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

TABLE OF CONTENTS

Item 1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, without limitation, those set forth in “Forward-looking statements,” “Risk factors” and the other matters set forth in our Annual Report for the year ended December 31, 2020 on Form 20-F (our “Annual Report”). The following discussion of our financial condition and results of operations is based on the annual and interim financial information of Compañía Cervecerías Unidas S.A. and its subsidiaries (“CCU”, “we” or the “Company”), and should be read in conjunction with our Unaudited Interim Consolidated Financial Statements as of and for the nine-month periods ended September 30, 2021 and 2020 furnished as Item 2 hereunder.

Overview

We are a multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. In Chile, we are one of the largest players in each one of the beverage categories in which we participate in, including beer, soft drinks, mineral and bottled water, juice, wine and pisco, among others. We are the second-largest brewer in Argentina, where we also operate in the cider, spirits and wine industries. In Uruguay and Paraguay, we operate in the beer, mineral and bottled water, soft drinks, wine and juice categories. In Bolivia, we operate in the beer, water, soft drinks, juice and malt beverage categories. In Colombia, we operate in the beer and malt beverage industry. Our operations are divided into the following three operating segments: (i) Chile Operating segment (as defined below), which includes Beer, Non Alcoholic Beverages, Spirits and Cider, in the Chilean market; (ii) International Business Operating segment (as defined below), which includes Beer, Cider, Non-Alcoholic Beverages and Spirits, among other categories, in Argentina, Uruguay, Paraguay and Bolivia; and (iii) Wine Operating segment (as defined below), which includes wine and sparkling wine in the export market reaching over 80 countries, as well as the Chilean and Argentine domestic markets. We estimate that our weighted consolidated market share in terms of volume was 29.8%, 28.1%, and 27.2% in 2020, 2019 and 2018, respectively. As of September 30, 2021, we had 9,316 employees.

Our principal licensing, distribution or joint venture agreements include those we have entered into with 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), Red Bull Panamá S.A., Stokely Van Camp Inc., and Coors Brewing Company.

In 2020, our consolidated net sales were CLP 1,857,594 million, increasing 1.9%, when compared to the consolidated net sales of CLP 1,822,541 million recorded in 2019. Consolidated sales volume was up 2.2%, driven by an expansion of 3.4% in the Chile Operating segment, and a 10.2% increase in our Wine Operating segment, while the International Operating segment decreased 1.3%. Our consolidated net income in 2020 was CLP 96,152 million, decreasing 26.1% when compared to CLP 130,142 million recorded in 2019. The weaker financial results were mainly due to negative external effects from the sharp depreciation of both the CLP and the ARS against the USD, and the impact from the pandemic on our on-premise sales (which entail higher margins) and a decrease in demand for premium segment drinks (high margin products).

For the nine months ended September 30, 2021 our consolidated net sales were CLP 1,662,364 million, increasing 32.1% compared to the CLP 1,257,964 million recorded in the nine-months ended September 30, 2020. This was explained by a 16.9% increase in consolidated sales volume and 13.1% higher average prices in CLP. The expansion in sales volume was driven by a 20.2% growth in the Chile Operating segment, 12.4% increase in the International Business Operating segment, and 3.8% rise in the Wine Operating segment. The positive dynamism in sales volume was a result of a recovery in consumption and a solid sales execution in 2021 compared to the same period in 2020. The higher average prices in CLP were explained by: (i) a 9.9% growth in the Chile Operating segment, due to positive mix effect in the portfolio, mainly based on a strong performance of premium brands in beer, and the implementation of revenue management initiatives, (ii) an expansion of 31.3% in the International Business Operating segment, mainly explained by revenue management initiatives and favorable effects related with hyperinflation accounting (applicable in respect of our operations in Argentina), and (iii) a 4.6% increase in the Wine Operating segment, mainly as a consequence of a larger share of premium brands in the portfolio, offsetting the appreciation of the CLP against the USD and its negative impact on export revenues. Our consolidated net income over such period was CLP 125,520 million, compared to CLP 41,109 million in 2020.

Nine-month period ended September 30, 2021 compared to nine-month period ended September 30, 2020

The following table summarizes certain of our financial data for the nine-month periods ended September 30, 2021 and 2020 on a consolidated basis.

Net Sales

Our net sales increased 32.1%, from CLP 1,257,964 million for the nine-month period ended September 30, 2020 to CLP 1,662,364 million for the nine-month period ended September 30, 2021, primarily as a result of a 16.9% increase in year-over-year sales volume, coupled with a 13.1% increase in average prices in Chilean pesos.

The increase in sales volume corresponds to a 20.2%, 12.4% and 3.8% increase in our sales in the Chile, International and Wine operating segments, respectively, attributable to the recovery of consumption following the onset of the COVID-19 pandemic and a solid sales execution. The 13.1% increase in average price (measured in CLPs) was explained by (i) a 9.9% increase in prices in the Chile operating segment, mainly due to positive mix effects based on a strong performance of premium brands in beer, and the implementation of revenue management initiatives, (ii) a 31.3% increase in prices corresponding to the International Business operating segment, mainly due to revenue management initiatives and favorable effects related with hyperinflation accounting in Argentina, and (iii) an increase of 4.6% in price in the Wine operating segment, mainly as a consequence of by a better mix in the portfolio due to a higher share of premium wine brands in both the domestic and export markets, all of which offset the appreciation of the CLP against the USD (and the negative impact thereof on export earnings) during this period.

The rationale behind the change in net sales attributable to each of our operating segments for the nine-month period ended September 30, 2021 compared to the same period in 2020 is described below:

Chile: Net sales increased by 32.1% from CLP 824,208 million in the nine-month period ended September 30, 2020, to CLP 1,088,486 million for the nine-month period ended September 30, 2021, due to an expansion of 20.2% in sales volume and an increase of 9.9% in average prices. The increased sales volume, as mentioned above, were attributable to the recovery of consumption following the onset of the COVID-19 pandemic and a solid sales execution. The better prices were associated with positive mix effects in the portfolio, based on a strong performance of premium brands in beer, and the implementation of revenue management initiatives.

International Business: Net sales increased 47.6% from CLP 274,817 million for the nine-month period ended September 30, 2020 to CLP 405,761 million for the nine-month period ended September 30, 2021, due to 12.4% increase in sales volume together with a 31.3% increase in average prices, the latter mainly due to revenue management initiatives, and favorable effects related with hyperinflation accounting.

Wine: Net sales increased 8.6% from CLP 176,781 million in the nine-month period ended September 30, 2020 to CLP 192,032 million for the nine-month period ended September 30, 2021, due to 3.8% rise in sales volume, together with a 4.6% rise in average prices, the latter drive by a better mix in the portfolio, associated with a higher share of premium wine brands.

