the Code of
Ethics and Business Conduct.

> Monitor the progress of compliance with the goals

related to material sustainability issues.

Current and previous fiscal year members

< Mrs. Carmen Román Arancibia (Chairwoman)
< 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.

Sessions and expenses

In 2023, 12 meetings were held, and incurred expenses
of Ch$71,546,419, all of which correspond to consulting
expenses (including different types of audits).

Reporting to the Board of Directors

Reports to the Board of Directors of the Company at the
nearest meeting.

Date of creation

Current and previous fiscal year members

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

Role and Main Functions

It is directly responsible for the Company’s external audit
firms and 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 fulfill their
roles, and reviewing the Company’s evaluation practices.
Finally, the Audit Committee establishes the systems and
procedures for the receipt and treatment of reports and
complaints
internal accounting
controls or other auditing matters; and the confidential
and anonymous communication by employees to the
Company of accounting irregularities and auditing practices.
Its composition and terms of reference are set forth in the
Rules of the Sarbanes-Oxley Audit Committee, available on
our website.

regarding accounting,

< Mr. Gonzalo Parot Palma (Chairman and independent

director)

< Mr. Domingo Cruzat Amunátegui (independent director)

< Mr. Salvador Said Somavía.

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 financial expert by the
Board of Directors as defined by NYSE and Sarbanes-Oxley
standards.

Meetings and expenses

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
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.
During 2023, the Sarbanes-Oxley Committee incurred total
expenses of Ch$91,372,093, all of which corresponded to
consulting expenses (including various types of audits).

Reporting to the Board of Directors

Reports monthly to the Company’s Board of Directors.

THE COMPANY ALSO HAS A COMMITTEE, COMPOSED OF
DIRECTORS SPECIALIZING IN FINANCIAL MATTERS, WHICH
MEETS WHENEVER THE BOARD OF DIRECTORS REQUESTS IT,
TO DEAL WITH MATTERS WITHIN ITS AREA OF EXPERTISE.

INTEGRATED ANNUAL REPORT 2023FREQUENCY AND MONITORING OF STRATEGIC UNITS
BY THE BOARD OF DIRECTORS AND THE DIRECTORS’
COMMITTEE
CMF 3.2.VI, 3.3.VI

Internal
Audit
GRI 2-16 | CMF 3.6.VI

Risk
Management
CMF 3.6.IV

Sustainability
GRI 2-14
CMF 3.6.IV

The Company has a risk management process whose initial
guidelines were approved by the Board of Directors, while
the Directors’ Committee is responsible for oversight, for
which it meets with the Corporate Management Control,
Risk and Sustainability Management at least once a year.
The Committee reports to the Board on this meeting.

is convened between

A once-yearly meeting
the
Board of Directors and management to review the risk
management process and ascertain its proper execution.
During these meetings, an analysis of the current risk
matrix and the critical factors influencing the likelihood of
new risks are conducted. In addition, recommendations
and enhancements are incorporated to fortify the model.
Principal officers’ participation is evaluated in accordance
with the circumstances.

For the Company, sustainability is a long-term plan that
will be subject to adjustment over time. To this end, an
annual meeting between the Board of Directors and
Corporate Management Control, Risk and Sustainability
Management has been established, as well as monthly
meetings with the Culture, Ethics and Sustainability
Committee to discuss progress and challenges in the
work pillars. In addition, the plan for dissemination and
communication to the various stakeholders is analyzed.
The participation of the Company’s main executives in the
sessions is analyzed on a case-by-case basis.

The Board of Directors approves the Integrated Report
before it is presented at the General Shareholders’
Meeting. The report’s objective is to provide stakeholders
with pertinent information regarding the Company in the
domains of environment, society, and governance.

The Corporate Internal Audit Manager attends monthly
meetings of the Directors’ Committee, which periodically
monitors its functioning. The Board of Directors has also
agreed to meet semi-annually with the Corporate Internal
Audit Manager to discuss the following matters: 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 crime prevention
models implemented by the Company. A case-by-case
analysis is conducted regarding the attendance of the
company’s principal officers at the sessions, depending on
the issues to be addressed.

The external audit firm meets with the Board of Directors a
minimum of three times per year for the purpose of reviewing
the audit plan. This occurrence facilitates the identification
of potential discrepancies identified in administrative and
internal auditing systems, accounting practices, and serious
deficiencies or irregularities that require notification to
the appropriate auditing bodies. Similarly, it investigates
potential conflicts of interest that could emerge among the
auditing firm or its staff.

At least three times per year, the Directors’ Committee
meets with the external audit firm, and the inclusion of the
company’s most senior officers is assessed on a case-by-
case basis and in accordance with the subject matter.

External
Audit
CMF 3.6.V

MAIN PILLARS OF THE INTERNAL AUDIT
DEPARTMENT

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

SOX Matrix Audit (Testing).

> Ongoing monitoring of strategic variables.
> Operational audits (territorial coverage: inventories,

>
>

audits, among others).
Anonymous complaints and investigations (EthicsPoint).
Follow up (standardized implementation follow-up
model).

During 2023, the Board of Directors met three times with
the external audit firm and discussed, among other matters,
issues related to the Company’s financial statements, results
of the review of the 20-F report, relevant aspects of the
audit and the Company’s internal control situation.

The Board also met twice with the internal audit area, where
topics such as the planning of audit processes for the year
2023, the renewal of the certification of the crime prevention
model and the results of the internal audit of each of the
Company’s operations, among others, were discussed.

Finally, during 2023, the Board met once with the
Management Control, Risk and Sustainability area, where
the Company’s situation in these areas, the work plan and
opportunities for improvement were presented.

INTEGRATED ANNUAL REPORT 2023Principal
officers
CMF 3.4.I, 3.4.II

The Management Team or group of senior executives
reports to the Board of Directors through its senior officer, the
Chief Executive Officer, to whom the Corporate Managers of
various functional areas report (Administration and Finance,
Legal, Strategic Planning, Human Resources and IT), as
well as the General Managers of each of the operations (in
Argentina, Brazil, Chile and Paraguay).

The Chief Executive Officer is ultimately accountable to the
Board of Directors for achieving the strategic goals set by the
Board of Directors. Coca-Cola Andina’s corporate officers are
responsible for ensuring the sustainable creation of value,
within the framework of transparency, ethics and corporate
responsibility. The General Managers are responsible for the
immediate administration of the businesses of each of the
Operations.

Officers

6
Chilean

4
Foreign citizens

M
E
M
O
R

A
N
U
A
L

N
T
E
G
R
A
D
A

2
0
2
3

ADMINISTRATIVE STRUCTURE

Board of
Directors

Finance
Committee

Ethics, Culture
and Sustainability
Committee

Executive
Committee

Chief Executive
Officer

Directors’
Committee

Audit
Committee

Internal Audit

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

INTEGRATED ANNUAL REPORT 2023234567891

MIGUEL ÁNGEL PEIRANO

ANDRÉS WAINER

FERNANDO JAÑA

Corporate
Officers
CMF 3.4.I

Chief Executive Officer
Electrical Engineer
In office since January 2, 2012
RUT 23.836.584-8

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

He holds an electronic engineering degree from
the Instituto Tecnológico de Buenos Aires and has
postgraduate studies at Harvard Business School
and Stanford University. 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 2010 he has been Chief
Financial Officer. Previously, he was development
at Coca-Cola Andina Argentina,
manager
administration and finance manager at Coca-Cola
Andina Chile and research and development
corporate manager at the Corporate Office.

Chief Strategic Planning & Digital
Development Officer
Industrial Civil Engineer
In office since May 2, 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.

JAIME COHEN

GONZALO MUÑOZ

MARTÍN IDÍGORAS

Chief Legal Officer
Lawyer
In office since September 1, 2008
RUT 10.550.141-2

Chief Human Resources Officer
Auditor Accountant
In office since January 1, 2015
RUT 7.691.376-5

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. Previously, he was
manager of legal affairs at Socovesa S.A. (2004-
2008); corporate banking lawyer at Citibank N.A.,
Santiago de Chile
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).

(2000-2004);

He holds an auditor accountant degree from
Universidad de Chile; throughout his professional
career he specialized
in the areas of human
resources, finance, general management and trade
marketing. 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. 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.

INTEGRATED ANNUAL REPORT 202341

FABIÁN CASTELLI

RENATO BARBOSA

JOSÉ LUIS SOLÓRZANO

FRANCISCO SANFURGO

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

General Manager
Economist
In office since January 2, 2012
CPF 183.430.901-87

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

General
Managers and
Executive Teams
by country
CMF 3.4.I

He holds an industrial engineering degree
from Universidad Nacional de Cuyo,
in a management
with specialization
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

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).

Marcio Bauly
Sales Manager

Rodrigo Klee
Operations Manager

David Parkes
Administration and Finance Manager

In charge of the
reporting areas

Santiago López Novotny
Supply Chain and Logistics Manager

Max Ciarlini
Human Resources Manager

Diego Garavaglia
Commercial Manager

Ariel Molina
Legal Manager

Daniel Caridi
General Manager Andina
Empaques Argentina S.A.

Fernando Fragata
Legal and Institutional Relations Manager

Isabel Salvador
Marketing Manager

He holds a business administration
degree from Universidad Adolfo Ibáñez,
the areas of
with specialization
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
that, he was commercial
manager of Coca-Cola Polar.

specialization

He holds a mechanical engineering
degree from Universidad de Concepción
project
and
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.

Alejandro Zalaquett
Administration and Finance Manager

Rodrigo Ormaechea
Growth, Strategy and Digital Transformation
Manager

Rodrigo Marticorena
People Manager

Pía Fertilio
Legal and Regulatory Affairs Manager

Alejandro Vargas
Operations Manager

Rodolfo Peña
Market Manager

Luz De María González
IT Business Manager

Álvaro Félix Rio García
Alcoholic Beverages Manager

Alejandro Nahmías*
Finance Manager

Melina Bogado
Commercial Manager

Leonardo Calvete
Quality Manager

María Teresa Llamosas
Human Resources Manager

Alejandro Varas
Production Manager

Julio Fiandro
Logistics & Supply Chain Manager

Ángel Almada
PAC Manager (Public Affairs and
Communications)

Rafael Ramos
Maintenance Manager

*Mr. Eduardo Yulita served as Finance Manager until December 31, 2023.

INTEGRATED ANNUAL REPORT 202342

REMUNERATION POLICY FOR PRINCIPAL OFFICERS
GRI 2-20 | CMF 3.4.III, 3.4.IV, 3.6.XI, 3.6.XII

The Directors’ Committee is the body in charge of reviewing
the compensation models and compensation plans
for managers, main executives and employees of the
Company. This review is carried out at least once a year and
does not include the participation of shareholders or other
stakeholders. The Company does not have an independent
Compensation Committee.

The plans, tailored to the specifics of each market, include a
fixed remuneration and a performance bonus, the amounts
of which vary based on the position and/or responsibility
undertaken. Performance bonuses are paid provided that
the personal goals previously defined for the Company and
each individual executive are met. In the case of the Chief
Executive Officer, his performance bonus varies mainly by
the consolidated adjusted EBITDA1 . The Corporate Officers’
performance bonuses are calculated based on consolidated
adjusted EBITDA1 in Chilean pesos, together with individual
goals, as defined by the Chief Executive Officer.

A percentage of the performance incentive bonus for certain
executives is indexed to the share price of the company
and postponed for a maximum of five years. Permanence
incentives are another feature of this pay plan that certain
executives receive after fulfilling specific terms in their roles
or responsibilities.

Finally, the variable compensation of the General Managers
of the operations is influenced by several factors, mainly
the consolidated adjusted EBITDA generated by their
operation in local currency; consolidated adjusted EBITDA
in Chilean pesos; market share and operating cash flow in
local currency; sustainability indicators - water consumption,
percentage of resin recycled in bottles in the operations
that apply and the percentage of returnability over NARTD2-
volume; and goals associated with digital development,
among others. The Chief Executive Officer may also include
if deemed appropriate. The General
individual goals,
Managers, for their part, communicate the respective
indicators to the line managers, according to the nature of
their functions.

None of the senior officers has any ownership interest in the
Company.

Remuneration of
principal officers
in 2023
CMF 3.4.II, 3.4.III

Ch$
6,846
million
Fixed remuneration paid
to principal officers
(2022 Ch$5,406 million)

Ch$
3,546
million
Remuneration in
performance bonuses
paid to principal officers.
(2022 Ch$3,400 million)

Ch$
0
pesos
Severance indemnities
paid to key executives.
(2022 Ch$0)

(1) Consolidated Adjusted EBITDA: includes revenues, cost of sales, distribution costs and administrative expenses included in the Financial Statements filed with the Financial

Market Commission and determined in accordance with IFRS, plus depreciation.

(2) NARTD: Non Alcoholic Ready To Drink

INTEGRATED ANNUAL REPORT 2023PREVENTION OF
CRIME AND CORRUPT
PRACTICES

GRI 205-1 | CMF 3.1.III, 8.1.5

CRIME PREVENTION MODEL (CPM)
CMF 3.1.III, 3.6.XIII

the

The Company establishes
regulations that comprise the Crime
Prevention Model, which is intended
to oversee and control the prevention of
corrupt practices and criminal activity, via its
Corporate Policy for the Prevention of Crime
and Corrupt Practices. This is accomplished

through initiatives that encourage law-abiding

behavior.

The scope of this Model, which is continuously
revised

legislative changes,

incorporate

extends to all franchised territories and includes

senior management, directors, and third-party

contractors of the organization.

The Company is presently revising its Crime
Prevention Model in collaboration with
external consultants
legislative changes that have been
incorporated.

reflect

the

Board of Directors
Embotelladora
Andina S.A.

Board of Directors and/
or Highest Administrative
Authority Subsidiaries

General Manager
Embotelladora
Andina S.A. and its
Subsidiaries

Audit Committee

Ethics, Culture and
Sustainability Committee

Anti-corruption laws and regulations

Crime Prevention Policy

Crime Prevention Manager

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Prevention Activities

Detection Activities

Response Activities

CPM Supervision and
Monitoring

Supporting Areas

Control Environment

Legal and Labor Instruments

Administration and
Finance Management

Legal Management

Human Resources
Management

Audit Management

Other Managements

Code of Ethics and
Business Conduct

Procedure for Complaints

Procedures and Internal
Rules and Regulations of
Order, Hygiene and Safety

Chapter Internal Rules of
Order, Hygiene and Safety

Annex Labor Contract

Annex to Service Contract

Sworn Statements
Directors and Senior
Officers

Crime Prevention Model Certification

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INTEGRATED ANNUAL REPORT 2023

To ensure procedural transparency, the Crime Prevention
Model is audited on an on-going basis by an external
organization authorized by the Financial Market Commission
in
(CMF). The most recent certification was obtained
December 2022, and its validity spans a period of two years.

In addition to preventing corrupt practices in general
and conduct sanctioned by Law No. 20,393 (including its
amendments), the purpose of this model is to ensure that
regulatory compliance programs are implemented across
the Company. The Board of Directors appoints a person in
charge with the responsibility of auditing, supervising, and
updating this model, as well as devising, in collaboration
with management, the means by which it can be effectively
applied and monitored.

This model
anti-corruption
contemplates different
regulations in force, such as the Chilean Law on Criminal
its
Liability of Legal Entities
amendments), the Foreign Corrupt Practices Act of the
United States of America (FCPA) and similar applicable
laws such as, for example, Law 27,401 on Criminal Liability
Applicable to Legal Entities of Argentina.

(Law No. 20,393 and

Coca-Cola Andina is committed to upholding all anti-
corruption laws, which govern its interactions with public
officials, donations (for charitable and social reasons as well
as to political parties and candidates), and its relationships
with suppliers and contractors. It is forbidden for anyone
representing the Company to promise, offer, or consent
to provide an undue financial advantage to any public or
private official, domestic or foreign, under any circumstances
or pretenses. Employees are also required to make sure that
the Company’s funds, assets, or the performance of acts and
contracts are never used for illicit or criminal purposes. They
are also required to report to their hierarchical superior any
situations that they discover fall into this category.

Only the Chief Executive Officer of the Company, the General
Managers of its four operations, or individuals specifically
authorized by them in Argentina, Brazil, Chile, and Paraguay
are permitted to communicate with public officials on behalf
of the Company.

CONFLICTS OF INTEREST
GRI 2-15 | CMF 3.1.III

The Corporate Policy on Conflicts of Interest incorporates an
action model aimed at preventing and mitigating the risks
associated with situations where conflicts of interest arise.
In addition, Coca-Cola Andina identifies its related bodies
through a formal declaration to directors and part of its
officers, which is kept in reserve.

Directors

General
Managers

Chief Executive
Officer

Officers required to
report related entities:

Managers
(first line reports to the
General Manager)

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

All IT,
purchasing,
credit, collections,
and second line
sales management
personnel.

INTEGRATED ANNUAL REPORT 202345

Number of
complaints by
subject matter
GRI 2-16

108

Total

Corruption

Workplace
harassment

Conflicts of
interest

Policy violations

Client Privacy
Information

Discrimination

Environment, safety
and health

Relations with
indigenous peoples

Sexual harassment

Human rights

Use of privileged
information

Other

ANONYMOUS REPORTING CHANNEL
GRI 2-16, 2-26 | CMF 3.2.XII.C, 3.6.IX, 5.5

The Directors and Audit Committee of Embotelladora
Andina S.A. requested the establishment of an Anonymous
Whistleblower Channel on the company website in order
to receive, assess, and investigate complaints pertaining
to accounting and auditing, as well as potential violations
of anti-corruption regulations, from employees and third
parties in general. This ensures the privacy of those who
report suspicious activity, as they can view the status of their
complaint using a code.

Every member of the Board of Directors has unrestricted,
instantaneous, permanent access to the reports they have
received, regardless of their location.

It should be noted that despite the fact that the majority
of complaints received through this channel have nothing
to do with the areas for which it was intended, they are
nonetheless assessed and looked into based on the severity
and nature of the complaints. 88 were investigated and
closed out of all the complaints that were received in 2023;
the remaining 20 are currently being reviewed.

Coca-Cola Andina’s Management has taken the following actions in response to
the different complaints received during 2023 through the Anonymous Reporting
Channel:

> Reinforcement of communication and institutional training.

> 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.

INTEGRATED ANNUAL REPORT 2023MAIN POLICIES AND
GUIDELINES

GRI 2-23, 2-24, 205-2 | CMF 3.1.I, 8.1.4

We have corporate policies and standards that are
required for the entire Organization and are continuously
being improved in order to uphold Corporate Governance
practices and guarantee their proper operation. Internal
Audit monitors how these regulations are being applied
in order to document the level of compliance and report
the findings to the Directors and Audit Committee. The
primary policies are available for stakeholders to view and
familiarize themselves with on our website. Despite this, all
of the Company’s policies and standards are available to
employees and are published.

Corporate
Governance
policies and
codes

The Company’s most

pertinent policies and
standards are listed in
the following excerpts,

arranged by subject.

Corporate Diversity Policy of the
Board of Directors

CMF 3.1.VI

This Policy aims to outline, in broad strokes,
the requirements and attributes that the
Company’s shareholders should take into
account when proposing candidates for the
Coca-Cola Andina directorship.

In order to better ensure the long-term
sustainability of the Company and create
value, this Policy aims to reduce any
potential barriers related to gender, society,
or culture that might in any way impede
the natural diversity of skills, experiences,
visions, traits, and conditions that should
exist on the Company’s board of directors.

Corporate Policy on Free Competition
in the Markets

CMF 3.1.III, 8.1.4

in the markets

is a
Free competition
fundamental pillar in our way of doing
business. Coca-Cola Andina is committed
to adhering strictly to the regulations
governing free competition in the markets
which, in general terms, penalizes anyone
who engages
in any activity, deed or
convention that prevents, limits, restricts
or hinders free competition or tends to
produce such effects, or that amounts to an
abuse of a dominant position in a market in
a way that could be detrimental to general
interest of the economy.

Corporate Governance
Manual

CMF 3.1.I

the use of

this document,

With
the
relationships between the entities that
oversee
the Company’s management
function and the control model put in
place to produce results for the various
stakeholders in terms of the economy,
society, and environment can be managed
effectively. Therefore, in order to achieve
operational efficiency targets and strategic
goals, the Manual defines and puts into
practice the administration, management,
functions, and
and control structures,
methodologies.
It also outlines plans
for integrating these guidelines into the
Company’s culture and functioning.

Code of Ethics and
Business Conduct

CMF 3.6.VII

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. It regulates among others, matters
such as conflicts of interest, accounting
information, internal loans, fraud, dealings
with public officials, clients and suppliers,
political and humanitarian contributions,
Law 20,393 and the Ethics Committee.

INTEGRATED ANNUAL REPORT 2023Corporate Policy for the Prevention of
Crimes and Corrupt Practices

GRI 205-2, CMF 3.1.III

This document serves to set the rules that
will govern the Company and its Subsidiaries’
adoption, use, and management of the
Crime Prevention Model.

Corporate Policy on Gifts and Hospitality

CMF 3.1.III

This Policy’s goal is to reduce the possibility
of corruption
in relation to giving and
receiving gifts and/or showing hospitality.

Corporate Donations Policy

It protects the Company’s
interests by
keeping it out of situations where corruption
arises as a result of donations. Regardless of
the size or type of donation, all contributions
must abide by this policy.

Anonymous Complaint Procedure

CMF 8.1.5

It covers the processes and abilities to
receive, assess, and look into complaints
about accounting, accounting controls,
auditing, and potential anti-corruption law
infractions from workers and other parties
at large, as well as those pertaining to
general accounting concerns. According
to the Company’s policies, this procedure
states that no member may directly or
indirectly retaliate against anyone who files
a complaint in good faith.

Human
Resources
Policies and
Codes

Corporate Human Rights Policy

CMF 2.1, 3.1.II, 3.6.I, 4.2

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

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

CMF 3.1.VII, 5.5

to promote

inherent worth,

This policy’s goal
the
is
integration of diversity and inclusion by
placing a high value on respecting each
person’s
irrespective of
race, sex, origin, age, religion, marital
status, sexual orientation, gender identity,
or mode of expression, disability, status as
a veteran, level of education, experience in
life, opinions, ideas, or beliefs. Additionally,
it aims to control and prevent sexual
harassment in the workplace in all of its
manifestations.

Crime
prevention
policies and
codes

Other policies
of interest

Governance

< Audit Committee Regulations
< Habituality Policy
< Corporate Delegation of Authority

Policy

Finance and accounting

< Accounting Policies
< Corporate Internal Control System

Policy

< Corporate Financial Investments and

< Code of Ethics Suppliers and Third

Financing Policy

Parties

< Corporate Policy on Management of

Conflicts of Interest and Related Party
Transactions

< Corporate Sustainability Policy
< Corporate Environmental Management

Policy

< Corporate Food and Beverage Waste

Policy

< Corporate External Communications

Policy
Insider Trading and Information of
Interest to the Market Management
Manual

< Corporate Power of Attorney Policy
< Corporate Risk Management Policy
< Corporate Policy Management

Framework

< Corporate Credit Granting Policy
< Corporate Policy on Currency Hedging

for Commodity Purchases

< Corporate Tax Policy
< Corporate Purchasing and Investment

Policy

< Corporate Annual Budget Policy
< Corporate Insurance Policy

Human resources

< Corporate Compensation Policy
< Corporate Policy on International

Movement of People

< Corporate Performance Policy
< Clawback Policy

INTEGRATED ANNUAL REPORT 2023RISK
MANAGEMENT
MODEL

Coca-Cola Andina has a Risk Management
Model that reaches all operations and
collaborators of the Company and promotes a
culture in which management responsibility is
shared by all.

RISK MANAGEMENT STRATEGY

The goal of the risk management strategy is to create
a culture and procedures
for handling pertinent
business risks so that, in the event that they arise, the
consequences can be controlled and contingencies are
in place.

POLICY AND METHODOLOGY
CMF 3.6.I

Based on a regulatory body that applies to the entire
company, the Risk Management Model is integrated by
a policy that sets governance and by methodologies that
give a common language for all operations. This makes it
easier to prepare risk maps, monitor them, and report to
the Board of Directors and senior management.

The Committee of Sponsoring Organizations of the
Treadway (COSO) and, particularly, relating to risks
associated with climate change, the Task Force on
Climate-related Financial Disclosure
(TCFD) provide
the Company with guidance in defining the policy and
methodology.

RISK AND SUSTAINABILITY MANAGEMENT GOVERNANCE
GRI 2-14 | CMF 3.2.VII, 3.6.IV, 3.6.V, 3.6.VI

Board
level

Executive
Level

Corporate
Level

Operations
Level

BOARD OF DIRECTORS
Safeguarding the Company’s value against various risks is one of its primary responsibilities,
along with knowing, comprehending, and improving the risk management culture.

Directors’ and Audit Committee

Ethics, Culture and Sustainability Committee

INTERNAL
AUDIT

Reporting to the Audit
Committee, it ensures that the
Board of Directors’ approved
guidelines are followed in the
risk management process,
including taking appropriate
mitigation actions
when needed.

CHIEF EXECUTIVE OFFICER

Management Team*

Corporate Sustainability and
Risk Committee**

Coca-Cola
System Forums

In charge of appropriately
managing relevant risks and
material Sustainability issues for
the entire Company.

In charge of establishing the
strategic goals for significant
sustainability issues and making
sure the prerequisites are met
for an appropriate mitigation
of risks.

Spheres for disseminating
the system’s best practices
and relevant trends regarding
Sustainability and Risks (ERM).

MANAGEMENT CONTROL, RISK AND SUSTAINABILITY CORPORATE MANAGEMENT
Unit in charge of detecting, quantifying, monitoring and
communicating risks and material sustainability issues.

Environment Department

Risk Management

Community Liaison
Department

Roundtables with operations

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

GENERAL MANAGERS AND FIRST LINE
Their responsibility is to maintain adequate management of relevant risks and material
sustainability issues in their operation.

LOCAL RISK ADMINISTRATOR
The local coordination of the Risk Management process is its primary duty.

*Consists of the Chief Executive Officer, Corporate Officers and General Managers of Operations.
**The Corporate Sustainability and Risk Committee consists of: Chief Executive Officer, Chief Legal Officer, Chief Financial Officer, Chief Human Resources Officer, Chief Strategic Planning & Digital Development Officer and
of the Management Control, Risk and Corporate Sustainability Manager, as Executive Secretary.

INTEGRATED ANNUAL REPORT 2023RISK MANAGEMENT PROCESS
CMF 3.6.III, 3.6.VI

Identifying and assessing risks and their
severity

The Company assesses and organizes risks
into pillars or subcategories using context
analysis, disclosures or internal and external
conferences to the Coca-Cola system, and
the annual budgeting process. The probability
of occurrence and impact for each risk is
calculated, allowing the criticality or local
and particular severity of each risk to be
determined and prioritized for management.

Identifying and assessing
mitigation plans

thoroughly analyzing

This stage entails designing, implementing,
the mitigating
and
measures. The impact of the identified risks
and/or their contribution to lowering their
probability of occurrence are evaluated for
each.

Determining risk
exposure

After the Operations have put their mitigating
measures into place, the risk exposure, also
known as residual risk, is then ascertained.

The necessary actions and level of urgency
are determined by the severity of each risk
and its exposure.

Continuous Risk Management Process

Risk response plan reporting
and validation

Monitoring and
surveying

Critical analysis and ongoing
improvement

We seek to identify synergies and promote
the extension of good practices related to
risk mitigation and business model resilience
through coordination
instances, working
groups, critical analysis, and benchmarking
across operations.

Risk managers continuously monitor risks and
controls to ensure the continuity and quality
of mitigating actions.

its part, verifies risk
Internal Audit, for
processes and mitigation actions and reports
on its findings. To close the gaps, those in
charge develop action plans, the progress of
which is tracked on a regular basis.

the

Once
risks, controls, and effective
exposure have been identified, the results
are escalated to the Corporate level and the
Board of Directors for validation of mitigation
actions, residual risks, and the development
of new mitigations as needed.

RISK MANAGEMENT
TRAINING

CMF 3.6.VIII

DURING 2023, MORE THAN
2,000 COLLABORATORS RECEIVED
TRAINING IN THE MANAGEMENT
OF PARTICULAR RISKS, INCLUDING
GIFTS, FREE COMPETITION,
INSIDER INFORMATION, AND
CONFLICTS OF INTEREST, AMONG
OTHERS, WITH THE GOAL OF
FOSTERING AN EFFECTIVE RISK
CULTURE. THE TRAINING ALSO
INCLUDED INSTRUCTION ON
HOW TO IDENTIFY AND ADDRESS
RISK MATERIALIZATIONS.
FURTHERMORE, AROUND ONE
HUNDRED COLLABORATORS
RECEIVED TRAINING ON RISK
MANAGEMENT CONCEPTS.

INTEGRATED ANNUAL REPORT 2023RELEVANT BUSINESS RISKS
GRI 2-25, 205-1, 306-1 | CMF 3.6.II, 3.6.II.A, 8.1.4|

The following is a summary of the main risks affecting the business

We rely heavily on our
relationship with The Coca-Cola
Company, which has substantial
influence over our business and
operations. Non-renewal of our
authorization to produce and
market its branded products, or
other changes in our relationship,
may adversely affect our
business.

The beverage business
environment is changing rapidly,
including as a result of increased
health and environmental
concerns, such as epidemic
diseases, single use packaging,
and plastic bottles pollution, and
if we do not address evolving
consumer product and shopping
preferences, our business could
suffer.

Increased concern about the
health effects of sugar and other
sweeteners in beverages could
result in changes to the beverage
business that may adversely
affect our financial results.

Our business is highly
competitive, including with
respect to price competition,
which may adversely affect our
net profits and margins.

If our raw material costs increase,
including as a result of U.S.
dollar/local currency exchange
risk, price volatility and inflation,
our profitability may be affected.

Our business is subject to risks
arising from pandemics such as
the COVID-19.

Our insurance coverage may
not adequately cover losses
resulting from the risks for which
we are insured.

Significant additional labeling or
warning requirements may inhibit
sales of our products.

Our business may be adversely
affected if we are unable to
maintain brand image and
product quality.

If we are unable to protect our
information systems against data
corruption, cyber-based attacks
or network security breaches, our
operations could be disrupted.

Trademark infringement could
adversely impact our beverage
business.

We may not be able to
successfully implement our
expansion strategies or achieve
the expected operational
efficiencies or synergies from
potential acquisitions.

Weather conditions or natural
disasters may adversely affect
our business.

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.

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.

Instability in the supply of utility
services and oil prices may
adversely impact our results of
operations.

Water scarcity, poor water quality
and energy shortages could
adversely impact our production
costs and capacity.

Climate change and legal or
regulatory responses thereto
may have an adverse impact
on our business and results of
operations.

Our ability to achieve our
environmental, social and
governmental 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.

INTEGRATED ANNUAL REPORT 202351

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.

Our business is subject to
regulation, which is complex and
subject to change.

Our business is subject to
increasing environmental
regulation, which may result in
increases in our operating costs
or adverse changes in consumer
demand.

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.

Adverse judgments or
determinations in tax
proceedings to which we are,
or may become, a party, may
have a material adverse impact
on our business and results of
operations.

The countries in which we
operate may adopt new tax laws
or modify existing laws or their
interpretations, to increase taxes
applicable to our business or
reduce existing tax incentives.

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.

We may not be able to recruit or
retain key personnel.

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 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.

Geopolitical and other challenges
and uncertainties globally could
have a material adverse effect
on the global economy and our
business.

Negative information on social
media and similar platforms
could adversely affect our
reputation.

