UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

     Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

COMPAÑÍA CERVECERÍAS UNIDAS S.A.
(Exact name of Registrant as specified in its charter)
UNITED BREWERIES COMPANY, INC.
(Translation of Registrant’s name into English)

Republic of Chile
(Jurisdiction of incorporation or organization)
Vitacura 2670, 23^rd floor, Santiago, Chile
(Address of principal executive offices)
 _________________________________________

Securities registered or to be registered pursuant to section 12(b) of the Act.

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X Form 40-F ___

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ___ No X

CCU REPORTS CONSOLIDATED THIRD QUARTER 2021 RESULTS^1,2

Santiago, Chile, November 3, 2021 – CCU announced today its consolidated financial and operating results for the third quarter 2021, which ended September 30, 2021.

1 For an explanation of the terms used in this report, please refer to the Glossary in Additional Information and Exhibits. Figures in tables and exhibits have been rounded and may not add up exactly to the total shown.

2 All growth or variation references in this Earnings Release refer to 3Q21 compared to 3Q20, unless otherwise stated.

PRESS RELEASE

In the third quarter of 2021, CCU continued in the positive trend showed since the 4Q20, outperforming in volumes and financial results, not only versus 2020, but also versus pre-pandemic figures (2019). The latter has been the result of a favorable consumption environment as well as our regional plan, which aims to protect our people and ensure operation continuity during the pandemic, and a successful business strategy, which has allowed us to gain business scale/market share, and to recover profitability in a highly competitive and inflationary scenario.

Regarding our consolidated figures, revenues expanded 45.4% during the quarter, boosted by a 22.0% growth in volumes (19.8% versus 3Q19) and 19.2% higher average prices in CLP. The strong expansion in volumes was explained by higher consumption, a solid sales execution and the continuous improvement of our portfolio’s brand equity. In terms of financial results, EBITDA jumped 70.6% (59.2% versus 3Q19), reaching CLP 101,472 million, and EBITDA margin improved 241 bps, from 13.9% to 16.3%. The stronger financial result was mainly driven by: (i) the expansion in volumes, as mentioned above, (ii) efficiency gains from the ExCCelencia CCU program, with MSD&A expenses as a percentage of Net sales decreasing from 38.2% to 36.1%, and (iii) an expansion of 266 bps in Gross margin, mainly due to positive mix effects and revenue management initiatives. These factors were partially compensated by negative external effects, mainly from a higher cost in raw materials, in line with the upward trend of commodity prices during the year. In all, Net income totalized a gain of CLP 42,168 million versus CLP 12,131 million recorded last year (CLP 8,626 million in 3Q19).

In the Chile Operating segment, our top line expanded 36.4%, due to 26.6% growth in volumes (24.9% versus 3Q19), driven by all main categories, and 7.8% higher average prices. The latter was associated with positive mix effects, mainly based on a strong performance of premium beer brands, and the implementation of revenue management initiatives. Gross profit grew 41.0%, and Gross margin rose 157 bps, from 46.7% to 48.3%, mainly as a result of the expansion in revenues, and efficiencies in manufacturing, being partially offset by higher cost in raw materials. MSD&A expenses grew 18.4%, consistent with the higher volumes and the normalization of marketing activities; nonetheless, as percentage of Net sales MSD&A expenses improved 486 bps, due to efficiencies through the ExCCelencia CCU program. In all, EBITDA reached CLP 77,635 million, a 72.5% increase (41.3% versus 3Q19), and EBITDA margin improved 429 bps, from 16.2% to 20.5%.

In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales recorded a 106.6% rise, as a result of an increase of 71.8% in average prices in CLP and 20.3% higher volumes (13.6% versus 3Q19). The better average prices in CLP were explained by revenue management initiatives, positive mix effects, and favorable effects related with hyperinflation accounting. This allowed us to compensate higher USD-denominated costs from the depreciation of the ARS against the USD, higher cost in raw materials, and inflation. Consequently, Gross profit expanded 147.9% and Gross margin grew from 39.4% to 47.3%. MSD&A expenses as a percentage of Net sales improved by 405 bps due to efficiencies from the ExCCelencia CCU program, compensating higher inflation. Altogether, EBITDA reached CLP 16,933 million, versus a gain of CLP 2,483 million last year (CLP 2 million in 3Q19), and EBITDA margin reached 9.1%, improving 637 bps versus last year.

In the Wine Operating segment, revenues were up 2.8%, explained by a 11.0% growth in average prices, while volumes dropped 7.4% (an increase of 9.9% versus 3Q19). The higher prices in CLP were mainly explained by a better mix in both the domestic and export markets. The lower volumes were largely explained by a contraction in exports, associated with global logistic difficulties, which has caused disruption to our shipments. This was partially compensated by the Chilean domestic market, which expanded mid-single digits. Gross profit was down 3.3% and Gross margin decreased 245 bps, mainly due to higher manufacturing costs, an increased cost of wine, and a lower contribution from the export business. MSD&A expenses as a percentage of Net sales improved by 54 bps, thanks to efficiencies driven by the ExCCelencia CCU program. In all, EBITDA reached CLP 13,404 million, an 8.2% decrease (an expansion of 11.0% versus 3Q19), while EBITDA margin dropped from 21.2% to 18.9%.