Cost of Sales

Our cost of sales for the nine-month period ended September 30, 2021 increased 26.5% from CLP 679,725 million for the nine-month period ended September 30, 2020 to CLP 859,986 million for the nine-month period ended September 30, 2021, primarily due to a 16.9% increase in sales volume, together with an 8.2% increase in cost of sales per hectoliter. The higher cost of sales per hectoliter was mainly related to higher costs in raw materials and negative external effects, the latter mainly from the devaluation of the ARS against the USD and its impact in our USD-denominated costs, partially compensated by the appreciation of the CLP against the USD, affecting favorably our USD-denominated costs in Chile.

The change in cost of sales for our operating segments for the nine-month period ended September 30, 2021 is described below:

Chile: Cost of sales in the Chilean operating segment increased 28.4% from CLP 421,729 million for the nine-month period ended September 30, 2020 to CLP 541,636 million for the nine-month period ended September 30, 2021, primarily due to an increase in sales volume and higher costs of raw materials (mainly aluminum, polyethylene terephthalate (PET) and sugar). This increase was partially offset by the appreciation of the CLP against the USD, that had a positive impact on our U.S. dollar costs when measured in CLP (our functional currency). Cost of sales as a percentage of net sales in the Chilean operating segment decreased from 51.2% for the nine-month period ended September 30, 2020, to 49.8% for the nine-month period ended September 30, 2021.

International Business: Cost of sales in the International Business operating segment increased 30.9% from CLP 163,587 million for the nine-month period ended September 30, 2020 to CLP 214,208 million for the nine-month period ended September 30, 2021, mainly driven by an increase in sales volume, and higher USD-linked costs, largely due to the devaluation of the ARS against the USD, a higher cost in raw materials, mainly aluminum, and higher inflation. Cost of sales as a percentage of net sales in the International Business operating segment decreased from 59.5% in the nine-month period ended September 30, 2020 to 52.8% in the nine-month period ended September 30, 2021.

Wine: Cost of sales in the Wine operating segment increased 13.3% from CLP 103,574 million for the nine-month period ended September 30, 2020 to CLP 117,385 million for the nine-month period ended September 30, 2021, mainly associated with the increase in sales volume, a higher cost of wine and mix effects, due to a higher contribution of premium wine brands in our volumes. Cost of sales as a percentage of net sales in the Wine operating segment increased from 58.6% in the nine-month period ended September 30, 2020 to 61.1% in the nine-month period ended September 30, 2021.

Gross Profit

Our gross profit increased 38.8% from CLP 578,240 million for the nine-month period ended September 30, 2020 to CLP 802,378 million for the nine-month period ended September 30, 2021, driven by the changes in net sales and cost of sales during such periods described above.

Marketing, Selling, Distribution and Administrative Expenses

MSD&A primarily include advertising and promotional expenses, selling expenses, distribution costs such as product transportation costs, services provided by third parties and other administrative expenses.

MSD&A expenses increased 19.7%, from CLP 504,968 million for the nine-month period ended September 30, 2020 to CLP 604,618 million for the nine-month period ended September 30, 2021. The increase in MSD&A expenses was mostly driven by an increased sales volume and a normalization of marketing activities, the latter due to the contraction of marketing initiatives during 2020 due to the pandemic. As a percentage of Net sales, our MSD&A expenses decreased from 40.1% for the nine-month period ended September 30, 2020, to 36.4% in the nine-month period ended September 30, 2021, due to efficiency gains through the ExCCelencia CCU program across all our Operating segments. The MSD&A expenses performance of each Operating segment during the nine-month period ended September 30, 2021 is described below:

Chile: MSD&A expenses increased 14.8% from CLP 311,031 million for the nine-month period ended September 30, 2020, to CLP 356,962 million for the nine-month period ended September 30, 2021, consistent with the increased sales volume and the normalization of marketing activities. As a percentage of Net sales, MSD&A expenses contracted from 37.7% for the nine-month period ended September 30, 2020 to 32.8% for the nine-month period ended September 30, 2021.

International Business: MSD&A expenses increased 33.0% from CLP 143,510 million for the nine-month period ended September 30, 2020, to CLP 190,875 million for the nine-month period ended September 30, 2021, primarily due to increased sales volume and the negative impact from the inflation in Argentina. Nonetheless, as a percentage of Net sales, MSD&A expenses decreased from 52.2% for the nine-month period ended September 30, 2020 to 47.0% for the nine-month period ended September 30, 2021, due to efficiencies.

Wine: MSD&A expenses grew 2.5% from CLP 47,710 million for the nine-month period ended September 30, 2020, to CLP 48,901 million for the nine-month period ended September 30, 2021, mainly due to increased sales volume and higher marketing expenses. As a percentage of Net sales, MSD&A expenses improved from 27.0% for the nine-month period ended September 30, 2020 to 25.5% for the nine-month period ended September 30, 2021.

Other Income by Function

Other income by function decreased 37.8% from CLP 14,843 million for the nine-month period ended September 30, 2020, to CLP 9,237 million for the nine-month period ended September 30, 2021. The variation is primarily attributable to lower contribution from our operations in Argentina.

Other Expenses

Other expenses increased 26.6% from CLP 880 million for the nine-month period ended September 30, 2020, to CLP 1,114 million for the nine-month period ended September 30, 2021.

Adjusted Operating Result

As a result of the above, our Adjusted Operating Result increased 136.0% from CLP 87,235 million for the nine-month period ended September 30, 2020, to CLP 205,882 million for the nine-month period ended September 30, 2021, and our Adjusted Operating Result as a percentage of Net sales increased from 6.9% for the nine-month period ended September 30, 2020, to 12.4% for the nine-month period ended September 30, 2021.

The Adjusted Operating Result performance of each of our Operating segments for the nine-month period ended September 30, 2021 is described below:

Chile: The Adjusted Operating Result increased 106.1% from CLP 92,404 million for the nine-month period ended September 30, 2020, to CLP 190,478 million for the nine-month period ended September 30, 2021. Consequently, the Adjusted Operating Result margin increased from 11.2% for the nine-month period ended September 30, 2020, to 17.5% for the nine-month period ended September 30, 2021, mainly explained by higher average prices, due to a better mix in the portfolio, and efficiency gains.

International Business: The Adjusted Operating Result increased 138.1% from a loss of CLP 20,474 million for the nine-month period ended September 30, 2020, to a gain of CLP 7,809 million for the nine-month period ended September 30, 2021. The Adjusted Operating Result margin increased from negative 7.5% for the nine-month period ended September 30, 2020, to positive 1.9% for the nine-month period ended September 30, 2021, mainly due to volume growth, revenue management initiatives, efficiencies and a low comparison base in 2020 due to the pandemic.

Wine: The Adjusted Operating Result increased 0.1% from CLP 25,985 million for the nine-month period ended September 30, 2020, to CLP 26,016 million for the nine-month period ended September 30, 2021. The Adjusted Operating Result margin decreased from 14.7% for the nine-month period ended September 30, 2020, to 13.5% for the nine-month period ended September 30, 2021 attributable to an increase in the cost of wine and the appreciation of the CLP against the USD, which negatively impacted our export revenues.