INTEGRATED ANNUAL REPORT 202352

RELEVANT BUSINESS RISKS ACCORDING TO THE LOCAL SITUATION OF EACH OPERATION
CMF 3.6.II.; 3.6.II.A Y 6.2.VIII

> Our business operations

in Argentina are
dependent on economic conditions in Argentina.

> 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.

Inflation in Argentina may adversely affect our
operations, which could adversely impact our
financial condition and results of operations.

> Our business operations in Brazil are dependent

> Our growth and profitability depend significantly

on economic conditions in Brazil.

on economic conditions in Chile.

> Historically volatile political, social and economic
conditions in Brazil could adversely affect our
business and results of operations.

> The Brazilian real is subject to depreciation
and volatility, which could adversely affect
our business, financial condition and 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.

> Political developments in Chile could result in

> Our business operations

in Paraguay are
dependent on economic conditions in Paraguay.

Inflation in Paraguay may adversely affect our
financial condition and results of operations.

> The Paraguayan guaraní is subject to depreciation
and volatility, which could adversely affect our
financial condition and results of operations.

Inflation and
measures
increasing
economic uncertainty in Brazil.

the Brazilian government’s
to curb
including by
interest rates, may contribute to

inflation,

> Changes in tax laws may increase our tax burden
and reduce tax incentives and, as a result,
negatively affect the Company’s profitability.

> Brazilian tax proceedings can result in significant

tax liability

> The Argentine peso is subject to depreciation
and volatility, which could adversely affect our
financial condition and results of operations.

> The Argentine government has imposed, and
may in the future impose further 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.

> 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.

> The government may enact wage increases for
private sector employees, which could increase
our operating costs and affect our results of
operations.

> Governmental measures to prevent or respond
to social unrest may adversely affect the
Argentine economy and our business.

> Price control policies of previous governments in
Argentina, if reinstated in the future, may have
a material and adverse effect on our results of
operations in Argentina

instability.

> The Chilean peso is subject to depreciation
and volatility, which could adversely affect our
business.

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.

> A major natural disaster such as an earthquake,
tsunami or forest fires in Chile could negatively
affect the Chilean economy and our network
infrastructure.

RISK FACTORS RELATING TO THE ADRS AND COMMON STOCK
CMF 3.6.II.Y 6.2.VIII

1. Preemptive rights may be unavailable to ADR holders.

2. Shareholders’ rights are less well-defined in Chile than in other jurisdictions, including the

United States.

3. The market for our shares may be volatile and illiquid.

INTEGRATED ANNUAL REPORT 202353

RISKS AND OPPORTUNITIES ASSOCIATED WITH CLIMATE CHANGE (TCFD FRAMEWORK)
GRI 201-2 | CMF 3.1.II, 3.2.VII, 3.6.II, 3.6.II.A

DURING 2021 AND 2022, THE SUSTAINABILITY, RISK MANAGEMENT AND FINANCE AREAS, TOGETHER
WITH CORPORATE CITIZENSHIP, INITIATED A REVIEW PROCESS UNDER THE TCFD (TASK FORCE ON
CLIMATE-RELATED FINANCIAL DISCLOSURES) STANDARD. THE COMPANY’S COMMITMENT IS TO
FURTHER DEVELOP THE CORE ELEMENTS OF THE FOUR TCFD PILLARS AND TO FOCUS ON EXISTING
GAPS IN ORDER TO DRIVE FULL COMPLIANCE WITH THE DISCLOSURE STANDARD.

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GOVERNANCE OF CLIMATE-RELATED RISKS AND OPPORTUNITIES:

Corporate governance of climate-related risks and opportunities is described earlier in this
chapter. See “Governance for Risk Management and Sustainability” section.

STRATEGY AND METRICS:

The physical and transition risks and opportunities that could arise from climate change were
identified in the 2021–2022 exercise under two scenarios (one with a gradual shift to a low-
carbon economy and the other with no action taken to reduce global GHG emissions) and
under time horizons up to 2030 that were in line with the sustainability strategy’s time horizon.
Following a prioritization and quantification process based on their potential financial impact,
the management actions necessary to mitigate these risks, the primary monitoring metrics,
and their 2030 targets were established.

RISK MANAGEMENT:

Incorporation of identified climate change risks into the current “Risk Management Model”.

INTEGRATED ANNUAL REPORT 2023

RISKS RELATED TO CLIMATE CHANGE
CMF 3.6.II: 3.6.II.A

The following table lists the risks, impacts, mitigation strategies, and related metrics.

Principal risks associated with climate change

Probability and impact

Actions

Transition scenario risk:

Increased costs of packaging raw materials.
Policies and laws aimed at preventing global warming are expected
to get stricter, with special attention paid to energy- and emission-
intensive sectors like the plastic resin industry.

Transition scenario risk:

Increase in fossil fuel prices.
Increasing regulation of fossil fuels through additional fiscal and
carbon pricing mechanisms may affect a key part of the value chain,
such as distribution and logistics in the delivery of products.

The risk that comes with more regulation of emissions related to the production
of plastics and energy inputs—including direct carbon pricing—may materialize,
driving up the cost of this raw material input.

Probability

low to medium

Cumulative effect on consolidated
adjusted EBITDA until 2030

Severity

Medium

Medium/High

When taking into account the company’s own fleet (>1,400 trucks in Brazil and Chile)
as well as the subcontracted fleet (>1,600 trucks), the materialization of this risk
would have an impact on transportation costs. Fuel costs account for between 5%
and 20% of transportation expenses, so fluctuations in these costs pose a risk to the
financial results.

Probability

very low to low.

Cumulative effect on consolidated
adjusted EBITDA until 2030

High

Severity

Medium

Increase the share of returnable packaging over total NARTD
sales, or increase the sales volume of returnable packaging over
total sales.. Target 2030: 42.8%.
Increase the use of recycled resin and the collection of single-
use bottles, or increase the % of recycled resin use over the total.
Target 2030: 50%..
Packaging recyclability. Target 2030: 100%.
Increase collection of packaging sold. Target 2030: 100%.
Reduce the weight of bottles.

>
>
>
> Conduct life cycle analysis of packaging (carbon footprint).

> Carbon footprint management: reduction of carbon footprint

emissions Scope 1,2,3.
Investments in more fuel-efficient distribution fleets and efficient
truck routing.

Physical change scenario risk:

Water scarcity as a result of drought and
decreased precipitation.
Production in water-stressed areas is impacted by a lack of water as a
result of decreased rainfall and drought.

The materialization of this risk would have an impact on water availability,
necessitating an initial reduction in production at the Renca bottling plant owing to a
raw material shortage.

Probability

very low to low

Cumulative effect on consolidated
adjusted EBITDA until 2030

Low

Severity

Medium

Improve water use efficiency, or improve the Water Use Ratio
(liter of water/liter of beverage produced).
Target 2030 WUR= 1.27.

> Communities: Access to water and water replenishment.

Coca-Cola System Goal: return 100% of water used in beverage
production.

Physical change scenario risk:

Suppliers of agricultural ingredients are
impacted by climate factors.
Climate-related variables that can alter crop yields or result in crop
loss include temperature, rainfall variability, and water stress.

Brazil’s sugar crop yields would be impacted by the materialization of this risk,
among other things. However, because the physical effects of climate change will
take time to manifest, there is only a gradual and moderate expected short-term
impact on business continuity and financial results.

Probability

very low to low

Cumulative effect on consolidated
adjusted EBITDA until 2030

Low

Severity

Low

> Grow in portfolio and sales of reduced and sugar-free products,
reducing the amount of kilocalories sold over total liters sold.
Target 2030: 40.75 kilocalories sold per 200ml. Kilocalories sold
over total liters sold.
Percentage of sales of reduced and sugar-free categories.

INTEGRATED ANNUAL REPORT 202355

OPPORTUNITIES RELATED TO CLIMATE CHANGE

GRI 2-25 | CMF 3.6.II, 3.6.II.A

Principal opportunities related to climate change

Impact

Actions

Returnable packaging is benefited by
new environmental regulations.

The materialization of this opportunity would enhance the Company’s already-
developed competitive advantage in terms of know-how in the management and
commercialization of returnable packaging.

Cumulative effect on consolidated adjusted EBITDA until 2030

Medium

Increase the share of returnable packaging over total NARTD
sales.
Target 2030: 42.8%. Returnable packaging sales volume over
total sales.

Increased liquid intake as a result
of rising temperatures

The relationship with the community and the financial results would both benefit
from this opportunity materializing.

Broadening of the portfolio to meet consumer preferences.

>
> Master plan for production and logistics capabilities.

Cumulative effect on consolidated adjusted EBITDA through 2030

Metric: Sales volume.

Medium

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

If this opportunity materialized, it would improve water and energy efficiency and
make technology more accessible for distribution fleets that are more efficient.

*Investment in technologies to improve operational efficiency
and reduce costs.

Cumulative effect on consolidated adjusted EBITDA through 2030

Metric: Consolidated Adjusted EBITDA

Low

*Currently, we do not identify opportunities. With the exception of risks related to climate change.

INTEGRATED ANNUAL REPORT 2023

RISKS RELATED TO FREE COMPETITION

CMF 3.6.II.C, 8.1.4 | GRI 2-25

Engaging in conduct that violates the rules that govern free competition could seriously harm
our relationship with the community and our financial results. The most significant effects on
our business could include: sanctions and possible compensatory damages, damage to our
corporate image, and impact on sales.

The Company has implemented a Competition Compliance Program (the “Compliance
Program”) in order to reduce this risk. The program is based on an analysis of the risks that
are inherent in the business and consists of a number of documents and activities that aim to
reduce each of the risks that have been identified. Each activity is assigned a specific person
responsible for it, along with an opportunity.

One of the main pillars of the Compliance Program is an annual training program for
executives and collaborators. The course content and frequency are specifically tailored to
the responsibilities of the various roles involved.

Every year, an audit is conducted to verify the application of the Compliance Program in all
four operations.

RISKS RELATED TO CONSUMER HEALTH AND SAFETY

CMF 3.6.II.D

Consumer health risks brought on by product or input contamination or spoilage could
have a negative impact on corporate reputation, sales, and market leadership, as well as its
relationship with the community and financial results due to fines and potential indemnities.

Our commitment to producing the highest quality products is our primary mitigation
measure. We take significant precautions to minimize the risk of defects or contamination
in our products. These precautions include quality control programs for raw materials, the
manufacturing process and our finished products. We also have procedures in place to
correct any problems that are identified as quickly as possible.

There are three main lines of action to meet customer satisfaction, the norm and high
standards: certifications, sensory analysis program and monitoring the consumer complaint
indicator.

The risk has a medium/high impact and severity because of our commitment to the
community, but because of the mitigation measures put in place, the likelihood of it
happening is now very low or low.

For more details, see chapter 4 of this Integrated Annual Report.

DESCRIPTION OF EMERGING RISKS
CMF 3.6.II.E

Coca-Cola Andina considers risks that are new or gaining significance to be “emerging” if
they meet certain criteria: they originate from events outside the company; they are specific
to the activity; they have the potential to have a significant long-term impact; they may have
an impact on operations and require modifying the Company’s strategy or business model.

CHANGES IN BRAND IMAGE AND PRODUCT QUALITY

Consumers’ and authorities’ growing concern about the effects of sugar and
sweeteners, particularly on obesity, is a manifestation of the perception that
products are of low quality or potentially harmful to health. Furthermore,
worries regarding the effects of plastic on the environment could result in
fewer people purchasing our products that are packaged in plastic bottles
or in higher taxes, which would lower consumer demand.

This risk has a long-term, significant, and distinct impact on the business
since, in a few years, it may result in major changes due to ongoing legal
actions or threats against companies that commercialize and sell beverages,
which would have a substantial negative impact on profitability.

WATER SCARCITY, POOR WATER QUALITY AND POLLUTION

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.

If demand continues to increase worldwide and the quality of available water
continues to deteriorate, it would imply a significant increase in production
costs, reputational damage or the possibility of facing capacity constraints. In
addition, if periods of drought continue and are prolonged, operating costs
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.

We cannot assure you that water will be available in sufficient quantities and/
or quality to meet our future production needs or that it will be sufficient to
meet our current water supply needs; therefore, the potential impact of this
risk is long-term, significant and specific to the business.

INTEGRATED ANNUAL REPORT 202357

INFORMATION SECURITY AND
CYBERSECURITY RISKS

CMF 3.6.II.B

Coca-Cola Andina recognizes information security and
cyber-attacks as potential sources of business risk. As a
result, the company has developed and implemented a
global strategy that enables: (i) establishing an organizational
understanding
in order to monitor cybersecurity risks
related to its systems, people, assets, data, and capabilities;
(ii) safeguarding systems and assets (including data); (iii)
identifying deviations from established protocols;
(iv)
responding to cybersecurity incidents; and (v) restoring
business operations, as needed.

The CyberSafety framework adheres to the highest industry
standards, is constantly tested for Business Continuity
(BC) and Disaster Recovery (DR), and is maintained with
an integrated view of people, processes, and technology.
To strengthen its cyber resilience, the company adds
new controls and systems each year, as well as conducts
periodic and extensive testing of mitigation measures aimed
to address vulnerabilities discovered during Ethical Hacking
and Pentesting assessments. In addition, access to the
platform is now protected by a “Zero Trust” architecture.

This is supplemented by the outsourcing of infrastructure
and information security services via a subcontract with
one of Latin America’s top technology corporations. This
organization offers on-site support, a user help center,
network support, and cybersecurity monitoring. The
is controlled by a contractual
IT outsourcing service
agreement, which
is audited annually by an external
auditor to ensure compliance with critical service controls
ISAE 3402 standard. Throughout the
specified
selection process, all technology providers delivering SaaS
or on-premises applications are evaluated using the cyber
resilience methodology of INCIBE-CERT (Instituto Nacional
de Ciberseguridad de España).

in the

INFORMATION SECURITY AND CYBERSECURITY GOVERNANCE

BOARD OF DIRECTORS

Audit Committee

Among other things, this committee monitors risks arising from cybersecurity threats and is responsible
for establishing policies, guidelines and strategies for information security risks. It also evaluates the
scope and effectiveness of the cybersecurity and information security systems in place.

(Meets monthly and, once a year, reviews cybersecurity risks, controls, ongoing initiatives,
and future work plans).

INTERNAL AUDIT

Policies and
guidelines are reviewed
independently, with
comments and reports
issued to the Audit
Committee.

CHIEF EXECUTIVE OFFICER

Cybersecurity Committee*.

Assesses and monitors cybersecurity risks, approves the cybersecurity and contingency
strategy and direction presented by the CISO, and reviews security operational indicators,
control implementation status, project progress and future cybersecurity work plans.

(Under the direction of the CISO, it meets when a major threat materializes or at
least once a year).

CORPORATE INFORMATION TECHNOLOGY MANAGEMENT

Chief Information Security Officer (CISO)

Oversees and manages cybersecurity issues and risks, creating, managing and executing the cybersecurity
plan for networks, which are IT (information technology) and OT (operation technology). Oversees the
implementation of the enhancements, architectures, policies and standards defined by the Company.
Manages the IT risk map (RIA IT) and related mitigation plans.

MANAGERS AND LOCAL BIT TEAM
Managers, technical leaders, architects and specialists responsible for ensuring that safety
policies, norms, standards and procedures are respected within their cells and work areas.

Board Level

Executive
Level

Corporate
Level

Operations
Level

* Composed of the Chief Human Resources Officer the Chief Legal Officer the Chief Information Technology Officer, the Corporate Manager of Management Control, Risk and Sustainability, the
representative of the Corporate Internal Audit Management and the Information Security Manager (CISO).

INTEGRATED ANNUAL REPORT 2023
58

INFORMATION SECURITY POLICY

The goal of the information security policy is to safeguard information assets
from attacks by means of an ongoing procedure. It lays out general rules
for who is responsible for what, how to safeguard and manage information
risks, and how to access, handle, manipulate, process, transmit, store, and
do any other action involving information assets owned by the company.

This policy also specifies the classification of information, the definition of
responsibilities, and the use of digital technologies to support its execution.
Examples of these solutions include unifying information storage and
transmission systems, protecting information through Data Loss Prevention
(DLP) practices, and encrypting information stored on the Company’s
critical equipment.

In this context, each member of the Company is responsible for safeguarding
technological assets and protecting information in cyberspace, as well as
the infrastructure that supports it.

TRAINING AND DISSEMINATION

Coca-Cola Andina continuously updates its workforce on the steps taken to
advance cybersecurity, ensuring that they are all trained on the concepts
and threats related to this field. In order to achieve this, information security
management training is coordinated by the IT and HR departments, with
an emphasis on the services and software utilized. These efforts persisted
in 2023, and the Technology team also received training in cybersecurity
procedures, including safeguarding digital assets, secure development
practices, managing IT risk, and system modifications, among other things.
To find vulnerabilities, phishing exercises were also carried out.

INTEGRATED ANNUAL REPORT 202359

People:
developing
and caring
for our
talents

Collaborator figures in this chapter include all
consolidated subsidiaries.

INTEGRATED ANNUAL REPORT 2023LIVING THE PURPOSE
AT COCA-COLA

ANDINA

The challenge of articulating the Company’s Purpose to every

individual involved in the operations across the four countries it

operates in marked the start of 2023. This was made possible by

a communication strategy built around the pillars supporting

the purpose and incorporating partners and customers into the

everyday reality.

PROPÓSITO EN
RUTA (PURPOSE ON
THE ROAD)
MORE THAN 120,000
UNIQUE USERS
AND MORE THAN
470 HOURS OF
CONTENT WERE
VIEWED DURING THE
PROPÓSITO EN RUTA
CAMPAIGN, WHICH
WAS PROMOTED VIA
COCA-COLA ANDINA’S
LINKEDIN ACCOUNT.

Launched live, with the
CEO leading along with
the Chief Corporate Officers
and Operations General
Managers.

PIRIN G W I T H P U RPOSE

The significance
and weight of the
Purpose, as well as its
communicational role, are
strategically aligned with the
leadership of Coca-Cola
Andina and the Company’s
principal leaders.

S
N

P U RPOSE

EILIN G O

V
N
U

Launch in each of the
operations and Corporate
Offices.

Live, hybrid and virtual
meetings, led by the
General Managers of the
operations and Committee
Managers.

Integrate cultural aspects
and styles from each
country.

Empowerment of leaders.

E A D ERS

G L

AININ

R
T

568 leaders were
trained and then tasked
with carrying out the
communication strategies.

The training focused on
the Purpose’s inspirational
power as well as
communication tools.

Using dynamic activities,
pre-readings, and work
groups.

TIN G T O T H E O RGANIZA

A
IC
N
U
M
M
O

Communication process
focused on the operational
role.

Communication cascades
led by the team leaders
themselves.

+80% of the staff has
participated in the Purpose
presentations.

Communication processINTEGRATED ANNUAL REPORT 2023If you want to know more about collaborator indicators, see chapter 9.

DEMOGRAPHICS OF OUR COLLABORATORS

COLLABORATORS BY OPERATION

16,628

Total Coca-Cola Andina collaborators

3,368

Total Argentina

8,055

Total Brazil

4,144

Total Chile
(Chile + Holding)

1,061

Total Paraguay

2,810

Women

376
Women

1,407
Women

864
Women

163
Women

2,992
Men

6,648
Men

3,280
Men

898
Men

13,818

Men

INTEGRATED ANNUAL REPORT 2023TALENT ATTRACTION
AND DEVELOPMENT

People are essential to achieving the goals of Coca-Cola
Andina; therefore the company focuses on improving
their well-being and bolstering its appeal as an attractive
employer. To this end, it has a Talent and Succession
Management Program that identifies and develops current
and future leaders, aligned with the Company’s strategy and
operational continuity. This involves attracting, retaining and
developing talent, contributing to the intellectual capital of
the Organization. Both leaders and employees play a key
role in this process, which is crucial for the development of
their careers and the continued success of the Company.

ANDINA ON LINKEDIN

CULTURAL AMBASSADORS

This platform has proven to be a successful
communication and talent acquisition tool,
contributing to the company’s Recruitment
& Selection (R&S) strategy. In 2023, more
than 160 publications were published, with
a total reach of 4,277,267
impressions,
allowing us to gain almost 69 thousand
new followers. In this vein, we launched
the first series of livestreams, with the goal
of communicating about the employer
brand’s distinguishing characteristics and
establishing new forms of relationship with
the community, which has resulted in over
30,100 views and 858 hours of published
content consumption through three events.

Through the participation of more than
300
individuals who follow operations
in Argentina, Chile, and Paraguay, this
program aims to increase the reach and
dissemination of content created on
LinkedIn. We give them tools to improve
their personal brand and the fundamentals
of being a brand ambassador in order to
strengthen their abilities as ambassadors.

MENTORING PROGRAM FOR
INTERNS - BRAZIL

Aims to give interns the resources they
need to succeed at the company by
offering courses on the knowledge portal
and communication channels and other
resources. Currently, this program has 14
participants.

If you want to know more about talent attraction indicators, see chapter 9.

Talent
retention

34.3%

of collaborators have more
than 6 years of seniority

Talent
attraction

63.5%

of collaborators are under
40 years of age

Talent
development

42.9%

of jobs are filled by
internal recruiting

YOUNG TALENT AT ANDINA

Over 50 people attended open days at
the Córdoba plant to
learn about the
requirements, values, and culture of
professionals. Under this program, 20 high
school interns were integrated into various
departments of the company, allowing for
the identification of future team members
and the strengthening of the connection
between students and the working world.

According to university students in Chile,
Coca-Cola Andina
is one of the most
attractive companies to work for, placing
it among the TOP 10 in the Merco Talento
Universitario - Chile Ranking.

Through courses on
the knowledge
portal and communication channels, the
Mentoring Program for Interns in Brazil gives
interns the tools they need to successfully
integrate into the company. This program
currently has 14 participants.

Lastly, the business received recognition
for its efforts to formalize employment and
promote good labor welfare practices in
Paraguay.

SUCCESSION PLAN
CMF 3.6.X

Coca-Cola Andina has a development model that includes
a talent management process, individual development
plans and internal mobility opportunities. It also has a
succession map for different levels of the organization with
high coverage indicators, which ensures business continuity
and strengthens the development and generation of growth
opportunities.

71.9%

of positions covered by the succession
plan incorporating 250 top managers

INTEGRATED ANNUAL REPORT 202363

AWARDS AND RECOGNITIONS

TOP 10 OF THE MERCO TALENTO RANKING ..

In 2023 we reached 8th place in this ranking, which recognizes the companies with the
greatest capacity to attract and retain talent in Chile, moving up 6 positions with respect to
the previous period.

EMPLOYER OF THE YEAR ...

During this year we were recognized for our contribution to the formalization of employment
and good labor welfare practices.

UNIVERSITY MERCO TALENTO RANKING ...

Coca-Cola Andina is located in the TOP 10 of the ranking, as one of the most attractive
companies to work for according to university students.

INTEGRATED ANNUAL REPORT 2023TRAINING

GRI 404-2 | CMF 5.8, 5.8.I, 5.8.II

Coca-Cola Andina promotes

capabilities that allow

the development of
its collaborators to acquire

knowledge and skills, as well as their internal mobility and
job retraining in different areas. Development and training
initiatives focus on highly specialized education
and training programs
and distribution processes, as well as on the
development of
and
sustainability and environment, and ethics
and code of conduct.

in sales, manufacturing

skills, competencies

employability,

occupational

safety,

job

If you want to know more about training indicators, see chapter 9.

16,628

Collaborators have been trained in at least one of the
subjects taught in 2023, which represents
100% of total staff.

US$1,118,018

Invested in education and training in 2023,
representing 0.04% of revenues for the period.

VIRTUAL AND IN-PERSON TRAINING

The virtual platforms, through Campus Koandina, offer
training tailored to the needs of collaborators, balancing in-
person and e-learning. Coca-Cola Andina provides a virtual
library with specific content for each country, including a
Portuguese version for Brazil.

As for in-person activities, meetings are organized to allow
teams to come together for collaboration and team building
in addition to training.

402,455

Total hours of training

314,349
Total hours of training
men

88,106
Total hours of training
women

Training hours
by operation

104,492

Total

137,514

Total

22,062

Women

82,430

Men

19,939

Women

117,575

Men

146,632

Total
(Chile + Holding)

42,410

Women

104,221

Men

13,818

Total

3,695

Women

10,123

Men

INTEGRATED ANNUAL REPORT 2023OUR TRAINING
PROGRAMS

Technical School of Manufacturing

Coca-Cola Andina Argentina focuses on developing new
skills in beverage production, addressing aspects such
as machinery handling, milling processes and production
lines to face the challenges that arise when creating new
products. The results of this program show a 615% growth
in 2023 compared to 2018, reaching a total of 113 people
trained this year and 1,592 skills developed.

The Art of Negotiation

GRI 404-2

It is directed at Coca-Cola Paresa’s Sales, Marketing, Trade
Marketing and Supply areas. The topics covered include
analysis of practical cases, reading, negotiation, review and
learning, as well as strategies to face difficult negotiations.
Negotiation principles and sources of power are explored.
In 2023, 30 people were trained for a total of 45 hours of
training.

Postgraduate course certified by the ICDA, Business
School of the Universidad Católica de Córdoba.

GRI 404-2

The objective is to foster and cultivate the necessary skills to
maintain competitiveness and lead in a constantly changing
environment, addressing the following topics: strategic
vision, corporate entrepreneurship, leadership and high-
performance teamwork, agile methodologies, creativity
and innovation with a focus on emotional intelligence and
storytelling. Conducted virtually through the Koandina
Campus, the 50-hour program benefited 75 executives of
Coca-Cola Andina Argentina.

Along the same vein, the Strategic Management program
addresses current issues to enrich the role of management
and provide tools to strengthen leadership skills, focused
on business strategy and a long-term perspective that
contributes to the sustainability of the operation.

Inspirational Leaders Academy

This initiative was implemented in the four operations
with the goal of promoting the connection and exchange
of learning among teams through interactive dynamics.
This collective effort culminated in the definition of the
competencies that characterize the Coca-Cola Andina
Inspirational Leader: Excellence in Management, Resolution
Capacity, Collaboration and Inclusion, Focus on Customers
and Value Chain Optimization, as well as the role of Coach
who guides and develops his or her teams.

Training of Trainers

This initiative focuses on the complete training of trainers
and instructors of Coca-Cola Paresa, through a dynamic and
participative methodology, using case studies, simulation
exercises and group dynamics to develop tools in a synergic
environment. The objectives of the program
include
identifying
learning trends, writing training objectives,
choosing methods to create content, structuring training
sessions, encouraging variety and participation, including
evaluation in the delivery and designing visual aids to
support the training. This initiative benefited 29 people with
a total of 348 hours of training.

Office 4.0: fleet mechanics training

Its objective is to train Brazil’s own fleet team in new
technologies and tools used in modern vehicles, improve
efficiency and reduce maintenance costs. The program
had an average of 128 hours of training per person, which
is constantly reinforced in order to maintain the operation at
optimum performance levels.

INTEGRATED ANNUAL REPORT 2023DIVERSITY
AND INCLUSION

CMF 3.1.VI, 3.1.VII

16.9%Women

+26.6%

of women within the
Company.
Commitment 2030

Different nationalities

If you want to know more about our diversity indicators, see chapter 9.

HUMAN RIGHTS POLICY

CMF 2.1, 3.1.II

COCA-COLA ANDINA’S HUMAN RIGHTS POLICY IS GUIDED BY INTERNATIONAL 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 COMPACT, AND THE UNITED NATIONS GUIDING
PRINCIPLES ON HUMAN RIGHTS AND BUSINESS.

strengthen

Coca-Cola Andina values diversity as a significant asset and
is committed to fostering an inclusive work environment.
Supports diverse employee perspectives and experiences
teams. Each collaborator’s
to
commitment to inclusion, diversity, non-discrimination and
the prevention of harassment is essential to maintaining a
productive and growing work environment based on trust
and mutual respect.

resilient

In order to meet this challenge, the Company has endorsed
the principles of the Coca-Cola System, which implies
undertaking the following obligations:

> Remove barriers

the hiring, promotion and
compensation of employees within the Company,
ensuring that these will be carried out objectively, based
on their skills, performance, abilities and experience.

451
People with
disabilities

6,733
Hours of training in
diversity and inclusion

> Ensure equal opportunity

and

intolerance of

discrimination.

> Promote diversity in all operations, implementing actions
that favor the hiring of people with special needs and
vulnerable minorities, allowing the full development of
their potential.

> Ensure respectful workplaces, with no tolerance for
harassment - physical or verbal - based on race, gender,
nationality, origin, religion, age, status or disability.

> Sanction any situation of discrimination, harassment or
any other type of disrespectful or excessive behavior,
ensuring that there are no reprisals of any kind as a result
of having reported or participated in any investigation in
relation to the aforementioned points.

INTEGRATED ANNUAL REPORT 2023TO PROMOTE VIOLENCE-FREE SPACES, WORKSHOPS, EMPLOYABILITY PROGRAMS FOR
PEOPLE WITH DISABILITIES, EDUCATIONAL WORKSHOPS IN PARTNERSHIP WITH VARIOUS
INSTITUTIONS TO ADDRESS ETHNIC-RACIAL SEGREGATION AND LGTBIQ+ ISSUES, AND
MENTORING TO STRENGTHEN WOMEN’S LEADERSHIP AND INTERNAL DEVELOPMENT
OPPORTUNITIES IN THE COUNTRIES OF OPERATION, AMONG MANY OTHER ACTIONS.

LGTBIQ+ Pride Month

joins

Coca-Cola Andina Brazil actively
the
celebration of Pride Month with the purpose o f
raising awareness and promoting gender equality. It
implemented the campaign “Feel the taste of being
the way you are”, which included a conference
led by Maite Schneider, a trans woman, to share
experiences on diversity and inclusion.

At Coca-Cola Andina Argentina, spaces for reflection
and awareness are provided to employees, along
with workshops for the human resources team and
leaders on the inclusion of trans people during this
month.

Talks on labor and sexual harassment

CMF 5.5

To raise awareness of harassment and its impact on
daily life, in Paraguay, together with the Ministry of
Women’s Affairs, information was provided on the
various types of harassment that affect society,
their effects and the importance of prevention and
protection.

Meanwhile, in Chile, through the Legal Department,
training was provided to managers on labor and
sexual harassment, with the aim of resolving
doubts and raising awareness in this area, with the
participation of approximately 200 leaders.

Integration of young people and retirement
processes

Inclusion of people with disabilities in the private
sector

GRI 404-2

Within the framework of the Generations Pillar, in
Argentina and Brazil Coca-Cola Andina seeks, on the
one hand, to integrate the new generations and, on
the other hand, to advise those who are beginning
their retirement process.

Thus, in alliances with universities, high schools and
governmental entities, we carried out internship
and job placement projects for young professionals
with no previous experience. On the other hand, we
work in advising people in the management of their
retirement processes, with psychological support
and the possibility of voluntary early retirement in
certain cases, in addition to special recognition as
a team.

the support of

In Brazil, with
the National
Commercial Apprenticeship Service ( SENAC), a
course focused on the skills needed to integrate i
n t o product packaging operations, stock control,
sales promotion and execution, replenishment of
merchandise at the point of sale and provision of
information to customers, promoting the insertion of
young people into the labor market as packagers,
operators and/or replenishers of merchandise.

Since 2022, a partnership has been developed
with the organization “Súmate”, from Argentina,
to address
the selection process of profiles
with disabilities, which is complemented by the
collaborative work with the employment portal
“Inclúyeme”, which collaborates in the search and
selection of profiles with disabilities.

In Brazil, together with the Ministry of Labor and
the Rio de Janeiro City Council, we participated in
forums and fairs to promote the employability and
inclusion of people with disabilities in the private
sector. In addition, a Brazilian sign language course
was implemented to strengthen the inclusion of
employees with hearing disabilities.