In Colombia, where we have a joint venture with Postobón, we kept gaining business scale by growing double-digit in volumes (around 50% vs 3Q19). In addition, during the quarter we strengthened the mix of our portfolio, driven by an outstanding performance in premium beer brands. We will keep executing our strategy, focusing on gaining scale, consolidating our portfolio of brands and delivering better financial results.

During the 3Q21, CCU delivered another positive quarter, outperforming volumes and financial results versus last year and pre-pandemic figures (2019). At the same time, we continued recovering our margins in a competitive and inflationary scenario. In the coming quarters, we will keep executing a strategy with focus on our business scale and profitability, the latter through the implementation of revenue management initiatives and efficiencies, to face challenging external effects from a higher cost of raw materials, exchange rates headwinds and inflation.

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3 The ARS currency variation against the USD considers 2021 end of period (eop) compared to 2020 eop.

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CHILE OPERATING SEGMENT

In the Chile Operating segment, our top line expanded 36.4%, due to 26.6% growth in volumes (24.9% versus 3Q19), driven by all main categories, and 7.8% higher average prices. The latter was associated with positive mix effects, mainly based on a strong performance of premium beer brands, and the implementation of revenue management initiatives. Gross profit grew 41.0%, and Gross margin rose 157 bps, from 46.7% to 48.3%, mainly as a result of the expansion in revenues, and efficiencies in manufacturing, being partially offset by higher cost in raw materials. MSD&A expenses grew 18.4%, consistent with the higher volumes and the normalization of marketing activities; nonetheless, as percentage of Net sales MSD&A expenses improved 486 bps, due to efficiencies through the ExCCelencia CCU program. In all, EBITDA reached CLP 77,635 million, a 72.5% increase (41.3% versus 3Q19), and EBITDA margin improved 429 bps, from 16.2% to 20.5%.

In the beer category, the brand Austral Torres del Paine, obtained the gold medal in The World Beer Awards 2021, celebrated in London in the Lager Helles/Münchner category. In the same line, several of our premium pisco brands, were awarded in two important competitions: Espiritu de Los Andes 40° and Pisco Control Valle del Encanto 40° at the San Francisco World Spirits and Mistral Gran Nobel 40° at the International Spirits Challenge, held in UK.

Regarding sustainability initiatives, in September we launched once again our campaign “No alcohol for minors” an initiative that is part of our Responsible Consumption program, which started in 1994. This year, more than twenty thousand stores across the country were part of this initiative. Also, during the quarter we continued supporting the Covid-19 vaccination process, with the delivery of hydration kits of our products to people who attend mobile vaccinations centers, especially in areas with lower vaccination rates.

INTERNATIONAL BUSINESS OPERATING SEGMENT

In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales recorded a 106.6% rise, as a result of an increase of 71.8% in average prices in CLP and 20.3% higher volumes (13.6% versus 3Q19). The better average prices in CLP were explained by revenue management initiatives, positive mix effects, and favorable effects related with hyperinflation accounting. This allowed us to compensate higher USD-denominated costs from the depreciation of the ARS against the USD, higher cost in raw materials, and inflation. Consequently, Gross profit expanded 147.9% and Gross margin grew from 39.4% to 47.3%. MSD&A expenses as a percentage of Net sales improved by 405 bps due to efficiencies from the ExCCelencia CCU program, compensating higher inflation. Altogether, EBITDA reached CLP 16,933 million, versus a gain of CLP 2,483 million last year (CLP 2 million in 3Q19), and EBITDA margin reached 9.1%, improving 637 bps versus last year.

Our Luján Plant in Argentina climbed to the 7th place in Heineken's world quality ranking, an achievement that shows a continuous improvement in the elaboration of our beers. In addition, we expanded the reach of our e-Commerce platform "La Barra" covering all Argentinean territory. In terms of brands, in Argentina we launched Salta Cautiva beer, Colón Selecto wine and our hard seltzer Hard Fresh, debuts in that country. In Bolivia we launched cerveza Cordillera and Capital in a new can format, increasing beer consumption occasions in this country.