Other: The Adjusted Operating Result for Others reached a loss of CLP 18,420 million for the nine-month period ended September 30, 2021, from a loss of CLP 10,680 million for the nine-month period ended September 30, 2020, mainly due to increased technological expenses.

Net Financial Expenses

Our Net Financial Expenses improved 25.7% from a loss of CLP 18,168 million for the nine-month period ended September 30, 2020 to a loss of CLP 13,506 million for the nine-month period ended September 30, 2021, primarily due to increased cash and cash equivalents.

Equity and income from joint ventures and associated companies

Our Equity and income from joint ventures and associated companies improved 56.5% from a loss of CLP 7,734 million for the nine-month period ended September 30, 2020, to a loss of CLP 3,362 million for the nine-month period ended September 30, 2021, mainly due to a better financial result in Colombia and Austral.

Foreign currency exchange differences

Our Foreign currency exchange differences decreased from a gain of CLP 4,423 million for the nine-month period ended September 30, 2020 to a loss of CLP 7,250 million for the nine-month period ended September 30, 2021, primarily explained by Argentina.

Result as per adjustment units

Our result as per adjustment units increased from a loss of CLP 851 million for the nine-month period ended September 30, 2020 to a gain of CLP 1,349 million for the nine-month period ended September 30, 2021, due to a higher rate of inflation in Argentina.

Income tax expense

Our income tax expense increased 162.2% from CLP 19,973 million for the nine-month period ended September 30, 2020 to CLP 52,362 million for the nine-month period ended September 30, 2021. This increase was primarily driven by the increase in our income before taxes.

Net income attributable to equity holders of the parent company

Our net income attributable to equity holders of the parent company increased 205.3% from CLP 41,109 million in the nine-month period ended September 30, 2020 to CLP 125,520 million for the nine-month period ended September 30, 2021, mainly explained by reasons described above.

Net income attributable to Non-controlling interests

Net income attributable to non-controlling interests increased 137.1% from CLP 5,582 million in nine-month period ended September 30, 2020 to CLP 13,234 million for the nine-month period ended September 30, 2021, mainly due to a better result in Aguas CCU-Nestlé Chile S.A., Cervecería Kunstmann S.A., and Compañía Pisquera de Chile S.A.

Liquidity and capital resources

Capital expenditures

In the past, we have funded our capital expenditures mainly with cash generated by our operating activities. For more information, see “Item 5. B. Liquidity and Capital Resources” of our Annual Report. We expect to continue to incur expenses and capital expenditures as we expand our production and bottling operations, improve our distribution chain, increase assets destined to marketing of our products (mainly refrigerators), conduct environmental improvements and integrate new operations, among others.

The following table shows our capital expenditures by operating segment (additions of property, plant and equipment and intangibles other than goodwill) during the periods set forth:

(1)       Other includes capital expenditures that correspond to corporate support units.

Cash flows

The following table sets forth our cash flows for the periods indicated:

Net cash inflow from operating activities

For the nine-month period ended September 30, 2021, net cash inflow from operating activities was CLP 202,399 million, a 106.9% increase from CLP 97,819 million for the nine-month period ended September 30, 2020. This increase was principally the result of an increased sales volume in 2021 compared to 2020.

Net cash (outflow) from investing activities

For the nine-month period ended September 30, 2021, net cash (outflow) from investing activities was

CLP 112,481 million, a 4.5% decrease from CLP 117,842 million for the nine-month period ended September 30, 2020. This decrease was primarily explained by increases in capital expenditures for the purchase of property, plant and equipment.

Net cash inflow (outflow) from financing activities

Cash outflow from financing activities was CLP 95,227 million for the nine-month period ended September 30, 2021, compared to a CLP 100,349 million cash inflow for the nine-month period ended September 30, 2020, respectively. The reversion in trends is mainly explained by the issuance of CLP 191,227 million in bonds in Chile during 2020.

Contractual Obligations

The following table summarizes our known contractual obligations as of September 30, 2021:

(1) Includes Interest expense.

(2) Includes our obligations to lease our headquarters building (see Note 22 to the Annual Consolidated Financial Statements for the year ended December 31, 2020).

(3) Includes commitments relating to service contracts, short-term and low-value lease agreements (see Note 35 to the Annual Consolidated Financial Statements for the year ended December 31, 2020).

(4) Includes raw material purchase contracts(see Note 35 to the Annual Consolidated Financial Statements for the year ended December 31, 2020).

Amortizing Schedule

The following tables summarize debt obligations held by us as of September 30, 2021. The tables present principal payment obligations (including interest) in millions of CLP and USD:

⁽¹⁾ Excludes amortization of lease liabilities.

⁽¹⁾ Excludes amortization of lease liabilities.

Off-balance sheet arrangements

We do not have any off-balance sheet arrangements involving any transactions, agreements or other contractual arrangements involving an unconsolidated entity under which we have:

•       made guarantees;

•       a retained or contingent interest in transferred assets;

•       an obligation under derivative instruments classified as equity; or

•       any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us.

We have no other off-balance sheet arrangements.

Item 2

UNAUDITED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020

INDEX 

Compañía Cervecerías Unidas S.A. and subsidiaries Intermin Consolidated Statement of Financial Position (Figures expressed in thousands of Chilean pesos)

INTERMIN CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of september 30, 2021 and december 31, 2020

(ASSETS)

Compañía Cervecerías Unidas S.A. and subsidiaries Intermin Consolidated Statement of Financial Position (Figures expressed in thousands of Chilean pesos)

INTERMIN CONSOLIDATED STATEMENT OF FINANCIAL POSITION (LIA

As of september 30, 2021 and december 31, 2020

BILITIES AND EQUITY)

Compañía Cervecerías Unidas S.A. and subsidiaries Intermin Consolidated Statement of Income (Figures expressed in thousands of Chilean pesos)

INTERMIN CONSOLIDATED STATEMENT OF INCOME

(UNauditED)

Compañía Cervecerías Unidas S.A. and subsidiaries Intermin Consolidated Statement of Comprehensive Income (Figures expressed in thousands of Chilean pesos)

INTERMIN CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNauditED)

 .

Compañía Cervecerías Unidas S.A. and subsidiaries Intermin Consolidated Statement of Changes in Equity (Figures expressed in thousands of Chilean pesos)

INTERMIN CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNauditED)

Compañía Cervecerías Unidas S.A. and subsidiaries Intermin Consolidated Statement of Cash Flow (Figures expressed in thousands of Chilean pesos)

INTERMIN CONSOLIDATED STATEMENT OF CASH FLOW

(UNauditED)

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

Note 1 General Information

Compañía Cervecerías Unidas S.A. (hereinafter also “CCU”, “the Company” or “the Parent Company”) was incorporated in Chile as an open stock company, and is registered in the Securities Registry of the Comisión para el Mercado Financiero (CMF) under Nº 0007, and consequently, the Company is overseen by the CMF. The Company’s shares are traded in Chile on the Santiago Stock Exchange and Electronic Stock Exchange. The Company is also registered with the United States of America Securities and Exchange Commission (SEC) and its American Depositary Shares (ADS)’s are traded in the New York Stock Exchange (NYSE). There was an amendment to the Deposit Agreement dated December 3, 2012, between the Company, JP Morgan Chase Bank, NA and all holders of ADRs, whereby there was a change in the ADS ratio from 5 common shares for each ADS to 2 common shares for each ADS, effective as of December 20, 2012.