In 2023 in Chile, together with the TACAL Foundation,
a special program for people with disabilities
was implemented, the first one in the distribution
centers and in the shipping area, where 20 people
participated. Something similar was done
in
Paraguay, where courses were given on the various
forms of disability and sign language.

Fostering gender equity in our operations

In Argentina, the “Coca-Cola Andina Women”
conference was held
in commemoration of
International Working Women’s Day. This event
provided a space to connect, share experiences
and discuss past, present and future challenges in
the gender agenda. This allowed for reflection on
transformational milestones in the lives of women,
actions to promote gender equality, current issues
that drive future initiatives and issues such as
motherhood, care and stereotypes, encouraging
interaction and open discussion.

Brazil’s “Entre Elas” program seeks to strengthen
the sense of community and collaboration among
women
the company. Through mentoring,
participants share experiences, knowledge and
valuable advice, along with developing skills
related to their areas of interest. In 2023, the
initiative selected 52 women, including mentors and
mentees, to participate in the intensive mentoring
program for five months.

In Chile, through the “Mujeres Contigo” program,
women from Renca were trained in customer
service, effective communication and shipping
processes, which enabled 77% of the participants to
join the Company.

Finally, the “Promociona Chile” program, taught by
the Universidad Adolfo Ibáñez and CLA Consulting,
provides senior management skills to women from
various organizations. In this context, nine Coca-Cola
Andina Chile executives have already participated
and in 2023 the third graduating class graduated.

INTEGRATED ANNUAL REPORT 202368

SALARY GAP

POSTNATAL LEAVE
CMF 5.7

To promote a culture of equity and inclusion, Coca-
Cola Andina uses the HAY Grades methodology, which
and guarantees proportional
categorizes positions
compensation.
the
This methodology
responsibility and remuneration of each position, ensuring
that employees receive fair compensation according to their
job roles and responsibilities.

evaluates

If you want to know more about wage gap
indicators, see Chapter 9.

The Company promotes parental co-responsibility and
selfcare of its employees, following the parental legislation
in the four countries in which it operates. It has an Internal
Regulation that incorporates local laws and regulations on
pre- and post-natal time, adoptions and the option for both
the mother and the father to take care of the newborn. In
addition, to promote parental co-responsibility, Coca-Cola
Andina offers an extension of paternal postnatal days in
excess of local legal requirements.

509

Collaborators who
took parental
medical leave in 2023

Learn more about our postnatal leave
indicators i n chapter 9.

Health
benefits

Life Insurance in addition
to that required by law.

Medical
assistance and insurance.

Preventive
vaccination programs.

On-site
nutritionist.

100%
100%

100%
75%

75%
75%

50%
50%

FAIR
COMPENSATION

CMF 5.4.1

The Company has a Corporate Compensation Policy and a
competitive compensation package, which seeks to attract
and retain talented employees through a comprehensive
and diverse salary administration model and benefits
program. This includes maintaining consistency among
job classifications and recognizing individual performance,
based on the following guidelines:

> Promote equal opportunities in line with the reference
labor group in the market, for positions that require equal
competencies and responsibilities.

> Maintain consistency between job classifications and
employability, ensuring coherent treatment among the
different jobs and positions in the organization.

> Recognize the individual contribution, so that the best-
performing employees receive higher compensation, in
accordance with the policy.

> Provide compensation management through planning

and control of salary costs.s.

Education
benefits

Discounted rates for various
educational programs for
employees.

ADDITIONAL BENEFITS
GRI 401-2, 403-6 | CMF 5.8

Each operation determines the benefits to
which its employees are entitled, depending
on the type of employment relationship.

Full-time
collaborators

Part-time
collaborators

Social
benefits

Economic
benefits

100%
75%

Home Office.

100%
75%

Retirement
bonus.

100%
75%

Leave for study exams
above the law.

75%
50%

Academic excellence
scholarships to employees’
children for university studies.

25%
25%

Flexible hours for areas
where operations are not
affected.

Accompanying
retirees.

Lactation
room.

Nursery -
Cradle room.

75%
75%

50%
50%

75%
75%

75%
50%

School Kit, bonus for children
under 18 years of age.

Housing
subsidies.

100%
75%

50%
25%

INTEGRATED ANNUAL REPORT 2023CLIMATE AND
COMMITMENT
MANAGEMENT

Coca-Cola Andina is committed
to fostering an environment at
work that supports the growth
and performance of collaborators.
Through the use of quick surveys,
it puts into practice a Climate
Management model that measures
commitment and identifies areas for
improvement. The results and action
plans are then reported to the Board
of Directors once a year.

3.98

Average level of
commitment of Coca-Cola
Andina collaborators 2023*
*Scores based on a scale
of 1 to 5.

ENERGY PROGRAM - BRAZIL

Aims to honor the most dedicated workers by demonstrating
how their efforts reflect the ideals of Coca-Cola Andina
Brazil. The Internal Communications department gathers
nominations, which are then submitted to a panel of judges
who select two winners per business area each month. The
winners receive certificates and have an interview published
in the internal magazine Nossa Voz.

90%

Of collaborators participated in
this survey

88%

of collaborators would
recommend Coca-Cola Andina
as a great place to work.

COMMUNICATIONS MANAGEMENT

faces

informed and connected

inclusive manner. To achieve this goal,

the challenge of keeping
Coca-Cola Andina
in an agile
collaborators
Internal
and
Communications works continuously to improve tools,
ensuring that the entire Company is aware in a timely
manner of issues relevant to the organization.

As a result, in 2023, a tracking tool was put into place to
evaluate the efficacy of emails and make decisions using the
information gathered. Furthermore, when new hires in Chile
take on professional roles, they are given an On Boarding
handbook. This digital handbook covers a variety of subjects,
including the Company’s mission, values, and the first steps
in people development. This tool was distributed to about 70
individuals in 2023 along with the introduction of the policy
granting it to the leaders who oversee the admission of new
members.

In Paraguay, more communication screens were installed in
order to improve internal communication, ensure equitable
access to information, and offer greater flexibility when it
came to real-time information updates.

And finally, nearly 8,000 employees at Coca-Cola
Andina Brazil use the Pod+ app, which enables real-time
communication and eliminates the need for meetings
and emails. Every month, a podcast on the Junt+s portal
is presented which delves into Coca-Cola Andina Brazil
and offers an enhanced perspective of the reality of
collaborators. The platform is available on both computers
and mobile devices.

89%

of collaborators consider that
at Coca-Cola Andina they
feel very responsible for the
service quality they provide to
customers.

84%

of collaborators say they are
able to maintain a healthy
balance between work and
their personal commitments.

COMMITMENT MANAGEMENT AT COCA-COLA ANDINA

At Coca-Cola Andina, organizational commitment is managed through
an ecosystem of initiatives aimed at measuring, understanding,
communicating and highlighting its importance within the Company.
These are:

> ECO: Annual measurement of commitment in Coca-Cola Andina,
which targets 100% of the talents and is carried out at the beginning
of the year.

> Pulse of Commitment: Measurement performed at year-end on a
specially selected group of collaborators to evaluate the results of
the engagement strategies.

> Commitment Leaders: Regional webinars where collaborators who
are a benchmark in terms of their commitment share best practices
with the rest of the organization.

> Commitment Summits: Two-day meetings where all the work
teams that lead commitment management
in each of the
operations meet to capture cross-learning, train and review the
commitment management strategy.

> Commitment Route: Monthly meetings where

the entire
company is convened to learn more about the commitment
model, through external consultants.

INTEGRATED ANNUAL REPORT 202370

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2
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CONSOLIDATION OF HYBRID WORK

The hybrid work program demonstrates the dedication to
balancing employees’ personal and professional needs,
which helps to foster a positive work environment and
accomplish organizational goals.

Because of this, the Hybrid Work Policy—which calls for three
days of in-person work and two days of remote work each
week—was introduced in May 2023 in all four operations.
This program aims to uphold effective
interpersonal
relationships, foster teamwork, support remote work, and
guarantee excellent customer service.

The company determined the appropriate balance between
in-person and hybrid work at Coca-Cola Andina through
extensive analysis conducted in each of the company’s four
operating countries and external consultations.

94%

of collaborators expect to have
a hybrid model in the future

Main results (average)
of the survey on hybrid
work Coca-Cola
Andina 2023

47%

of collaborators consider that the
greatest benefits of the current
hybrid work model is PRODUCTIVITY.

40%

of collaborators have no concerns
about the current hybrid work model.

88%*

83%*

of leaders believe that the hybrid work
strategy implemented is the RIGHT
ONE.

of collaborators believe that the hybrid
work strategy implemented is the RIGHT
ONE.

*Does not consider Paraguay

INTEGRATED ANNUAL REPORT 2023

43.6%

Brazil

43.5%

Chile

66.4%

Argentina

Percentage of
workforce covered by
collective bargaining
agreements in 2023
GRI 2-30

22.0%

Paraguay

LABOR
RELATIONS

GRI 407-1 | CMF 8.1.2

Maintaining an atmosphere that encourages growth and
productivity is essential. Labor relations should be based
on collaborators’ commitment
inclusion, diversity,
nondiscrimination, and the prevention of harassment, all of
which are essential components of a mutually respectful
and trusting environment. The Code of Ethics and Business
Conduct and the internal rules established by the Company’s
Internal Rules of Hygiene, Order and Safety, encourages
respect for and protection of workers’ rights, even though
the company lacks a specific process to prevent and identify
regulatory noncompliance related to workers’ rights.

At Coca-Cola Andina we respect and uphold the right to
freedom of association in all countries where we operate.
The Company respects the right of its employees to
organize, join or not join a union without fear of retaliation,
intimidation or harassment.

UNIONIZATION RATE
includes third parties of the main business processes.

Argentina

Brazil

Chile

80 67.4% 67.5% 66.4%

2021

2022

2023

13.9% 14.1%

11.4%

2021

2022

2023

44.5% 43.5%

40.1%

2021

2022

2023

Paraguay

29.5%

21.3% 22.0%

2021

2022

2023

INTEGRATED ANNUAL REPORT 2023OCCUPATIONAL
HEALTH AND

SAFETY

GRI 403-1, 403-8 | CMF 5.6

Senior management is at the forefront of the commitment
to Occupational Health and Safety, which
responsible
contractors and third party suppliers.

involvement of all collaborators,

includes the
including

The Company’s health and safety management system
is based on its ISO 45001 certification. Through the
use of models and actions that go above and
beyond what is required by law in the countries
in which it operates, it fortifies its purpose,
policies, and programs. Subject to recurrent
third-party audits, this standard permits
an effective system implementation.

1.2

Accident rate
2023

0.5%

Percentage reduction
in accident rate
compared to the previous
period

Fatality rate
2023

(number of work accidents/ number of employees own staffing)*100
(Number of fatalities per work accidents/Number of employees own staffing)*100

0.2

Occupational illness
rate
2023

74.8%

reduction in the
rate of occupational
illnesses
compared to the previous
period

25.9

Average number
of days lost due to
accidents
2023

Occupational illness rate: (number of occupational illnesses / number of workers) *100
Average number of days lost due to accidents: (days lost due to accidents) / number of work accidents)
*For more information on OHS metrics, for own and contractors, please refer to page 208.

22,655

collaborators covered by BBSP*
* Behavioral Safety Program (includes in-house and third party
employees)

OUR HEALTH AND SAFETY PRINCIPLES

Coca-Cola Andina made the decision to support a genuine
cultural shift in which the company views health and safety
as a core value. This change is based on the understanding
that cultural transformation is a lengthy process that calls for
resources as well as a strong continuous and collaborative
work plan.

Ensuring the safety of oneself and others, including fellow
workers and communities, is a core principle of safe behavior,
which each employee bears personal responsibility for.
Our leaders must be committed to encouraging a culture
of safety and occupational health and making sure the
resources are available to support this culture. Nothing we
do can take precedence over circumstances that could lead
to harm.

Own staff

k O f c e

Industria

Occasional
contractors

s
e
c
v
r
e
S

Permanent in-house
contractors

TOTAL REACH
360
DEGREES

GRI 403-1

L
o
g
s
t
i
c
s

Restocking

Distribution fleet

ales

u tio n

ri b

D i s

Inter-plant fleet

INTEGRATED ANNUAL REPORT 2023SAFETY PILLARS AND MAIN INITIATIVES

Six safety pillars have been defined to guide each of the programs and initiatives in this area:

R O C E SSES

D P

ULES A

C U L T U R E

Objective:

To regulate behaviors through
the implementation of policies,
standards, codes, certifications,
periodic evaluations, and internal
audits, among other initiatives.

Objective:

To reinforce positive behaviors
through recognition, safety
programs, and the promotion
of positive leadership, among
other initiatives.

U N I C A T I ON

C O

Objective:

Improve information and
feedback on safety through
the development of goals,
satisfaction surveys, internal
communication bulletins, and
periodic meetings, among
other initiatives.

N
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2
3

TRUCT U R E A

N D T E C HNOLOGY

Objective:

To improve safety through
infrastructure design and
maintenance, as well as
technological advancements
and the implementation of a
registration and statistics
methodology.

S
A
R
F
N

PART N E R

Objective:

To ensure that
contractors and third
parties follow safety standards,
rules, and processes, which
includes incorporating safety
goals and regulations into
contracts and establishing
the academy of safety
technicians, among
other initiatives.

E H E N S IVE HEALTH

C O

Objective:

Manage health and
quality of life from a variety
of angles, including mental
health programs, ergonomics,
preventing drug use, monitoring
work environments, controlling
overtime, among others.

INTEGRATED ANNUAL REPORT 2023

OCCUPATIONAL HEALTH AND EMERGENCY
SITUATIONS
GRI 403-3

takes a comprehensive approach

The company
to
employee wellness, combining preventive and reactive
strategies with personalized benefits to improve the quality
of work and overall quality of life. It also offers ongoing
medical and nursing advice on the prevention and detection
of occupational and ergonomic diseases. In addition, it offers
health benefits outside of the workplace, such as insurance,
priority access to examinations, and interest-free loans for
medical procedures.

We have a 24-hour medical service available in all of our
operations, including the production plants. This service is in
charge of providing any type of care and referring patients
as needed. In addition, to respond to emergency situations,
we have brigade teams with representatives in all areas
who organize emergency drills on a regular basis and are
supported by doctors present in the production plants.

EMPLOYEE PARTICIPATION AND CONSULTATION
PROCESSES ARE USED TO IMPLEMENT AND
EVALUATE THE OCCUPATIONAL HEALTH AND
SAFETY MANAGEMENT SYSTEM.

To detect potential risks and hazards, the company involves
exposed employees by forming working groups that include
safety teams as well as medical or health professionals.

For example, at Coca-Cola Andina Paraguay, we created
a QSE Management app that allows employees to
immediately report any incident or observation of unsafe
conditions or actions. These reports are then reviewed by
multidisciplinary committees. We are promoting the future
integration of this app into the rest of our operations.

RISK ASSESSMENT: ARGENTINA

is quite comprehensive.

The risk matrix of Coca-Cola Andina
Argentina
In
compliance with the ISO 12,100 standard,
this matrix is examined based on criteria
pertaining to probability, possible severity,
and exposure in terms of number of
people and frequency. Additionally, on
a biannual basis, the probability of risk
is assessed in accordance with other
sub-variables pertaining to processes,
infrastructure, training, and the human
component in order to obtain a risk scale
that allows reducing them to zero.

MITIGATING SIGNIFICANT OCCUPATIONAL HEALTH
AND SAFETY RISKS TO THIRD PARTIES
GRI 403-7

To reduce the accident rate, a comprehensive safety
management system known as 360 management was
implemented, involving all Coca-Cola Andina collaborators.
The main contractors must adhere to the same safety
standards through contracts that include commitments
such as proof of risk plans and trainings. Each operation has
remunerated incentives and follows strict standards and
protocols that are constantly assessed.

HAZARD IDENTIFICATION, RISK ASSESSMENT AND
INCIDENT INVESTIGATION
GRI 403-2

Our operations include procedures for hazard identification
and risk assessment, which establish mechanisms for
identifying, analyzing, and assessing the likelihood and
severity of human activities. The review process is periodic,
and it includes mitigation controls in accordance with
ISO 45001, resulting in a residual risk level value. This
assessment is carried out by a multidisciplinary team that
has been trained and specialized and has a thorough
understanding of the tasks at hand as well as occupational
safety. The Hazard Identification and Risk Assessment
Matrix is a comprehensive document that details all of the
tasks completed, assessments conducted, and mitigation
mechanisms implemented.

The incident analysis process includes describing what
happened, searching for root causes using various methods,
proposing corrective and preventive actions, identifying
responsible parties, and following up on actions. This process
is guided by direct supervision and expert advice from
OHS specialists. Furthermore, there is a SIF/SIFp (Serious
Incident or Fatalities or Potential) program that applies to
incidents with serious consequences or the potential to
cause something serious, and an interdisciplinary committee
is formed to deal with each individual case.

INTEGRATED ANNUAL REPORT 202375

JOINT HEALTH AND SAFETY COMMITTEE

GRI 403-4

In compliance with legislation, Coca-Cola Andina Chile maintains a Joint
Health and Safety Committee with equal representatives of the company
and workers, elected in open voting and reported annually to the Mutual
de Seguridad. In addition, a People’s Health and Safety team reports
regularly on the Company’s accident rate results and goals.

OCCUPATIONAL HEALTH AND SAFETY TRAINING
GRI 403-5

The Company has implemented an annual training plan
developed through committees and meetings to identify
training needs. Talks, workshops, and evacuation drills were
held in the subsidiaries in 2023, in addition to critical technical
trainings to prepare workers for specific roles. These plans
cover the entire company on various levels.

Some of the most important training programs in 2023
included first aid, electrical safety, machine risk assessment,
working at heights, personal protective equipment, and the
use and handling of fire extinguishers.

67,912

Hours of training on
safety issues

29,237

People trained in
safety

INTEGRATED ANNUAL REPORT 202376

Market presence,
clients and
consumption:
refreshing
moments

INTEGRATED ANNUAL REPORT 2023OUR MARKET
PRESENCE

GRI 2-6

Coca-Cola Andina operates in Argentina, Brazil, Chile, and
Paraguay, allowing it to diversify its sources of volume,
revenue, and adjusted EBITDA. In each of its franchises, the
main source of business is non-alcoholic beverages, which
represent 94.7% of sales volume.

272,504

Total clients

57.4 million
Total potential consumers

TOTAL COCA-COLA ANDINA

Market Share

Total annual
per capita
consumption
(8 oz bottles)

Volume
percentage
by sales
channel

Volume
percentage
by product
category

59.9%

46.8%

15,4%

62.8%

64.7%

41.8%

24.6%

46.5%

37.9%

75.1%

61.1% 56.6%

Soft drinks

Juices and others

Waters

Market share position

1º

2º

1º

2º

1º

225

251

336

Soft drinks

Juices and others

Waters

111

197

11%

On-Premise

21%

Wholesale

Beer and other
alcoholic beverages

12%

Juices and other
non-alcoholic beverages

37%

Mom & Pops

30%

Supermarkets

71%

Soft drinks

12%

Waters

Note: Totals may not add up due to rounding.

33%

28%

23%

13%

32%

11%

32%

33%

30%

46%

36%

52%

0%
8%
11%

38%

14%

80%

84%

2%
11%

79%

13%

16%

19%

63.8%41.9%37.6%2512839INTEGRATED ANNUAL REPORT 2023Product image

Prices

Advertising

Popular size bottle
availability

Distribution
capacity

Disposal of returnable
bottles at retailers or
consumers

Largest
Competitor

ABInBev

American Beverage Company o AmBev

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

Embotelladora Central S.A

COMPETITION
GRI 2-6 | CMF 6.1.II

In the franchised territories, the Company faces
intense competition, mainly from soft drink bottlers.

Areas of greatest
soft drink
competition

AWARDS AND RECOGNITIONS

Latam RGM 2023 Certification

Sustainable Business Seal

E2E Coolers Program

Digital Commerce Capabilities

Best practices
revenue management are
highlighted through pricing and portfolio strategies.
Coca-Cola Andina Brazil’s RGM team received Gold
Level Certification for their highest score in the RGM
LATAM 2023 award.

Coca-Cola System Brazil Evolution
Program

Coca-Cola Andina Brazil’s Customer Service
team placed third in the Coca-Cola System Brazil
Evolution Program. This award is given out annually
and is intended to reward and highlight customer
service-related actions.

The Municipality of Godoy Cruz honors
the
incorporation of good corporate practices by
the business and productive sectors through the
“Sustainable Companies of Godoy Cruz” Program.

Certificate that recognizes excellence in EDF’s
operations, awarded by The Coca-Cola Company.
Coca-Cola Andina Argentina ranked Top 1 in the
Southern Cone and Top 2 in LATAM.

Awarded by The Coca-Cola Company in recognition
of Coca-Cola Andina Argentina’s digital commerce
tools and processes.

MIC for Innovation

Prospera

Cyber Awards 2023

Coca-Cola Latin America COPA of excellence
named the Company one of the best in the region
for the most pertinent strategic initiatives for Latin
America in the traditional channel.

www.miCoca-Cola.cl was chosen by the public of
cyber.cl as the brand with the most likes in the Food
and Beverage category during CyberMonday 2023.

In the category of soft drinks and juices, Coca-
Cola Andina Chile ranked #1 in the Most Innovative
Companies 2023 Ranking. Every year, the ranking
measures and compares seven essential aspects
of
leadership,
organization, innovation process, use of strategic
assets, and value creation impact.

innovation:

strategy,

culture,

Top of Mind (TOM)

Major Industries 2023

Brand Ranking

For the eighth year in a row, Coca-Cola Paresa was
the brand that Paraguayans remembered the most.
Furthermore, it won the title of most remembered
brand in 2023 for the following categories: Soft
drinks (Coca-Cola), Tetra Juice (Ades), Isotonic
(Powerade) and Mineral Water (DASANI).

It highlights the valuable contribution of industries
to the economic development of the country. Award
winners included 45 distinct industries, including
steel,
textiles, dairy products, construction,
beverages, and pharmaceuticals.

The Non-Alcoholic Soft Drinks category winner
was Coca-Cola Paresa; the Juice category went to
Frugos, and the Water category went to Dasani.

Top of Mind (TOM)

Coca-Cola Paresa was the recognized brand in the
Soft Drinks category, while Ades and Powerade, in
Tetra Juice and Isotonic Juices, respectively.

Most valued brand by consumers

In Paraguay, Coca-Cola and DASANI were named
the most valued brands in the Prestigio 2023 and
Ranking of Brands 2023 rankings.

5th place in the list of Top Tax
Contributors

Based on our 2022 tax contributions, we received
recognition this year from the Secretary of State for
Taxation SET.

Recognition Grupo Impulsor Economía
Circular (Circular Economy Driving Group)

Coca-Cola Paresa received an award for
its
contributions to the circular economy from the
Paraguayan National Directorate of Climate Change
and the Ministry of the Environment and Sustainable
Development. Additionally, we were acknowledged
for our responsible consumption by the Ministry of
Industry and Commerce and BID LAB through the
Grupo Impulsor Economía Circular.

Prestige

The most valued brand by consumers in the Soft
Drinks category was Coca-Cola.

INTEGRATED ANNUAL REPORT 202379

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P
O
R
T

2
0
2
3

PORTFOLIO AND
BRAND BREADTH

GRI 2-6

209

Total brands

Soft drinks

Juices

Waters

Total brands
by product
type

Other non-alcoholic
beverages

144

Alcoholic beverages

INTEGRATED ANNUAL REPORT 2023234567891

C AFÉ

SEM AÇÚCAR

S a b o r M a r a c u j á

L E M O N FRESH
L E M O N FRESH

S a b o r
N a r a n j a

F r u t i l l a

S a b o r
S a b o r
P o m e l o
P o m e l o

N
T
E
G
R
A
T
E
D

A
N
N
U
A
L

R
E
P
O
R
T

2
0
2
3

MAIN BRANDS
GRI 2-6 | CMF 6.2.I, 6.2.V

Soft drinks

Juices
and non-
carbonated
beverages

Water

Beer

Alcoholic
beverages

During 2023, some beer brands were commercialized, such as
Amstel, Heineken, Sol, Imperial, Palermo, Schneider, Kunstmann,
Isenbeck, Miller, Blue Moon, Grolsch, Warsteiner, Iguana, Salta
Cautiva and Santa Fe, among others.

NUTRITION AND HEALTHIER PRODUCTS
SASB FB-NB-260A.2

Because diet has a big impact on our health and quality
of life, Coca-Cola Andina is dedicated to providing its
customers with the best products possible. To fulfill this
commitment, we have two main lines of work: a) FSSC22000
certification and b) sensory analysis program.

FSSC22000 CERTIFICATION

CONSUMER INFORMATION AND LABELING

GRI 417-1 | SASB FB-NB-270A.1, FB-NB-270A.2

Although there is no formal procedure aimed at preventing
and detecting regulatory non-compliance with respect to
the rights of its customers, the Company has a Customer
and Consumer Service Center (“CACC”), which receives and
handles complaints from end consumers and commercial
customers.

is permanently provided

to
In addition,
information
through product
stakeholders, especially consumers,
labeling and advertising campaigns,
line with the
in
Responsible Marketing Policy, which regulates product
advertising and advertising strategies. This policy states
that no Company brand may show children under 13 years
of age consuming its products without the presence of a
responsible adult and that it does not contract advertising
in media whose audience of children under 13 years of age
is greater than 30%.

In accordance with The Coca-Cola Company’s global
policy, all product labels of its brands -except those of
glass containers and waters- must contain the information
requested in the Daily Dietary Guidelines (DGA), where the
amount of calories of the product is indicated along with
the percentage of daily value (%DV) on the front of the
packaging. In addition, a nutritional information panel is
included that provides data on protein, carbohydrates, fiber,
minerals and vitamins.

Coca-Cola Andina does not produce or sell products that
contain Genetically Modified Organisms (GMOs).

GRI 416-1 | SASB FB-NB-260A.2

Coca-Cola Andina’s four franchised territories are certified
under the Food Safety System Certification food safety
standard. This certification requires the Company to have
a food safety management system that incorporates good
distribution practices, adheres to the principles of hazard
analysis and critical control points (HACCP), and meets the
legal requirements of the food industry in each franchised
territory.

SENSORY ANALYSIS PROGRAM

The Company evaluates the organoleptic properties of its
products on a regular basis using a panel of collaborators
who participate voluntarily and whose goal is to measure,
analyze, and interpret the perception of food through the
senses in order to distinguish the degree of consumer
acceptance.

473

Panelists trained

100%

of products tested

INTEGRATED ANNUAL REPORT 2023NEW HABITS, NEW PRODUCTS

SASB FB-NB-260A.2

Coca-Cola Andina has boosted the development of non-

alcoholic beverages low in calories and sugar, which has

allowed a 30% reduction in consumption since 2018 and

continue on the path to reach the goal of 40.75 kilocalories

sold per 200 ml by 2030.

35%

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

27.5%

Argentina

Percentage of low or
reduced sugar volume
(over total NARTD) by
operation

26.8%

Paraguay

23.1%

Brazil

59.9%

Chile

Kcal/Liter sold in 2023

274
-26%

Percentage variation
base year 2016

258
-32%

Percentage variation
base year 2016

181
-35%

Percentage variation
base year 2016

306
-17%

Percentage variation
base year 2016

Another relevant aspect has been the strengthening of the
stills category, which includes waters, juices, energizers and
isotonic drinks, incorporating new products and generating a
solid execution strategy in the market.

Percentage of
stills volume
with respect to
total NARTD

23%

2010

2023

Total

2010

2023

2010

2023

2010

2023

2010

2023

Argentina

Brazil

Chile

Paraguay

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

4%16%4%19%13%34%5%20%INTEGRATED ANNUAL REPORT 2023CLIENTS,
CONSUMERS AND
CHANNELS

Since customers and clients are the center of everything
Coca-Cola Andina does, the company works hard to provide
a service of excellence not only through its product portfolio
but also by offering value proposals for each of them in the
different sales channels.

Thus, we keep moving forward with our digital transformation
plan because we are confident that innovation and new
technologies will help us improve our relationships with
customers and clients while producing more productivity
and efficiency in a way that is both profitable and sustainable.

CO-CREATION MODEL, GENERATING VALUE ALONGSIDE THE CLIENT AND THE CONSUMER

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

Profitability
in providing solutions,
ensuring the generation
and capture of financial
value.

Data Analytics
provide feedback on the
processes and platforms
that will allow us to deliver
a better value proposition.

Clients at the
center
Clients are a fundamental link
in the Company’s value chain and
are therefore at the center of its
management.

272,504

Total clients

Governance
and integration of
Coca-Cola Andina in the
business processes: Sales,
Supply Chain, Industry
and Back Office.

Agility
of analysis, acting swiftly
and clearly.

Productivity and value
making the complex
simple.

Safety
for operational continuity
and protection for all
customers.

INTEGRATED ANNUAL REPORT 2023MAIN CLIENTS BY COUNTRY
GRI 2-6 | CMF 6.2.IV

PERCENTAGE OF CLIENTS BY CHANNEL
CMF 6.2.II, 6.2.IV

The Company develops strategies for each of its sales channels, seeking that consumers recognize the brands
it commercializes in each one. No single client represents more than 10% of sales in any of its operations.

Importadora y Exportadora de La
Patagonia S.A.
Inc. Sociedad Anónima

<
< Cencosud S.A.
< Dorinka S.R.L.
< Mistura S.A.
<
< López Hnos. S.R.L.
< Millan S.A.
< Cooperativa Obrera Limitada de

G & A Distribuciones S.A.S.

Conusmo y Vivienda

< Sita S.A.
< Dinosaurio S.A.
< Día Argentina S.A.

< Walmart Chile S.A.
< Cencosud Retail S.A.
< Rendic Hermanos S.A.
< Hipermercados Tottus S.A.
< Alvi Supermercados Mayoristas
< Alimentos Fruna Ltda.
< Super 10 S.A.
< Ok Market S.A.
< Sodexo Chile SPA
< Distribuidora y Comercializadora

Tilicura S.A.

< Aramark Servicios Mineros y Rem.
< Comercial Líquidos OFF SPA

No single client accounts for more than 10% of sales.

< Sendas Distribuidora S.A.
< Atacadao S.A.
< Supermercados Mundial Ltda.
< Cencosud Brasil Comercial Ltda.
< Super Mercado Zona Sul S.A.
< Savegnago Supermercados Ltda.
< Casas Guanabara Comestiveis Ltda.
< Cía. Brasileira De Distribuicao
< Realmar Distribuidora Ltda.
< Carrefour Com E Industria Ltda.
< Vila Santa Cruz C de G Alimenticio
< Drift Comercio De Alimentos S.A.

