The following is a summary of the Compañía Cervecerías Unidas S.A. (CCU) Q4 2023 Earnings Call Transcript:

Financial Performance:

• CCU reported a recovery in operating results and profitability in 2023.

• The company's consolidated EBITDA grew by 6% for the year and saw an improvement in the EBITDA margin by 159 basis points.

• The Chile operating segment delivered an increased EBITDA of 24.8%, which compensated for the declines in the Wine Operating segment by 37.4% and the International Business Operating segment by 16%.

• Despite these improvements, the consolidated net income decreased by 10.6% compared to 2022.

Business Progress:

• CCU executed its regional plan, HerCCUles, aimed at maintaining business scale, strengthening revenue management, enhancing efficiency, optimising capital expenditure, and investing in brand equity.

• Despite a drop in volumes by 3.4%, the company managed to maintain its market share in primary categories.

• Revenue management initiatives, particularly in Chile, played a key role in recovering margins.

• Consolidated expenses remained stable, making up 47.7% of net sales.

• The company has been successful in recovering cash generation, primarily through a reduction in working capital, optimized capital expenditure, and a higher EBITDA.

• For the upcoming year, CCU plans to continue the implementation of the HerCCUles plan, aiming to maintain the trajectory of financial results and profitability recovery, despite expected challenges particularly in Argentina.

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