UNITED BREWERIES CO INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITED BREWERIES CO INC files with the SEC in its annual reports.

In CLP millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	1,498,372	1,558,898	1,698,361	1,783,282	1,822,541	1,857,594	2,484,712	2,711,435	2,565,556	2,904,566
Cost of revenue	685,075	741,820	798,739	860,011	908,318	984,036	1,291,560	1,514,925	1,378,612	1,590,958
Gross profit	813,296	817,078	899,622	923,271	914,223	873,558	1,193,152	1,196,510	1,186,944	1,313,609
General and administrative	128,136	155,322	142,515	152,376	136,975	138,812	161,391	187,422	197,257	214,915
Operating income	213,449	192,306	227,177	472,751	233,965	175,181	330,471	218,762	239,967	262,607
Interest expense	23,101	20,307	24,166	23,561	27,720	28,714	35,660	75,931	77,023	97,165
Interest income	7,846	5,680	5,051	15,794	13,118	3,451	14,264	22,871	39,402	38,102
Pre-tax income	190,640	170,328	196,474	458,211	185,622	143,603	301,680	135,748	103,158	165,530
Income tax	50,115	30,246	48,366	136,127	39,976	35,408	82,630	264	-15,267	-11,015
Net income to minority interests	19,717	21,624	18,501	15,194	15,504	12,043	19,888	17,316	12,773	15,601
Net income	120,808	118,457	129,607	306,891	145,646	108,195	219,051	135,484	118,425	176,545
EBITDA	295,016	275,834	319,377	566,041	338,986	284,995	454,588	345,259	366,086	415,841
EPS, basic	326.95	320.59	350.76	830.55
EPS, diluted	326.95	320.59	350.76	830.55

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	192,554	134,033	170,045	319,014	196,369	396,389	265,568	597,082	618,154	707,123
Receivables		280,788	286,214	320,702	300,014	275,388	372,996	445,264	446,487	506,711
Inventory		199,312	201,988	228,062	232,434	231,843	353,427	480,800	425,728	459,385
Total current assets		681,687	729,107	941,007	789,282	960,006	1,091,372	1,661,948	1,601,683	1,771,267
Property, plant and equipment	872,667	904,105	917,913	1,008,947	1,071,730	1,082,516	1,222,261	1,356,846	1,273,988	1,522,708
Lease right-of-use assets				31,404	25,804	25,079	28,336	34,866	35,745	45,017
Goodwill		96,927	94,617	123,045	124,955	117,191	131,173	136,969	127,592	161,583
Intangible assets	71,868	77,934	77,032	118,964	125,619	128,257	151,944	172,390	153,123	244,633
Total assets		1,872,027	1,976,229	2,405,865	2,353,691	2,525,337	2,846,751	3,595,079	3,423,946	3,989,717
Accounts payable		259,739	281,682	303,380	306,656	324,521	515,523	491,315	434,974	514,887
Total current liabilities		442,373	468,749	645,724	483,282	521,524	781,115	797,152	687,483	860,006
Lease liabilities					28,213	27,200	29,009	31,307	34,062	39,782
Total liabilities		671,372	749,400	1,016,749	910,763	1,116,518	1,421,235	2,159,110	2,086,564	2,317,202
Retained earnings		657,578	716,459	868,482	902,863	921,805	832,181	843,045	895,872	965,778
Shareholders' equity		1,077,298	1,101,077	1,280,127	1,328,054	1,296,574	1,307,618	1,315,026	1,218,365	1,525,183
Minority interests		123,358	125,752	108,989	114,873	112,244	117,897	120,943	119,018	147,332
Total equity	1,187,522	1,200,656	1,226,829	1,389,116	1,442,927	1,408,819	1,425,515	1,435,969	1,337,383	1,672,515
Total liabilities and equity		1,872,027	1,976,229	2,405,865	2,353,691	2,525,337	2,846,751	3,595,079	3,423,946	3,989,717

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	140,526	140,082	148,108	322,085	145,646	108,195	219,051	135,484	118,425	176,545
Depreciation and amortization	81,567	83,528	92,200	93,289	105,021	109,814	124,117	126,497	126,119	153,234
Cash from operations	219,511	190,014	262,161	429,313	242,320	280,670	293,356	45,937	294,097	287,517
Capital expenditures	-129,669	-125,692	-123,527	-128,367	-134,669	-117,014	-169,667	-188,670	-124,401	-152,917
Cash from investing	-165,810	-155,007	-173,614	-199,002	-144,186	-140,545	-178,993	-236,457	-137,232	-118,294
Debt issued	42,929	23,150	57,777	184,008	50,989	269,337	100,226	783,122	77,147	52,903
Debt repaid	-54,797	-27,911	-25,754	-112,665	-27,050	-95,956	-46,051	-79,351	-159,421
Stock issued							0	1,648	2,769	2,746
Dividends paid	-66,147	-69,820	-75,128	-74,825	-218,035	-102,136	-274,136	-158,321	-65,583	-81,797
Cash from financing	-82,839	-95,060	-53,001	-52,964	-199,420	64,750	-233,644	537,102	-118,036	-125,036
Exchange rate effect	6,918	1,532	466	-28,378	-21,359	-4,854	-11,540	-15,069	-17,757	44,782
Net change in cash		-58,521	36,011	148,969	-122,645	200,020	-130,821	331,514	21,072	88,969
Free cash flow	89,842	64,323	138,635	300,947	107,651	163,656	123,688	-142,732	169,697	134,600
Interest paid	19,814	16,958	18,565	17,691	24,943	21,975	28,985	47,102	70,453	68,811
Income taxes paid	44,584	47,056	-40,656	35,068	93,734	43,032	78,972	66,277	8,960	14,704

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	45.2%	Gross profit / revenue.
Operating margin	9.0%	Operating income / revenue.
EBITDA margin	14.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.7%	Pre-tax income / revenue.
Net margin	6.1%	Net income / revenue.
FCF margin	4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	-6.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	29.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	5.3%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	49.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-20.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	25.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.06x	Current assets / current liabilities.
Quick ratio	1.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.82x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	58.1%	Total liabilities / total assets.
Interest coverage	2.70x	Operating income / interest expense.
Working capital	CLP 911.26B	Current assets - current liabilities.
Goodwill and intangibles / assets	10.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	CLP 1.12T	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.78x	Revenue / average total assets.
Fixed asset turnover	2.08x	Revenue / average property, plant and equipment.
Inventory turnover	3.59x	Cost of revenue / average inventory.
Days inventory	102 days	365 x average inventory / cost of revenue.
Receivables turnover	6.09x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	109 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	52 days	Days inventory + days sales outstanding - days payables.
FCF conversion	76.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	53.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	46.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	60.8%	Dividends paid / free cash flow, when free cash flow is positive.

What was UNITED BREWERIES CO INC's revenue in fiscal 2024?

UNITED BREWERIES CO INC reported revenue of CLP 2.9T for fiscal 2024, 13.2% higher than the year before.

Was UNITED BREWERIES CO INC profitable in fiscal 2024?

Yes. Net income was CLP 176.54B, a net margin of 6.1%.

How much free cash flow did UNITED BREWERIES CO INC generate in fiscal 2024?

Cash from operations of CLP 287.52B minus capital expenditures of CLP 152.92B left free cash flow of CLP 134.6B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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