< Cadena de Supermercados Retail S.A.
< Cadena de Tiendas de Cercanía Biggie
< McDonald’s.
< Mayorista Lekaja S.R.L
< Cadena de Supermercados Luisito
< Cadena de Supermercado Box
< Mayorista Bodega Don Juan S.R.L.
< Mayorista Fortis
JS deposito
<
< Cadena de Supermercados Real
< Preventa Deposito Santa Carolina
< Supermercado Baratote

Mom & Pops

On premise

Supermarkets

Wholesales

Argentina

68%

Brazil

46%

Chile

81%

Paraguay

70%

Argentina

28%

Brazil

51%

Chile

17%

Paraguay

27%

Argentina

Brazil

Chile

Paraguay

Argentina

Brazil

Chile

Paraguay

0,00

21,25

42,50

63,75

85,00

0,00

21,25

42,50

63,75

85,00

0,00

21,25

42,50

63,75

85,00

0,00

21,25

42,50

63,75

85,00

65%

Total
Coca-Cola Andina

32%

Total
Coca-Cola Andina

INTEGRATED ANNUAL REPORT 2023CLIENT AND CONSUMER SATISFACTION

FEATURED PROGRAMS WITH CLIENTS

level of service provided

Clients are central to the strategy, and their satisfaction
important
with the
management variable. To that end, we have a systematic
and methodologically aligned measurement system in all
four countries where we operate.

is an

% satisfacción de clientes

MAX
-100

MIN
+100

PROSPERA

THE COCA-COLA SYSTEM LAUNCHED THIS INITIATIVE IN 2020 TO STRENGTHEN THE
TERRITORIAL LEADERSHIP OF LATIN AMERICAN GROCERS, SEEKING TO COMPREHENSIVELY
STRENGTHEN TRADITIONAL CHANNEL BUSINESSES, ADVISING THEIR OWNERS TO IMPROVE
MANAGEMENT AND BOOST THEIR SALES THROUGH TRAINING ON TOPICS SUCH AS:
RETHINKING THE STORES, DEVELOPING MANAGEMENT AND SALES TOOLS, MARKETING AND
DIGITAL STRATEGIES AIMED AT THE CUSTOMER’S SHOPPING EXPERIENCE, AMONG OTHERS.

3,000

New clients

2,054

New clients

The primary focus was on the implementation
of digital tools, particularly digital payments. As
a reward, they were provided with point-of-sale
materials such as cooling equipment, furniture, or
racks, and those who performed the best received
benefits from the value programs.

This initiative, aims to train the owners of small
retail stores (minimarket and traditional) and rota
(bar and restaurant) to improve their commercial
management, as well as provide materials and
accessories for their points of sale, cooling
equipment, commercial plan
support, and
advertising, among other things.

3,520

New clients

1,902

New clients

The goal of this program,
is to support the
development and growth of stores, with a
particular emphasis on the traditional channel, as
well as entrepreneurship, by delivering materials
for the point of sale, such as cooling equipment.
Throughout the course of this initiative, these
businesses have grown steadily, owing to an
increase
in the number of points of contact
within the store and the creation of an easy and
expeditious shopping experience for the end
consumer, among other factors.

This program enables us to protect and develop
Traditional Channel customers
(grocery stores
and self-service stores) by utilizing tools that
contribute to the growth of the point of sale.
Since its implementation, we have assisted them
by installing cold equipment, racks, and other
communication materials for consumption events
and brand image. In addition, to help them stay
sustainable, we created a strengthening plan for
them that included both virtual and in-person
training in sales, communication, and marketing.

INTEGRATED ANNUAL REPORT 2023DIGITAL CLIENTS

Through various digital tools, we seek to enable customers
to perform transactions quickly and we strive to enable
clients to complete transactions quickly and efficiently,
interacting with the Company in a productive, digital manner
24 hours a day, 7 days a week, using a variety of digital tools.

146,717

Total registered clients

106,752

Total clients carrying out purchases
or orders

Mi Andina /
Mi Coca-Cola Clientes
Our B2B platform is already in place in our
four operations in Argentina, Brazil, Chile, and
Paraguay, allowing our clients to access a variety
of personalized proposals for each of them at any
time, such as offers, promotions, product catalogs,
discounts, and contests, as well as view a suggested
order, custom built for each of them using Machine
Learning and AI. It also enables them to fully
manage their purchases and payments
digitally.

Mi Coca-Cola whatsapp
In addition to our responsive web solution and
application, we also provide the same value
proposition via WhatsApp, allowing clients who are
less familiar with technology to make purchases in a
simple and intuitive manner, guided by a bot. Finally,
in Brazil, we offer Cokenet to our KeyAccount clients,
a solution developed by The Coca-Cola Company.

N
T
E
G
R
A
T
E
D

A
N
N
U
A
L

R
E
P
O
R
T

2
0
2
3

Digital platforms
for clients

Platform

Registered 2023

With order 2023

Argentina

Brazil

Chile

MI COCA-COLA

EDI

MI COCA COLA

MI COCA-COLA*

COKE.NET

EDI

MI ANDINA

EDI

MI COCA-COLA

Paraguay

MI COCA-COLA*

EDI

TOTAL

*WhatsApp - KOBOOS.

48,965

795

11,849

14,984

997

110

35,440

893

32,250

411

16,629

637

13,992

19,182

1,399

295

23,382

893

29,909

411

146,717

106,752

CONSUMIDORES DIGITALES

Coca-Cola en tu Casa / Coca-Cola Na Sua Casa /
Mi Coca-Cola / Mi Portal Coca-Cola

It is a direct sales and service (D2C) digital channel
through which customers can purchase and
receive the entire portfolio of Coca-Cola Andina
products, including returnable products and alcohol,
directly to their homes. These platforms have a
recommendation level of 75% in Argentina, 70% in
Brazil, and meeting global benchmark values in Chile
with 82%.

Consumers who purchased through D2C
platforms

+ than 10.2 thousand

Coca-Cola en tu Casa

+ than 5.6 thousand

Coca-Cola Na Sua Casa

+ than 85.9 thousand

Mi Coca-Cola

+ than 2.5 thousand

Mi Portal Coca-Cola

Digital Promotions Argentina

To access digital promotions, the user scans a QR
code to obtain a redemption key, which the client
validates before delivering the promotion to the
consumer. It is being implemented along with The
Coca-Cola Company in all franchised territories in
Argentina.

27,671

Consumers participated in 2023

120,826

Redemptions in 2023

CONSUMERS

Coca-Cola Andina seeks to generate a connection
that allows us to know their preferences and attitudes in
order to identify opportunities for process improvement.

57.4 million

Total potential consumers

2.6

Goal 2023

4.2

Goal 2023

3.4

Consumer
claims rate

2022

2023

Argentina

2022

2023

Brazil

5.0

Goal 2023

0.5

Goal 2023

2022

2023

2022

2023

Chile

Paraguay

Notes: Claims rate= (N° operational claims *1,000,000) / Bottles Sold.

3.22.52.90.40.45.66.2INTEGRATED ANNUAL REPORT 202388

DIGITALIZATION
AND INNOVATION

CMF 3.1.V

DIGITAL STRATEGY FRAMEWORK

its digital and

In terms of digitalization, Coca-Cola Andina’s strategy
of strengthening
innovation ecosystem
continued in 2023, with new projects aimed at improving
the customer experience. Furthermore, the Company is
reinforcing the use of technology and tools developed in
the previous period, such as process automation through
artificial intelligence and operational predictability through
the generation of Data & Analytics algorithms.

INTERNAL PROCESSES

Continue digitizing and automating our operational
processes in order to create a company that makes
increasingly agile and data-driven decisions and actions,
maximizing productivity, efficiency, and profitability.
All of the above is accelerated by the integration of
processes completed over the last five years in a single
Transactional Platform (SAP) and the capabilities built for
digital development in the Amazon Web Service Cloud
infrastructure.

Digital Product Agile Cells

72,975

Automated hours

103,098

Clients Transacting Digitally

1,500

Collaborators trained in Data
Analytics

160

collaborators working on
the development of digital
products

Talent & Digital
Team

Andina Digital
Transformation

Defined Strategy

DIGITAL CONTROL TOWER

An analytical data platform hosted in the cloud that
operators can access through the internet, allowing them
to make real-time decisions about loads, transportation,
overtime, product hauling, production plans, and so on.
This initiative serves over 500 users who have daily access
to 25 operational management panels. Furthermore, the
data processed on this platform generates automatic
notifications to customers about the status of their orders,
as well as Machine Learning Models for predicting
anomalies in them, making our operations more efficient.

DISTRIBUTION CARGO OPTIMIZER

Coca-Cola Andina’s multidisciplinary team and external
consultants collaborated to create this digital product
internally. It enables us to optimize the use of delivery trucks
and increase picking productivity, achieving efficiencies in
our logistics route to market and greater capacity in our
distribution centers. This internal development has been
key in adapting logistics processes to the incorporation of
new categories (alcohol, ice cream, among others).

STOCK PLANNING

We collaborated with the Chilean National Artificial
Intelligence Center (CENIA) to create our own model
for planning stock transfer from Production Plants and
partners to Distribution Centers across the country. The
creation of this digital product not only saved us money
on software licenses, but also increased the level of stock
available for sale.

Project Portfolio

Governance
Model

INTEGRATED ANNUAL REPORT 202389

DATA & ANALYTICS

Coca-Cola Andina aims to become a data-driven company
(decisions based on data analysis).

DIGITAL PAYMENTS

We aim to offer consumers a range of options through digital
payments that will enhance their shopping experience
by streamlining and expediting it while maintaining the
transaction’s financial, hygienic, and physical security.

MI COCA-COLA (ARGENTINA)

We have a digital payment module in the B2B platform that enables
replacing cash payments to the truck driver. During 2023, more than 22
thousand customers used it and, in Argentina, it resulted in cost savings
associated with cash handling of US$3,218,294

DRIVING BOLETO AND PIX PAYMENT IN BRAZIL

In Brazil, all of our clients pay with Boleto or PIX, which eliminates all cash
handling and makes payment tracking easier.

CUSTOMER GAUGE

NINA PHASE II

This project aims to enhance the user experience by providing new tax
and financial services via WhatsApp and URA’s Nina chatbot. Through this
project, delinquency was decreased, sales were increased by avoiding
customer blocking, tax procedures were made simpler, and Andina Brazil’s
digital inclusion increased.

DIGITAL PAYMENT OPTIONS IN CHILE AND PARAGUAY

These options are available in Chile and Paraguay, both through payment
portals that facilitate credit and debit card transfers and transactions
as well as at the time of order delivery via POS. In Paraguay, 34.7% of
consumers chose digital payment methods, and 4.7% in Chile.

This project, which is entirely based on the Customer Experience
Management System, uses NPS and Customer Satisfaction as key
indicators with goals of 65% and 85%, respectively, to distribute and collect
customer feedback in real time in Brazil and Paraguay. This information has
allowed for a decrease in customer dissatisfaction, an increase in sales, and
the closing of new business.

SUGGESTED ORDER

We are now able to provide each of our customers with a customized
purchase recommendation that is based on their past behavior as well as
environmental factors thanks to this project, which was entirely developed
by internal teams. With this solution, all four of our operations’ customers—
Argentina, Brazil, Chile, and Paraguay—have seen an increase in the volume
of their purchase acts by 6.1%, an improvement in the customer experience
during the purchase process, and a decrease in OOS.

COOLER CONNECTIVITY IN THE MARKET

This solution gathers data from our coolers and combines it with information
from our systems in an effort to predict failures that might impact our
customers’ experience and, consequently, sales volume. It is based on IoT
(Internet of Things) technology and advanced analytics. It also enables us
to continuously monitor our coolers on the market.

INTEGRATED ANNUAL REPORT 202390

INNOVATION ECOSYSTEM

We recognize the value that fresh perspectives, tools,
methodologies, approaches, and experiences bring to
solving the problems presented to us by consumers and
clients. To address this, we have created Proofs of Concept
(POC) and issued a number of challenges. If these have
proven successful, they have become projects and/or final
solutions implemented in our Company.

Use of Artificial
Intelligence to Improve
Operational Efficiency - Brazil
The Duque de Caixas Production Plant
is one of the most modern plants within
the Coca-Cola system, characterized by
extensive digitalization and automation of its
operations. Nonetheless, in collaboration with
the startup Valiot, a pilot program utilizing
Machine Learning Models to predict failures
in real time and implement preventative
measures prior to their occurrence was
executed in an effort to increase the
plant’s OEE by approximately 1%.

TALENT & DIGITAL TEAM

We have driven the digital transformation process at
Coca-Cola Andina by establishing two sizable work teams
that enable ambidextrous operation. One aspect to consider
is the “Lean” team, whose primary aim is to ensure that our
consumers have access to our product portfolio and sales
channels while simultaneously optimizing efficiency and
productivity while minimizing costs.

On the other hand, we have over 15 “Agile” cells—some of
which have already formed tribes—that promote and create
digital products that help the organization function more
efficiently by providing digital platforms, tools, and solutions
for the various business teams.

TRAINING PROGRAM WITH THE
MASSACHUSETTS INSTITUTE OF
TECHNOLOGY (MIT) TO DESIGN AND
IMPLEMENT DIGITAL PRODUCTS

We created an in-company program in
2023 with MIT, one of the most prominent
technology universities in the world, which
was attended by 40 product owners and
leaders. Generating skills for
business
product development,
innovation, and
high-performance digital team leadership
was the main focus.

INNOVATION IN THE VALUE CHAIN
CMF 3.1.V

Innovation is a fundamental part of Coca-Cola Andina’s
culture, adding value
the production process,
incorporating new internal and external ideas, which allows
consolidating a better value proposition and contributing
to the sustainable development of the Company and its
business partners.

During 2023, Coca-Cola Andina allocated Ch$4,930 million
for the development of the innovation strategy, which is
structured in three pillars: i) internal culture, ii) relationship
with the innovation ecosystem and iii) linkage with the
customer experience system. These pillars make it possible
to focus innovation, generating efficiency and productivity in
all operations.

For more details on the investment plan,
see chapter 1.

INTEGRATED ANNUAL REPORT 2023PROCESS AUTOMATION

Coca-Cola Andina implemented new technologies and
digital projects that have allowed it to capture value in its
processes under two main pillars.

AUTOMATION PILLARS

Featured
projects

Predictability in
the operation

Process
automation

Priority has been given to increasing
the visibility of processes in the flow of
information and data; consequently,
“in real time and near real time”
solutions have been developed to
enable data-driven decision making
and the enhancement of process
efficiencies, productivity, costs, and
service level.

A team specializing in processes
is employed by
and technology
Coca-Cola Andina
identify
opportunities for reducing efforts,
increasing speed, and enhancing
service to clients, consumers and
collaborators.

In addition, it develops automation
solutions throughout the value chain,
freeing teams from repetitive tasks,
allowing them to focus on activities
of greater value to the Company.

Artificial Intelligence applied to the
prediction of anomalies in our Truck
Check In processes

A Machine Learning model has been
developed by our Agile Analytics for
Back Office cell to detect anomalous
the check-in
circumstances during
process of distribution trucks at our
distribution centers. This model has
enabled us to identify potential issues
such as
typographical errors and
suspicious records, enabling us to
proactively address them and prevent
inventory discrepancies.

Automation
Equipment
Cognitive Artificial
Paraguay

of Customer Cold
with
-

Installations

Intelligence

Through the combination of bots (RPA)
and cognitive AI models, we have been
able to fully automate our process of
registration and notification of cold
equipment installations in the market,
achieving an improvement in time-to-
market while increasing productivity in
the process.

For more details on the investment plan, see chapter 1.

WHAT ARE BOTS?

BOTS (A TERM THAT COMES FROM SHORTENING THE WORD
“ROBOT”) IS A PROGRAM THAT PERFORMS REPETITIVE,
PREDEFINED AND AUTOMATED TASKS. THESE ARE SOME OF
THE INITIATIVES IMPLEMENTED THROUGH BOTS IN EACH
OPERATION:

ARGENTINA

BRAZIL

< Purchase orders to supply industrial

spare parts.

Issue more than 3 thousand purchase
orders per month.

< Record more than 50% of supplier

< Manage more than 300 fiscal notes of

invoices.

< Endorse electronic checks generating

tax savings.

cooling equipment per month.

< Registration of new clients.
< Automation of Alcohol and Returns

< Blocking and unblocking of Supply

sales reports.

Chain product.

< Blocking and unblocking of product for
sale based on its Stock Projection.
< Value Program automation, optimizing

the tax burden of the same.

CHILE

PARAGUAY

< Enter almost 70% of Call Center

< Over 250 Bank Transfers posted per

sales orders.

day.

< Transfer quotes between
accounting cost centers.
< Perform liquidations and post

< Loading Cooling Equipment Contracts

using Generating AI.

< Loading Visit Plans for new

liquidations of trucks.

customers.

< Management and requests for
PostMix & Kegerators Initial Kits.
< Updating of Third Party Carriers.
< Control of Commercial Partners

Invoices.

< Hourly Production Detail for Energy

and Water ratios (Webee).

< Automation of Bank Reconciliation

(Revenue).

< Digitization of daily permits for

working in the plant.

INTEGRATED ANNUAL REPORT 202392

EFFICIENT, FLEXIBLE AND
AGILE PRODUCTION AND
PROCESSES

PRODUCTION CAPACITY

Operational excellence at the company is based on the
consistent
integration of cutting-edge technology and
the upkeep of reliable equipment. This infrastructure aims
to furnish each production facility with sufficient capacity
to satisfy product demand and ensure quality, a task
accomplished by implementing rigorous quality controls in
the laboratories of each plant.

Installed capacity in
beverages

1,671
million UC

Sparkling Soft
Drinks Installed
Capacity
1,271
million UC

Other Beverages
Installed Capacity
400
million UC

Argentina

Brazil

< A new line for returnables was approved

< Production ARTD (alcoholic ready-to-

for 2024.

< Digitalization of the Front Office system.
<
< Start producing AdeS at the Córdoba plant.

Improvement of the Trelew line.

drink) 100% implemented.
Increased production of Campari and
Sagatiba.

< Production of juice in 1 liter Tetra Pack.
<

Increase in Kapo’s fourth production line.

Installed
capacity in other
products

Chile

Paraguay

< The Antofagasta facility underwent an

expansion of its storage, picking, and truck
parking capacities through an investment
of CLP 4,6 billion.

< Construction of a water treatment plant
at the Renca plant will reduce water
consumption by 10%.

Improved asset utilization through
multifunctional operation on production
lines.
Implementation of a modular labeling
machine to comply with front-of-package
labeling law.

Pet
Bottles
45
million

Preforms
1,050
million

Plastic
caps
1,426
million

Cases
0.7
million

INTEGRATED ANNUAL REPORT 202393

FLEXIBILITY AND AGILITY

To meet the needs of clients and consumers and to adapt to
changes in the environment, flexibility and agility are crucial,
necessitating technological and logistical adjustments in
addition to the growth of the human team.

ARGENTINA

< Market adaptation: prioritizing business continuity

and customer service.

PROCESSES AND EFFICIENCY

This pillar enables us to increase our profitability by facilitating
a more efficient production process and capitalizing on
opportunities as they present themselves.

BRAZIL

< Change in “Regulatory Turnover” labeling.

CHILE

Implementation of a Sorting productivity strategy
with automatic inspectors and palletizers, reducing
physical effort.

ARGENTINA

BRAZIL

< The Logistics School has accumulated
over 4,600 hours of training for 554
employees.

< Complete the transition to front labeling

on returnable containers using recyclable
material.

Integration of beer delivery with the
strategy for alcoholic beverages.

< Utilization of laser-guided vehicles (LGV).
Implementation of IoT and robots in
<
logistics.

PARAGUAY

< Flexibility through multi-functional operators

and the ability to produce the same product on
different production lines.

CHILE

PARAGUAY

Implementation of a system to reduce
production line water consumption.
< Automation of well control to monitor

consumption.

< SAP front office operations for three years.

INTEGRATED ANNUAL REPORT 202394

Rethinking
consumption
and its
impact on the
environment

INTEGRATED ANNUAL REPORT 2023To learn more about returnability and packaging indicators, see chapter 9.

CIRCULAR PERSPECTIVE

SASB FB-NB-410A.2 |

Returnability is at the core of Coca-Cola Andina’s sustainable packaging
strategy, which is materialized through market availability and strengthening
of the product mix in returnable bottles in order to continue contributing to
the care of the environment.

ENVIRONMENTAL POLICY

The Coca-Cola Company’s Operational Requirements and the ISO 14001 standard, which are prerequisites
for all of our operations, ensure that environmental laws and regulations are followed. Through the
Corporate Risk and Sustainability Committee and the Culture, Ethics and Sustainability Committee, we
continuously monitor our commitment to efficiency in resource utilization, innovation, and transparency, as
well as to achieving quantifiable short- and medium-term goals.

STRATEGIC AXES AND THE PACKAGING USE CYCLE

STRATEGIC AXES FOR PACKAGING MANAGEMENT

Reuse
To lessen the impact on
the environment, returnable
packaging that is more
sustainable and efficient is
chosen.

Recover
Emphasizing the circular
economy, packaging is
recovered by means of efficient
logistics and solid partnerships
with strategic partners for
the recycling of single-use
bottles.

Recycle
Recycled materials are
incorporated into packaging in
collaboration with recyclers and
suppliers to improve sustainability
and contribute to the growth of the
recycling chain, thereby meeting
environmental responsibility
objectives.

Reduce
We continue to make
progress in reducing the
amount of single-use plastic
in packaging in order to
generate less waste and
lower costs.

PACKAGING USE CYCLE

GRI 306-1

Reduce

Recycle

Reuse

Recover

Raw material
(virgin PET
resin)

PET preform
production

Container
design
Manufacturing

Distribution

Consumption

Waste (post-
consumer)

Transformation
(recycled PET resin)

Waste (post-
industrial)

Collection
(reverse
logistics)

Recycling (sorting and grinding)

Collection (post-
consumer)

Returnable bottle cycle

Disposable bottle cycle

INTEGRATED ANNUAL REPORT 202396

“WORLD WITHOUT WASTE”

AN INITIATIVE OF THE COCA-COLA COMPANY PROMOTING
CIRCULAR ECONOMY.

GOALS TO WHICH WE ADHERE: WORLD WITHOUT WASTE

2025
Total portfolio of
100% recyclable
packaging by 2025

2030
Collect and recycle
100% of PET bottles placed
on the market by 2030

2030
Use at least 50% of
recycled resin in PET bottles
by 2030

PROGRESS COCA-COLA ANDINA 2023
SASB FB-NB-410A.1

100%

Recyclable packaging

29.5%

PET bottles collected and
recycled

18.4%

of recycled resin in PET
bottles

OTHER 2030 TARGETS RELATED TO PACKAGING AND WASTE

42.8%

of sales in returnable
packaging

95%

of solid waste recycled

50%

of recycled material in all
packaging

PROGRESS COCA-COLA ANDINA 2023

27.5%

Returnability

94.1%

Recycled solid waste

23.9%

Recycled material in
packaging

INTEGRATED ANNUAL REPORT 2023112

(GCO2EQ/L)
Returnable PET

+21.4%

Disposable with 100%
recycled resin

+38.4%

Returnable Glass

+48.2%

Disposable PET

+188.4%

Aluminum cans

Source: TCCC Decarbonization Guidebook

Percentage of volume by format
(over total NARTD)

34.5%

18.8%

Returnable

27.5%

Total
Coca-Cola Andina

Non-
returnable

72.5%

Total
Coca-Cola Andina

30.4%

32.1%

360° RETURNABILITY

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

Emissions
by
packaging

How did we make progress in returnability?

We invested in assets
to promote the availability
and consumption of
returnable products.

Promotions of
returnable products
aimed at consumers.

We highlighted smart
and environmentally
friendly savings.

We expanded the
returnable portfolio.

We promoted single
bottles in different formats
according to country.

We defined incentives
for the sale of returnable
products.

We ensured the
competitiveness of
returnable products.

We developed
e-commerce and virtual
bottle campaign to
encourage the purchase of
returnable products.

We focused on all sales
channels.

Returnables
over NARTD
volume*

27.5%
NARTD Sales
volume 2023

29.9%
Sales volume
NARTD Target
2023

42.8%

Sales volume
NARTD Target
2030

*NARTD: Non Alcoholic Ready to Drink

INTEGRATED ANNUAL REPORT 202323456789198

LEADERS IN RETURNABILITY 2023

THANKS TO A COLLABORATIVE EFFORT THAT INTEGRATES THE
DEVELOPMENT OF PRODUCTION AND LOGISTICS PROCESSES
WITH RETURNABLE CONTAINERS AND ENVIRONMENTAL
AWARENESS CAMPAIGNS ON THE VALUE OF THE CIRCULAR
ECONOMY, IN 2023 COCA-COLA ANDINA MAINTAINED
ITS LEADING POSITION AS THE SYSTEM’S BOTTLER IN
RETURNABLE SALES, WITH 27.5% OF TOTAL NON-ALCOHOLIC
BEVERAGES SOLD IN ITS FOUR OPERATIONS. THIS IMPLIED
US$45 MILLION IN CASES AND INVESTMENTS ASSOCIATED
WITH CONTAINERS AND, TODAY, THE MARKET SHARE OF
RETURNABLES EXCEEDS 90% IN ARGENTINA, BRAZIL AND
PARAGUAY.

Market Share of
Returnable Sparkling
Soft Drinks (SSD)

2022

2023

Argentina

2022

2023

Brazil

2022

2023

2022

2023

Chile

Paraguay

90.1%90.7%96.4%96.6%79.0%80.7%98.8%99.2%INTEGRATED ANNUAL REPORT 2023FEATURED CASES: CHILE MAKES PROGRESS IN RETURNABILITY

NATIONAL REUSE DAY

NEW RETURNABLES CAMPAIGN

reuse

Authorities and representatives from various industries
and organizations gathered to celebrate the commitment
the country,
initiatives visible
to making
commemorating every May 30 as “National Reuse Day.”
The Ministry of the Environment, País Circular, private sector
companies, start-ups, entrepreneurs, and sustainability
leaders are promoting environmental stewardship by
encouraging reuse in their spaces.

In keeping with the Law of Extended Consumer Responsibility
(REP Law) and the Single-Use Plastics Law, National Reuse
Day also provides a forum for discussion amongst various
stakeholders on matters pertaining to waste management
and recycling regulations in our country.

Coca-Cola Andina Chile launched a robust awareness
campaign in 2023 to bring generation Z and millennials
closer to the idea that returnability is the best way to care
for the environment and can also feel cool. The campaign
was accompanied by the tagline, “Live the magic of
sustainability with returnable bottles.” All of this disregards
the old, concept that returnables should only be consumed
in conjunction with family meals.

+14 million

Chileans reached

+6.8%

+0.9%

Frequency of
consumption vs.
previous year

Household
penetration vs.
previous year

RETURNABLE DIGITAL BOTTLE

Coca-Cola Andina Chile allows customers to purchase
returnable products more easily by allowing them to use
an app to purchase virtual bottles. The pilot project was
extended in 2023 to include our app miCoca-Cola.cl in Chile,
two Walmart stores, and two Cencosud stores.

Currently, there are over 5,500 registered users, and 25% of
them have generated a transaction.

New returnable
launches

L
2
a
r
e
P
o
n

i
t
c
d
e
n
e
B
a
u
g
A

L
2
a
n
a
z
n
a
m
o
n

i
t
c
d
e
n
e
B
a
u
g
A

L
2
a

l
l
i
t

u
r
f

o
n

i
t
c
d
e
n
e
B
a
u
g
A

L
5
2
e

t
i
r
p
S

INTEGRATED ANNUAL REPORT 2023

RECYCLING OF MATERIALS

INAUGURATION OF CIRCULAR PET

is to strengthen the

The company’s approach
recycling chain in order to obtain materials suitable
for use in its packaging. In this regard, the priority
is to incorporate recycled resin into single-use
PET bottles while actively promoting the
use of recycled materials in other types of
packaging.

In Paraguay, a new food-grade recycled resin plant with a capacity of 10,000 tons of recycled
PET per year is in operation, providing direct employment for over 1,000 people and positively
impacting a value chain comprised of over 20,000 families who collect recyclable materials
and transport them to approximately 2,500 collection centers spread across the country.

In this way, CIRCULAR PET joins as a key player in the recycling industry to contribute to the
country’s long-term development, collaborating with all actors in the chain, both public and
private, to jointly build a Paraguay without waste and ensure that each PET bottle placed on
the market has a new life.

100

SPRITE 100%
PACKAGING MADE
FROM OTHER BOTTLES

COCA-COLA ANDINA
ARGENTINA SELLS 500-ML
SPRITE IN TRANSPARENT
BOTTLES MADE ENTIRELY
OF OTHER BOTTLES.
THIS ALLOWED FOR THE
INCORPORATION OF
MORE THAN 600 TONS
OF RECYCLED RESIN, WITH
THE GOAL OF HAVING ALL
SPRITE BOTTLES MADE OF
THIS MATERIAL BY 2024. IN
ARGENTINA, THIS INITIATIVE
IS ALREADY BEING CARRIED
OUT WITH WATER BOTTLE
CATEGORIES AND THE
COCA-COLA BRAND.

Percentage of recycled materials used
Total Packaging

GRI 301-1

BOTTLE-TO-BOTTLE PLANT

23.9%

Total materials by
type recycled

The first plant in Chile to recycle plastic bottles, which will recover PET plastic and
manufacture new bottles with recycled resin by the end of 2024, thereby extending the
life cycle of these containers. The plant, which will be located in the commune of Lampa,
represents an investment of more than 30 million dollars.

76.1%

Total materials
by type
not recycled

Total Coca-Cola Andina

20.4%

2023

20.0%

Goal 2023

Percentage of
recycled resin
used
GRI 301-2

18.4%

2023

16.6%

Goal 2023

27.2%

2023

24.0%

Goal 2023

*
In Chile we are developing a PCR PET resin plant

19.1%

2023

15.0%

Goal 2023

INTEGRATED ANNUAL REPORT 2023WASTE RECOVERY AND STRATEGIC ALLIANCES

CONTAINER AND PACKAGING LIGHTWEIGHTING

POST-CONSUMER RECOVERY

SASB FB-NB-410A.2

In 2023, the Company meets its post-consumer recovery goal, with a total Andina yield of
29.5%. Over the last three years, it has recovered more than 44 thousand tons of PET.

In 2023, we achieved our goal of continuing to lighten PET bottles and secondary packaging, which will be
maintained in the future. In this way, the company avoided introducing 377 tons of PET into the market over
the last year.

Main PET reductions 2023

101

Percentage of
post-consumer recovery

Total Coca-Cola Andina

25.0%

2023

30.0%

Goal 2023

29.5%

2023

25.2%

Goal 2023

39.2%

2023

34.5%

Goal 2023

In Chile, the implementation of the REP Law has influenced
the development of strategies and goals for increasing
collection of plastic containers.

79.5%

2023

47.1%

Goal 2023

-21%

Benedictino s/gas 500

-20.5%

Dasani 500

-13.4%

Benedictino 2000

-8.9%

Crush 2000

STRATEGIC ALLIANCES FOR PET COLLECTION

Coca-Cola Andina Paraguay set a benchmark in the Coca-Cola system by collecting 8 out
of every 10 PET bottles sent to market. This is accomplished through strategic alliances that
promote improvements in container recovery by collaborating with various players such as
governments, municipalities, civil society organizations, and communities.

-8.6%

Coca-Cola 2250

-7.3%

Kuat 2000

-7.3%

Coca-Cola 1500

-7.3%

Fanta Guarana 1500

Total tons saved

Total US$ saved

Paraguay has one of the highest PET plastic recycling rates in the region, with 60% recovered
and recycled. This is due to the business model, which registers over 20,000 families
dedicated to collecting recyclable materials and transporting them to the 2,500 collection
centers located throughout the country.

Evolution of PET
savings 2021-2023

377

558

530,001

883,097

We work with The Coca-Cola Company to foster these alliances in the four countries where
we operate, regardless of whether local regulations apply.

482

732,838

2021

2022

2023

2021

2022

2023

INTEGRATED ANNUAL REPORT 2023To learn more about waste management indicators, see chapter 9.

102

WASTE MANAGEMENT
GRI 306-1, 306-2

The Integrated Waste Management Plan aims
to reduce solid waste per liter of beverage
produced and maximize the percentage of
solid waste recycled.

