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    Fernando Olvera Espinosa de los Monteros • Bank of America

    Fernando Olvera Espinosa de los Monteros's questions to UNITED BREWERIES CO INC (CCU) leadership

    Fernando Olvera Espinosa de los Monteros's questions to UNITED BREWERIES CO INC (CCU) leadership • Q2 2024

    Question

    Fernando Olvera from Bank of America asked for the cost outlook for the remainder of the year, balancing lower commodity prices against currency depreciation, and inquired about specific measures being taken to achieve the short-term priority of recovering profitability.

    Answer

    CFO Felipe Dubernet noted that while some raw material costs have softened, others like orange juice pulp are at record highs, and the volatile Chilean peso remains the largest uncertainty. CEO Patricio Jottar Nasrallah added that recovering profitability is the top priority, driven by the HerCCUles efficiency plan, revenue management, SKU and employee controls, and digital transformation.

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    Fernando Olvera Espinosa de los Monteros's questions to UNITED BREWERIES CO INC (CCU) leadership • Q1 2024

    Question

    Fernando Olvera Espinosa de los Monteros asked for details on Chile's volume performance, including a month-by-month breakdown for Q1, differences between alcoholic and non-alcoholic drinks, and the outlook for gross margin given FX and input cost volatility.

    Answer

    Chief Financial Officer Felipe Dubernet stated that Chile's volume trend was consistent across all months of the quarter. He noted non-alcoholic volumes were flat while alcoholic beverages saw a low single-digit decline due to competitor promotions. Regarding margins, he acknowledged significant pressure from the peso's devaluation but reiterated that the HerCCUles plan, focusing on revenue management and cost controls, aims to protect the margin gains achieved in 2023.

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    Fernando Olvera Espinosa de los Monteros's questions to Coca-Cola Femsa SAB de CV (KOF) leadership

    Fernando Olvera Espinosa de los Monteros's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q2 2024

    Question

    Fernando Olvera Espinosa de los Monteros inquired about Coca-Cola FEMSA's volume guidance for the remainder of the year following a strong first half, and asked for an update on market share performance in its key markets of Mexico and Brazil.

    Answer

    Executive Jorge Alejandro Pereda stated that the company is maintaining its full-year guidance of mid-single-digit volume growth, considering it is only halfway through the year. CEO Ian Marcel Craig García explained that market share in Mexico was impacted by supply shortages, while Brazil's strong year-to-date share gains were recently offset by losses in Rio Grande do Sul due to flooding. Management confirmed actions are underway to resolve capacity constraints.

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