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 FOURTH QUARTER 2021 RESULTS^1,2

Santiago, Chile, February 23, 2022 – CCU announced today its consolidated financial and operating results for the fourth quarter 2021, which ended December 31, 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 4Q21 compared to 4Q20, unless otherwise stated.

PRESS RELEASE

In 2021, CCU continued operating under a regional plan in the context of the pandemic, focusing on three priorities: the safety of our people, operation continuity and financial health. In terms of our performance, we posted a positive year by gaining business scale and exceeding pre-pandemic results (2019), in spite of significant cost pressure in raw materials. As a fact, in terms of volumes we reached 34.7 million hectoliters, growing 13.0% versus 2020 (15.5% vs 2019), explained by higher consumption, the recovery of consumer occasions, and a solid sales execution. In terms of financial results, we posted an EBITDA of CLP 444,998 million, a 50.1% increase versus last year (32.5% vs 2019), while EBITDA margin grew from 16.0% to 17.9% (18.4% in 2019). The latter was driven by higher volumes, the implementation of revenue management initiatives, the premiumization of our portfolio, and efficiencies from the ExCCelencia CCU program, as our MSD&A expenses over Net sales improved by 244 bps, from 37.9% to 35.5% (38.7% in 2019). In terms of Net income, we recorded CLP 199,163 million, expanding 107.1% versus 2020 figures (53.0% vs 2019). As for financial health, we ended 2021 with CLP 265,568 million in cash and CLP 594,858 million in financial debt, reaching a Net financial debt of CLP 329,289 million (0.74x EBITDA), after having paid a non-recurrent dividend of CLP 165,168 million in December 2021. In addition, to ensure liquidity, in January 2022 we issued a USD 600 million ten-year bond in the international market under Rule 144A and Regulation S of the US Security Act of 1933, for general corporate purposes, with a yield to maturity of 3.365% (spread of 165 bps).

Regarding the fourth quarter of 2021, CCU continued delivering growth in volumes and financial results. Our revenues expanded 37.1%, due to a 5.3% growth in volumes and 30.3% higher average prices in CLP. The expansion in volumes was explained by higher consumption, our solid brand equity, and excellence in sales execution. The better prices in CLP were mainly due to positive mix effects, revenue management initiatives, and favorable effects related with hyperinflation accounting in Argentina. These better average prices, along with higher volumes, and efficiencies from the ExCCelencia CCU program, helped to offset two main negative external effects: (i) higher cost in raw materials, in line with the upward trend of commodity prices during the year, and (ii) the depreciation of our main local currencies against the USD, impacting negatively our USD denominated costs, partially compensated with export revenues. As a consequence, EBITDA jumped 22.8%, reaching CLP 155,402 million, and EBITDA margin contracted 220 bps, from 21.1% to 18.9%. In all, Net income totalized a gain of CLP 73,643 million, versus CLP 55,043 million recorded last year.

In the Chile Operating segment, our top line expanded 17.0%, due to 9.5% growth in volumes and 6.9% higher average prices. Volumes continued with a solid trend in the quarter driven by a positive consumer environment. The higher prices were associated with positive mix effects, mainly based on a solid momentum of premium beer brands, and the implementation of revenue management initiatives. Nonetheless, these efforts have not been enough to compensate high pressure in raw materials and the devaluation of the CLP against the USD. As a consequence, Gross profit expanded 2.9%, although Gross margin decreased 614 bps, from 51.2% to 45.0%. It is important to mention that it takes time to compensate for an impact of such magnitude in terms of raw materials, inflation and devaluation, and we expect to gradually do so by implementing revenue management initiatives and efficiencies. MSD&A expenses grew 13.1%, consistent with the higher volumes, nonetheless, we continued delivering efficiencies, as MSD&A expenses over Net sales improved 106 bps. In all, EBITDA reached CLP 95,101 million, decreasing 6.2%, and EBITDA margin decreased 480 bps, from 24.2% to 19.4%.

In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales recorded a 112.6% rise, as a result of an increase of 117.3% in average prices in CLP, while volumes dropped 2.2%, the latter mainly associated with a high comparison base. The better average prices in CLP were explained by revenue management initiatives, positive mix effects, and a favorable effect in Argentina as prices increased in line with inflation while devaluation was significantly lower than inflation level. 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 more than doubled versus last year, and Gross margin grew from 48.4% to 53.4%. MSD&A expenses as a percentage of Net sales improved by 6 bps due to efficiencies, compensating higher inflation. Altogether, EBITDA reached CLP 59,438 million, versus a gain of CLP 23,635 million last year, and EBITDA margin reached 21.8%, improving 338 bps versus last year.

In the Wine Operating segment, revenues were up 19.1%, explained by a 18.9% growth in average prices, while volumes were practically flat, growing 0.1%. The higher prices in CLP were mainly explained by a better mix in the Chile and Argentine domestic market, and the depreciation of the CLP versus the USD, positively impacting export revenues. In terms of volumes, the Chile domestic market grew mid-single digits while exports from Chile expanded low-single digits during the quarter, being compensated by a decrease in the Argentine domestic market, the latter mainly due to glass bottle supply disruption. Gross profit expanded 22.2% and Gross margin improved 100 bps. MSD&A expenses as a percentage of Net sales improved by 28 bps, thanks to efficiencies. In all, EBITDA reached CLP 11,298 million, a 33.3% rise, while EBITDA margin grew from 14.5% to 16.2%.