Recycling of cases for returnable bottles

Clean energy from waste

Coca-Cola Andina Paraguay packages its glass and
PET returnable bottles in high-density polyethylene
(HDPE) cases made entirely of recycled material.
In 2023, we achieved this value by incorporating
more than 100 tons of recycled plastic into a
circular cycle, with 80% supplied from our plant
after grinding the discarded cases and delivered to
ENVAPAR, who manufactures cases that enter our
production cycle.

Coca-Cola Andina Argentina began manufacturing
and distributing Ades brand products, which are
soybean-based beverages. This process generates
a significant amount of organic waste, which
we have successfully integrated into a circular
economy chain through an alliance with the
company Helios. Every day, approximately 70 tons
of this waste are sent to generate biogas, which is
then converted into electric energy and injected
into the country’s interconnected system.

COCA-COLA ANDINA

Generation of
solid waste
(gr of solid waste / liter of
beverage produced)

2021

2022

2023

19.4

13.0

12.5

7.9

8.4

7.8

13.9

13.3 12.4

18.1

15.7

14.1

Recycled solid waste targets

93.4%

95.8%

92.8%

92.2%

91.5%

Recycling of
solid waste
(% of total)

2021

2022

2023

91.6% 91.9% 93.6%

96.4%

93.9%

88.3%

92.1%

90.2%

92.6%

91.6% 92.0%94.0%

11.911.512.791.0%91.9%94.1%INTEGRATED ANNUAL REPORT 2023To learn more about water management indicators, see chapter 9.

103

WATER
AWARENESS

GRI 303-2 | SASB FB-NB-140A.2

Coca-Cola Andina is committed to continuing to reduce
the use of water in its processes, recognizing that water is a
critical resource for the planet and the development of the
communities in which it operates.

The water used in its operations comes from a variety of
sources, depending on the geographic context of the facility.
In general, groundwater accounts for the largest proportion,
as it is the primary input for beverage production and,
indirectly, auxiliary services.

During the production phase, water is reused, and the
remainder is treated as effluent before being returned to
the hydrological cycle under appropriate conditions. This is
accomplished by adhering to the highest local regulatory
standards and developing its own high-quality and efficient
water-use controls in the countries in which it operates.

STRATEGIC AXES IN WATER MANAGEMENT
GRI 303-1 | SASB FB-NB-140A.2

It has been crucial for the development of this strategy
that all members of the value chain and the Company
understand the circular water cycle. To further decrease
losses in facilities and production processes, we have
also made investments in technology, innovation, and
performance-enhancing initiatives. The four axes of the
water management strategy are reduce, reuse, recycle, and
replenish.

WATER USE CYCLE 2023 [M3/YEAR].

GRI 303-1

Our water sources

Surface

Network

Underground

Rain

Other

7,255,057 m3
Bottling consumption

474,823 m3
Consumption other processes

What we use water for

1,243,608 m³
Reuse

4,224,329 m³
Production Process

3,505,550 m³
Auxiliary Services

4,224,329 m³
Beverages

82,014 m³
Losses / Faulty
products

11,114 m³
Other processes

3,412,423 m³
Effluent discharge

Note: This includes water for bottling as well as water for other processes such as sugar production, energy cogeneration, and sanitary uses.

2,602,547 m³
Own treatment

809,875 m³
Third party treatment

INTEGRATED ANNUAL REPORT 2023104

OUR 2030 TARGET

Liters of water used per liter of beverage produced

1.72 liters

Progress 2023

1.65 liters
Goal 2023

1.27 liters
Goal 2030

REDUCTION AND EVOLUTION
OF THE WATER RATIO
GRI 303-1 | SASB FB-NB-140A.2

The Company has implemented a number of initiatives that
allow it to more efficiently use this resource, resulting in a
15% decrease in consumption since 2018 and a water use
ratio (WUR) of 1.72 liters per liter of beverage produced
during 2023.

-15%

% reduction

+4.4%

-0.2%

2022

2023

Argentina

2022

2023

Brazil

2018

2023

-4.0%

+5.5%

Evolution of
Water Ratio by
operation
(2018 baseline)

2022

2023

2022

2023

Chile

Paraguay

2.002.091.381.371.811.911.841.772.011.72INTEGRATED ANNUAL REPORT 2023Evolution of
water use ratio
at RENCA

Water priority
classification

2.13

1.96

1.84

1.79

2020

2021

2022

2023

Low
(< 10%)

Medium-Low
(10-20%)

Medium-High
(20-40%)

High
(40-80%)

Extremely High
(>80%)

Arid and low water consumption

For our main subsidiaries, only one
of our ten manufacturing plants is
located in a water stress
zone.
Source: WRI.ORG - Aqueduct
Water Risk Atlas.

105

WATER STRESS PRIORITY
GRI 303-1 | SASB FB-NB-140A.2

Coca-Cola Andina 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 its manufacturing facilities,
allowing it to prioritize efforts and investments.

For example, the central zone of Chile is considered to have
high water stress, and the company constantly monitors
the indicators associated with its facilities in this area. In this
sense, it carried out a hydrogeological study of the Maipo
River basin in Santiago, the results of which - based on the
World Resources Institute’s “water stress” classification -
allowed it to prioritize the investment plans for the Renca
plant - which represents 20.6% of Coca-Cola Andina’s total
production - and reduce the ratio above the Company’s
average, which has reached more than 23% in the last 5
years.

Suppliers in water-stressed areas
(by ingredients)

21.4%
Sugar

0.0%
Soybeans

INTEGRATED ANNUAL REPORT 2023106

75%
Green WF

Direct and
Indirect Water
Footprint

19%
Blue WF

6%
Gray WF

Direct Water Footprint

Indirect Water Footprint

2%
Gray WF

16%
Blue WF

6%
Gray WF

78%
Green WF

98%
Blue WF

*The Indirect Water Footprint accounts for 97% of the Total Footprint. Within this, 75%
corresponds to green Water Footprint.

MEASUREMENT OF WATER
FOOTPRINT AND LOW WATER
IMPACT PRODUCTS

During 2023, together with our partner,
Circular Carbon, we carried out Coca-Cola
Andina’s first water footprint measurement,
which is based on the methodology of the
WFN (Water Footprint Network), where
the Renca plant in Chile was chosen as
the most representative and demanding
to perform this exercise. The Renca plant
is located in a high water stress area and
is one of the three plants with the highest
production volume in Andina.

the

total

According to the measurement’s general
findings, 97% of
footprint
corresponds to indirect water footprint
In
and 75% to green water footprint.
Andina’s entire value chain, this places the
purchase and consumption of sugar as
the primary cause of water footprint. For
this reason, the conclusions of the final
report lead us to propose actions not only
in the direct consumption of water but
also to design a sustainable supply plan
where one of the main pillars is the water
awareness of our supply chain.

Finally, this analysis confirms our strategy
to expand our sugar-free or low-calorie
portfolio of products, whether in the water
or soft drink categories, obtaining a triple
impact by caring for the health of our
consumers, reducing carbon emissions
and optimizing the use of water resources
throughout our supply chain.

Water footprint by pillar

95%

Ingredients

0.2%

Distribution

Packaging and inputs

Manufacture

0.4%

Waste

0.5%

Cooling service

INTEGRATED ANNUAL REPORT 2023To learn more about water management indicators, see chapter 9.

107

WATER REUSE
GRI 301-1 | SASB FB-NB-140A.2

Coca-Cola Andina has implemented several technological
improvements, allowing it to safely reuse and incorporate
water used in its manufacturing process. This has made
it possible to improve efficiency and gradually reduce
extraction from natural sources.

Progress 2023

Versus previous year

17.1%

of water reuse
(on water withdrawn)

+18%

increase in reuse

+462%

progress

+18.9%

+20.4%

+1,771.5%

+3.7%

Evolution of
water reuse
(m³)
(baseline 2018)

2018

2023

2022

2023

Argentina

2022

2023

Brazil

2022

2023

2022

2023

Chile

Paraguay

EFFLUENT RECOVERY IN ANTOFAGASTA

Coca-Cola Andina’s Antofagasta plant is situated in the coastal border region of northwest
Chile, an area characterized by extreme aridity, water scarcity, and limited vegetation.

The seawater desalination process in San Jorge Bay provides the plant with its supply. While
the reuse and recycling of water resources has always been the primary focus of this plant, a
project was launched in 2023 that greatly reduced the water use ratio from 1.80 to 1.50 liters
per liter of beverage produced, closing values below 1.50 in the last three months.

The project involved extracting treated water from effluents and reusing it in secondary
processes like container washing, cooling towers, boilers, and lubrication by combining
reverse osmosis, ultrafiltration, and UV treatment. About US$550,000 was spent on
implementation, yielding a 150 m3/day effluent recovery capacity and a 20% reduction in the
amount of drinkable water needed.

243,543289,543498,776600,732309,504320,9181,73232,415221,3421,243,608INTEGRATED ANNUAL REPORT 2023To learn more about water management indicators, see chapter 9.

108

Progress 2023

100%

of the effluents
generated at our
operations are treated

2,856,365 m3
total liters treated

RECYCLING AND WATER TREATMENT
GRI 303-1, 303-2, 303-4| SASB FB-NB-140A.2

The Company’s ability to recycle the water it uses is one of
its biggest challenges; it achieves this by safely returning
effluents to their source while protecting human health and
the environment.

As a result, the manufacturing facilities treat all of their
wastewater, both in-house and in facilities owned by third
parties that ensure the necessary end quality. In order to
achieve this, daily sampling is done in strict accordance
with The Coca-Cola Company’s Operational Requirements
and the technical standards set in each nation. This includes
measuring variables
total
dissolved solids. There were no documented or reported
non-compliance instances of water discharge limits during
this period.

temperature, pH, and

76%
Own

24%
Third parties

97%

100%

12%

100%

88%

17.1%
Total

30%

100%

Effluent
treatment 2023
(% on total)

Percentage of
water recycled
from effluent
treatment
(effluent water reuse/
total water reuse)

INTEGRATED ANNUAL REPORT 2023109

WATER REPLENISHMENT PROGRAMS

GRI 303-1

Water conservation is a company-wide commitment
as well as a community responsibility. As a result, it has
proposed, in collaboration with its neighbors, to move
forward with this challenge, looking for initiatives that
will allow it to connect and share the value it places on
this resource. Some of them include work with farmers
in Argentina and the Nature-Based Solutions project
to replenish water in protected areas in the province
of Córdoba. In Chile, the company has been working
to restore wetlands in indigenous communities in the
Tarapacá highlands, and in Brazil, it has been working to
conserve tropical forests in the Amazon. Paraguay aims
to improve aquifer recharge in the Mbaracayú Forest
Biosphere Reserve.

For more information, see Chapter 6

OTHER WATER ALLIANCES

Almafuerte
Rumipal

>
>
> Cicla
>
>
> Nilus
>
>

Bosques de Agua
Fundación Avina

Kilimo
Fundación Agua
es Vida

Asociación de Sonidos de la
Tierra

> ONG A Todo Pulmón
Fundación Moisés Bertoni
>
> Comisión Nacional del Lago
Ypacarí (CONALAYPA)

> Global Environment and

Technology Foundation (GETF)

WATER REPLENISHMENT IN NATURE
GRI 303-1| SASB FB-NB-140A.2

Numerous endeavors have been undertaken along this
strategic axis to safeguard aquifers and promote water
conservation in the natural environment, as well as to ensure
that individuals have access to water resources and to
raise awareness regarding their value and significance. The
Company aims to achieve this by 2025 and return 100% of
water utilized in the Renca plant (Leadership Location) and
by 2030 for total Andina.

ALLIES FOR WATER

GRI 303-1

leading this
The Coca-Cola Company
initiative, which invites bottlers to participate
in common water replenishment goals
in
the communities where their operations are
located as well as in priority watersheds where
production plants are located.

The system’s
is consolidated
information
through innovative projects with local startups,
allowing for greater efficiency in water use in
operations.

Chapter 6 provides additional information
on strategic water alliances.

Goals

105%
water replenishment in
leading plants by 2025.

100%
national replenishment
per country by 2030.

100%
of leading locations with water
replenishment projects by
2030. .

INTEGRATED ANNUAL REPORT 2023110

ANDINA
COMMITMENT

Starting in 2020, the Coca-Cola System
is working to reduce its carbon footprint
throughout its value chain. In this way, until
2023, we have adopted and accompanied
the system in its entire trajectory to reduce
emissions by 25% by the year 2030.

In 2024, we are determined to take a
more challenging step by signing our own
commitment to the Science-Based Target
Initiative (SBTI), which seeks to validate
decarbonization targets aligned with even
more demanding trajectories.

CLIMATE
ACTION

GRI 305-1, 305-2, 305-3

Climate change is an undeniable global crisis that has been
caused largely by rising levels of greenhouse gases (GHGs).
To counteract this result, strategies are being implemented
at both the political and business levels to reduce emissions
and strengthen resilience, including the adoption of “Net-
Zero” commitments by numerous countries in accordance
with the 2015 Paris Agreement. At the corporate level,
several companies, including The Coca-Cola Company, have
joined the Science-Based Targets (SBT) initiative, which is
coordinated by organizations such as the Carbon Disclosure
Project (CDP) and United Nations Global Compact.

2 0

Organizational carbon
footprint measurement for all
four operations using ISO 14064
and the Greenhouse Gas Protocol:
Corporate Accounting and Reporting
(GHG) Standard, published by the
World Resources Institute and
the World Business Council for
Sustainable Development.

Disclosed
for the first time
through CDP forms.

TCFD is integrated into the
Organizational Risk Management Model in
all four operations.

Scope 3 is evaluated and expanded to include all
industry-relevant categories.

The financial control approach for measuring the
organizational carbon footprint is incorporated.

Feasibility study, through the design of
a robust decarbonization plan, to
generate commitment and
alignment to the SBTi
initiative.

Finalized
TCFD disclosure
framework, including
quantification of climate change
risks and opportunities affecting
consolidated adjusted EBITDA.

Organizational boundaries for footprint
measurement are expanded, incorporating
distribution centers. First carbon footprint
measurement of production plants of other
subsidiaries in Chile and Andina Empaques.

Ernest & Young provided the first
external assurance statement of the
organizational carbon footprint
indicator.

CLIMATE RESILIENCE
AND EMISSIONS

Carbon footprint
measurement was
aligned with the Coca-Cola
Company’s decarbonization
guidelines. We adopted
the system’s commitment
and defined 2030 goals for
operational indicators such
as returnability, water and
energy.

2030

INTEGRATED ANNUAL REPORT 2023To learn more about emissions indicators, see chapter 9.

111

The Company has created a decarbonization
strategy that aligns with the five pillars of the
Coca-Cola System in order to guarantee that the
commitments are reasonable, feasible, and
consistent with the realities of the business.
In comparison to 2022, emissions in 2023
were 1,140,235 TnCO2eq,
an increase of 0.8% in the ratio of
grCO2eq / liter produced.

indicating

OUR DECARBONIZATION STRATEGY PILLARS
GRI 305-5

Ingredients

Packaging

Manufacture

Distribution

Cold equipment

Percentage share of main
emission sources*

18.8%

214,917 ton co2eq
Scope 3

39.7%

452,255 ton co2eq
Scope 3

9.5%

107,864 ton co2eq
Scope 1 and 2

10.0%

114,126 ton co2eq
Scope 1 and 3

11.9%

136,097 ton co2eq
Scope 1 and 3

+3.4%

vs 2022

-3.9%

vs 2022

+15.6%

vs 2022

+2.7%

vs 2022

+11.6%

vs 2022

Main emission reduction
initiatives

Sustain the implementation of
the sugar reduction strategy by
increasing the availability of low-
calorie products.

> Develop a sustainable sourcing

area for supplier engagement and
align them with best practices for
reducing emissions.

Boost sales of returnable
containers, increasing the
percentage of recycled PET
in disposable containers and
continue working to lighten
bottles.

Reduce consumption, as
measured by the EUR indicator,
and simultaneously increase the
proportion of renewable energy in
the energy consumed.

Seek efficient distribution by
controlling routes so that each
truck maximizes its trip, as well
as renewing the fleet of own and
third-party vehicles with improved
consumption efficiency and
motorization technology. At the
same time, work to replace the
internal fleet with electric mobility
vehicles.

Increase equipment efficiency by
lowering electrical consumption,
investing in more efficient
equipment with electronic
controllers, higher-performing
refrigerant gases, a high-tech cold
chamber, and LED lighting.

Main subsidiaries indicators

Reduction goals 2030

48.83

kilocalories sold
per 200 ml.

40.75

kilocalories sold
per 200 ml.

18.4%

of recycled resin use over total PET OW.

0.317 MJ

energy consumed per liter produced.

27.5%

Returnable packaging sales volume
over NARTD

53.7%

Renewable Electric Energy.

68%

EURO V standard trucks or higher
over total.

0.317 MJ

energy consumed per liter produced.

75%

energy saving equipment.

50%

of recycled resin use over total PET OW.

42.8%

Returnable packaging sales volume
over NARTD

Energy ratio

0.255 MJ

energy consumed per liter produced.

70%

Renewable Electric Energy.

90%

EURO V standard trucks or higher
over total.

Energy ratio

0.255 MJ

energy consumed per liter produced.

90%

energy saving equipment.

INTEGRATED ANNUAL REPORT 2023
112

Emissions
carbon footprint
2022- 2023
(TnCO2eq)

GRI 2-4, 305-1, 305-2, 305-3

Total
Coca-Cola Andina

1,113,302
2022

1,140,235
2023

+2.4%

Var % 2022-2023

Carbon footprint emissions ratio
(grCO2eq/ liter of beverage produced)

GRI 305-4

Scope 1 - Scope 2

Scope 1 - Scope 2 - Scope 3

27.4
2022

30.2
2023

240.4
2022

242.3
2023

In the carbon footprint profile,
Scope 3 accounts for more than
85% of absolute emissions. More
than 50 sources of emissions were
evaluated in this scope, including 10 of
the 15 industry-applicable GHG Protocol
categories. This ensures
products manufactured, distributed,
and commercialized both in our
main subsidiaries and in our other
consolidated subsidiaries.

that all

Scope 1

72,995
2022

78,306
2023

+10.2%

Var 2022-2023

+0.8%

Var 2022-2023

+7.3%

Var 2022-2023

Gases included in the emissions ratio calculation: CO2 , CH4 , N2O, HFC, PFC, SF6 , NF3

Scope 2

53,891
2022

63,800
2023

Share (%) carbon footprint 2023 by
type of scope

Carbon footprint 2023 by
operation

+18.4%

Var 2022-2023

6.9%
Scope 1

5.6%
Scope 2

7.9%
Paraguay

Scope 3

986,416
2022

998,130
2023

+1.2%

Var 2022-2023

87.5%
Scope 3

Gases included in the carbon footprint calculation: CO2 , CH4 , N2O, HFC, PFC, SF6 , NF3.
Methodological change: year 2022 is recalculated with new definition of financial control
approach. Subsidiaries in Chile (ECSA, VASA and VJSA) and Andina Empaques Argentina are
incorporated.

30.3%
Argentina

28.3%

Brazil

23.9%Chile3.4%AndinaEmpaques6.2%Subsidiaries ChileINTEGRATED ANNUAL REPORT 2023To learn more about energy management indicators, see chapter 9.

113

TRANSITION TO RENEWABLE ENERGIES

Reducing greenhouse gas emissions and managing
the impacts of climate change are key priorities for the
company. Therefore, it promotes the efficient use of energy,
the reduction of its consumption and the increase in the use
of renewable energy in the matrix. In addition, it seeks to
strengthen good practices, both in its value chain and in that
of its suppliers.

Coca-Cola Andina has prioritized the
incorporation of
renewable energy sources to its energy matrix in all
countries where it has the conditions to do so.

Renewable
energy use
2023

Main
Subsidiaries

Percentage
of renewable
energy

Main
Subsidiaries

38.6%

Total Coca-Cola Andina

53.7%

Total Coca-Cola Andina

Argentina

Brazil

39.3%

Chile

54.1%

Paraguay

97.5%

Argentina

Brazil

50.6%

Chile

95.7%

Paraguay

100%

100

INTEGRATED ANNUAL REPORT 2023To learn more about energy management indicators, see chapter 9.

114

Scope 2023

Our target 2023

Our target 2030

0.317 MJ

per liter of beverage (EUR)

0.312 MJ

per liter of beverage (EUR)

0.255 MJ

per liter of beverage (EUR)

100% RENEWABLE ENERGY
OPERATIONS

The Company is making progress toward purchasing 100%
renewable energy with I-REC certification. Contracts are
already in place for the Renca and Antofagasta plants in
Chile, as well as the Ribeirão Preto and Duque de Caxias
plants and distribution centers in Brazil.

PROGRESS IN ENERGY EFFICIENCY

The Company monitors energy consumption using the
energy ratio (EUR), which is the number of megajoules
required to produce and store one liter of beverage.

In 2023, Coca-Cola Andina achieved a ratio of 0.317 MJ per
liter of beverage, accumulating an improvement of 4.9%
from 2018.

The energy matrix of direct consumption
is composed of three types of sources, with the following distribution:

Mobile combustion

61%

Electricity

31%

Fixed combustion

ENERGY IN THE VALUE CHAIN

Ingredients

Packaging

Manufacture

Distribution

Cold equipment

Fossil fuel

Bio fuel

Grid electricity

Renewable electricity

INTEGRATED ANNUAL REPORT 2023NATURE-BASED SOLUTIONS

In terms of biodiversity
management, the Company has
prioritized the conservation of the
natural habitats and ecosystems
in which it operates, carrying
out its activities responsibly and
consistently in accordance with the
Sustainability Policy. This includes
not operating in protected or natural
heritage areas. It also works to
mitigate the impact of its value
chain on biodiversity by promoting
sustainable forest management and
the protection of wooded areas.

115

SIERRAS DE CÓRDOBA, ARGENTINA

Coca-Cola Andina launched the Nature-based Solutions (NbS) project
in Córdoba, Argentina, in 2023. The project aims to replenish water and
conserve biodiversity in the sub-basins of the Río Primero (Suquía) and Río
Segundo (Xanaes) rivers.

In recent years, this area’s land use has changed, affecting the mountain
ecosystems from which the watercourses originate. This meant that
numerous water emergencies had to be declared, in addition to the IPCC’s
unfavorable rainfall scenarios, as a result of the climate emergency.

In this scenario, the project aims to contribute to the conservation, restoration,
and long-term management of critical areas in upper watersheds in order
to recover native vegetation and soil in mountain ecosystems, resulting in
increased water availability year-round. In addition, this project enhances
biodiversity, climate resilience, and sustainable community development.

Hectares
recovered

10,791

Project
contribution and
benefits

Water replenished

3,522,406
m3/year

People benefited

1,600,000

To accomplish this, Coca-Cola Andina, The Coca-Cola Company, and The
Coca-Cola Foundation, in collaboration with CICLA and Bosques de Agua,
are undertaking a series of actions:

Reach
level

Effectiveness of
protected area
management

10,450 ha

with conservation agreements

50%

progress in management plan

Grazing management
and control

3,000 ha

with regenerative livestock management

Control of invasive
alien species (IAS) of
high water demand

Forest restoration

46%

of enclosures installed

specific training sessions

brigade members were equipped and
began work in the field.

> Fences installed and maintained to

protect plantations.

> Planting carried out and seedling

production in progress

Erosion control

Gullies restored

> Fences installed

Fire prevention

firebreaks implemented

> Water reservoirs for early fire attack,
purchased and ready to be installed.

INTEGRATED ANNUAL REPORT 2023116

ESTANCIA ATALAYA - CONDORITO NATIONAL RESERVE
4,828 ha

INTERVENTION LOCATIONS

> Valle de Los Lisos Natural Reserve

> Vaquerías Natural Reserve

> Cerro Blanco Reserve

> Campo Los Hornillos Reserve

> Espinillo Bravo Private Natural Reserve

> Naguan Tica Natural and Cultural Reserve

> Bosques de Agua Natural Reserve

> Quebrada de Los Refugios

> Estancia Santo Tomás

Quebrada del Condorito National Park

> Estancia Atalaya - Condorito National Reserve

MAIN PARTNERS

VALLE DE LOS LISOS NATURAL RESERVE
4,300 ha

CERRO BLANCO RESERVE

INTEGRATED ANNUAL REPORT 2023117

Local ecosystem:
Driving
economic
and social
growth

INTEGRATED ANNUAL REPORT 2023To learn more about community contribution indicators, see chapter 9.

118

COMMUNITY
ENGAGEMENT AND
VALUE CREATION

GRI 413-1, 413-2

US$2,320,553

Investment in communities

1,034,534

Number of beneficiaries in the community

2,661,929

Liters donated

ATER A

E N E SS

Water management and
water scarcity

We work with neighboring
communities to promote
recycling, reducing, and
replenishing this resource while
also caring for crisis areas near
our operations.

E R S P ECTIVE

R P

U L A

CIR C

Returnability and packaging

We promote collection initiatives,
recycling culture and volunteering in the
sectors where we are located.

Waste management and responsible

use of resources

We use our resources responsibly in order
to minimize waste generation in our
operations.

PLY CH AI N M A N A G EMENT

P
U
S

Responsible sourcing
(supply chain management)

We seek to encourage our
suppliers’ growth by promoting
continuous improvement and
conducting periodic evaluations
of specific suppliers.

The organization focuses on
generating opportunities by
establishing connections with the
communities in which it operates.
To accomplish this, it developed a
community relations strategy that
focuses on five key themes for the
Company:

D I V

S A FE AND CO

Talent attraction, retention and
development

Our host communities are diverse
and talented, so we prioritize
hiring local workers.

T I O N WITH THE CO

N
I
T
I
E

Economic development,
employment and local
entrepreneurship

We coordinate various stakeholders
to promote economic and environmental
development in neighboring communities.

Donations and public-private partnerships

Through collaborative work with
neighboring communities and actors that
surround us, we seek to contribute to
the welfare and development of the
localities where we are present.

INTEGRATED ANNUAL REPORT 2023

119

WATER AWARENESS
GRI 413-1, 413-2

We collaborate closely
with local communities
to implement water
conservation, reforestation,
and water-efciency
technology programs.

Continuación Alto Tarapacá
This project aims to restore hectares of
wetlands and flooded meadows which
act as sponges capable of retaining and
storing water in the Andean foothills and
mountain range.

Facilitators:

> Coca-Cola Andina Chile
>
>

The Coca-Cola Company
Avina Foundation

US$67,470

Invested

CICLA Project
Through the implementation of nature-
based solutions
in strategic sectors
of priority watersheds, our goal is to
improve water
infiltration capacity,
generate greater storage in the saturated
thickness of the soil and a decrease
in surface runoff, which generates an
increase in the average flow of rivers and
streams during the dry season.

Facilitators:

> Coca-Cola Andina Argentina
The Coca-Cola Company
>
> Cicla

1,644,960 m3/year

Liters of water replenishment

Nilus
This initiative considers using artificial
intelligence to store water in an artificial
glacier, which is then used during the
spring and summer seasons. The plan
includes the construction of a water park
in the Cajón del Maipo area.

Facilitators:

Coca-Cola Andina Chile
The Coca-Cola Company

>
>
> Nilus

US$100,000

Invested

Kilimo
The goal is to use satellite data to
verify, improve, and compensate for
agricultural water use.

Facilitators:

> Coca-Cola Andina Chile
>
>

The Coca-Cola Company
Kilimo

US$120,836

Invested

Water care through music: Sonidos
H2O Ñemby and Show Hydro
Through music
community
participation, we promote the care of
the Pa’i Ñu stream and water care in
educational communities.

and

Reduce your Water Footprint Talk
Talks and activities in Renca, Puente
Alto, Maipú, and San Joaquín to address
issues related to saving and caring for
water in daily life.

Facilitators:

> Coca-Cola Andina Chile
>
>

The Coca-Cola Company
Association de Sonidos de la Tierra

US$11,580

invested

2,488

participants and beneficiaries

Facilitators:

> Coca-Cola Andina Chile
Fundación Agua es Vida
>

U$39,226

invested

514

beneficiaries

Water Conservation in the
Mbaracayú Forest Biosphere
This project aims
the
water supply in the Mbaracayú Forest
Biosphere Region through sustainable
in collaboration
agricultural practices
with smallholder farmers.

to replenish

+Verde+Agua: Patiño Aquifer Recharge
and Sustainable Management of the Lake
Ypacarai Basin
This initiative seeks to increase the quantity
and quality of recharge of the Patiño Aquifer
resource
through an
management model that also impacts the
Ypacaraí Lake basin.

integrated water

Facilitators:

> Coca-Cola Andina Paraguay
The Coca-Cola Company
>
> Moisés Bertoni Foundation
>

Local farmers

408

beneficiaries

Facilitators:

Fundación Coca-Cola

>
> Coca-Cola Andina Paraguay
Fundación Moisés Bertoni
>
> Comisión Nacional del Lago Ypacarí
>
> Global Environment and Technology
>

Foundation (GETF).

(CONALAYPA)

US$125,000

invested by Fundación Coca-Cola

5,620

beneficiaries

INTEGRATED ANNUAL REPORT 2023CIRCULAR PERSPECTIVE
GRI 413-1, 413-2

Through management of the
entire life cycle of packaging—
from design and production
to recycling and reuse—we
are able to increase
PET collection rates in
collaboration with all
participants in the
recycling chain.

Strengthening alliances and creating
synergy in PET recovery.
These public-private agreements were
signed with different Municipalities
(Córdoba, Montecristo, Alta Gracia,
General Deheza, Godoy Cruz, General
Pico, Monte Hermoso, San Luis, among
others), Large Collectors
(Reaquila,
GIRSU, Circularity, Recical) and Key
Accounts
Carrefour,
(ChangoMas,
Libertad, Makro and La Anónima) with
the aim of strengthening PET recovery.

Facilitators:

> Coca-Cola Andina Argentina
> Municipalities
>
>

Large Collectors
Key Accounts

US$149,883

invested

4,364,171

Kg recovered

Network of Ecopoints, EcoGestor and
App “It’s Recyclable”.
The Ecopoints constitute a network
of recovery containers that facilitate
the separation at source of recyclable
is complemented by
materials. This
Ecogestor, a software that guarantees
the
traceability of materials and
facilitates the operational management
of
the
the collection centers, and
“It’s Recyclable” App, which allows
consumers to
identify products and
brands that use recyclable packaging,
promoting environmentally conscious
and responsible consumption.

Facilitators:

> Coca-Cola Paresa
>

Ecological Solutions

US$6,250

invested

EcoPoints installed

Join and Recycle Talks
the value of
talks on
Educational
recycling and environmental education,
with an emphasis on waste segregation.

Facilitators:

> Coca-Cola Andina Chile
>

Rembre

US$14,327

invested

426

beneficiaries

Cities Without Waste
Seeks to strengthen small and medium-
sized waste collectors and recyclers’
associations by providing
logistical
support such as trucks, weighing scales,
and contributions for renting space,
among other things.

Facilitators:

> Coca-Cola Paresa
>
>
>

> Fundación Coca-Cola
> Fundación Moisés Bertoni
> Coresa (Compañía Recicladora S.A.).

US$100,000

invested

150

beneficiaries

Sprite clean-up campaign
Project in partnership with the NGO
SOS Lagoas, which has
removed
tons of waste from our lagoons since
2018. These actions aim to ensure
the proper disposal of the collected
waste through selective and regular
collection, contributing to environmental
awareness.

Facilitators:

> Coca-Cola Andina Brazil
> NGO SOS Lagoas

US$12,426

invested

2,161 kg

of recyclables removed

My Beach Without Waste and Suquía
River Cleanup
We carried out cleanup days at the
Villa Rumipal and Almafuerte summer
the
inns
together with volunteers,
Municipality of Almafuerte and
the
Calamuchita Regional MSW Treatment
Plant. In addition, to celebrate Earth Day,
Montecristo Plant collaborators and their
families participated in a cleaning and
waste collection day on the banks of the
Suquía River in the San Martín Reserve.