CCU is a diversified beverage company, with operations mainly in Chile, Argentina, Uruguay, Paraguay, Colombia and Bolivia. CCU is the largest Chilean brewery, the second largest brewery in Argentina, the second largest producer of soft drinks in Chile, the second-largest wine producer in Chile, the largest producer of bottled mineral water, nectar and sport drinks in Chile and one of the largest pisco producers in Chile. It also participates in the business of Home and Office Delivery (“HOD”), in a business involving home delivery of purified water in dispensers, and in the rum industry in Chile. It participates in the industry of the ciders, spirits and wines in Argentina and also participates in the industry of mineral water and soft drinks and beer distribution in Uruguay, Paraguay, Colombia and Bolivia.

Compañía Cervecerías Unidas S.A. is under the control of Inversiones y Rentas S.A. (IRSA), which is the direct and indirect owner of 65.87% of the Company’s shares. IRSA is currently a joint venture between Quiñenco S.A. and Heineken Chile Limitada, a company controlled by Heineken Americas B.V., each with a 50% equity participation.

The Company’s address and main office is located in Santiago, Chile, at Avenida Vitacura Nº 2670, Las Condes district and its tax identification number (Rut) is 90,413,000-1.

As of September 30, 2021 the Company had a total 9,316 employees detailed as follows:

These Interim Consolidated Financial Statements include: Statement of Financial Position, Statement of Income, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows (direct method), and the Accompanying Notes with disclosures.

In the accompanying Statement of Financial Position, assets and liabilities that are classified as current, are those with maturities equal to or less than twelve months, and those classified as non-current, are those with maturities greater than twelve months. In turn, in the Consolidated Statement of Income, expenses are classified by function, and the nature of depreciation and personnel expenses is identified in footnotes. The Consolidated Statement of Cash Flows is presented using the direct method.

The figures in the Consolidated Statement of Financial Position and their explanatory notes are presented compared as of December 31, 2020 and the Consolidated Statement of Income, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows and their explanatory notes are presented compared with September 30, 2020.

These Interim ConsolidatedFinancial Statements are presented in thousands of Chilean pesos (ThCh$) and have been prepared from the accounting records of Compañía Cervecerías Unidas S.A. and its subsidiaries. All amounts have been rounded to thousand Chilean pesos, except when otherwise indicated.

The Company’s functional currency and presentation currency is the Chilean peso, except for some subsidiaries in Chile, Argentine, Uruguay, Paraguay and Bolivia that use the US Dollar, Argentine peso, Uruguayan Peso, Paraguayan guaraní and Bolivian, respectively. The functional currency of joint operations in Colombia and associates in Perú, are the Colombian peso and the Sol, respectively. However they use the Chilean peso as the presentation currency for consolidation purposes.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

Subsidiaries whose functional currencies are not the Chilean peso and are not a currency from a country which economy has been classified as hyperinflationary, have converted their financial statement from their functional currency to the Group’s presentation currency, which is the Chilean peso. The following exchange rates have been used: for the Consolidated Statement of Financial Position and the Consolidated Statement of Changes in Equity, net at the year-end exchange rate, and for the Consolidated Statements of Income, Consolidated Statements of Comprehensive Income and the Consolidated Statement of Cash Flows at the transaction date exchange rate or at the average monthly exchange rate, as appropriate. For consolidation purposes, the assets and liabilities of subsidiaries whose functional currency is different from the Chilean peso, are translated into Chilean pesos using the exchange rates prevailing at the date of the Consolidated Financial Statements while the Gains (losses) on exchange differences caused by the conversion of assets and liabilities are recorded in the Conversion Reserves account under Other equity reserves. Income, costs and expenses are translated at the average monthly exchange rate for the respective periods. These exchange rates have not undergone significant fluctuations during the year, with the exception of subsidiaries in hyperinflationary economies. (See Note 2 –Summary of significant accounting policies, (2.4)).

Covid-19 Pandemic

With respect to the COVID-19 pandemic, as of the date of this report, we continue selling, producing and distributing our products, in all of our business operations. Since the COVID-19 was declared a pandemic in March 2020 by the World Health Organization, we have implemented a regional plan in the countries where we operate with three priorities: the health and safety of all our workers and the people we interact with, the continuity of our operations, and the financial health of the Company. To achieve these objectives, we established seven Corporate Covid Protocols in all our facilities, we have fully met the measures dictated by the authorities, actively promoted preventive and self-care measures to our workers and we allowed home-office for thousands of people, when it was possible. All of the measures, allowed us to maintain a safe work environment, being essential to balance the safety of the people and to continue supplying our customers and consumers with our products without interruption.

In Chile, its portfolio of brands in the beer category consists of its own CCU brands, international licensing brands, and distribution of Craft brands. CCU’s own brands correspond to national products produced, marketed, and distributed by Cervecería CCU which include the following brands among others; Cristal, Escudo, Royal Guard, Morenita, Dorada, Andes, Bavaria, and Stones in its Lemon, Maracuyá and Guaraná and Red Citrus varieties. The international licensing brands are mostly produced while others are imported. All are marketed and distributed by Cervecería CCU including among others, Heineken, Sol, Coors, Blue Moon, Birra Moretti and Edelweiss brands. The Craft brands of beers (Austral, Polar Imperial, Patagonia, Kunstmann, Szot, Guayacán, D´olbek and Mahina) are created and mostly produced in their original breweries and in partnership with Cervecera CCU marketed and distributed by the Company.

In the Chile operating segment, in the non-alcoholic beverage’s category, CCU has the Bilz, Pap, Kem, Kem Xtreme, Nobis, Pop, Cachantun, Mas, Mas Woman and Porvenir brands. In the HOD category, CCU has the Manantial brand. The Company, directly or through its subsidiaries, has licensing agreements with Pepsi, 7up, Mirinda, Gatorade, Adrenaline Red, Lipton Ice Tea, Crush, Canada Dry Limón Soda, Canada Dry Ginger Ale, Canada Dry Agua Tónica, Nestlé Pure Life, Watt’s, Watt´s Selección and Frugo. In Chile, CCU is the exclusive distributor of the Red Bull energy drink and Perrier water. Through a joint venture it also has its own brands, Sprim and a license for the Vivo and Caricia brands.