In the Wine Operating segment, revenues were up 2.8%, explained by a 11.0% growth in average prices, while volumes dropped 7.4% (an increase of 9.9% versus 3Q19). The higher prices in CLP were mainly explained by a better mix in both the domestic and export markets. The lower volumes were largely explained by a contraction in exports, associated with global logistic difficulties, which has caused disruption to our shipments. This was partially compensated by the Chilean domestic market, which expanded mid-single digits. Gross profit was down 3.3% and Gross margin decreased 245 bps, mainly due to higher manufacturing costs, an increased cost of wine, and a lower contribution from the export business. MSD&A expenses as a percentage of Net sales improved by 54 bps, thanks to efficiencies driven by the ExCCelencia CCU program. In all, EBITDA reached CLP 13,404 million, an 8.2% decrease (an expansion of 11.0% versus 3Q19), while EBITDA margin dropped from 21.2% to 18.9%.

VSPT Wine Group and SIG Combibloc, a Swiss-German manufacturer of packaging with low environmental impact, will soon launch the first wine carton with the #ElijoReciclar seal, granted by the Ministry of the Environment, certifying that at least 80% of packaging weight is made of recyclable material.

PRESS RELEASE

ABOUT CCU

CCU is a multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. CCU is one of the largest players in each one of the beverage categories in which it participates in Chile, including beer, soft drinks, mineral and bottled water, nectar, wine and pisco, among others. CCU is the second-largest brewer in Argentina and also participates in the cider, spirits and wine industries. In Uruguay and Paraguay, the Company is present in the beer, mineral and bottled water, soft drinks and nectar categories. In Bolivia, CCU participates in the beer, water, soft drinks and malt beverage categories. In Colombia, the Company participates in the beer and in the malt industry. The Company’s principal licensing, distribution and / or joint venture agreements include Heineken Brouwerijen B.V., PepsiCo Inc., Seven-up International, Schweppes Holdings Limited, Société des Produits Nestlé S.A., Pernod Ricard Chile S.A., Promarca S.A. (Watt’s) and Coors Brewing Company.

CORPORATE HEADQUARTERS

Vitacura 2670, 26th floor

Santiago

Chile

STOCK TICKER

Bolsa de Comercio de Santiago: CCU

NYSE: CCU

CAUTIONARY STATEMENT

Statements made in this press release that relate to CCU’s future performance or financial results are forward-looking statements, which involve known and unknown risks and uncertainties that could cause actual performance or results to materially differ. We undertake no obligation to update any of these statements. Persons reading this press release are cautioned not to place undue reliance on these forward-looking statements. These statements should be taken in conjunction with the additional information about risk and uncertainties set forth in CCU’s annual report on Form 20-F filed with the US Securities and Exchange Commission and in the annual report submitted to the CMF (Chilean Market Regulator) and available on our web page.

GLOSSARY

Operating segments

The Operating segments are defined with respect to its revenues in the geographic areas of commercial activity:

PRESS RELEASE

ARS

Argentine peso.

CLP

Chilean peso.

Cost of sales

Formerly referred to as Cost of Goods Sold (COGS), includes direct costs and manufacturing costs.

Earnings per Share (EPS)

Net profit divided by the weighted average number of shares during the year.

EBIT

Earnings Before Interest and Taxes. For management purposes, EBIT is defined as Net income before other gains (losses), net financial expenses, equity and income of joint ventures, foreign currency exchange differences, results as per adjustment units and income taxes. EBIT is equivalent to Adjusted Operating Result used in the 20-F Form.

EBITDA

EBITDA represents EBIT plus depreciation and amortization. EBITDA is not an accounting measure under IFRS. When analyzing the operating performance, investors should use EBITDA in addition to, not as an alternative for Net income, as this item is defined by IFRS. Investors should also note that CCU’s presentation of EBITDA may not be comparable to similarly titled indicators used by other companies. EBITDA is equivalent to ORBDA (Adjusted Operating Result Before Depreciation and Amortization), used in the 20-F Form.

Exceptional Items (EI)

Formerly referred to as Non-recurring items (NRI), Exceptional Items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature.

Gross profit

Gross profit represents the difference between Net sales and Cost of sales.

Gross margin

Gross profit as a percentage of Net sales.

Liquidity ratio

Total current assets / Total current liabilities

Marketing, Sales, Distribution and Administrative expenses (MSD&A)

MSD&A includes marketing, sales, distribution and administrative expenses.

Net Financial Debt

Total Financial Debt minus Cash & Cash Equivalents.

Net Financial Debt / EBITDA

The ratio is based on a twelve month rolling calculation for EBITDA.

Net income

Net income attributable to the equity holders of the parent.

UF

The UF is a monetary unit indexed to the Consumer Price Index variation in Chile.

USD

United States Dollar.

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1 For an explanation of the terms used in this report, please refer to the Glossary in Additional Information and Exhibits. Figures in tables and exhibits have been rounded and may not add up exactly to the total shown.

2 All growth or variation references in this Earnings Release refer to 3Q21 compared to 3Q20, unless otherwise stated.

3 The ARS currency variation against the USD considers 2021 end of period (eop) compared to 2020 eop.

PRESS RELEASE

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Compañía Cervecerías Unidas S.A.
(United Breweries Company, Inc.)

Date: November 3, 2021