Facilitators:

> Coca-Cola Andina Argentina
> Municipality of Almafuerte
> CICLA

US$6,738

invested

Tres Puentes Wetland Cleanup and
Let’s Reforest Volunteer Program
Employees of the Punta Arenas plant
and their families cleaned the most
significant wetland in the commune as
part of the corporate volunteer program’s
commitment to environmental care, and
workers in Santiago participated in the
reforestation of the Pajaritos park in
Maipú.

Facilitators:

> Coca-Cola Andina Chile
> Chilean Navy
Reforestemos
>
> Municipality of Maipú

14,502

beneficiaries

120

this

My neighborhood without waste
free
Offering a
recycling material
collection
service,
platform
encourages
and promotes waste
in homes, businesses,
management
and educational institutions across 20
Asunción neighborhoods. This helps to
build grassroots recycler associations
and collection centers.

Facilitators:

> Coca-Cola Paresa
The Coca-Cola Company
>
Fundación Moisés Bertoni
>
BID Lab
>
PNUD
>
> Cervepar
>
> Nestlé
>
> Ministry of Environment and Sustainable

Fábrica Paraguaya de Vidrios

Tetrapack

Development (MADES).

US$13,000

invested

666

homes, businesses, and educational
institutions registered

collection centers and grassroots recycler
associations benefited

INTEGRATED ANNUAL REPORT 2023CONNECTION
WITH NEIGHBORING
COMMUNITIES
GRI 413-1, 413-2

Our goal is to help the
communities in which
we operate grow by
implementing programs
that stimulate the local
economy.

121

Gastronomic Boots Camps
Online and on-site training program
aimed at young people under the age of
35, primarily women, who want to work in
the gastronomic industry. Boots Camps
are taught in 15 partner restaurants,
allowing for work experience and job
opportunities.

Facilitators:

> Coca-Cola Andina Chile
>
>

The Coca-Cola Company
Social Gastronomy Foundation.

US$77,254

invested

1,317

young participants

Healthy Cooking Workshops
Workshops pertaining to training are
specifically tailored for women who
are employed in snack bars, children’s
cafeterias, or are affiliated with social
organizations.

Facilitators:

> Coca-Cola Andina Argentina
>

Pimienta Negra gastronomic education
company.

US$6,275

invested

420

beneficiaries

Comida para Todos (Food for All),
Banco de Alimentos (Food Bank)
and Natal sin Hambre (Hunger-Free
Natal).
These are initiatives that seek to provide
access
food, support charitable
organizations and encourage donation,
through the delivery of lunch rations to
low-income people and the donation of
products.

Facilitators:

> Coca-Cola Andina Argentina.
> Coca-Cola Andina Brazil.
> Coca-Cola Andina Chile.
>
>
>
> NGO Ação da Cidadania (Brazil).

Social Gastronomy Foundation (Chile).
Food Network (Chile).
Food Bank (Argentina).

6,600

lunch rations delivered

826,044

beneficiaries

Programa Puertas Abiertas (Open
Doors Program)
The company opened its doors to the
neighbors of Renca, Puente Alto, San
Joaquín, Maipú, and Punta Arenas so
they could learn about the production,
logistics, and distribution processes.
Furthermore, we became involved in
that encourages
a SOFOFA project
member businesses to open their doors
to neighboring communities.

Facilitators:

> Coca-Cola Andina Chile
> Municipalities
SOFOFA
>

242

beneficiaries

Estemos Abiertos 2.0 (Let’s Be Open
2.0)
This program, which began in 2020,
supports the economic reactivation of
small and medium-sized businesses by
providing microcredits to more than 200
stores and grocery stores in Asunción
and Gran Asunción. It also includes face-
to-face and virtual training in areas such
as sales, communication and marketing
for more
than 1,000 women and
entrepreneurs with the aim of continuing
traditional
to benefit and promote
channel customers. Also, as part of this
initiative, 50 young people were trained
for their first job.

Facilitators:

> Coca-Cola Paresa
Fundación Paraguaya
>
> Coca-Cola Foundation

US$100,00

invested by Fundación Coca-Cola

1,700

beneficiaries

200

stores benefited

and

Mi Almacén, Mi Comunidad (My
Store, My Community)
The goal
train neighborhood
(mom & pops) store owners to promote
entrepreneurship
community
leadership. It includes training in digital
workshops, mentoring, and financial
assistance
long-term projects.
In August of this year, 4,600 digital
scholarships were awarded
(70% to
female head of households), and 11
stores were awarded for co-creation
projects.

for

Facilitators:

> Coca-Cola Andina Chile
>
>

The Coca-Cola Company
Fundación Gastronomía Social.

4,600

digital scholarships

stores awarded

co-creation projects

Support for cultural and sports
activities
We provide hydration products for
outdoor
activities
life-promoting
to a number of neighboring social
organizations.

Facilitators:

> Coca-Cola Andina Argentina
> Coca-Cola Chile
> Coca-Cola Paresa
>

several organizations in the countries that
host sports and cultural events

+125,000

benefited

INTEGRATED ANNUAL REPORT 2023
122

DIVERSE, SAFE AND
COMMITTED TEAM
GRI 413-1, 413-2

We create diverse, equitable,
and inclusive environments,
thereby increasing access to
equal opportunities.

FONBEC Education Scholarships
We contribute so that children and
young people can continue their
education and achieve their academic
and personal goals.

Junior Achievement educational
programs
This initiative enables us to connect
students to the world of work by
providing trainings focused on STEM
careers and digital skills.

Facilitators:

> Coca-Cola Andina Argentina
>

Fondo de Becas para Estudiantes
(FONBEC)

Facilitators:

> Coca-Cola Andina Argentina
Junior Achievement NGO
>

SUPPLY CHAIN MANAGEMENT
GRI 413-1, 413-2

We aim to encourage supplier
development by promoting
innovation, social supply
ecosystems, and local
development.

US$9,308

invested

beneficiaries

US$19,782

invested

945

beneficiaries

Colectivo Joven on line
Program for training and
integrating
young people aged 16 to 25 into the
labor force who live in low-income urban
communities and have completed or are
currently enrolled in high school.

Attraction of Local Talent
This initiative, developed in collaboration
with the Municipal Labor Intermediation
Offices (OMIL), aims to attract, promote,
and hire local talent through job fairs and
other activities.

Facilitators:

> Coca-Cola Andina Chile
> Municipalities of Renca, Puente Alto, Maipú

and San Joaquín.

Facilitators:

> Coca-Cola Andina Brazil

US$156,285

invested

9,127

beneficiaries

US$23,901

invested

3,997

beneficiaries

Improving Employability
Training
logistics, shipping, and
sales is primarily provided to women
and people with disabilities, with the
goal of improving gender equity and
in
employability
which we operate.

in the communities

Facilitators:

> Coca-Cola Andina Chile.
>

Tacal Foundation.

US$42,980

invested

82%

participation of women

203

women trained

people with disabilities trained

that
value

100+Labs Open Innovation
Competition
address
initiatives
Supports
challenges
chain,
the
including water management, energy
the circular economy,
consumption,
commercial
smart
logistics,
in
innovation, among other
an effort to promote innovation and
progress.

issues,

and

Facilitators:

The Coca-Cola Company

> Coca-Cola Paresa
>
> Cervepar
Koga
>

US$20,532

invested

272

beneficiaries

Entrepreneur Fairs
With the aim of promoting and opening
the doors to social supply management
and promoting local development, we
held the first fair for entrepreneurs in
Renca and Maipú.

Facilitators:

> Coca-Cola Andina Chile
> Municipality of Renca and Maipú.

US$17,152

invested

participating entrepreneurs

INTEGRATED ANNUAL REPORT 2023Learn more about indicators and food loss and waste management in chapter 9.

123

FOOD LOSS AND WASTE

The Company adheres to the Sustainable Development Goals (SDGs) of the
United Nations (UN). The corporate beverage and food waste policy, which
was released in 2021 and integrates into the sustainable value creation
strategy, outlines the guidelines and strategies to minimize the impact on all
operations. This allowed it to concentrate on the productivity and efficiency
of the value chain while addressing programs, action plans, key indicators,
and monitoring to cut down on waste in every aspect of the business.

In order to have a positive influence on the communities in which it operates,
the Company also collaborated with food banks and solidarity organizations,
donating 2,661,929 liters of products in 2023.

Percentage of
food loss
(total weight loss/total
weight of food sold)

0.784%
Finished Product

0.105%
Sweetener

0.899%
Total

0.65%
Target 2023

Food loss and
food waste
volumes by food
category and/or
life cycle stage
(ton)

Suppliers

Production and
bottling

Distribution

Clients and
Consumers

The beverage and food waste goal does not include
donations of finished product.

ACTIONS FOR FOOD WASTE MANAGEMENT.

(Ranked by level of preference for the business)

Actions from most
to least preferred

Source reduction

Food donations

Animal feed

Industrial uses

Compost

Landfills and Incinerators

Sweeteners

5,257 tn
Total loss due to
sweeteners

Finished Products

41,994 tn
Total loss due to finished
products

39,333 tn

Loss of finished product

2,662 tn

Loss of finished product used for
alternative purposes

INTEGRATED ANNUAL REPORT 2023124

RESPONSIBLE
SUPPLY CHAIN

GRI 2-6, 205-2 | CMF 7.1.IV

Our suppliers are part of the value chain; therefore, we
define a strategic framework that responds to their and
the Company’s requirements and ensures responsible
management, as framed by our Code of Ethics for Suppliers
and Third Parties, Corporate Purchasing Policy, Corporate
Human Rights Policy, and Guiding Principles for Suppliers of
The Coca-Cola Company.

8,630

Total suppliers

SUPPLY CHAIN MANAGEMENT APPROACH

The management strategy allows us to categorize each
of the suppliers, determining their level of criticality within
the value chain, and thus prioritize resources for efficient
management and control.

Corporate Purchasing Policy

CMF 7.1

It sets general guidelines for the development of the
purchasing process and the essential elements that
need to be standardized, governing all of our actions
in this domain. The Company does not have a formal,
cross-border supplier payment policy, but because
of the various realities and laws in the nations in which
it conducts business, each one has a unique process
that establishes the terms for timely payment.

Corporate Human Rights Policy and Guiding
Principles The Coca-Cola Company

Commitment to human rights is unrestricted, and
suppliers are expected to uphold these principles
in the territories where the Company operates.
All of these values are reflected in The Coca-Cola
Company’s Supplier Guiding Principles
and
Corporate Human Rights Policy.

Expense analysis of the
supply chain allowing
supplier management
according to purchasing
categories.

Integrating
Environmental, Social and
Governance issues into the
supply chain management
strategy.

Criteria by which
suppliers are
categorized

Supply chain criticality

Code of Ethics For Suppliers And Third Parties

The relationships between suppliers, contractors,
subcontractors, and their associates, representatives,
and middlemen within the subsidiaries are governed
by this document. Along with addressing legal
concerns like corruption, social contributions, and
conflicts of interest, it also sets guidelines and
standards.

Supply chain risk
assessment and corrective
measures.

INTEGRATED ANNUAL REPORT 2023125

EVALUATION OF OUR SUPPLIERS
GRI 2-6, 205-2, 308-2, 407-1, 414-2 | CMF 7.2

1,353

Total suppliers evaluated
255
Total critical suppliers
(evaluated for sustainability)
Representing 18.8% of total suppliers evaluated
and 43.8% of total purchases.

We evaluate suppliers’ quality, safety, and delivery
performance on a regular basis to improve the supply chain
and create opportunities for growth. Furthermore, all critical
suppliers must undergo periodic audits conducted by
independent, accredited firms on behalf of The Coca-Cola
Company. The results rate each supplier on a four-tier scale,
identifying areas for improvement, minor nonconformities,
and major nonconformities. In any of these cases, the
supplier must create a corrective action plan within 30 days,
which will be reviewed within 3 to 6 months.

SUSTAINABILITY CRITERIA USED IN AUDITS

> 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

> Protection of the environment

> Business integrity

> Compliance with applicable laws and regulations

> Grievance and resolution procedures

> Adequate and effective management systems

CRITICAL SUPPLIERS

THOSE WHO SUPPLY RAW
MATERIALS IN DIRECT CONTACT
WITH THE BEVERAGES ARE
CRITICAL SUPPLIERS. THEY ADHERE
TO THE “GUIDING PRINCIPLES FOR
SUPPLIERS” ESTABLISHED BY THE
COCA-COLA COMPANY AND ARE
ASSESSED ON A PERIODIC BASIS
BY EXTERNAL AUDITORS.

ANDINA’S STRATEGIC PROCUREMENT PLAN

This initiative was implemented in 2023, with the objective
of expanding the evaluation to selected suppliers for all four
operations, including sustainability criteria (Environmental,
Social and Governance).

To evaluate our suppliers, we segmented them according
to the most relevant purchasing categories for the business
and for Andina’s Sustainability goals.

943

Suppliers evaluated by Andina’s
Strategic Procurement Plan

Total suppliers categorized according to business-
relevant categories.

Ingredient Suppliers

142

Packaging suppliers

Cold Equipment and
Service Suppliers

Distribution suppliers

Evaluation
strategic axes

Water management

Circular economy

Climate action

INTEGRATED ANNUAL REPORT 2023126

LOCAL SUPPLIERS: OUR FIRST CHOICE

GRI 2-6

Alliances are created with local suppliers to promote their integration into
the value chain.

95%

of suppliers
are from the countries
where the Company has
operations.

88%

of our expenses in 2023
is represented by domestic
suppliers

Supplier
Workshop
By means of workshops that
incorporate results
monitoring, the Company
fosters innovation and
sustainability, extending these
values to Coca-Cola Andina
Brazil’s suppliers.

Positive impacts

Supplier commitment
to Andina’s Sustainable
Supply vision

200

Suppliers
participated in the
workshop

INTEGRATED ANNUAL REPORT 2023SUPPLY RISK CONTROL

To ensure compliance with The Coca-Cola Company’s
Supplier Guiding Principles, the Company conducts supply
chain risk assessments:

MAIN SUPPLIERS BY COUNTRY

GRI 2-6 | GRI 204-1 | CMF 6.2.III

Suppliers accounting for more than
10% of spending

127

General Control

An automatic control for ensuring
compliance with labor laws.

Specific Digital Control

Random and specific reviews of companies
deemed critical, where additional
information is requested to be submitted
digitally by each contractor.

SUPPLY RISKS CONTROLS

External Audit

Audit

Every two years, an external company
reviews compliance with the Guiding
Principles of critical suppliers (on a random
basis).

For suppliers with higher criticality ratings,
audits are conducted at the supplier’s
offices to physically verify compliance with
the Guiding Principles.

Concentrate
Servicios y Productos para Bebidas
Refrescantes S.R.L.
Sweeteners (sugar/fructose)
Complejo Aliment. San Salvador S.A.
Ingrecor S.A.
Plastic containers preforms
Andina Empaques Argentina S.A.
Container resin
Alpek Polyester Argentina S.A.
Circular-Pet S.A.
Reels (tetrapak)
Tetra Pak S.R.L.
Cardboard / Pallet / Chapadur
Fiplasto S.A.
> Glass Containers

Cattorini Hnos. S.A.C.I.F.E I.
Cans
Ball Beverage Can South America S.A
Caps
Priva S.A.
Thermo Contractible
Rio Chico S.A.

Concentrate
Coca-Cola de Chile S.A.
Sweeteners (sugar/fructose)
Comercializadora de Productos Panor Ltda
Iansa Ingredientes S.A.
Sucden Chile S.A.
Plastic containers preforms
Envases CMF S.A.
Caps
Sinea S.A.
Cardboard
Corrupac S.A.
Envases Impresos S.P.A.

> Glass Containers

Cristalerías Toro S.P.A.
Cristalerías de Chile S.A.
Thermo Contractible
Plásticos Arpoli S.P.A.
Carbon dioxide gas
Linde Gas Chile S.A.

Concentrate
Recofarma Industria Do Amazonas Ltda.
Sweeteners (sugar/fructose)
Usina Alta Mogiana S/A – Açúcar E Álcool
Plastic containers preforms
Valgroup Rj Industria De Embalagens Rigidas
Ltda.
Caps
Valgroup Mg Industria De Embalagens Rigidas
Ltda
Returnable plastic containers
Riopet Embalagens S.A.

> Water

Igua Rio De Janeiro S.A.
Reels (tetrapak)
Tetra Pak Ltda.
Electric power/gas
Ecogen Rio Solucoes Energeticas S.A.
Labels
Pp Print Embalagens S.A.
Cans
Crown Embalagens Metalica Da Amazonia S.A.
Thermo Contractible
Valgroup Mg Industria De Embalagens
Flexiveis Ltda.
Juices
Tecnovin Do Brasil Ltda

Concentrate
Servicios Y Productos Para Bebidas
Recofarma Ind Amazonas Ltda.
Sweeteners (sugar/fructose)
Alcotec Sociedad Anónima
Azucarera Paraguaya S.A.
Inpasa Del Paraguay S.A.
Ingrecor S.A.
Plastic containers preforms
Industrias Pet S.A.E.C.A.
Caps
Andina Empaques Argentina S.A.
Reels (tetrapak)
Tetra Pak Global Distribution S.A.
Thermo Contractible
Petropack S.A.
Juices
Fenix S.A.
Cans
Embotelladora del Atlántico S.A.

INTEGRATED ANNUAL REPORT 2023128

7
Financial
and
economic
summary

INTEGRATED ANNUAL REPORT 2023129

REGULATORY
FRAMEWORK

CMF 6.1.III, 6.1.IV

Embotelladora Andina S.A.
corporation, organized and operating in accordance
with Chilean law. As such, it is governed by Chilean Law No.
18,045 on Securities Market and Chilean Corporation Law

is an open stock

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 governed by the rules
of the Securities Exchange Act of 1934, the Foreign
Corrupt Practices Act of 1977 and the Sarbanes-
Oxley Act of 2002, as well as the rules issued for
this purpose by the Securities and Exchange
Commission and
Exchange.

the New York Stock

Argentina

(i) The Argentine Food Code, National Law No. 18,284,
governs all aspects of food and beverage production,
importation, and commercialization; (ii) National Law No.
24,788 and its regulatory decrees, which control the sale,
consumption, and advertising of alcoholic beverages; (iii)
Regulatory Decree No. 149/2009, amended by Decree
No. 688/2009, governs all aspects of alcoholic beverage
advertising; (iv) Law No. 27,545, Law of Gondolas; and (v)
Law No. 27,642 on the Promotion of Healthy Eating (Front
Labeling Law).

Chile

(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 No. 13 of the Ministry of Health, June 26,
2015, and Law on Food Advertising, Law No. 20,869; (iv) Laws
governing the production, elaboration, commercialization,
sale and consumption of alcoholic beverages, Law No.
18,455 and Law No. 19,925; and (v) Law establishing a
framework for waste management, extended producer
responsibility and promotion of recycling, Law No. 20,920.

Operations in Argentina, Brazil, Chile
and Paraguay are required by local
laws to adhere to the regulations
that are specific to the activities
and businesses they conduct.

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, regulating Federal Law No. 8. 918, of July 14, 1994, which established the
standardization, classification, registration, production and inspection of beverages; (iii)
Decree-Law No. 986, of October 21, 1969, establishing the basic food standards; (iv) Decree-
Law No. 7,841, of August 8, 1945, establishing the Mineral Water Code; (v) Federal Law No.
6. 437, of August 20, 1977, defining violations of federal health legislation, establishing the
appropriate sanctions and taking 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 Resolutions RDC N°27, of August 6, 2010, and RDC N°240, of July
26, 2018, which define categories of food and packaging that are exempted and require
mandatory sanitary registration; (viii) MAPA DRC Resolution N°208, of January 5, 2018,
governing the process for petitions submitted for analysis by ANVISA’s technical sectors and
revokes MAPA DRC Resolution N°204, of July 6, 2005; (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 creates the Integrated Electronic System of Agricultural
Products and Establishments-SIPEAGRO-under the purview of the Ministry of Agriculture,
Livestock and Supply-MAPA.

Paraguay

(i) Sanitary Code Law No. 836/80;
(ii)
Consumer and User Protection Law
No. 1,334/98, as amended by Law Nos.
(iii) Advertising
6366/19 and 6624/20;
and Promotion of Tobacco and Alcoholic
Beverages Law No. 1,333/98; (iv) Law No. 1.
642/00, which forbids the sale of alcoholic
beverages to minors and their consumption
on public roads; and (v) Executive Decree
No. 1,635/99 and Ministry of Public Health
and Social Welfare Resolution No. 643/12,
which among other things regulate aspects
related to the registration of food products
and modifications thereto.

INTEGRATED ANNUAL REPORT 2023OWNERSHIP AND
CONTROL

CMF 2.3.4.III.C

130

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 Ch$21,724,544 and was divided into 473,289,301
Series A shares and 473,281,303 Series B shares.

473,289,301

Total Series A shares

473,281,303

Total Series B shares

1,811

Total number of
shareholders

734

Total number of
shareholders
Series A

1,077

Total number of
shareholders
Series B

SERIES OF SHARES

CMF 2.3.4.I

Series A and Series B 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 2 of the
14 directors and to receive any and all dividends per share distributed by the Company, whether interim,
final, mandatory minimum, additional or eventual, 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, 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.

INTEGRATED ANNUAL REPORT 2023131

Ownership
percentage
CMF 2.3.2, 2.3.3

2.9%

ADRs

39.3%

Controlling Group

44.8%

Others

5.7%
7.3%

AFPs

Coca-Cola

THERE WERE NO RELEVANT
CHANGES IN THE COMPANY’S
SHARE OWNERSHIP DURING THE
REPORTING PERIOD.

MAIN SHAREHOLDERS

Ownership of the
Company
CMF 2.3.1

Controlling Group 1

262,428,986

Others

Coca-Cola 2

AFPs

ADRs

Total

Series A

% Ownership

Series B

% Ownership

Total A+B

% Ownership

107,724,618

69,348,241

30,249,610

3,537,846

55.4%

22.8%

14.7%

6.4%

0.7%

109,128,834

316,200,042

23,971,723

23,980,704

23.1%

66.8%

0.0%

5.1%

371,557,820

423,924,660

69,348,241

54,221,333

27,518,550

39.3%

44.8%

7.3%

5.7%

2.9%

473,289,301

100.0%

473,281,303

100.0%

946,570,604

100.0%

(1) See description of the Controlling Group in the following section.
(2) Considering the direct and indirect ownership interest that Coca-Cola de Chile S.A. has in Embotelladora Andina S.A.

RUT

Series A

Series B

Total Shares

Ownership (%)

INVERSIONES CABILDO SPA*

76062133-1

65,487,786

36,950,863

102,438,649

10.82%

INVERSIONES SH SEIS LIMITADA*

76273760-4

65,489,786

25,164,863

90,654,649

9.58%

COCA-COLA DE CHILE S. A.

96714870-9

67,938,179

7.18%

Twelve major
shareholders
CMF 2.3.3

BANCHILE CORREDORES DE BOLSA S.A.

96571220-8

1,312,177

63,290,919

64,603,096

6.82%

INVERSIONES NUEVA DELTA S.A.*

76309233-k

58,927,056

6.23%

BANCO DE CHILE ON BEHALF OF STATE
STREET

33338812-k

45,999,772

4.86%

LARRAIN VIAL S.A. CORREDORA DE BOLSA

80537000-9

11,533,842

31,824,963

43,358,805

4.58%

BANCO SANTANDER - JP MORGAN

33338330-6

6,436,650

30,039,650

36,476,300

3.85%

BANCO SANTANDER - CHILE

33338574-0

12,476,000

34,212,261

46,688,261

4.93%

INVERSIONES GRAN ARAUCARIA DOS
LTDA.

76727516-1

36,467,998

5,967,973

42,435,971

4.48%

THE BANK OF NEW YORK MELLON

33338454-k

3,508,224

23,980,704

27,488,928

2.90%

BANCO DE CHILE POR CUENTA DE
TERCEROS CA

*Company related to Controlling Group

33338248-2

5,275,926

24,891,488

30,167,414

3.19%

INTEGRATED ANNUAL REPORT 2023CONTROLLING GROUP
CMF 2.3.1, 2.3.3, 3.4.IV

Embotelladora Andina S.A. is controlled by the following group of natural
persons and legal entities:

Controlling group

Share representation

Inversiones SH Seis Limitada (“SH6”)

Inversiones Cabildo SpA (“Cabildo”)

Holder of 65,489,786 Andina Series A
shares, which it holds in its own name.

Holder of 65,487,786 Andina Series A
shares, which it holds in its own name.

Inversiones Nueva Delta S.A.
(“Nueva Delta”)

Holder of 58,927,056 Andina Series A
shares, which it holds in its own name.

Inversiones Nueva Delta Dos S.A.
(“Nueva Delta Dos”)

Holder of 3,574,999 Andina Series A shares,
which it holds in its own name.

Inversiones Don Alfonso Limitada
(“Don Alfonso”)

Holder of 16,475,068 Andina Series A
shares, which it holds in its own name.

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”)

Inversiones Las Niñas Dos SpA
(“Las Niñas Dos”)

Holder of 16,475,069 Andina Series A
shares, which it holds in its own name and
under third party custody.

Holder of 16,538,395 Andina Series A
shares, which it holds in its own name and
under third party custody.

The final controllers of the aforementioned companies are the persons and representatives for management
indicated hereinafter.

132

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 the following
individuals: Jaime, Gonzalo, Javier, Bárbara, 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 99.99%
Isabel Margarita Somavía Dittborn, Rut
owned
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 99.99%
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.

INTEGRATED ANNUAL REPORT 2023133

DON ALFONSO:

LOS ROBLES:

INVERSIONES DON ALFONSO LIMITADA.

INVERSIONES LOS ROBLES LIMITADA.

Rut 76.273.918-6

RUT 76.273.886-4

This company is owned directly and indirectly by:

(a) 73.40437% owned by María de la Luz Chadwick Hurtado,

(a) 0.107735% owned by Felipe Tomás Cruzat Chadwick, Rut

Rut 5.669.689-K;

13.689.123-5;

(b) 0.05062% owned by Carlos Eugenio Lavín García-

(b) 0.107735% owned by Carolina María Errázuriz Chadwick,

Huidobro, Rut 4.334.605-9; and

Rut 16.369.519-7;

(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 the
administration.

Rut. 17.408.873-k;

(d) 33.2256% owned by Inversiones Bocaleón Limitada
(99.9902% controlled by Felipe Tomás Cruzat Chadwick);

(e) 33.2256% owned by Inversiones Las Dalias Limitada
(99.993% controlled by Carolina María Errázuriz
Chadwick); and

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% of 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% of María Teresa Silva Silva, Rut 3.717.514-5;

(d) 18.33% of María Paz Garcés Silva, Rut 7.032.689-2;

(e) 18,33% of José Antonio Garcés Silva (junior), Rut

8.745.864-4;

(f) 18.33% of Matías Alberto Garcés Silva, Rut 10.825.983-3;

and

(g) 18.33% of Andrés Sergio Garcés Silva, Rut 10.828.517-6

INVERSIONES EL CAMPANARIO LIMITADA.

CAMPANARIO:

(f) 33.2256% owned by Inversiones Las Hortensias Limitada
(99.9903% controlled by Jacinta María Errázuriz
Chadwick), whose final controller (as administrator) is
María Carolina Chadwick Claro, Rut 7.011.443-7.

NUEVA DELTA DOS:

INVERSIONES NUEVA DELTA DOS S.A.

RUT 76.309.244-5, 99.95% owned by Inversiones Nueva
Sofía Limitada

The direct and indirect ownership of this company is the
same as detailed in the preceding paragraph for Nueva
Delta.

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 Melitta 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 is María Soledad Chadwick Claro.

LAS NIÑAS DOS:

INVERSIONES LAS NIÑAS DOS SPA.

RUT 76.273.943-7

This company is owned directly and indirectly by:

Inversiones Las Niñas Limitada

100% owned by
(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 administration) is Eduardo Chadwick
Claro, Rut 7.011.444-5.

INTEGRATED ANNUAL REPORT 2023Direct or indirect interest held by
members of the controlling group
or their related persons in the
Company
(including Series A and Series B shares).

Excludes Inversiones Freire S.A.’s nominal interest of 23 Series
A shares of Andina and Inversiones Freire Dos S.A.’s nominal
interest of 4 Series A shares of Andina.
CMF 2.3.1

Inversiones SH Limitada

Estate of Jaime Said Demaría

Ownership by series

Inversiones Cabildo SpA

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

Inversiones las Niñas Limitada

Ownership by series

Series A

65,489,786

13.8371%

Series A

65,487,786

13.8367%

Series A

58,927,056

3,574,999

2,985,731

13.8367%

Series A

16,475,069

16,538,395

16,475,068

13.9372%

Series B

25,164,863

49,600

5.3275%

Series B

36,950,863

7.8178%

Series B

12,978,583

49,600

2.7527%

Series B

10,174,594

10,196,883

5,126,992

3,975,928

4,460,928

7.7557%

Only shareholder, other than the
Controlling Group, that exceeds
10% ownership interest in the
Company.
Considers the direct and indirect participation that Coca-Cola
de Chile S.A. has in Embotelladora Andina S.A.
CMF 2.3.3

Total shares Coca-Cola Chile S.A.

Percentage of ownership by series

69,348,241

14.65%

Series A

Series B

134

JOINT ACTION AGREEMENT
CMF 2.3.1

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 secure a majority of the 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 a right of first call option for a
term of one year is regulated, in the event that all but one of
the parties decide to sell.

The Agreement is formalized in a private instrument signed
by the parties and has an indefinite term.

In connection with The Coca-Cola Company’s investment
in the Company, 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. In particular, it restricts the transfer of the Controlling
Group’s 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 Company’s 14 directors, as long as The Coca-Cola
Company and its subsidiaries collectively own a certain
percentage of Series A shares.

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
specified price and in accordance with the procedures set
forth in those agreements.

INTEGRATED ANNUAL REPORT 2023135

SUMMARY OF SHAREHOLDERS’ AND DIRECTORS’
COMMITTEE COMMENTS AND PROPOSALS
CMF 10

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 have made comments or proposals regarding the
Company’s business performance, as required by General
Rule No. 30 of the CMF and Article 74 of the Corporations
Law, Law No. 18,046). Despite the aforementioned, the
remarks made by the shareholders who voiced their
opinions during the meeting were included in the minutes of
the General Shareholders’ Meeting of 2023.

SHAREHOLDERS’ MEETING
CMF 3.7.IV

The General Shareholders’ Meeting, where the Company’s
management is reported annually, allows our shareholders
to actively participate in Coca-Cola Andina’s management.
An electronic system contracted with
the Chilean
Institute of Directors was used to conduct the General
Shareholders’ Meeting remotely during the 2023 period,
with an attendance quorum of 84.50%. By utilizing this
mechanism, shareholders can exercise their right to vote
from a distance while maintaining their anonymity and
upholding the confidentiality and simultaneity of the votes
cast. On the other hand, resolutions adopted at the General
Shareholders’ Meeting are immediately made public on the
Company’s website, providing real-time information to the
public.