Additionally, in the Chile operating segment, in the pisco and cocktails categories, CCU owns the Mistral, Tres Erres, Campanario, Horcón Quemado, Control Valle del Encanto, Espíritu de los Andes, La Serena, Iceberg, Hard Fresh, Ruta Cocktail, Sabor Andino Sour, Sol de Cuba, brands, together with the respective line extensions, as applicable. In the rum category, the Company owns the Sierra Morena (and their extensions) and Cabo Viejo brands. In the liquor category, the Company has the Kantal, Fehrenberg and Barsol brands and is the exclusive distributor in Chile of Pernod Ricard in the traditional channel. Finally, in the cider category, the Company owns the Cygan and distributes the Villa Pehuenia brand.

On August 8th 2019 CCU announced that its subsidiary Compañía Pisquera de Chile S.A. (CPCh) acting through out Inversiones Internacionales SpA. and International Spirits Investments USA LLC, have communicated to LDLM Investment LLC their decision to initiate the sell of its whole participation in Americas Distilling Investment LLC (“ADI”) which amount to 40%. ADI is the owner of the Peruvian Company Bodega San Isidro S.R.L. and the Barsol brand. That sales process initiated by CPCh did not take place, because the terms and conditions described in the offers presented by the interested parties were not feasible or satisfactory.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

In Argentina, CCU produces beer in its plants located in Salta, Santa Fe and Luján. Its main brands are Schneider, Imperial, Palermo, Santa Fé, Salta, Córdoba, Isenbeck, Norte, Iguana and Báltica. At the same time it is the holder of exclusive license for the production and marketing of Miller, Heineken, Amstel, Sol, Warsteiner and Grolsch. CCU also imports Kunstmann and Blue Moon brands, and exports beer to different countries, mainly under the Schneider, Heineken and Imperial brands. Besides, participates in the cider business, with control of Saenz Briones, marketing the leading market brands “Sidra Real”, “La Victoria” and “1888” in addition to the Pehuenia brand. Also participates in the spirits business, which are market under El Abuelo brand, in addition of importing pisco from Chile. Its wine portfolio includes the sale and distribution of the Eugenio Bustos y La Celia brands, Since June 2019 has incorporated to its wine portfolio Colón, Graffina and Santa Silvia brands belonging to Finca La Celia (subsidiary in Argentina of the Chilean subsidiary Viña San Pedro de Tarapacá S.A. (VSPT)). (See Note 1 - General information letter C) number (2)).

In the Wine Operating Segment, CCU through its subsidiary VSPT has an extensive portfolio of wine brands produced by the eight wineries that make up the group. Among them are: Altaïr, Cabo de Hornos, Sideral, 1865, Castillo de Molina, Epica, Gato (in domestic market) and GatoNegro (in export market) from Viña San Pedro, the Reserva and Gran Reserva lines of Viña Tarapacá and its Blue and Black labels; Viña Leyda in its Reserva, Single Vineyard and Lot series; Misiones de Rengo Varietal, Reserva, Cuvée, Gran Reserva Black and its Sparkling line; in addition to Alpaca, Reservado and Siglo de Oro Reserva de Viña Santa Helena; and in the sparkling category, Viñamar in its expressions Traditional Method, Extra Brut, Rosé, Moscato, Brut, Unique Brut, Unique Moscato, ICE and Zero Dealcoholized, and, finally, Manquehuito in the coolers category. In Argentina, the brands La Celia, Graffigna, Colon and Santa Silvia acquired in May 2019, as indicated in the previous paragraph.

In Uruguay, the Company participates in the mineral water business with the Nativa and Nix brands, soft drinks with the Nix brand and nectars with Watt's brand, in isotonic drinks with the FullSport brands. In addition, it sells imported beer under the Heineken, Schneider, Imperial, Escudo Silver, Kuntsmann nad Miller brands. Recently the wine category, it participates with the brands with Misiones de Rengo, Eugenio Bustos and La Celia brands all imported.

In Paraguay, the Company participates in the non-alcoholic and alcoholic drinks business. Its portfolio of non-alcoholic brands consists of Pulp, Watt's, Puro Sol, La Fuente and the FullSport isotonic drinks. These brands include our own licensed and imported brands. The Company in the alcoholic drinks business is the owner of Sajonia beer brand and imports Heineken, Amstel, Paulaner, Sol, and Kunstmann brands. Since January 2020, they opened a wine category with brands Misiones de Rengo and La Celia.

Since November 2014 in Colombia, CCU participated in the beer business through its joint venture with Central Cervecera de Colombia S.A.S. (CCC). CCC has an exclusive licensing contract for importing, distributing, and producing Heineken beer in Colombia. In October 2015, Coors and Coors Light brands were incorporated into CCC’s brand portfolio through licensing contracts for the production and/or marketing of them. This licence was extended only until December 2019. As of December 2015, Artesanos de Cerveza’s company was acquired together with its Brand “Tres Cordilleras”. As of April and July of 2016, the Tecate and Sol brands were incorporated respectively with a licensing contract to produce and/or market them. During April 2017, the Miller and Miller Genuine Draft (MGD) brands were incorporated with a licensing contract to produce and market them. As of February 2019, the local Andina brand was launched. As of July 2019, the local production of the Tecate brand began and the launch of Natu Malta (alcohol-free product based on malt) was made. Furthermore, since October 2019, Colombia started to import and market the Kunstmann brand. Finally at the end of 2019, CCC started with the local production of Heineken beer.

In Bolivia, as of May 2014, CCU participates in the non-alcoholic and alcoholic beverages business through its subsidiary Bebidas Bolivianas BBO S.A. (BBO). Within the portfolio of non-alcoholic beverages, BBO has the Mendocina, Sinalco, Real, De La Sierra and Natur-all brands. These brands include their own and licensed brands. On the other hand, the alcoholic beverages include Real, Capital, and Cordillera brands. Aditionally, BBO markets the imported beer Kunstmann and Heineken brands.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

The described licenses are detailed as follows:

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

The consolidated financial statements include the following direct and indirect subsidiaries where the percentage of participation represents the economic interest at a consolidated level:

(*) Listed company in Chile.

(**) See Note 1 – General Information, letter C), Subsidiaries with direct or indirect participation of less than 50%.

(***) Subsidiaries in which we have an interest of more or equal than 50% through one or more subsidiaries of the Company.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

In addition to what is shown in the preceding table, the following are the percentages of participation with voting rights, in each of the subsidiaries. Each shareholder has one vote per share owned or represented. The percentage of participation with voting rights represents the sum of the direct participation and indirect participation through a subsidiary.

(*) Listed company in Chile.

(**) See Note 1 – General Information, letter D), Subsidiaries with direct or indirect participation of less than 50%.

(***) Subsidiaries in which we have an interest of more or equal than 50% through one or more subsidiaries of the Company.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

The main movements in the ownership of the subsidiaries included in these Interim consolidated financial statements are the following:

(1) CCU Inversiones II SpA.

On January 31 April, 15, 2020 and September 4, 2020, the Company made capital contributions to the subsidiary CCU Inversiones II Ltda. for an amount of US$ 11,500,000 (equivalent to ThCh$ 9,176,540), US$ 16,500,000 (equivalent to ThCh$ 14,002,395) and US$ 12,200,000 (equivalent to ThCh$ 9,411,690) respectively.

