Pedro Seixas's questions to UNITED BREWERIES CO INC (CCU) leadership • Q2 2024
Question
Pedro Seixas of Neuberger Berman asked for a quantitative breakdown of the 78% EBITDA decline, seeking to understand how much was attributable to FX depreciation versus the drop in sales volume.
Answer
CFO Felipe Dubernet provided a detailed breakdown of the CLP 37 billion EBITDA decrease. He attributed approximately CLP 16 billion of the decline to external effects, primarily the depreciation of the Chilean and Argentine pesos. The remaining CLP 21 billion was attributed to negative operating variables, with the sharp volume decline being the main driver, partially offset by price increases and efficiencies.