84.50%

Attendance quorum at the
General Shareholders’
Meeting

799,939,116

Shares represented

Dividends
paid
CMF 2.3.4.III.A

Dividend
approval date

Dividend
payment date

Fiscal year
with respect
to which
dividend was
declared

Aggregate
amount of
dividends
declared and
paid
(Ch$ millions)

Series A

Series B

Ch$ per share

US$ per share

Ch$ per share

US$ per share

12-28-2023

01-25-2024

09-27-2023

10-26-2023

07-25-2023

08-25-2023

2023

31,805

32.00

28,823

29.00

28,823

29.00

04-20-2023

05-26-2023

Acc.Earn.*

49,695

50.00

04-20-2023

05-09-2023

12-27-2022

01-27-2023

09-27-2022

10-28-2022

07-26-2022

08-26-2022

2022

28,823

29.00

28,823

29.00

28,823

29.00

28,823

29.00

04-13-2022

04-26-2022

Acc.Earn.*

159,024

160.00

04-13-2022

04-26-2022

12-21-2021

01-28-2022

09-28-2021

10-29-2021

2021

28,823

29.00

28,823

29.00

28,823

29.00

04-15-2021

08-27-2021

Acc.Earn.*

25,841

26.00

04-15-2021

05-28-2021

12-22-2020

01-29-2021

10-27-2020

11-24-2020

2020

25,841

26.00

25,841

26.00

25,841

26.00

02-25-2020

08-28-2020

Acc.Earn.*

25,841

26.00

02-25-2020

05-29-2020

2019

25,841

26.00

* Accumulated earnings

0.03522

0.03091

0.03393

0.06179

0.03655

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

35.20

31.90

55.00

31.90

176.00

31.90

28.60

0.03874

0.03400

0.03732

0.06797

0.04021

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

Type of
dividend

Interim

Final

Interim

Final

Interim

Final

Interim

Additional

Final

DIVIDEND POLICY AND DIVIDENDS PAID
CMF 2.3.4.II

the

In accordance with
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
approval by the General Shareholders’ Meeting following
the close of the respective fiscal year.

As authorized by the General Shareholders’ Meeting,
Coca-Cola Andina has been paying additional dividends
every year since 2000.

INTEGRATED ANNUAL REPORT 2023136

TRANSACTIONS ON STOCK EXCHANGES
CMF 2.3.4.III.B

The capital stock of Embotelladora Andina S.A. at December
31, 2023 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 in the
United States (New York) through American Depositary
Receipts (ADRs).

The Company’s shares have been traded on the Santiago
Stock Exchange since 1955. In 1997, Coca-Cola Andina
performed a stock split into Series A and B shares, with
mnemonic codes Andina-A and Andina-B on the Santiago
Stock Exchange. The stock department in Chile is SerCor.

The Company’s ADRs have been traded on the New York
Stock Exchange since 1994. One ADR is equivalent to six
common shares. In 1997 Coca-Cola Andina performed a
stock split into Series A and B shares, with mnemonic codes
AKO-A and AKO-B on the NYSE. The depositary bank for the
ADRs is The Bank of New York Mellon.

Price of shares
traded in Chile
CMF 2.3.4.III.B

Price evolution of the Company’s
Series A and B shares and the IPSA, for
a two-year period ending December
31, 2023

(base 100).

200,00

150,00

100,00

50,00

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Andina-A

Andina-B

IPSA

Average price and
amount traded in
Chile
CMF 2.3.4.III.B

2023

1st. Quarter

2nd. Quarter

3rd. Quarter

4th. Quarter

1st. Quarter

2nd. Quarter

3rd. Quarter

4th. Quarter

Bolsa de
Comercio de
Santiago

Bolsa
Electrónica de
Chile

Source: Certificate of the respective Stock Exchanges.

Andina – A

Andina - B

Shares traded
(Millions)

Total Traded
(Ch$ Millions)

Average Price
(Ch$)

Shares traded
(Millions)

Total Traded
(Ch$ Millions)

Average Price
(Ch$)

2.0

0.8

9.3

4.3

0.1

0.4

0.1

3,183

1,301

16,025

7,420

108

171

628

215

1,607

1,661

1,730

1,683

1,638

1,661

1,758

1,724

58.7

41.7

51.2

43.4

5.5

2.8

3.1

39.1

117,797

85,725

112,334

87,663

10,877

5,764

6,749

84,049

2,026

2,057

2,189

2,027

2,007

2,062

2,207

1,930

INTEGRATED ANNUAL REPORT 2023137

Price of shares traded on the
New York Stock Exchange
CMF 2.3.4.III.B

Price evolution of the Company’s
Series A and B ADRs and the Dow
Jones Index, for a two-year period
ending December 31, 2023

( base 100).

150,00

100,00

50,00

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

AKO/A

AKO/B

Dow Jones

Average price and
amount traded on
the New York Stock
Exchange
CMF 2.3.4.III.B

2023

1st. Quarter

2nd. Quarter

3rd. Quarter

4th. Quarter

AKO – A

AKO - B

ADRs Traded
(Millions)

Total Traded1
(US$ millions)

Average Price
(US$)

ADRs Traded
(Millions)

Total Traded1
(US$ millions)

Average Price
(US$)

0.15

0.10

0.13

0.09

1.85

1.20

1.63

1.01

12.06

12.46

12.31

11.30

2.40

1.45

1.04

0.41

36.13

22.37

15.88

5.54

15.05

15.39

15.29

13.55

1: Total traded is calculated as the average price multiplied by the volume of ADRs traded.
Source: Bloomberg

OTHER SECURITIES
CMF 2.3.5

Bonds payable relate to bonds issued by Embotelladora Andina S.A. in the international
market in US dollars and Swiss francs, as well as bonds in UF on the Chilean market.

INTEGRATED ANNUAL REPORT 2023CORPORATE

STRUCTURE

CMF 6.5.1.X

138

Embotelladora
Andina S.A.

Chile

Argentina

Brazil

Paraguay

Parent Company

Consolidated subsidiaries

Associates

Investments without significant influence

35.00%

59.27%

66.5%

100.0%

Coca-Cola
Del Valle New
Ventures S.A.

Envases
Central S.A.

Vital
Aguas S.A.

Andina
Inversiones
Societarias SpA

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%

15.0%

50.0%

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%

6.10%

SRSA
Participações
Ltda.

Sorocaba
Refrescos Ltda.

UBI 3
Participações
Ltda.

Kaik
Participações
Ltda.

Leão
Alimentos e
Bebidas Ltda.

Trop Frutas
do Brasil Ltda.

INTEGRATED ANNUAL REPORT 2023SUBSIDIARIES,
EQUITY
INVESTEES
AND
ASSOCIATES

GRI 2-6 | CMF 6.5.1.I, 6.5.1.II, 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, 6.5.2

The participation of Rio Janeiro Refrescos
in Trop Frutas Do Brasil Ltda. and
Embotelladora Andina S.A.
in Andina
Inversiones Societarias SpA. varied over the
past year.

THE ENTITY
DOES NOT HAVE
INVESTMENTS THAT
ACCOUNT FOR
MORE THAN 20% OF
ITS TOTAL ASSETS
AND THAT ARE NOT
SUBSIDIARIES OR
ASSOCIATES.

139

EMBOTELLADORA
DEL ATLÁNTICO S.A.

ANDINA EMPAQUES
ARGENTINA S.A.

ALIMENTOS
DE SOJA S.A.

Type:
Corporation

Address:
Ruta Nacional 19, Km 3,7, Córdoba

CUIT:
30-52913594/3

Telephone:
(54-351) 496 8888

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
3,782,900

% the investment represents:
(in the Parent Company’s assets)
6.00%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 0.9157296
Indirect: 99.073
>

Corporate purpose:
Manufacture, bottle and commercialize
non-alcoholic beverages. Elaborate,
manufacture, bottle and commercialize
any other beverages and by-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);

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 12/31/23)
2,472,553

% the investment represents:
(in the Parent Company’s assets)
0.57%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 99.978

Corporate purpose:
Design, manufacture and
commercialize plastic products, mainly
containers.

Commercial relationship:
Supplier of plastic bottles and preforms.

Board of Directors / Management Council:
Gonzalo Manuel Soto (3); Fabián Castelli
(2); Jaime Cohen (1); Laurence Paul
Wiener(A)

General Manager:
Fabián Castelli (2)

General Manager:
Daniel Caridi

(1) Embotelladora Andina S.A. officer / (2) Embotelladora del Atlántico S.A. officer / (3) Outside Counsel / (A) Alternate

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 12/31/23)
1,555,740

% the investment represents:
(in the Parent Company’s assets)
0.49%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 14.82

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.

Commercial relationship:
Produces soy-based products for Coca-Cola bottlers in Argentina.

Board of Directors / Management Council:
Abelardo Gudino; Denise Picot; Daniel Alejandro Rodriguez; Juan
Sebastián Jimenez; Sergio Bernabé Giménez; Jorge Luis López; Fabián
Eduardo Castelli (2); Teodoro Federico Kundig; 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); Maria Julia Verra (A) ; Esteban
Eduardo Mele (A); Graciela Paula Cuña (A)

General Manager:
-

INTEGRATED ANNUAL REPORT 2023140

GRI 2-6

RIO DE JANEIRO REFRESCOS LTDA.

KAIK PARTICIPAÇÕES LTDA.

LEÃO ALIMENTOS E BEBIDAS LTDA.

SOROCABA REFRESCOS LTDA.

Type:
Limited liability company

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 12/31/23)
119,168,159

% the investment represents:
(in the Parent Company’s assets)
14.88%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 99.99

Corporate purpose:
Manufacture and commercialize
beverages in general, powdered
drinks and other related semi-finished
products.

Commercial relationship:
Coca-Cola bottler in Brazil.

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)

General Manager:
Renato Barbosa (2)

Type:
Limited liability company

Address:
Av. Engenheiro Alberto de Zagottis, 352.
Jurubatuba, SP - CEP: 04675-901.

CNPJ:
40.441.792/0001-54

Telephone
(55-11) 2102 5563

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
181

% the investment represents:
(in the Parent Company’s assets)
0.07%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 11.32

Corporate purpose:
Invest in other companies with own
resources.

Commercial relationship:
-

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)

General Manager:
-

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

CNPJ:
76.490.184/0001-87

Telephone
(55-11) 3809 5000

Paid-in and subscribed capital::
(thousand Ch$ at 12/31/23)
197,953,157

% the investment represents:
(in the Parent Company’s assets)
0.46%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 10.26

Corporate purpose:
Manufacture and commercialize food,
beverages in general and beverage
concentrates. Invest in other companies.

Commercial relationship:
Produces sensitive products for Coca-
Cola bottlers in Brazil.

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

General Manager:
Marcelo Correa Pereira

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 12/31/23)
10,603,313

% the investment represents:
(in the Parent Company’s assets)
1.26%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 40.00

Corporate purpose:
Manufacture and commercialize food,
beverages in general and beverage
concentrates. Invest in other companies.

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

(1) Embotelladora Andina S.A. officer / (2 ) Rio de Janeiro Refrescos Ltda. officer

INTEGRATED ANNUAL REPORT 2023141

GRI 2-6

TROP FRUTAS DO BRASIL LTDA.

SRSA PARTICIPAÇÕES LTDA.

UBI 3 PARTICIPAÇÕES LTDA.

Type:
Limited liability company

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 12/31/23)
71,222,565

% the investment represents:
(in the Parent Company’s assets))
0.04%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 6.10

Corporate purpose:
Manufacture, commercialize and export
natural fruit pulp and coconut water and
manufacture dairy products.

Commercial relationship:
Produce products for Coca-Cola
bottlers in Brazil.

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

General Manager:
Luiz Henrique Lissoni

Address:
Rua Antonio Aparecido Ferraz, 795, Sala
01, Jardim Itanguá, Sorocaba, SP – CEP:
18052-280

Address:
Rua Teonilio Niquini, Nº 30, Galpão B,
Distrito Industrial Jardim Piemont Sul,
Betim, MG – CEP: 32669-700

CNPJ:
10.359.485/0001-68

Telephone:
(55-15) 3229 9906

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
3,623

% the investment represents:
(in the Parent Company’s assets)
0.003%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 40.00

Corporate purpose:
Purchase and sale of real estate
investments and property management.

Commercial relationship:
Supporting company for the business.

Board of Directors/Management Council:
Renato Barbosa (2); Luiz Lacerda Biagi

General Manager:
Cristiano Biagi

CNPJ:
27.158.888/0001-41

Telephone:
(55-21) 25591000

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
1,890

% the investment represents:
(in the Parent Company’s assets)
0.00001%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)da)
> Direct: -
>

Indirect: 8.5

Corporate purpose:
Invest in other companies with own
resources. Purchase and sale of real
estate investments and property
management.

Commercial relationship:
Produces soy-based products for
Coca-Cola bottlers in Brazil.

Board of Directors/Management Council:
Luciana Cruz Alves de Carvalho; Neuri
Amabile Firgotto Pereira; Lía Marques
Oliveira

General Manager:
-

(1) Embotelladora Andina S.A. officer / (2 )Rio de Janeiro Refrescos Ltda. officer

INTEGRATED ANNUAL REPORT 2023142

GRI 2-6

EMBOTELLADORA
ANDINA CHILE S.A.

VJ S.A.

VITAL
AGUAS S.A.

COCA-COLA DEL VALLE
NEW VENTURES S.A.

Type:
Closed stock corporation

Address:
Av. Miraflores 9153, Renca, Santiago

RUT:
76.070.406-7

Telephone:
(56-2) 2611 5838

Paid-in and subscribe capital:
(thousand Ch$ at 12/31/23)
27,278,206

% the investment represents:
(in the Parent Company’s assets)
2.13%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 99.99995
Indirect: 0.00005
>

Corporate purpose:
Manufacture, bottle, distribute
and commercialize non-alcoholic
beverages.

Commercial relationship:
Lease of productive infrastructure.

Board of Directors/Management Council:
Miguel Ángel Peirano (2); Andrés Wainer
(2); Jaime Cohen (2)

General Manager:
José Luis Solórzano (2)

Type:
Closed stock corporation

Address:
Av. Américo Vespucio 1651, Renca,
Santiago

Address:
Camino a la Vital 1001, Comuna de
Rengo

RUT:
93.899.000-K

Telephone:
(56-5) 7258 4112

Paid-in and subscribe capital:
(thousand Ch$ at 12/31/23)
20,675,167

% the investment represents:
(in the Parent Company’s assets)
1.18%

% that the Parent Company holds::
(in the Capital of the subsidiary or associate)
> Direct: 15.0
>

Indirect: 50.0

Corporate purpose:
Manufacture, distribute and
commercialize all types of food
products, juices and beverages.

RUT:
76.389.720-6

Telephone:
(56-5) 7258 4112

Paid-in and subscribe capital:
(thousand Ch$ at 12/31/23)
4,331,154

% the investment represents:
(in the Parent Company’s assets)
0.31%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 66.5
Indirect: -
>

Corporate purpose:
Manufacture, distribute and
commercialize all kinds of water and
beverages in general.

Commercial relationship::
Produces juices for Coca-Cola bottlers
in Chile.

Commercial relationship:
Produces mineral water 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

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

Type:
Closed stock corporation

Address:
Av. Miraflores 8755, Renca, Santiago

RUT:
76.572.588-7

Telephone:
N/A

Paid-in and subscribe capital:
(thousand Ch$ at 12/31/23)
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)
> Direct: 35.0
Indirect: -
>

Corporate purpose:
Manufacture, distribute and
commercialize all kinds of juices, waters
and beverages in general.

Commercial relationship:
Produce water and juices for Coca-Cola
bottlers in Chile

Board of Directors/Management Council:
Miguel Ángel Peirano (2); José Luis
Solórzano (2); Rodrigo Ormaechea
(2); Cristián Hohlberg; José Domingo
Jaramillo; Roberta Cabral Valenca; Iliana
Rezas; Luis Felipe Avellar; Santiago
Avellar; Débora Mattos; Fernando
Jaña (2) (A); Alejandro Zalaquett (2) (A);
Rodolfo Peña (2) (A); Juan Paulo Valdés
(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 Palma

(1) Director and member of the Controlling Group of Embotelladora Andina S.A. / (2) Embotelladora Andina S.A. officer / (A) Alternate

INTEGRATED ANNUAL REPORT 2023143

TRANSPORTES POLAR S.A.

SERVICIOS MULTIVENDING LTDA.*

ENVASES CMF S.A.

GRI 2-6

TRANSPORTES ANDINA
REFRESCOS LTDA.*

Type:
Limited Liability Company*

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 12/31/23)
12,620,629

% the investment represents:
(in the Parent Company’s assets)
0.58%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 99.9959
Indirect: 0.0041
>

Type:
Closed Stock Corporation

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 12/31/23)
1,619,315

% the investment represents:
(in the Parent Company’s assets)
0.28%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 99.99
Indirect: 0.01
>

Corporate purpose:
Provide administration and
management services for domestic and
international land transportation.

Corporate purpose:
Freight transportation in general in the
beverage industry and other processed
goods.

Commercial relationship:
Provide land transportation services.

Board of Directors / Management Council:
N/A

General Manager:
-

Board of Directors / Management Council:
José Luis Solórzano (2); Rodolfo Peña
(2); Alejandro Zalaquett (2)

General Manager:
Alejandro Vargas (2)

Type:
Limited Liability Company*

Type:
Closed Stock Corporation

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 12/31/23)
862,248

% the investment represents::
(in the Parent Company’s assets)
0.07%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 99.90
Indirect: 0.10
>

Corporate purpose:
Commercialize products through the
use of equipment and machinery.

Commercial relationship:
Provide product commercialization
services through vending machines.

Board of Directors / Management Council:
N/A

General Manager:
-

Address:
La Martina 0390, Pudahuel, Santiago

RUT:
86.881.400-4

Telephone:
(56-2) 2544 8222

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
32,981,986

% the investment represents:
(in the Parent Company’s assets)
0.91%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 50.0

Corporate purpose:
Manufacture and sale of plastic
products and beverage bottling and
packaging services.

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

*Limited Liability Company where the administration of the company corresponds to the partner Embotelladora Andina S.A. through proxies or specially appointed representatives.
(1) Director and member of the Controlling Group of Embotelladora Andina S.A. / (2) Embotelladora Andina S.A. officer / (A) Alternate

INTEGRATED ANNUAL REPORT 2023144

GRI 2-6

ENVASES CENTRAL S.A.

ANDINA BOTTLING
INVESTMENTS S.A.

ANDINA BOTTLING
INVESTMENTS DOS S.A.

ANDINA INVERSIONES
SOCIETARIAS SpA

Type:
Closed stock corporation

Address:
Av. Miraflores 8755, Renca, Santiago

RUT:
96.705.990-0

Telephone:
(56-5) 7258 4112

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
7,562,354

% the investment represents:
(in the Parent Company’s assets)
0.80%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 59.27
Indirect: -
>

Corporate purpose:
Produce and package all kinds of
beverages and commercialize all kinds
of containers.

Commercial relationship:
Production of cans and some small
formats for 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); Felipe Daniel (A)

General Manager:
Alberto Moreno

Type:
Closed stock corporation

Type:
Stock corporation

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 12/31/23)
311,727,582

% the investment represents:
(in the Parent Company’s assets)
25.60%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 99.937
Indirect: 0.063
>

RUT:
96.972.760-9

Telephone:
(56-2) 2338 0520

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
466,474,897

% the investment represents:
(in the Parent Company’s assets)
18.46%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 64.423
>

Indirect: 35.577

RUT:
96.836.750-1

Telephone:
(56-2) 2338 0520

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
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)
> Direct: 100
Indirect: -
>

Corporate purpose:
Manufacture, bottle and commercialize
beverages and food in general. Invest in
other companies.

Corporate purpose:
Exclusively make permanent or income
investments abroad in all kinds of
movable property.

Commercial relationship:
Investment vehicle..

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)

Corporate purpose:
Invest in all types of companies and
commercialize food in general.

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)

(1) Director and member of the Controlling Group of Embotelladora Andina S.A. / (2) Embotelladora Andina S.A. officer / (A) Alternate.

INTEGRATED ANNUAL REPORT 2023145

GRI 2-6

RED DE TRANSPORTES
COMERCIALES LTDA.*

COMERCIALIZADORA
NOVAVERDE S.A.

RE-CICLAR S.A.

Type:
Limited Liability Company*

Type:
Closed stock corporation

Address:
Av. Del Valle Sur 614 of. 71, Huechuraba,
Santiago

Address:
Avenida Apoquindo 6750, piso 5, oficina
502, Las Condes

RUT:
76.276.604-3

Telephone:
(56-2) 29939704

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
2,200,314

% the investment represents:
(in the Parent Company’s assets)
0.12%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 99.85
Indirect: 0.15
>

Corporate purpose:
Freight transportation in general in the
beverage industry and other processed
goods.

Commercial relationship:
It provides land transportation and
product commercialization services.

Board of Directors / Management Council:
N/A

General Manager:
-

RUT:
77.526.480-2

Telephone:
(56-2) 24110150

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
14,856,772

% the investment represents:
(in the Parent Company’s assets)
0.18%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 0.00007
Indirect: 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:
Sale of juices, flavored waters, among
others, to Coca-Cola bottlers in Chile.

Board of Directors / Management Council:
José Luis Solórzano (2); Rodrigo
Ormaechea (2); José Domingo Jaramillo;
Roberta Cabral Valenca; 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

Address:
La Martina 390, Pudahuel, Santiago

RUT:
77.427.659-9

Telephone:
(56-2) 2544 8222

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
21,000,000

% the investment represents:
(in the Parent Company’s assets)
0.96%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 60.0
Indirect: -
>

Corporate purpose:
Production, processing and
commercialization of recyclable
material.

Commercial relationship:
Processing and generation of recycled
PET resin for Coca-Cola bottlers in
Chile, among others.

Board of Directors / Management Council:n:
José Domingo Jaramillo; Cristián
Hohlberg; Miguel Ángel Peirano (2);
Andrés Wainer (2); Fernando Jaña (2)

General Manager:
Matías Mackenna

INTEGRATED ANNUAL REPORT 2023146

GRI 2-6

PARAGUAY REFRESCOS S.A.

CIRCULAR-PET S.A.

Type:
Corporation

Address:
Acceso Sur, Ruta Ñemby Km 3,5 -
Barcequillo -San Lorenzo, Asunción

Address:
Avenida, Ruta Transchaco KM 15, casi
Senador Vázquez

RUC:
80.003.400-7

Telephone:
(595) 21 959 1000

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
9,904,604

% the investment represents:
(in the Parent Company’s assets)
12.87%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: 0.07697
>

Indirect: 97.7533

Corporate purpose::
Manufacture, distribution and
commercialization of carbonated and
non-carbonated soft drinks.

Commercial relationship:
Coca-Cola bottler in Paraguay.

Board of Directors/Management Council:
Andrés Wainer (1); Francisco Sanfurgo
(2); Jaime Cohen (1); Gonzalo Muñoz (1)

General Manager:
Francisco Sanfurgo (2)

RUC:
80.116.031-6

Telephone:
(595) 21 752 820

Paid-in and subscribed capital:
(thousand Ch$ at 12/31/23)
5,061,441

% the investment represents:
(in the Parent Company’s assets)
0.05%

% that the Parent Company holds:
(in the Capital of the subsidiary or associate)
> Direct: -
>

Indirect: 33.33

Corporate purpose:
Manufacture and commercialization
of post-consumer recycled PET resins
from the transformation of PET flakes.

Commercial relationship:
Produce post-consumer PET resins to
be used by the bottler.

Board of Directors/Management Council:
Felipe Carlos Resck; Francisco Sanfurgo
(2); Carlos José Mangabeira; Carlos
Hernán Rodiño (A); Eduardo Yulita (2)
(A); Juan Daniel Gill (A)

General Manager:
Silvino Sforza

(1) Embotelladora Andina S.A. Officer / (2) Paraguay Refrescos S.A. Officer / (A) Alternate

INTEGRATED ANNUAL REPORT 2023MORE INFORMATION ABOUT OUR SUBSIDIARIES
GRI 2-6 |CMF 6.2.1

VJ S.A.

147

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 product commercialization of plastic products, mainly containers. Aligned with its
packaging supplier strategy for the Coca-Cola Andina group of companies and in furtherance
of its packaging division development, AEA fulfilled Coca-Cola Andina Argentina’s needs for
non-returnable preforms, plastic caps, and returnable PET bottles throughout 2023.

Production and sales by format

Principal clients

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 three cap
injection lines.

The production lines operated at 83.7% of
installed capacity in injection, 31.4% in blow
molding, 78.3% in crates and 36.4% in plastic
caps.

Sales by format during 2023 totaled 21.23
million Ref PET bottles and 813 million
preforms for nonreturnable bottles, 0.6
million crates and 435.7 million plastic caps.

> Embotelladora del Atlántico S.A.,
Coca-Cola
Femsa S.A., Paraguay
Refrescos S.A., Reginald Lee S.A., Grupo
Arca, Embotelladora Andina Chile S.A.,
Montevideo Refrescos S.A., Envases
CMF S.A., Embol S.A..

> Embotelladora del Atlántico S.A.,
Reginald Lee S.A., and Grupo Arca each
individually account for at least 10% of
total sales.

Main suppliers

< Resin: DAK Américas Argentina S.A.,

Petroquímica Cuyo S.A, PBB Polisur S.A.,
Dow Chamical, GC Marketing Solution
CL, Borealis AG.

< Coloring: Arcolor, Clariant,

Concentrados y Compuestos S.A., Julio
Garcia S.A.

< Packaging: Argencraf S.A., Nem S.A.,
Afema S.A., Fadecco-Cartocor S.A.
< Electric Power: Edenor S.A., Cammesa,

Termoandes S.A.

1: Subsidiary

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 sachets, 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 other Coca-Cola
bottlers in Chile to participate in the ownership of VJ S.A. As a result of the merger between
Embotelladoras Coca-Cola Polar S.A. and Embotelladora Andina S.A. materialized on October
1, 2012, the ownership structure of VJ S.A. was modified in November 2012, as follows: Andina
Inversiones Societarias SpA. owns 50%, Embonor S.A. owns 35% and Embotelladora Andina
S.A. owns 15%.

Production and distribution

Principal clients

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,
Guallarauco and Fastlyte. The average
capacity utilization during 2023 was 60%.

In Chile, VJ S.A. products are distributed
in
exclusively by Coca-Cola bottlers
the country, in each of their respective
franchises.

Embotelladora Andina S.A., Comercializadora
Novaverde S.A. and Coca-Cola Embonor S.A.
are the main clients, each one individually
concentrating at least 10% of total sales.
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., Sapore S.A.
< Sweetener: Embotelladora Andina S.A.
< Fruit Pulps: Comercializadora Tradecos Chile Ltda., Sucocitrico Cutrale Ltda. – Brasil,

Aconcagua Foods S.A.

< Containers and bottles: Tetra Pak de Chile Ltda., Envases CMF S.A., 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: Plásticos Arpoli Ltda., Corrupac S.A., Tetra Pak de Chile Ltda.
< Labels: Xu Yuan Packaging Technology Co., Resinplast S.A., Impregraf Ltda.

Coca-Cola de Chile S.A. and Comercializadora Tradecos Chile Ltda. individually account for
at least 10% of total purchases of raw materials.

INTEGRATED ANNUAL REPORT 2023
148

GRI 2-6

VITAL AGUAS S.A.

ENVASES CENTRAL S.A.

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 marketed 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%.

The company mainly produces 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%.

Production and distribution

Main suppliers

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.

Principal clients

Embotelladora Andina S.A. and Coca-Cola
Embonor S.A. each individually account for
at least 10% of total sales.

< Carbon dioxide: Linde Gas Chile S.A.
< Labels: Resinplast S.A., Adhesol Ltda.,

Empack Flexible S.A.

< Packaging Material: Corrupac S.A.,

Smurfit Kappa de Chile S.A., Plastyverg
Industrial Ltda.

< Caps: Envases CMF S.A., Guala Closures

Deutschland GmbH.

< Containers (preforms): Envases CMF

S.A., Cristalerías de Chile S.A.

individually accounts
Envases CMF S.A.
for at least 10% of total purchases of raw
materials.

Production and distribution

Main suppliers

Envases Central operates one 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.

< Concentrate: Coca-Cola de Chile S.A.
< Aluminum Cans and Lids : Ball Chile S.A.
< Fruit Pulps: VJ S.A.
< Sweetener: Embotelladora Andina S.A.
< Plastic Bottles and Caps: Envases CMF

Principal clients

Embotelladora Andina S.A. and Coca-Cola
Embonor S.A. each individually account for
at least 10% of total sales.

S.A., Bericap S.A.

< Labels: Adhesol Ltda., Multi-Color Chile
S.A., Industrial y Comercial Solucorp.
< Packaging material: Plásticos Arpoli

Ltda., Corrupac S.A., Plastyverg Industrial
Ltda.

Coca-Cola de Chile S.A., Ball Chile S.A. y VJ
S.A. each individually account for at least 10%
of total purchases of raw materials.

ENVASES CMF S.A.

It is engaged mainly in the production of returnable and non-returnable bottles, preforms in
returnable and non-returnable formats 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 one plant in Santiago for the production of bottles, preforms, caps,
cases and other plastic containers. The plant has 17 preform injection lines, 11 blow molding
lines, 18 conventional injection lines, 10 injection blow molding lines, 7 extrusion blow molding
lines, 3 case lines and 3 cap lines.

Sales by format during 2023 totaled 84.7 million non-returnable PET bottles, 19.5 million
returnable PET bottles, 921.2 million preforms for non-returnable bottles and 1,101.1 million
products in conventional injection.

Principal clients

Main suppliers

> Embotelladora Andina S.A., Coca-Cola
Embonor S.A., VJ S.A., Vital Aguas S.A.,
Envases Central S.A., Nestlé Chile S.A.,
Unilever Chile S.A.

> Embotelladora Andina S.A., and Coca-
Cola Embonor S.A. individually account
for at least 10% of total sales.

< Resin: China Resources Corporation, Far
Eastern New Century, Sanfame Group,
Alpek Polyester, Muelhstein, Formosa
Plastics.

< Packaging: Dyntec Chile Ltda., Cartocor.
< Energy: Enel Generación S.A.

China Resources Corporation and Sanfame
Group individually account for at least 10%
of total purchases of raw materials.

INTEGRATED ANNUAL REPORT 2023149

MAIN USE

Square meters

Property

Operation

Distribution Center / Warehouses

600

Third Parties

Andina executed by third party

Offices / Production of Soft Drinks / Distribution Center / Warehouses

102,708

PROPERTIES AND
FACILITIES

CMF 6.4.I, 6.4.III

LOCATION

Azul

Bahía Blanca

Bariloche

Commercial Office

Real Estate (parking lot)

Warehouses (M&F Palletizer -EDF deposit)

Offices / Distribution Center / Warehouses

Bialet Masse (Córdoba)

Real Estate

Bragado

Commercial Office

Carlos Paz (Córdoba)

Commercial Office

Carmen de Patagones

Commercial Office / Warehouses / Crossdocking

Offices / Distribution Center / Warehouses

Chacabuco

Chivilcoy

Commercial Office

Comodoro Rivadavia

Offices / Distribution Center / Warehouses

Concepcion del Uruguay

Commercial Office

Embotelladora
del Atlántico S.A.