On August 18, 2021 the Company made a capital contribution to subsidiary CCU Inversiones II SpA in the amount of
US$ 7,500,000 (equivalent to ThCh$ 5,922,150).

Through public deed dated September 30, 2021, the Company and CCU Inversiones S.A., as the only partners of CCU Inversiones II, agreed to turn this company into a joint-stock company (SpA.).

(2) Finca La Celia S.A. and Bodega San Juan S.A.U.

On December 21, 2020, the boards of Finca La Celia S.A. and Bodega San Juan S.A.U. approved to carry out a merger process of both companies, in which the first one will be the legal continuer, the second one will be dissolved without liquidation, with effect from January 1, 2021.

In order to the merge could be materialized, all the formal requirements and stages established by Argentine regulations must be met and it must be approved in the last instance by the General Inspection of Justice of the City of Buenos Aires, Argentina. The Management estimates that this process will not generate significant effects on its Financial Statements.

On June 1, 2020, the Argentine subsidiary Finca La Celia S.A. became the owner of the operation of La Consulta vineyard, located in the Eugenio Bustos district, San Carlos department in the province of Mendoza by a deed of sale and after having obtained regulatory approvals in Argentina.

The Company has determined the provisional fair values of assets and liabilities related to this business combination, mainly for export market, as follows:

(*) See Note 32 - Other gain (losses)

(3) Milotur S.A.

On August 21, 2020, the subsidiary CCU Inversiones II Ltda. made a capital contribution to Milotur S.A. for an amount of US$ 4,000,000 (equivalent to ThCh$ 3,143,360), maintaining its participation percentage.

(4) Cervecería Szot SpA.

On August 28, 2020, Szot carried out a capital increase equivalent to 95,710 shares. The shareholder Cervecería Kunstmann S.A. (CK) suscribed 63,022 shares at a value of ThCh$ 176,620. Subsequently, on the same date, CK sold 15,167 to Representaciones Chile Beer Kevin Michael Szot E.I.R.L shares equivalent to ThCh$ 42,506. As a result of the aforementioned, CK ended with a total participation of 50.0005% in this subsidiary.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

(5) Mahina SpA.

On February 18, 2020, the subsidiary CK acquired 50.1000% from the purchase of 501 shares from the company Mahina SpA. at a value of ThCh$ 525,000. Later on the same date, Mahina SpA. carried out a capital increase equivalent to 100 shares, of which CK subscribed 50 shares at a value of ThCh$ 50,000, which were paid on March 26, 2021. As a consequence, CK owns 551 shares equivalent to 50.0909%. Aditionally, it was incorporated into the consolidation process of CCU (See Note 15 - Business combinations).

For this business combination, the provisional fair value of assets and liabilities were determined, which are the following:

(6) La Barra S.A. (former ECOMCCU S.A.)

On March 20, 2020, the Company and its subsidiary Cervecera CCU Chile Ltda. incorporated the subsidiary ECOMCCU S.A. It is purpose will be marketing and sale of beverages, food products and household items. The capital of the subsidiary amounts to ThCh$ 1,500,000, divided into 1,500,000 shares. On July 22, 2020 the capital was paid.

On December 2, 2020 the first Extraordinary Shareholders' Meeting was held, where a change for the name of the subsidiary was agreed and it was renamed as La Barra S.A.

(7) Bebidas del Paraguay S.A., Distribuidora del Paraguay S.A. and Sajonia Brewing Company S.R.L.

On May 12, 2020, the subsidiary Bebidas del Paraguay S.A. acquired an additional 27% of the stock rights of the Paraguayan company Sajonia Brewing Company S.R.L., which ended with a 78% stake in this company. The amount paid for this transaction increased to ThCh$ 48,257 (400 million guaranies.)

On July 1, 2020, Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. acquired the non-controlling interest of Sajonia Brewing Company S.R.L. by 21% and 1% respectively, thus reaching 100% of the participation. The amount paid for this transaccion was ThCh$ 33,458 (279 million guaranies).

(8) Manantial S.A.

On April 16, 2020, the subsidiary Aguas CCU-Nestlé Chile S.A. (Aguas) made a capital contribution to the subsidiary Manantial S.A. for an amount of ThCh$ 1,500,000 resulting in Aguas with 99.0775% and Embotelladoras Chilenas Unidas S.A. with 0.9225% of the share capital.

(9) Inversiones Invex CCU Ltda.

On September 4, 2020, the Company made a capital contribution to the subsidiary Inversiones Invex CCU Ltda. for an amount of ThCh$ 2,500,000.

On June 1, 2021, the Company agreed to the division of this company, with the establishment of a new, limited liability company called Inversiones Invex SB Limitada. For division purposes the share capital of Inversiones Invex CCU Ltda. was reduced from US$ 306,466,817 to US$ 185,322,809.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

Through public deed dated August 2, 2021, the liquidation of Inversiones Invex SB Ltda. was agreed upon and materialized on July 31, 2021.

In the dissolution agreement for that company its assets and liabilities were transferred to its partners, Inversiones Invex Tres Ltda., CCU Inversiones S.A. and CCU S.A.

(10) Inversiones Invex CCU Tres Ltda.

On September 4, 2020, the Company made a capital contribution to the subsidiary Inversiones Invex CCU Tres Ltda. for an amount of ThCh$ 800,000.

(11) Compañía Industrial Cervecera S.A. and Sáenz Briones y Cía. S.A.I.C.

On April 16, 2021, subsidiary Compañía Industrial Cervecera S.A., acquired 481,643 shares of the stock rights of Argentinean company Sáenz Briones y Cía. S.A.I.C., by buying two minority shareholders, consequently leaving it with a 94.2138% interest in that company.

The amount disbursed for this transaction was ThCh$ 2,549,142 (337 million Argentine pesos) and the effect on equity recognized in the Company due to this change in interest amounted to ThCh$ 2,094,489.

On July 13, 2021, subsidiary Compañía Industrial Cervecera S.A., acquired 160,548 shares of the stock rights of Argentinean company Sáenz Briones y Cía. S.A.I.C., by buying two minority shareholders. Consequently, it now has a 95.6345% interest in said company.

The amount disbursed for this transaction was ThCh$ 945,892 (122 million Argentine pesos) and the effect on equity recognized in the Company due to this change in interest was ThCh$ 901,791.

On August 9, 2021, subsidiary Compañía Industrial Cervecera S.A., acquired 481,920 shares of the stock rights of Argentinean company Sáenz Briones y Cía. S.A.I.C., by buying two minority shareholders. Consequently, it now has a 99.9419% interest in that company.

The amount disbursed for this transaction was ThCh$ 3,153,967 (390 million Argentine pesos) and the effect on equity recognized in the Company due to this change in interest was ThCh$ 2,909,529.

(12) CCU Inversiones S.A. and Viña San Pedro Tarapacá S.A. (VSPT)

On September 10, 2021, subsidiary CCU Inversiones S.A. acquired an additional 0.4485% of subsidiary Viña San Pedro Tarapacá S.A. for the amount of ThCh$ 1,167,074, equivalent to 179,274,015 shares, leaving it with total interest of 83.4542%.