In Colombia, where we have a joint venture with Postobón, during 2021 we surpassed 2 million hectoliters in volumes growing 37.8%, and gaining market share. As a consequence, during the year we improved our financial results by posting for the first time a full-year positive EBITDA. Regarding the fourth quarter, volumes jumped over 40%, mainly driven by our mainstream beer brand Andina, but also by a solid performance of premium brands such as Heineken.

In 2021, we posted a positive year in the development of our strategy, by expanding business scale/market share and exceeding pre-pandemic results, in spite of a challenging and inflationary scenario. For 2022, we will continue to reinforce our three priorities during the pandemic: the safety of our people, operation continuity and financial health, as well as concentrate our efforts in strengthening our portfolio of brands, gaining business scale and implementing revenue management initiatives and efficiencies, in a scenario of higher cost of raw materials, exchange rates headwinds and inflation.

Finally, I would like to thank all CCU employees, as for their effort and dedication we have been able to overcome a particularly challenging period in the last two years due to the pandemic. We need to continue taking care of each other and work united, to create experiences for sharing together a better life.

PRESS RELEASE

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 17.0%, due to 9.5% growth in volumes and 6.9% higher average prices. Volumes continued with a solid trend in the quarter driven by a positive consumer environment. The higher prices were associated with positive mix effects, mainly based on a solid momentum of premium beer brands, and the implementation of revenue management initiatives. Nonetheless, these efforts have not been enough to compensate high pressure in raw materials and the devaluation of the CLP against the USD. As a consequence, Gross profit expanded 2.9%, although Gross margin decreased 614 bps, from 51.2% to 45.0%. It is important to mention that it takes time to compensate for an impact of such magnitude in terms of raw materials, inflation and devaluation, and we expect to gradually do so by implementing revenue management initiatives and efficiencies. MSD&A expenses grew 13.1%, consistent with the higher volumes, nonetheless, we continued delivering efficiencies, as MSD&A expenses over Net sales improved 106 bps. In all, EBITDA reached CLP 95,101 million, decreasing 6.2%, and EBITDA margin decreased 480 bps, from 24.2% to 19.4%.

In Chile, we started the operation of our new non-alcoholic plant in Renca, which is a model in terms of environmental care standards. The production of this plant has zero industrial waste to landfills, uses 100% recyclable packaging, and incorporates efficient technology that allows low water consumption. In addition, it uses electricity generated from 100% renewable sources and has a low level of greenhouse gas emissions. Also, through our brand Bilz y Pap, we organized, one more time, the largest recycling activity in Chile, congregating more than one-hundred thousand families across the country recycling PET bottles to help both the environment, and Teletón (the annual Chilean charity for disabled people). Finally, our subsidiary, Compañía Pisquera de Chile (CPCh), obtained the first place in the Most Innovative Companies ranking in the spirits category.

INTERNATIONAL BUSINESS OPERATING SEGMENT

In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales recorded a 112.6% rise, as a result of an increase of 117.3% in average prices in CLP, while volumes dropped 2.2%, the latter mainly associated with a high comparison base. The better average prices in CLP were explained by revenue management initiatives, positive mix effects, and a favorable effect in Argentina as prices increased in line with inflation while devaluation was significantly lower than inflation level. 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 more than doubled versus last year, and Gross margin grew from 48.4% to 53.4%. MSD&A expenses as a percentage of Net sales improved by 6 bps due to efficiencies, compensating higher inflation. Altogether, EBITDA reached CLP 59,438 million, versus a gain of CLP 23,635 million last year, and EBITDA margin reached 21.8%, improving 338 bps versus last year.

In Paraguay, we launched Heineken 0.0, in order to get ahead of the global trend of non-alcoholic beer consumption. In Uruguay, we incorporated Amstel to our beer portfolio to strength the entry-premium segment. In addition, in Bolivia, we started the operations of our e-commerce platform La Barra, currently available in Chile, Argentina and Paraguay.

In the Wine Operating segment, revenues were up 19.1%, explained by a 18.9% growth in average prices, while volumes were practically flat, growing 0.1%. The higher prices in CLP were mainly explained by a better mix in the Chile and Argentine domestic market, and the depreciation of the CLP versus the USD, positively impacting export revenues. In terms of volumes, the Chile domestic market grew mid-single digits while exports from Chile expanded low-single digits during the quarter, being compensated by a decrease in the Argentine domestic market, the latter mainly due to glass bottle supply disruption. Gross profit expanded 22.2% and Gross margin improved 100 bps. MSD&A expenses as a percentage of Net sales improved by 28 bps, thanks to efficiencies. In all, EBITDA reached CLP 11,298 million, a 33.3% rise, while EBITDA margin grew from 14.5% to 16.2%.

In the Chile domestic market, we launched the brand B-Liv, a new range of organic wines incorporating packaging decisions which generate the least impact possible. B-liv is an invitation to promote more conscious consumption, from purchase decision until final waste disposal. This brand is conceived under VSPT’s eco-packaging policy and life cycle analysis. Also, VSPT got the first place in the Most Innovative Companies ranking in Chile, in the wine category. This is the result of a long term and constant work in sustainability and innovation.

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, wine 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), Red Bull Panamá S.A., Stokely Van Camp Inc., 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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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: February 23, 2022