Concordia

Córdoba

Commercial Office / Third party Distribution Center / Warehouses

Offices /Production of soft drinks and other still beverages / Distribution
Center / Warehouses / Real estate

959,585

Distribution Center / Warehouses

1,350

Third Parties

Andina executed by third party

903

73,150

1,400

2,495

880

270

1,600

25,798

7,500

118

1,214

Own

Leased

Own

Leased

Own

Leased

Own

Andina

Tercero

Andina

Not used

Andina

Leased

Andina

Leased

Andina executed by third party

Own

Andina

Leased

Andina executed by third party

Leased

Andina

Leased

Andina executed by third party

Leased

Andina executed by third party

Leased

Andina executed by third party

Own

Andina

Third Parties

Andina executed by third party

Leased

Andina executed by third party

Third Parties

Andina executed by third party

Leased

Own

Leased

Andina

Córdoba (San Isidro)

Deposit / Offices / Cold equipment repair workshop

Córdoba

Deposit (Rigar)

Marketing and Cooling Deposit (Ricardo Balbín)

Galot and Lessen Deposit - Raw Materials - Finished product

Galot and Lessen Deposit-Finished product

Commercial offices (Dinosaurio Mall Alto Verde)

Cold deposit (Granate SRL)

Raw material deposit (Granate SRL)

Coronel Suarez

Offices / Third party Distribution Center / Warehouses / Deposit

General Pico

General Roca

Gualeguaychu

Offices / Distribution Center / Warehouses

Distribution Center / Warehouses

Commercial Office / Warehouses

Junin (Buenos Aires)

Cross Docking

Junin (Buenos Aires)

Commercial Office

Mendoza

Offices / Distribution Center / Warehouses

Commercial Office

Cold deposit

8,808

6,270

2,500

2,800

8,400

357

1,500

4,720

1,000

15,525

2,800

2,392

995

108

36,452

520

4,240 (2,240
m2 covered)

INTEGRATED ANNUAL REPORT 2023Embotelladora
del Atlántico S.A.

LOCATION

Monte Hermoso

MAIN USE

Real Estate

Neuquén

Olavarria

Paraná

Pehuajo

Pergamino

Rio Gallegos

Rio Grande

Offices / Distribution Center / Warehouses

Centenario Deposit / Offices

Commercial Office

Offices / Distribution Center / Warehouses

Commercial Office

Offices / Distribution Center / Warehouses

Offices / Cross Docking

Distribution Center / Warehouses

Offices / Distribution Center / Warehouses

Río Cuarto (Córdoba)

Deposit / Distribution Center / Cross Docking

Río Cuarto (Córdoba)

Commercial Office

Rivadavia (Mendoza)*

Deposit

Rosario

Offices / Distribution Center / Warehouses / Parking Lot / Real Estate

Rosario (calle Casilda)

Deposit / Parking / Truck parking lot

Rosario (Comuna Alvear)

Cold deposit (Distribuidora Raymundo SRL)

San Francisco (Córdoba)

Commercial Office

San Juan

San Luis

San Nicolas

Offices / Distribution Center / Warehouses

Commercial Office / Distribution Center / Warehouses

Commercial Office

San Rafael (Santa Fe)

Commercial Office

Santa Fe (Casilda)

Santa Fe

Santa Rosa

Santo Tomé

Trelew*

Trelew

Commercial Office

Distribution Center / Warehouses

Administrative Office / Distribution Center / Warehouses / Deposit

Offices / Production of Soft Drinks / Distribution Center / Warehouses

Warehouses

Tres Arroyos

Offices / Crossdocking / Warehouses

150

Operation

Not used

Andina

Square meters

Property

Own

Leased

Own

300

10,157

48,188

230

3,065

318

1,060

15,700

937

2,491

2,460

7,482

800

27,814

20,152

2,165

48,036

5,205

238

1,200

75,000

51,000

1,500

1,548

1,360

Leased

Andina executed by third party

Leased

Andina executed by third party

Leased

Own

Leased

Own

Andina

Third party

Andina

Not used

Andina

Leased

Andina executed by third party

Leased

Own

Leased

Andina

Third Parties

Andina executed by third party

Own

Leased

Andina

Ushuaia

Venado Tuerto

Villa Maria

Villa Mercedes

Offices / Distribution Center / Warehouses

Commercial Office

Commercial Office / Distribution Center / Warehouses

2,449

Third Parties

Andina executed by third party

Commercial Office

125

Leased

Andina

INTEGRATED ANNUAL REPORT 2023Andina Empaques
Argentina S.A.

LOCATION

Buenos Aires

LOCATION

Jacarepaguá

151

MAIN USE

Square meters

Property

Operation

Production of bottles, PET Preforms, Plastic Caps and Cases

Deposit adjoining the production plant

27,520

1,041

940

Own

Leased

Andina

MAIN USE

Square meters

Property

Operation

Duque de Caxias

Offices / Production of Soft Drinks / Distribution Center / Warehouses

2,243,953

Offices / Production of Soft Drinks / Distribution Center / Warehouses

249,470

Nova Iguaçu

Bangu

Distribution Center / Warehouses

Distribution Center

Campos dos Goytacazes

Distribution Center

Cabo Frio

Distribution Center

São Pedro da Aldeia 1

Distribution Center

Itaperuna

Caju 1

Caju 2

Caju 3

Cross Docking

Distribution Center

Parking Lot

Rio de Janeiro
Refrescos Ltda.

Vitória (Cariacica)

Distribution Center

Cachoeiro do Itapemirim

Cross Docking

Ribeirão Preto

Franca

Mococa

Araraquara

São Paulo

Offices / Production of Soft Drinks / Distribution Center / Warehouses

Real Estate

Distribution Center

Apartment

São Joao da Boa Vista

Cross Docking

São Pedro da Aldeia 2

Parking Lot

Nova Friburgo

Commercial Office / Cross Docking

Guarapari

Colatina

São Mateus

Rio das Ostras

Passos

Guarapari

Xerém

Anhanguera

Commercial Office

Commercial Office / Cross Docking

Commercial Office

Distribution Center

Commercial Office

Deposit

Own

82,618

44,389

36,083

1,985

10,139

Concession

2,500

4,866

8,058

7,400

93,320

8,000

238,096

279,557

32,500

33,669

11,658

20,773

6,400

350

218

3,840

2,007

527

8,500

218

10,000

57,162

Leased

Own

Leased

Own

Leased

Own

Leased

Own

Concession

Leased

Andina

INTEGRATED ANNUAL REPORT 2023LOCATION

MAIN USE

Square meters

Property

Operation

152

Offices / Production of Soft Drinks / Distribution Center / Warehouses

415,517

Renca

Warehouses

Carlos Valdovinos

Distribution Center / Warehouses

Puente Alto

Maipú

Bodega MCC

Colina

Chimba

Distribution Center / Warehouses

Embotelladora
Andina S.A.

Demetrop (Metropolitan Region)

Warehouses

Trailerlogistic (Metropolitan
Region)

Warehouses

Monster (Metropolitan Region)

Warehouses

Rancagua

San Antonio

Antofagasta

Calama

Tocopilla

Coquimbo

Copiapó

Ovalle

Vallenar

Illapel

Punta Arenas

Coyhaique

Puerto Natales

Distribution Center / Warehouses

Offices / Production of Soft Drinks / Distribution Center / Warehouses

Warehouses

Distribution Center / Warehouses

Offices / Distribution Center / Warehouses

Distribution Center / Warehouses

Offices / Production of Soft Drinks / Distribution Center / Warehouses

109,517

Distribution Center / Warehouses

5,093

850

55,562

11,211

46,965

106,820

68,682

45,833

9,280

6,550

1,000

n/a

25,920

19,809

34,729

8,028

10,700

562

31,383

26,800

6,223

5,000

n/a

Own

Leased

Own

Leased

Own

Leased

Andina

INTEGRATED ANNUAL REPORT 2023153

Vital Jugos S.A.

LOCATION

Renca*

MAIN USE

Offices / Production of Juices

Square meters

Property

40,000

Own

Operation

Andina

Vital Aguas S.A.

LOCATION

Rengo

MAIN USE

Offices / Production of Waters

Square meters

Property

346,532

Own

Operation

Andina

Envases
Central S.A.

LOCATION

Renca

MAIN USE

Offices / Production of Soft Drinks

Square meters

Property

51,907

Own

Operation

Andina

Re-Ciclar S.A.

LOCATION

Lampa

MAIN USE

Square meters

Property

Offices / RPET Resin production (under construction)

7,500

Own

Operation

Andina

Paraguay
Refrescos S.A.

LOCATION

San Lorenzo

Coronel Oviedo

Encarnación

Ciudad del Este

MAIN USE

Square meters

Property

Operation

Offices / Production of Soft Drinks / Warehouses

Offices / Warehouses

275,292

32,911

12,744

14,620

Own

Andina

INTEGRATED ANNUAL REPORT 2023BOTTLER
AGREEMENTS

GRI 2-6 | CMF 6.2.VII

Coca-Cola Andina is a franchisee of The Coca-Cola Company
pursuant to the Bottler 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.

international
The Bottler Agreements are standard
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.

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.

The license for
the territories in
Argentina expires in
September 2027.

154

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.

The license for the
territories in Brazil
expires in October
2027.

In 2019, VJ S.A. and The Coca-Cola Company
entered into a Bottler’s Agreement for beverage
products 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 VJ S.A.’s products.

In 2019, The Coca-Cola Company and Vital Aguas
S.A. entered into a Water Production and Bottling
Agreement to prepare and bottle several types of
water.

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.

This agreement, as a license
territory, covers all of Paraguay.

The license for the
Paraguayan territory
expires in March
2028.

The bottler
agreement expires
on December 31,
2024.

INTEGRATED ANNUAL REPORT 2023DISTRIBUTION
AGREEMENTS

GRI 2-6 | CMF 6.2.VI, 6.2.VII

Distribution agreements

in Argentina, Brazil,

Chile and Paraguay allow for the distribution of
the products agreed upon in those agreements
within each country’s license territories.

155

DISTRIBUTION AGREEMENTS BY
COUNTRY

Argentina

Alcoholic beverages commercialization agreement with Compañía
Industrial Cervecera S.A., primarily for beers, ciders, and wines. This
agreement was valid through June 12, 2023.

Energy drinks distribution agreement with Monster Energy
Company, entered into on December 13, 2017. The duration of
the contract is ten years, automatically renewable for successive
periods of 5 years and provided certain conditions are met.

Alcoholic beverages distribution agreement for the territory of the
Provinces of Mendoza, San Juan and San Luis, entered into on June
28, 2022 with Grupo Peñaflor S.A., effective until June 2026.

Chile

Energy drinks distribution agreement with Monster Energy
Company, entered into on August 1, 2016. The duration of the
agreement is 10 years, automatically renewable for successive
periods of 5 years and provided certain conditions are met.

Alcoholic beverages distribution agreement with Diageo Chile
Limitada, primarily for spirits, entered into on April 26, 2018. This
agreement was renewed on January 17, 2023, for 5 years from that
date until January 16, 2028.

Alcoholic beverages distribution agreement with Cooperativa
Agrícola y Pisquera Elqui Limitada and Viña Francisco de Aguirre
S.A., mainly for distilled beverages, entered into on August 21,
2019. The duration of the agreement if 5 years, renewable upon
compliance with certain conditions.

Alcoholic beverages distribution agreement with Cervecería Chile
S.A., mainly for beers, entered into on August 17, 2020. The duration
of the agreement is 5 years from November 1, 2020, renewable
upon compliance with certain conditions.

Alcoholic beverages distribution agreement with Sociedad
Anónima Viña Santa Rita, mainly for wines, entered into on August
19, 2021. The duration of the agreement is 5 years from November
2, 2021, renewable upon compliance with certain conditions.

THE DEVELOPMENT OF ANDINA’S
CORPORATE PURPOSE IS NOT STRICTLY
DEPENDENT ON THE EXISTENCE OF SPECIFIC
PATENTS, WITH THE EXCEPTION OF THE
CORRESPONDING ALCOHOL PATENTS.
THE COMPANY POSSESSES ALL PERTINENT
AND ESSENTIAL PERMITS, MUNICIPAL
PATENTS, LICENSES, AND SANITARY
AUTHORIZATIONS THAT ARE REQUIRED
FOR ITS PROPER FUNCTIONING IN ALL
PROCESSES, PROCEDURES, OPERATIONS,
AND IN ACCORDANCE WITH ITS CORPORATE
PURPOSE.

Brazil

Energy drinks distribution agreement with Monster Energy
Company, entered into on August 2, 2016. The duration of the
contract is ten years, automatically renewable for successive
periods of 5 years and provided certain conditions are met.

Alcoholic beverages distribution agreement with Cervejarias
Kaiser Brasil S.A., primarily for beers. This agreement is valid until
December 31, 2026.

Alcoholic beverages distribution agreement with Estrella de Galicia
Importação e Comercialização de Bebidas e Alimentos Ltda.,
primarily for beers. This agreement is valid until September 3, 2033.

> Distribution agreement with Campari do Brasil Ltda., to distribute a
portion of the Campari product portfolio throughout the franchise
territory. This agreement is valid until December 31, 2026.

> On August 9, 2023, Andina Brazil signed a Distribution Agreement
with Perfetti Van Melle with an expiration date of August 9, 2028,
authorized by the Framework Agreement signed by the Coca-Cola
Brazil system in July 2022, to distribute the Perfetti Van Melle brand
portfolio throughout Brazil.

Paraguay

Energy drinks distribution agreement with Monster Energy
Company, entered into on May 11, 2018. The duration of the
agreement is 10 years, automatically renewable for successive
periods of 5 years and provided certain conditions are met.

In October 2022, PARESA and Cervepar S.A. signed a 5-year
Logistics and Sales Framework Agreement, and in this context,
as of September 2023, PARESA began distributing alcoholic
beverages, mainly beers under the Brahma, Budweiser 66, and
Skol brands, among others, in the departments of Caazapá and
Concepción.

INTEGRATED ANNUAL REPORT 2023156

Financial
Statements

INTEGRATED ANNUAL REPORT 2023157

MATERIAL
EVENTS

CMF 9

The Material Events and their effects for the
reporting period from January 1 to December 31,
2023 are as follows:

March

NOTICE OF REMOTE 2023 GSM
On March 1, 2023, 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 28, 2023:

1. To convene a General Shareholders Meeting for April 20,
2023, at 10:00 a.m. (the “Meeting”), 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.

2. 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
2022 earnings and approve, the distribution of profits and
the distribution of new dividends as described below:

A first dividend for the following amounts:

a) Ch$29 (twenty-nine Chilean Pesos) per Series A

Shares and;

b) Ch$31.9 (thirty-one 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 May 9th, 2023.

2. A second dividend for the following amounts:

c) Ch$50 (fifty Chilean Pesos) per Series A Shares

and;

d) Ch$55 (fifty-five Chilean Pesos) per Series B

Shares.

If the Shareholders’ Meeting approves the payment of the
aforementioned new dividends, they will be paid beginning
on May 26th, 2023.

The Shareholders’ Registry will close on the fifth business
day prior to the respective payment date, for payment of the
dividends indicated above.

INTEGRATED ANNUAL REPORT 2023
20

April

2023 GSM RESOLUTIONS
On April 20, 2023, the CMF was informed of the following:

The following resolutions were adopted at the General
Shareholders’ Meeting held on April 20, 2023, among others:

1. The approval of the Annual Report, the Statement of
Financial Position and the Financial Statements for the
year 2022; as well as the Report of the Independent
Auditing Firm with respect to the mentioned Financial
Statements;

2. The approval of earnings distribution and dividend

payments;

3. The approval of the Company’s dividend distribution
policy and the distribution and payment procedures;

4. The approval of compensation for Directors and members
of the Culture, Ethics and Sustainability Committee,
the Executive Committee, the Directors’ Committee
pursuant to Article 50 bis of Chilean Corporate Law and
members of the Audit Committee established pursuant
to the Sarbanes-Oxley Act; the annual report of the
Directors’ Committee and the expenses incurred by the
Board and the Directors’ Committee;

5. The

appointment

PricewaterhouseCoopers
Consultores, Auditores y Compañía Limitada as the
Company’s Independent Auditing Firm for the year 2023;

The appointment of the following companies as Rating
Agencies for the year 2023: Fitch Chile Clasificadora
de Riesgo Limitada and International Credit Rating
Clasificadora de Riesgo Limitada as
rating
agencies; and Fitch Ratings, Inc. and S&P Global Ratings
as international rating agencies;

local

7. The approval of the report on Board resolutions allowing
related party transactions in accordance with Articles
146 and forward of Chilean Corporate Law, regarding
transactions that took place after the last Ordinary
Shareholders’ Meeting; and

158

May

RESIGNATION OF DIRECTOR MARCO ANTONIO
ARAUJO:
On May 31, 2023, the CMF was informed of the following:

During the regular session held yesterday, the Board of
Directors of the Company was notified of the resignation
of Mr. Marco Antonio Araujo as director. This resignation
responds to personal reasons and will be effective as of that
date.

The Board of Directors, along with thanking Mr. Araujo for
his valuable collaboration, accepted his resignation and
appointed Mr. Luis Felipe Coelho Duprat Avellar as his
replacement until the next General Shareholders’ Meeting.

8 The appointment of Diario Financiero as the newspaper
where notices and announcements of ordinary and
should be
shareholders’ meetings
extraordinary
published.

Regarding number 2 above, the General Shareholders’
Meeting approved to ratify the interim dividends paid against
2022 earnings and approved the distribution of profits and
dividends as described below:

1. A first, final, additional dividend No. 225, against 2022

fiscal year earnings for the following amounts:

a) Ch$29 (twenty-nine Chilean Pesos) per each

Series A Share; and

b) Ch$31,9 (thirty-one point nine Chilean Pesos) per

each Series B Share.

The new dividend indicated above will be paid beginning on
May 9th, 2023.

July

2. A second final, eventual dividend No. 226, against
accumulated earnings, for the following amounts:

c) Ch$50 (fifty Chilean Pesos) per each Series A

Share, and

d) Ch$55 (fifty-five Chilean Pesos) per each Series B

Share.

The new dividend indicated above will be paid beginning on
May 26th, 2023.

The closing date of the Shareholders’ Registry for the
payment of the aforementioned dividends will be the fifth
business day prior to the respective payment start date.

DIVIDEND PAYMENT 227:
On July 25, 2023, the CMF was informed of the following:

INTERIM DIVIDEND

As authorized by the General Shareholders’ Meeting held on
April 20, 2023, the Board of Directors during session held on
July 25, 2023, agreed to distribute the following amounts as
interim dividend:

a. Ch$29.0 (twenty-nine Chilean pesos) per each Series A

Shares; and

b. Ch$31.9 (thirty-one point nine Chilean pesos) per each

Series B Shares.

This dividend will be paid on account of income from
the 2023 fiscal year and will be available to shareholders
beginning August 25, 2023.

The Shareholders’ Registry will close on the fifth business
day prior to the payment date.

INTEGRATED ANNUAL REPORT 2023159

September

PLACEMENT OF FOREIGN BONDS:
On September 20, 2023, the CMF was informed of the
following:

As of this date, the Company has placed bonds in the
public market in Switzerland, totaling CHF 170,000,000
(one hundred and seventy million Swiss francs) as principal
amount, with a maturity date set for the year 2028.

In this regard, please find attached the form contained in the
annex to Circular No. 1,072 of this Commission.

September

December

DIVIDEND PAYMENT 228:
On September 27, 2023, the CMF was informed of the
following:

DIVIDEND PAYMENT 229:
On December 29, 2023, the CMF was informed of the
following:

INTERIM DIVIDEND

As authorized by the General Shareholders’ Meeting held
on April 20, 2023, the Board of Directors during session held
on September 26, 2023, agreed to distribute the following
amounts as interim dividend:

As authorized by the General Shareholders’ Meeting held
on April 20, 2023, the Board of Directors during session held
on December 28, 2023, agreed to distribute the following
amounts as interim dividend:

a. Ch$29.0 (twenty-nine Chilean pesos) per each Series A

a . Ch$32.0 (thirty-two Chilean pesos) per each Series A

Shares; and

b. Ch$31.9 (thirty-one point nine Chilean pesos) per each

b. Ch$35.20 (thirty-five point two Chilean pesos) per each

Series B Shares.

This dividend will be paid on account of income from
the 2023 fiscal year and will be available to shareholders
beginning October 26, 2023. The Shareholders’ Registry will
close on the fifth business day prior to the payment date.

This dividend will be paid on account of income from
the 2023 fiscal year and will be available to shareholders
beginning January 25, 2024.

The Shareholders’ Registry will close on the fifth business
day prior to the payment date.

INTEGRATED ANNUAL REPORT 2023160

SUMMARIZED FINANCIAL STATEMENTS - SUBSIDIARIES

CMF 11

Year ended December 31, 2023 and 2022

EMBOTELLADORA ANDINA CHILE S.A.

VJ S.A.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

Balance Cash and cash equivalents

10,921,093

46,351,288

57,272,381

444,644

7,905,386

8,350,030

862,025

48,230,845

49,092,870

425,666

6,349,129

6,774,795

36,569,067

12,353,284

48,922,351

5,749,008

42,318,075

8,391,811

1,464

8,393,275

(1,789,000)

6,604,275

7,065,795

22,301

7,088,096

(390,365)

6,697,731

19,157,434

(19,157,435)

(1,644,211)

1,652,447

9,999

9,998

1,763

9,999

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

Cash and cash equivalents at the beginning of the
period

29,670,457

19,914,658

49,585,115

20,549,744

1,839,580

22,389,324

20,675,167

496,584

6,024,040

27,195,791

1,663,161

194,895

1,858,056

(202,652)

1,655,404

27,190,770

19,346,711

46,537,481

20,026,609

1,228,226

21,254,835

20,675,167

533,561

4,073,918

25,282,646

2,167,491

53,270

2,220,761

417,035

2,637,796

2,366,967

(2,365,286)

40,142

2,131,716

(4,362,318)

7,247

(21,197)

(21,591)

2,740,413

4,985,359

Balance Cash and cash equivalents

2,761,039

2,740,413

INTEGRATED ANNUAL REPORT 2023161

VITAL AGUAS S.A.

ENVASES CENTRAL S.A.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

7,064,592

5,272,662

12,337,254

7,326,743

5,516,881

12,843,624

5,061,917

137,827

5,199,744

4,331,154

12,533

2,793,823

7,137,510

498,002

40,448

538,450

(35,744)

502,706

324,349

(296,251)

71,161

(2,714)

6,073,685

154,669

6,228,354

4,331,154

19,675

2,264,441

6,615,270

811,284

(292,164)

519,120

72,506

591,626

322,449

(283,497)

10,069

(24,913)

2,139,157

2,115,049

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

Cash and cash equivalents at the beginning of the
period

20,446,648

21,015,727

41,462,375

16,775,490

6,293,558

23,069,048

7,562,354

557,298

10,273,675

18,393,327

2,398,977

(147,363)

2,251,614

(389,321)

1,862,293

3,858,383

(2,009,346)

28,232

(2,646)

22,918,372

22,057,335

44,975,707

21,712,326

6,887,495

28,599,821

7,562,354

579,875

8,233,657

16,375,886

2,548,326

(139,851)

2,408,475

46,234

2,454,709

5,766,359

(6,104,356)

8,680

(112,470)

3,182,270

3,624,057

Balance Cash and cash equivalents

2,235,702

2,139,157

Balance Cash and cash equivalents

5,056,893

3,182,270

INTEGRATED ANNUAL REPORT 2023162

TRANSPORTES ANDINA REFRESCOS LTDA.

SERVICIOS MULTIVENDING LTDA.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

Balance Cash and cash equivalents

9,706,350

36,605,771

46,312,121

22,797,589

10,287,439

33,085,028

12,639,173

(1,214,005)

1,801,925

13,227,093

3,691,977

(244,990)

3,446,987

(905,369)

2,541,618

25,961,884

(23,885,364)

(2,075,997)

3,210

3,733

10,375,126

30,691,794

41,066,920

19,844,028

9,255,097

29,099,125

12,639,173

(1,788,753)

1,117,375

11,967,795

3,205,972

(28,814)

3,177,158

(805,306)

2,371,852

6,615,506

(5,048,626)

(1,566,415)

2,745

3,210

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

Cash and cash equivalents at the beginning of the
period

Balance Cash and cash equivalents

1,754,841

305,700

2,060,541

516,832

25,946

542,778

862,248

1,886

653,629

1,517,763

132,466

3,567

136,033

(17,361)

118,672

531,634

(750,730)

313,512

50,943

145,359

1,525,191

452,918

1,978,109

555,669

24,572

580,241

862,248

662

534,958

1,397,868

115,431

13,850

129,281

11,510

140,791

661,973

(425,109)

(317,730)

131,809

50,943

INTEGRATED ANNUAL REPORT 2023163

ANDINA BOTTLING INVESTMENTS S.A.

ANDINA BOTTLING INVESTMENTS DOS S.A.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

Balance Cash and cash equivalents

2,237,254

586,909,727

589,146,981

2,690,419

752,660,715

755,351,134

237,748

682,542

311,727,582

(104,883,358)

382,065,009

588,909,233

(498,834)

110,142,824

109,643,990

(9,766,576)

99,877,414

311,727,582

(22,357,349)

465,298,359

754,668,592

(448,716)

113,025,673

112,576,957

(5,773,658)

106,803,299

(3,620,868)

661,612

1,779,378

149,022

2,653,506

(1,485,734)

444,583

138,833

1,918

444,583

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

81,370,532

343,263,453

424,633,985

420,202,850

273,509,225

693,712,075

63,232

287,279

(61,947)

225,332

466,474,897

(119,221,037)

(152,875,392)

77,316,893

424,570,753

379,887,238

693,486,743

(495,203)

110,457,910

109,962,707

(5,737,246)

104,225,461

(362,901,924)

930,705

356,394,800

(445,302)

91,744,667

91,299,365

(5,356,076)

85,943,289

205,319

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

5,458,641

(73,891)

137,351

19,573

5,923

137,351

INTEGRATED ANNUAL REPORT 2023164

ANDINA INVERSIONES SOCIETARIAS SPA.

RIO DE JANEIRO REFRESCOS LTDA.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

Balance Cash and cash equivalents

970,965

35,162,511

36,133,476

1,291,078

36,937,698

38,228,776

25,116

30,082,325

(32,166)

6,058,203

36,108,362

(3,148)

3,248,327

3,245,179

(24,272)

3,220,907

(37,909)

829

46,049

8,970

9,418

30,082,325

15,237

8,121,800

38,219,362

(2,899)

4,166,020

4,163,121

(23,375)

4,139,746

5,501

(105)

6,290

34,362

46,049

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

Cash and cash equivalents at the beginning of the
period

276,111,517

651,665,020

927,776,537

383,021,239

566,116,304

949,137,543

284,887,153

300,646,803

585,533,956

140,642,493

536,281,288

676,923,781

119,168,159

8,169,875

214,904,547

342,242,581

112,822,687

(17,704,155)

95,118,532

(27,122,886)

67,995,646

119,168,159

(22,088,232)

175,133,835

272,213,762

84,531,293

(9,667,664)

74,863,629

(21,342,331)

53,521,298

118,389,616

110,533,381

(209,887,714)

58,391,224

(42,173,211)

(3,064,412)

7,255,827

497,193

69,923,621

56,272,827

Balance Cash and cash equivalents

96,214,731

69,923,621

INTEGRATED ANNUAL REPORT 2023165

EMBOTELLADORA DEL ATLÁNTICO S.A.

ANDINA EMPAQUES ARGENTINA S.A.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

79,240,262

186,371,255

265,611,517

132,214,928

243,866,619

376,081,547

105,077,757

22,626,937

127,704,694

138,653,369

23,668,595

162,321,964

3,782,900

33,005,856

101,118,067

137,906,823

58,021,804

(9,840,824)

48,180,980

(24,332,539)

23,848,441

3,782,900

82,458,475

127,518,208

213,759,583

80,077,074

(5,024,110)

75,052,964

(37,463,176)

37,589,788

28,627,766

(22,193,349)

3,911,735

57,486,703

(38,889,708)

(41,768)

(20,057,831)

(11,644,764)

26,294,380

19,383,917

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

9,149,013

9,397,856

18,546,869

4,907,443

561,677

5,469,120

2,472,553

(4,586,655)

15,191,851

13,077,749

7,355,054

(8,074,702)

(719,648)

(668,384)

(1,388,032)

3,702,349

(2,228,164)

16,481,794

11,897,459

28,379,253

6,679,478

915,427

7,594,905

2,472,553

1,731,912

16,579,883

20,784,348

8,566,356

(7,403,256)

1,163,100

(1,188,196)

(25,096)

2,675,714

(1,589,561)

Effects of exchange rate variation on cash and cash
equivalents

Cash and cash equivalents at the beginning of the
period

(2,342,275)

(1,321,611)

2,977,610

3,213,068

Balance Cash and cash equivalents

16,582,701

26,294,380

Balance Cash and cash equivalents

2,109,520

2,977,610

INTEGRATED ANNUAL REPORT 2023166

TRANSPORTES POLAR S.A.

RE-CICLAR S.A.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

Balance Cash and cash equivalents

8,264,102

9,076,514

17,340,616

7,688,036

3,148,022

10,836,058

1,619,315

4,040,195

845,048

6,504,558

10,719,499

(989,068)

9,730,431

(2,645,881)

7,084,550

10,914,550

(8,860,985)

(2,053,762)

(113)

903

593

7,533,502

7,350,176

14,883,678

6,990,804

1,722,007

8,712,811

1,619,315

4,232,666

318,886

6,170,867

10,590,624

(2,128,837)

8,461,787

(1,364,595)

7,097,192

3,961,181

(3,858,772)

(102,061)

555

903

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

Cash and cash equivalents at the beginning of the
period

6,613,813

26,500,107

33,113,920

1,596,354

9,403,691

11,000,045

7,746,698

12,476,145

20,222,843

569,435

9,179,977

9,749,412

21,000,000

10,700,000

1,113,875

22,113,875

(226,569)

10,473,431

(383,942)

1,047,392

663,450

(26,879)

636,571

(72,923)

(313,841)

(386,764)

(1,227,541)

(13,050,113)

9,705,507

310,593

(6,567,829)

12,274,732

7,432,354

1,414,858

Balance Cash and cash equivalents

2,860,207

7,432,354

INTEGRATED ANNUAL REPORT 2023167

PARAGUAY REFRESCOS S.A.

RED DE TRANSPORTES COMERCIALES LTDA.

STATEMENT OF FINANCIAL POSITION

2023 (ThCh$)

2022 (ThCh$)

2023 (ThCh$)

2022 (ThCh$)

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

Cash and cash equivalents at the beginning of the
period

81,710,657

277,112,895

358,823,552

72,297,644

269,314,097

341,611,741

44,297,696

18,552,180

62,849,876

40,454,954

16,451,513

56,906,467

9,904,604

164,927,760

121,141,312

295,973,676

55,775,158

(2,588,230)

53,186,928

(6,003,229)

47,183,699

9,904,604

156,883,356

117,917,314

284,705,274

50,579,364

828,634

51,407,998

(5,853,395)

45,554,603

18,256,542

(19,936,603)

24,568,062

(18,135,556)

(462,602)

(165,121)

(1,507,161)

41,294,709

36,831,966

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

Cash and cash equivalents at the beginning of the
period

Balance Cash and cash equivalents

39,449,527

41,294,709

Balance Cash and cash equivalents

6,130,985

1,315,052

7,446,037

4,225,097

524,166

4,749,263

2,200,313

(104,565)

601,026

2,696,774

936,260

(127,729)

808,531

(206,323)

602,208

137,356

(39,679)

865,717

963,394

5,594,525

1,910,446

7,504,971

4,445,516

860,324

5,305,840

2,200,313

(1,182)

2,199,131

(263,220)

(276,721)

(539,941)

115,266

(424,675)

(413,899)

(22,947)

1,302,563

865,717

INTEGRATED ANNUAL REPORT 2023168

CONSOLIDATED
FINANCIAL
STATEMENTS

CMF 11

THESE FINANCIAL STATEMENTS ARE AVAILABLE AT:

INTEGRATED ANNUAL REPORT 2023169

ESG
indicators and
standards

INTEGRATED ANNUAL REPORT 2023170

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IMPACT AND
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GRI 2-25, 3-3