(13) Inversiones CCU Lux S.á r.l.

On August 30, 2021 through a share transfer contract, CCU Inversiones II SpA. sold its interest in subsidiary CCU Lux
S.à r.l. to the Company for ThCh$ 127,567 (US$ 163,554).

(14) VSPT US LLC

On August 9, 2021, through its subsidiary Viña San Pedro Tarapacá S.A., the Company established VSPT US LLC, whose purpose is the marketing, distribution and sale of wines. The company’s capital amounts to US$ 400,000, which as of September 30, 2021 had not been paid.

These Consolidated Financial Statements incorporate as a subsidiary to Distribuidora del Paraguay S.A., a company in which we have a total participation of 49.9589%.

Bebidas del Paraguay S.A. (BdP) and Distribuidora del Paraguay S.A. (DdP) are considered to be one economic group that shares their operational and financial strategy, leaded by the same management team that seeks compliance with the strategic plan defined simultaneously for both entities. Additionally BdP produces different brands owned by it. DdP is its sole and exclusive customer, which is responsible for the distribution and marketing of BdP’s products. The administrative and commercial integration added to its operational and financial dependence of DdP explain the reason why BdP proceeds to present this entity as a subsidiary of CCU.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

Promarca S.A. is a closed stock company whose main activity is the acquisition, development and administration of trademarks and their corresponding licensing to their operators.

For the nine month period ended September 30, 2021, Promarca S.A. recorded a profit of ThCh$ 4,148,089 (ThCh$ 2,828,631 September 30, 2020, which in accordance with the Company’s policies is 100% distributable.

The line of business of this company is manufacture, produce, process, transform, transport, import, export, purchase, sell and in general market all types of concentrates.

For the nine month period ended September 30, 2021, BCP recorded a profit of ThCh$ 1,846,277 (ThCh$ 204,094 September 30, 2020), which in accordance with the Company’s policies is 100% distributable.

The purpose of this company is the production, marketing and distribution of instant powder drinks in the national territory.

For the nine month period ended September 30, 2021, BCCCU recorded a loss of ThCh$ 108,385 (a profit of ThCh$ 1,869,640 September 30, 2020), which in accordance with the Company’s policies is 100% distributable.

The companies mentioned above, letter a) to c), meet the conditions stipulated in IFRS 11 to be considered "joint operations", since the primary assets in both entities are trademarks, the contractual arrangements establishes that the parties to the joint arrangement share all interests in the assets relating to the arrangement in a specified proportion and their income is 100% from royalties charged to the joint operators for the sale of products using these trademarks.

The general aspects of the transaction are described below:

According to the Material Event reported on September 6, 2017, the CMF was informed that CCU and Compañía Cervecerías Unidas Argentina S.A. (CCU-A), entity organized under the laws of the Republic of Argentina and a subsidiary of CCU, have agreed with Anheuser-Busch InBev S.A./N.V. (ABI and together with CCU-A the "Parties"), an offer letter ("Term Sheet") which, among other matters, contemplates the early termination of license agreement in Argentina for the brand "Budweiser", signed between CCU-A and Anheuser-Busch, Incorporated (today Anheuser-Busch LLC, a subsidiary of ABI) dated March 26, 2008 (the "License Agreement").

As agreed to in the Early Termination of the License Agreement (the “Transaction”), ABI directly or its subsidiaries (hereinafter together referred to as the “ABI Group”), pays to CCU-A the amount of US$ 306,000,000.

The Transaction also includes the transfer from ABI to CCU-A of: (a) ownership of the brands Isenbeck and Diosa. This does not include the production plant owned by Cervecería Argentina S.A. Isenbeck (CASA Isenbeck) located in Zárate, province of Buenos Aires, Argentina (which will continue to operate under the ownership of ABI Group), nor the contracts with its employees and/or distributors, nor the transfer of any liabilities of CASA Isenbeck; (b) the ownership of the following registered brands in Argentina: Norte, Iguana and Báltica; and (c) the obligation of ABI to make its reasonable best efforts to cause that certain international premium beer brands are licensed to CCU-A (together with the brands identified in letter (b) above and with the brand Diosa referred to as the "Group of Brands") in Argentine territory.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

In order to establish a smooth transition of the brands that are transferred by virtue of the Transaction, the Parties will enter into the following contracts (all together with the Early Termination referred to as the “Transaction”):

In summary, this agreement with ABI consists of the early termination of the license agreement of the Budweiser brand in exchange for a portfolio of brands representing similar volumes, plus different payments of up to US$ 400,000,000 before taxes, over a period of up to three years.

Status of the Transaction as of September 30, 2021

In accordance with Section III above, CCU-A will receive annual payments of up to US$ 28,000,000 equivalent to ThCh$ 17,107,440, before taxes, from ABI within a period of up to 3 years, depending on the volume and the time it takes for the transition of production and/or commercialization of the Brands to CCU-A. This will be reflected in income, as that performance obligation is fulfilled. For the nine month periodic ended September 30, 2021, US$ 4,703,062 have been recognized in Other Revenue by Function, equivalent to ThCh$ 3,818,416 (US$ 14,211,597 September 30, 2020, equivalent to ThCh$ 11,200,870)

Note 2 Summary of significant accounting policies

Significant accounting policies adopted for the preparation of these consolidated financial statements are described below:

The accompanying interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standard Board (IASB).

The consolidated financial statements have been prepared on a historical basis, as modified by the subsequent valuation of financial assets and financial liabilities (including derivative instruments) at fair value.

The preparation of the Interim Consolidated Financial Statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires that management uses its professional judgment in the process of applying the Company’s accounting policies. See Note 3 - Estimates and application of professional judgment for disclosure of significant accounting estimates and judgments.

The application of new accounting pronouncements as of January 1, 2021, had no significant effect on the Company's consolidated financial statements

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

These standards are required to be applied by the following dates:

The Company estimates the adoption of these new Standards, Improvements, Amendments and Interpretations mentioned in the table above will not have a material impact on the Interim Consolidated Financial Statements.

Subsidiaries

Subsidiaries are entities over which the Company has power to direct their financial and operating policies, which generally is the result of ownership of more than half of the voting rights. When assessing whether the Company controls another entity, the existence and effect of potential voting rights that are currently liable to be exercised at the date of the Consolidated Financial Statements is considered. Subsidiaries are consolidated from the date on which control was obtained by the Company, and are excluded from consolidation as of the date the Company loses such control.

The acquisition method is used for the accounting of acquisition of subsidiaries. The acquisition cost is the fair value of the assets delivered, of the equity instruments issued and of the liabilities incurred or assumed as of the exchange date. The identifiable assets acquired, as well as the identifiable liabilities and contingencies assumed in a business combination are initially valued at their fair value on the acquisition date, regardless the scope of minority interests. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as income.

Joint operations

As explained in Note 1- General information, for the joint arrangements that qualify as joint operations, the Company recognizes its share of the assets, liabilities and income in respect to its interest in the joint operations in accordance with IFRS 11.

Intercompany transaction

Intercompany transactions, balances and unrealized gains from transactions between the Company’s entities are eliminated in consolidation. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Whenever necessary, the accounting policies of subsidiaries are amended to ensure uniformity with the policies adopted by the Company.

Non-controlling Interest

Non-controlling interest is presented in the Equity section of the Consolidated Statement of Financial Position. The net income attributable to equity holder of the parent and non-controlling interest are each disclosed separately in the Consolidated Statement of Income after net income.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

Investments accounted for using the equity method

Joint ventures and associates

The Company maintains investments in joint arrangements that qualify as joint ventures, which correspond to a contractual agreement by which two or more parties carry out an economic activity that is subject to joint control, and normally involves the establishment of a separate entity in which each party has a share based on a shareholders’ agreement. In addition, the Company maintains investments in associates which are defined as entities in which the investor does not have significant influence and are not a subsidiary or a joint venture.

The Company accounts for its participation in joint arrangements that qualify as joint ventures and in associates using the equity method. The financial statements of the joint venture are prepared for the same year, under accounting policies consistent with those of the Company. Adjustments are made to agree any difference in accounting policies that may exist with the Company’s accounting policies.

Whenever the Company contributes or sells assets to companies under joint control or associates, any income or loss arising from the transaction is recognized based on how the asset is realized. When the Company purchases assets from those companies, it does not recognize its share in the income or loss of the joint venture in respect to such transaction until the asset is sold or realized.

The Company has defined three operating segments which are essentially defined with respect to its revenues in the geographic areas of commercial activity: 1.- Chile, 2.- International business and 3.- Wine.

These operating segments mentioned are consistent with the way the Company is managed and how results will be reported by CCU. These segments reflect separate operating results which are regularly reviewed by chief operating decision maker in order to make decisions about the resources to be allocated to the segment and assess its performance (See Note 6 - Financial information as per operating segment).

The segments performance is measured according to several indicators, of which OR (Adjust Operating Result), OR before Exceptional Items (EI), ORBDA (Adjust Operating Result Before Depreciation and Amortization), ORBDA before EI, ORBDA margin (ORBDA’s % of total revenues for the operating segment), the volumes and Net sales. Sales between segments are conducted using terms and conditions at current market rates.

The Company defined the Adjusted Operating Result as the Net incomes (losses) before Other gains (losses), Net financial cost, Equity and income from joint ventures and associates, Gains (losses) on exchange differences, Results as per adjustment units and Income tax, and the ORBDA, for the Company purposes, is defined as Adjusted Operating Result before Depreciation and Amortization.

MSD&A, included Marketing, Selling, Distribution and Administrative expenses.

Corporate revenues and expenses are presented separately within the other.

Presentation and functional currency

The Company uses the Chilean peso (Ch$ or CLP) as its functional currency and for the presentation of its financial statements. The functional currency has been determined considering the economic environment in which the Company carries out its operations and the currency in which the main cash flows are generated. The functional currency of the Argentinian, Uruguayan, Paraguayan and Bolivian subsidiaries is the Argentine Peso, Uruguayan Peso, Paraguayan Guarani and Bolivian, respectively. The functional currency of the joint venture in Colombia and associate in Perú is the Colombian Peso and Sol, respectively.

Transactions and balances

Transactions in foreign currencies and adjustment units (“Unidad de Fomento” or “UF”) are initially recorded at the exchange rate of the corresponding currency or adjustment unit as of the date on which the transaction occurs. The Unidad de Fomento (UF) is a Chilean inflation-indexed peso-denominated monetary unit. The UF rate is set daily in advance based on changes in the previous month’s inflation rate. At the close of each Intermin Consolidated Statement of Financial Position, the monetary assets and liabilities denominated in foreign currencies and adjustment units are translated into Chilean pesos at the exchange rate of the corresponding currency or adjustment unit. The Gains (losses) on exchange differences arising, both from the liquidation of foreign currency transactions, as well as from the valuation of foreign currency monetary assets and liabilities, are included in the Statement of income, in Gains (losses) on exchange differences, while the difference arising from the changes in adjustment units are recorded in the Statement of income as Result as per adjustment units.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

For consolidation purposes, the assets and liabilities of the subsidiaries whose functional currency is different from the Chilean peso and not operating in countries whose economy is considered hyperinflationary, are translated into Chilean pesos using the exchange rates prevailing at the date of the Consolidated Financial Statements and Gains (losses) on exchange differences originated by the conversion of assets and liabilities, are recorded under Reserve of exchange differences on translation within Other equity reserves. Incomes, costs and expenses are translated at the average monthly exchange rate for the respective fiscal years. These exchange rates have not suffered significant fluctuations during these months.

The results and financial situation in CCU Group's entities which have a functional currency different from the presentation currency being their functional currency, the currency of a hyperinflationary economy (as the case of subsidiaries in Argentina as from 1 July 2018 as described below) are converted into the presentation currency as established in IAS 21 and IAS 29.

Financial information in hyperinflationary economies

Inflation in Argentina has shown significant increases since the beginning of 2018. The three-year cumulative inflation rate, calculated using different combinations of consumer price indices, has exceeded 100% for several months, and it is still increasing. The three-year cumulative inflation calculated using the general price index has already exceeded 100%. Therefore, as prescribed by IAS 29, Argentina was declared a hyperinflationary economy as of July 1, 2018.

In accordance with the foregoing, IAS 29 must be applied by all those entities whose functional currency is the Argentine peso for the accounting periods ended after July 1, 2018, as if the economy had always been hyperinflationary. In this regard, IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary country be restated in terms of the purchasing power in force at the end of the reporting period. This implies that the restatement of non-monetary items must be made from their date of origin, last restatement, appraisal or other particular date in some very specific cases.

The adjustment factor used in each case is that obtained based on the combined index of the National Consumer Price Index (CPI), with the Wholesale Price Index (IPIM), published by the National Institute of Statistics and Census of the Argentinian Republic (INDEC), according to the series prepared and published by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE).

For consolidation purposes, subsidiaries whose functional currency is the Argentine peso, paragraph 43 of IAS 21 has been considered which requires that the financial statements of a subsidiary that has the functional currency of a hyperinflationary economy be restated in accordance with IAS 29 before being converted at the closing exchange rate on the reporting date and to be included in the consolidated financial statements.

The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that the financial statements are prepared under the criteria of historical cost.

Hyperinflation re-expression will be recorded until the period in which the entity's economy ceases to be considered a hyperinflationary economy; at that time, adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities.

The Gains (losses) derived from net monetary position of the subsidiaries in Argentina are presented below, which are recorded in Result as per adjustment units:

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Interim Consolidated Financial Statements (Unaudited) September 30, 2021

The exchange rates of the primary foreign currencies, adjustment units and index used in the preparation of the consolidated financial statements are detailed as follows: