11.1 Information to be disclosed on investments in subsidiaries
| I. | Investments in Chile |
| i. | On August 3, 2017, the Company Inmobiliaria El Llano SpA was incorporated, which line of business is related to the performance of real estate investments and real state projects in Chile. |
| ii. | On November 2, 2017, Viña Concha y Toro S.A. acquired additional ownership in the Company Southern Brewing Company S.A. (Kross), by virtue of which it reached a 77% ownership in such company. The remaining 23% remains with the original shareholders. |
| iii. | The remaining investments in subsidiaries in Chile have no structural variations from that reported at December 31, 2016. |
| II. | Investments and information on investments in subsidiaries and associates |
| i. | Valuation of investments in Argentina |
| a. | The financial statements of the Argentinean companies Trivento Bodegas y Viñedos S.A., Finca Lunlunta S.A. and Finca Austral S.A., in which Viña Concha y Toro S.A. has indirect ownership of 100% are expressed in US$ Dollars, which is the subsidiary’s functional currency. |
| b. | As on December 31, 2017, there are gains potentially remittable from subsidiaries in Argentina amounting to ARS$299,846,430. |
| ii. | Valuation of investments in England |
| a. | The financial statements of the English company Concha y Toro UK Ltd., in which Concha y Toro S.A. own a direct ownership of 99% and indirect of 1%, are expressed in Pound Sterling, which is the functional currency of the subsidiary. |
| b. | As of December 31, 2017, there are no gains potentially remittable from the subsidiary in England. |
| iii. | Valuation of investments in Brazil |
| a. | The financial statements of the Company constituted in Brazil, VCT Brazil Importadora y Exportadora Ltda in which Viña Concha y Toro S.A. owns an indirect ownership of 100%, are expressed in Brazilian Real, which is the functional currency of the subsidiary. |
| b. | As of December 31, 2017, there are gains potentially remittable from the subsidiary in VCT Importadora y Exportadora Ltda. amounting to BRL$37,344,430. |
| c. | The Financial Statements of the Brazilian Company VCT Wine Retail Participacoes Ltda., in which Viña Concha y Toro owns an indirect ownership of 100%, are expressed in Brazilian real, which is the Subsidiary´s functional currency. |
| d. | As of December 31, 2017, there are no gains potentially remittable from the subsidiary VCT Wine Retail Participacoes Ltda.. |
| iv. | Valuation of Investments in Sweden, Finland and Norway |
| a. | The financial statements of the companies constituted in Sweden, Finland and Norway, in which Viña Concha y Toro S.A. owns indirect ownership by 100%., are expressed in its local currencies, Swedish Crown, Euro and Norway Crown, respectively and represent its functional currencies in each subsidiary. At the same time, the Swedish subsidiary has 100% ownership of the subsidiary in Finland. |
| b. | As of December 31, 2017, there are potentially remittable gains from these subsidiaries amounting to SEK 37,690,482.38 in Concha y Toro Sweden AB and subsidiary and NOK 12,684,043.92 (Norway Crowns) in Concha y Toro Norway AS and subsidiary. |
| v. | Valuation of investments in Singapore |
| a. | The financial statements of the company incorporated in Singapore, in which Viña Concha y Toro S.A. has indirect ownership of 100%, are expressed in U.S. dollars, which is the functional currency of the subsidiary. Likewise, the subsidiary in Singapore owns 100% the subsidiary in China and 41% of the subsidiary in Japan. |
| b. | As of December 31, 2017, there are gains potentially remittable from the subsidiary in Singapore amounting to US$1,392,423. |
| vi. | Valuation of investments in the United States |
| a. | The financial statements of companies incorporated in the United States, in which Viña Concha y Toro S.A. indirectly holds 100% interest, are expressed in U.S. Dollars which is the functional currency of the subsidiaries. |
| b. | On October 22, 2014 Company Eagle Peak Estates. LLC was formed, which is dedicated to the trading, fractioning of wine and alcoholic beverages and exports of wine and similar products in the United States. |
| c. | In July 2011, VCT USA, Inc together with Banfi Corporation formed a joint venture with a participation by 50% each in the constitution of Excelsior Wine Company, LLC, thus, the distribution of our products is exclusively developed through this new company, a distribution previously developed through Banfi Corporation. |
| d. | At December 31, 2017, there are potentially remittable profits from subsidiaries in the U.S., amounting to US$23,400,233. |
| vii. | Valuation of investments in Mexico |
| a. | The financial statements of companies incorporated in Mexico, in which Viña Concha y Toro S.A. indirectly holds 100% indirect interest (VCT Mexico S. de RL de CV) and indirect by 51% (VCT & DG Mexico SA de CV), are expressed in Mexican Pesos which is the functional currency of the subsidiaries. |
| b. | At December 31, 2017, there are potentially remittable gains from subsidiaries in Mexico, amounting to MXN$45,373,590. |
| viii. | Valuation of investments in Canada |
| a. | The financial statements of the company Concha y Toro Canada Limited, in which Viña Concha y Toro S.A. indirectly holds 100% interest, are expressed in Canadian dollars, which is the functional currency of the subsidiary. |
| b. | On December 5, 2014, Concha y Toro Canada Ltd together with Charton Hobbs Inc., a company formed in accordance with the Canadian regulations, a joint venture in which participates with a 50% each in the constitution of Escalade Wines & Spirits Inc. with the objective to import, export, sale, manufacture and distribute alcoholic beverages. |
| c. | As of December 31, 2017, there are potentially remittable gains from the subsidiary Concha y Toro Canada Limited, in the amount of CAD$474,216. |
| ix. | Valuation of investments in South Africa |
| a. | The financial statements of the company incorporated in South Africa, in which Viña Concha y Toro S.A. indirectly holds 100% interest, are expressed in South African Rand, which is the functional currency of the subsidiary. |
| b. | As of December 31, 2017, there are potentially remittable gains from the subsidiary in South Africa, amounting to RND$2,892,723. |
| x. | Valuation of investments in France |
| a. | The financial statements of the Company Cono Sur France S.A.R.L., in which Viña Concha y Toro S.A. indirectly holds 100% interest, are expressed in Euros, which is the functional currency of the subsidiary. |
| b. | As of December 31, 2017, there are potentially remittable gains from the subsidiary in France amounting to EUR191,951.55. |
11.2 Summarized Financial Information of subsidiaries
The Total Summarized Financial Information of subsidiaries which consolidates at the closing date of the related years, before the elimination of intercompany transactions is presented as follows:
| As of December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
| Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
| Subsidiaries | Country of incorporation |
Functional currency |
Ownership % | Current ThCh$ |
Non-current ThCh$ |
Total ThCh$ |
Current ThCh$ |
Non-current ThCh$ |
Total ThCh$ |
Revenue ThCh$ |
Profit (loss) ThCh$ |
|||||||||||||||||||||||||||||
| Comercial Peumo Ltda. | Chile | Chilean peso | 100 | % | 41,038,770 | 2,505,258 | 43,544,028 | 40,618,781 | 2,925,247 | 43,544,028 | 123,199,171 | 2,565,909 | ||||||||||||||||||||||||||||
| Viña Cono Sur S.A. | Chile | Chilean peso | 100 | % | 43,747,918 | 52,146,131 | 95,894,049 | 44,735,623 | 51,158,426 | 95,894,049 | 81,306,315 | 7,261,975 | ||||||||||||||||||||||||||||
| Viña Cono Sur Orgánico SpA | Chile | Chilean peso | 100 | % | 2,623,552 | 154,030 | 2,777,582 | 2,624,940 | 152,642 | 2,777,582 | 964,993 | (9,590 | ) | |||||||||||||||||||||||||||
| Transportes Viconto Ltda. | Chile | Chilean peso | 100 | % | 449,638 | 453,755 | 903,393 | 151,105 | 752,288 | 903,393 | 1,079,015 | 92,922 | ||||||||||||||||||||||||||||
| Sociedad Exportadora y Comercial Viña Maipo SpA | Chile | Chilean peso | 100 | % | 9,727,689 | 21,863,153 | 31,590,842 | 4,780,306 | 26,810,536 | 31,590,842 | 25,588,327 | 6,356,238 | ||||||||||||||||||||||||||||
| Sociedad Exportadora y Comercial Viña Canepa SpA | Chile | Chilean peso | 100 | % | 1,660,330 | 143,320 | 1,803,650 | 1,343,272 | 460,378 | 1,803,650 | 2,976,529 | 188,558 | ||||||||||||||||||||||||||||
| Bodegas y Viñedos Quinta de Maipo SpA | Chile | Chilean peso | 100 | % | 3,695,823 | 26,832,844 | 30,528,667 | 2,533,332 | 27,995,335 | 30,528,667 | 4,750,869 | 6,738,337 | ||||||||||||||||||||||||||||
| Inversiones Concha y Toro SpA | Chile | Chilean peso | 100 | % | 12,104,814 | 103,119,421 | 115,224,235 | 59,041,111 | 56,183,124 | 115,224,235 | — | 11,924,421 | ||||||||||||||||||||||||||||
| Inversiones VCT Internacional SpA | Chile | Chilean peso | 100 | % | 48,134,998 | 17,556,544 | 65,691,542 | 12,371,360 | 53,320,182 | 65,691,542 | — | (2,134,502 | ) | |||||||||||||||||||||||||||
| Viña Maycas del Limarí Ltda. | Chile | Chilean peso | 100 | % | 2,674,999 | 4,062 | 2,679,061 | 1,775,187 | 903,874 | 2,679,061 | 2,149,651 | 60,912 | ||||||||||||||||||||||||||||
| Viñedos Los Robles SpA | Chile | Chilean peso | 100 | % | 449,335 | — | 449,335 | 109,416 | 339,919 | 449,335 | — | (35,792 | ) | |||||||||||||||||||||||||||
| Inmobiliaria El Llano SpA | Chile | Chilean peso | 100 | % | 1,000 | — | 1,000 | — | 1,000 | 1,000 | — | — | ||||||||||||||||||||||||||||
| Southern Brewing Company S.A | Chile | Chilean peso | 77 | % | 1,999,102 | 9,722,374 | 11,721,476 | 3,809,732 | 7,911,744 | 11,721,476 | 4,403,610 | 552,048 | ||||||||||||||||||||||||||||
| Gan Lu Wine Trading (Shanghai) Co., Ltd. | China | Yuan | 100 | % | 803,947 | 8,949 | 812,896 | 446,198 | 366,698 | 812,896 | 2,188,484 | 142,562 | ||||||||||||||||||||||||||||
| VCT Group Of Wineries Asia Pte. Ltd. | Singapure | US dollar | 100 | % | 2,244,091 | 480,772 | 2,724,863 | 1,132,403 | 1,592,460 | 2,724,863 | 4,347,510 | 450,627 | ||||||||||||||||||||||||||||
| Trivento Bodegas y Viñedos S.A. Consolidado | Argentina | US dollar | 100 | % | 34,778,664 | 25,377,299 | 60,155,963 | 26,532,416 | 33,623,547 | 60,155,963 | 36,142,975 | 312,729 | ||||||||||||||||||||||||||||
| VCT Brasil Import. y Export. Ltda. | Brazil | Brazilian real | 100 | % | 19,227,497 | 1,893,382 | 21,120,879 | 14,034,012 | 7,086,867 | 21,120,879 | 31,809,644 | (535,562 | ) | |||||||||||||||||||||||||||
| VCT Wine Retail Participacoes Ltda. | Brazil | Brazilian real | 100 | % | 12,676 | 403,658 | 416,334 | 277 | 416,057 | 416,334 | — | (20,152 | ) | |||||||||||||||||||||||||||
| Concha y Toro Norway AS | Norway | Norwegian Crown | 100 | % | 3,100,331 | 401,427 | 3,501,758 | 2,534,253 | 967,505 | 3,501,758 | 3,473,455 | 290,767 | ||||||||||||||||||||||||||||
| VCT Norway AS | Norway | Norwegian Crown | 100 | % | 1,923,318 | — | 1,923,318 | 1,521,891 | 401,427 | 1,923,318 | 2,781,103 | 169,588 | ||||||||||||||||||||||||||||
| Concha y Toro Sweden AB | Sweden | Swedish Crown | 100 | % | 6,895,468 | 1,237,224 | 8,132,692 | 5,290,859 | 2,841,833 | 8,132,692 | 16,298,395 | 657,821 | ||||||||||||||||||||||||||||
| Concha y Toro Finland OY | Finland | Euro | 100 | % | 3,955,855 | — | 3,955,855 | 2,718,631 | 1,237,224 | 3,955,855 | 7,295,796 | 470,425 | ||||||||||||||||||||||||||||
| Concha y Toro UK Ltd. | UK | Pound Sterling | 100 | % | 41,965,547 | 211,329 | 42,176,876 | 33,975,384 | 8,201,492 | 42,176,876 | 112,401,383 | 1,551,564 | ||||||||||||||||||||||||||||
| VCT USA, Inc. | USA | US dollar | 100 | % | 311,489 | 134,974,550 | 135,286,039 | 49,589,745 | 85,696,294 | 135,286,039 | — | 4,399,001 | ||||||||||||||||||||||||||||
| Fetzer Vineyards | USA | US dollar | 100 | % | 70,912,581 | 88,197,086 | 159,109,667 | 19,118,840 | 139,990,827 | 159,109,667 | 75,389,714 | 5,616,118 | ||||||||||||||||||||||||||||
| VCT México, S. de R.L. de C.V. | Mexico | Mexican peso | 100 | % | 254,460 | 1,507,899 | 1,762,359 | 55,660 | 1,706,699 | 1,762,359 | — | 141,810 | ||||||||||||||||||||||||||||
| VCT & DG México, S.A. de C.V. | Mexico | Mexican peso | 51 | % | 14,380,124 | 492,775 | 14,872,899 | 11,916,235 | 2,956,664 | 14,872,899 | 18,021,338 | 797,095 | ||||||||||||||||||||||||||||
| Concha y Toro Canadá Ltd. | Canada | Canadian dollar | 100 | % | 859,387 | 600,207 | 1,459,594 | 832,636 | 626,958 | 1,459,594 | — | 129,780 | ||||||||||||||||||||||||||||
| Concha y Toro Africa & Middle East Proprietary Ltd. | South Africa | South African Rand | 100 | % | 227,211 | 5,566 | 232,777 | 73,858 | 158,919 | 232,777 | 328,027 | 22,974 | ||||||||||||||||||||||||||||
| Cono Sur France S.A.R.L. | France | Euro | 100 | % | 12,676 | 403,658 | 416,334 | 277 | 416,057 | 416,334 | 839,086 | 72,935 | ||||||||||||||||||||||||||||
| As of December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
| Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
| Subsidiaries | Country of incorporation |
Functional currency | Ownership % | Current ThCh$ |
Non-current ThCh$ |
Total ThCh$ |
Current ThCh$ |
Non-current ThCh$ |
Total ThCh$ |
Revenue ThCh$ |
Profit (loss) ThCh$ |
|||||||||||||||||||||||||||||
| Comercial Peumo Ltda. | Chile | Chilean peso | 100 | % | 80,584,877 | 2,519,759 | 83,104,636 | 78,489,451 | 4,615,185 | 83,104,636 | 123,072,665 | 823,821 | ||||||||||||||||||||||||||||
| Viña Cono Sur S.A. | Chile | Chilean peso | 100 | % | 45,508,071 | 48,230,037 | 93,738,108 | 40,402,237 | 53,335,871 | 93,738,108 | 74,190,492 | 5,571,582 | ||||||||||||||||||||||||||||
| Viña Cono Sur Orgánico SpA | Chile | Chilean peso | 100 | % | 2,638,897 | 138,325 | 2,777,222 | 2,622,563 | 154,659 | 2,777,222 | 1,032,863 | (8,022 | ) | |||||||||||||||||||||||||||
| Transportes Viconto Ltda. | Chile | Chilean peso | 100 | % | 1,552,574 | 567,651 | 2,120,225 | 1,225,438 | 894,787 | 2,120,225 | 1,046,092 | 116,043 | ||||||||||||||||||||||||||||
| Sociedad Exportadora y Comercial Viña Maipo SpA | Chile | Chilean peso | 100 | % | 10,369,445 | 23,292,062 | 33,661,507 | 5,628,408 | 28,033,099 | 33,661,507 | 26,833,907 | 3,763,747 | ||||||||||||||||||||||||||||
| Sociedad Exportadora y Comercial Viña Canepa SpA | Chile | Chilean peso | 100 | % | 1,759,254 | 151,385 | 1,910,639 | 1,388,811 | 521,828 | 1,910,639 | 2,128,883 | 11,023 | ||||||||||||||||||||||||||||
| Bodegas y Viñedos Quinta de Maipo SpA | Chile | Chilean peso | 100 | % | 4,051,458 | 28,048,714 | 32,100,172 | 2,815,860 | 29,284,312 | 32,100,172 | 4,704,944 | 3,686,199 | ||||||||||||||||||||||||||||
| Inversiones Concha y Toro SpA | Chile | Chilean peso | 100 | % | 12,148,067 | 111,063,596 | 123,211,663 | 63,260,236 | 59,951,427 | 123,211,663 | — | 7,805,555 | ||||||||||||||||||||||||||||
| Inversiones VCT Internacional SpA | Chile | Chilean peso | 100 | % | 51,577,868 | 18,890,630 | 70,468,498 | 14,264,308 | 56,204,190 | 70,468,498 | — | 952,833 | ||||||||||||||||||||||||||||
| Viña Maycas del Limarí Ltda. | Chile | Chilean peso | 100 | % | 1,788,900 | 2,207 | 1,791,107 | 948,148 | 842,959 | 1,791,107 | 1,121,226 | (276,962 | ) | |||||||||||||||||||||||||||
| Viñedos Los Robles SpA | Chile | Chilean peso | 100 | % | 472,663 | 559 | 473,222 | 97,495 | 375,727 | 473,222 | 92,378 | (650,912 | ) | |||||||||||||||||||||||||||
| Gan Lu Wine Trading (Shanghai) Co., Ltd. | China | Yuan | 100 | % | 557,771 | 28,153 | 585,924 | 361,352 | 224,572 | 585,924 | 1,690,690 | 21,437 | ||||||||||||||||||||||||||||
| VCT Group Of Wineries Asia Pte. Ltd. | Singapore | US dollar | 100 | % | 3,314,917 | 170,720 | 3,485,637 | 1,041,009 | 2,444,628 | 3,485,637 | 5,888,277 | 693,060 | ||||||||||||||||||||||||||||
| Trivento Bodegas y Viñedos S.A. Consolidado | Argentina | US dollar | 100 | % | 30,571,046 | 27,246,576 | 57,817,622 | 21,159,622 | 36,658,000 | 57,817,622 | 39,600,524 | (765,180 | ) | |||||||||||||||||||||||||||
| VCT Brasil Import. y Export. Ltda. | Brazil | Brazilian real | 100 | % | 26,024,667 | 5,729,057 | 31,753,724 | 23,367,416 | 8,386,308 | 31,753,724 | 35,394,857 | (5,239 | ) | |||||||||||||||||||||||||||
| VCT Wine Retail Participacoes Ltda. | Brazil | Brazilian real | 100 | % | 9,741 | 447,427 | 457,168 | 314 | 456,854 | 457,168 | — | (23,634 | ) | |||||||||||||||||||||||||||
| Concha y Toro Norway AS | Norway | Norwegian Crown | 100 | % | 2,839,098 | 247,595 | 3,086,693 | 2,238,696 | 847,997 | 3,086,693 | 3,495,517 | 339,281 | ||||||||||||||||||||||||||||
| VCT Norway AS | Norway | Norwegian Crown | 100 | % | 1,810,696 | — | 1,810,696 | 1,563,101 | 247,595 | 1,810,696 | 2,438,531 | 67,744 | ||||||||||||||||||||||||||||
| Concha y Toro Sweden AB | Sweden | Swedish Crown | 100 | % | 6,700,328 | 939,653 | 7,639,981 | 5,053,919 | 2,586,062 | 7,639,981 | 16,695,363 | 754,523 | ||||||||||||||||||||||||||||
| Concha y Toro Finland OY | Finland | Euro | 100 | % | 3,576,444 | — | 3,576,444 | 2,636,791 | 939,653 | 3,576,444 | 7,313,223 | 357,674 | ||||||||||||||||||||||||||||
| Concha y Toro UK Ltd. | UK | Pound Sterling | 100 | % | 45,513,444 | 105,754 | 45,619,198 | 34,223,982 | 11,395,216 | 45,619,198 | 117,343,647 | 2,135,656 | ||||||||||||||||||||||||||||
| VCT USA, Inc. | USA | US dollar | 100 | % | 50,587 | 151,215,790 | 151,266,377 | 41,761,027 | 109,505,350 | 151,266,377 | — | 463,066 | ||||||||||||||||||||||||||||
| Fetzer Vineyards | USA | US dollar | 100 | % | 81,188,471 | 92,935,393 | 174,123,864 | 18,159,017 | 155,964,847 | 174,123,864 | 75,187,307 | 656,867 | ||||||||||||||||||||||||||||
| VCT Mexico, S. de R.L. de C.V. | Mexico | Mexican peso | 100 | % | 354,119 | 1,561,062 | 1,915,181 | 19,637 | 1,895,544 | 1,915,181 | — | 409,739 | ||||||||||||||||||||||||||||
| VCT & DG Mexico, S.A. de C.V. | Mexico | Mexican peso | 51 | % | 13,182,855 | 466,494 | 13,649,349 | 10,593,955 | 3,055,394 | 13,649,349 | 17,992,478 | 1,221,416 | ||||||||||||||||||||||||||||
| Concha y Toro Canada Ltd. | Canada | Canadian dollar | 100 | % | 701,954 | 504,049 | 1,206,003 | 698,739 | 507,264 | 1,206,003 | — | (31,107 | ) | |||||||||||||||||||||||||||
| Concha y Toro Africa & Middle East Proprietary Ltd. | South Africa | South African Rand | 100 | % | 177,259 | 4,194 | 181,453 | 48,698 | 132,755 | 181,453 | 371,184 | 22,108 | ||||||||||||||||||||||||||||
| Cono Sur France S.A.R.L. | France | Euro | 100 | % | 222,838 | 21,713 | 244,551 | 161,320 | 83,231 | 244,551 | 734,541 | 11,203 | ||||||||||||||||||||||||||||
11.3 Investments in associates
A detail of the main investments in associates accounted for using the equity method is presented as follows:
Summarized financial information of associates as of December 31, 2017:
| As of December 31, 2017 | ||||||||||||||||||||||||||||
| Assets | Liabilities | Equity | Revenue | Profit (loss) | ||||||||||||||||||||||||
| Associate | Current ThCh$ |
Non-current ThCh$ |
Current ThCh$ |
Non-current ThCh$ |
ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||
| Viña Almaviva S.A. | 14,941,923 | 15,246,538 | 3,218,557 | 904,174 | 26,065,730 | 9,981,785 | 3,920,528 | |||||||||||||||||||||
| Innovacion Tecnológica Vitivinicola S.A. |
92,881 | — | 65,010 | — | 27,871 | — | — | |||||||||||||||||||||
| Industria Corchera S.A. | 10,959,250 | 2,541,502 | 3,816,265 | — | 9,684,487 | 16,036,230 | 602,180 | |||||||||||||||||||||
| Southern Brewing Company S.A. | 1,999,102 | 15,572,990 | 2,593,184 | 1,747,990 | 13,230,918 | 4,403,610 | 442,593 | |||||||||||||||||||||
| Excelsior Wine Company | 16,426,703 | — | 12,585,675 | 132,711 | 3,708,317 | 55,297,272 | 870,579 | |||||||||||||||||||||
| Alpha Cave | 1,624,103 | 570,775 | 3,410,033 | 107,974 | (1,323,129 | ) | 1,078,436 | (279,211 | ) | |||||||||||||||||||
| VCT Japan Company | 905,939 | 3,895 | 676,888 | — | 232,946 | 1,653,033 | (16,605 | ) | ||||||||||||||||||||
| Escalade W&S | 2,746,987 | 1,461,040 | 1,461,659 | 1,548,261 | 1,198,107 | 5,274,441 | 191,189 | |||||||||||||||||||||
| Beer Garden Bellavista S.p.A. | 76,287 | 1,427,159 | 256,280 | 36,000 | 1,211,166 | 1,084,313 | 113,415 | |||||||||||||||||||||
| Total | 49,773,175 | 36,823,899 | 28,083,551 | 4,477,110 | 54,036,413 | 94,809,120 | 5,844,668 | |||||||||||||||||||||
Summarized financial information of associates as of December 31, 2016:
| As of December 31, 2016 | ||||||||||||||||||||||||||||
| Assets | Liabilities | Equity | Revenue | Profit (loss) | ||||||||||||||||||||||||
| Associate | Current ThCh$ |
Non-current ThCh$ |
Current ThCh$ |
Non-current ThCh$ |
ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||
| Viña Almaviva S.A. | 14,599,838 | 14,957,260 | 4,584,503 | 1,001,852 | 23,970,743 | 8,976,072 | 3,461,647 | |||||||||||||||||||||
| Innovacion Tecnológica Vitivinicola S.A. |
92,881 | — | 65,010 | — | 27,871 | — | — | |||||||||||||||||||||
| Industria Corchera S.A. | 13,658,912 | 4,016,480 | 8,635,847 | 15,520 | 9,024,025 | 14,583,429 | 117,306 | |||||||||||||||||||||
| Southern Brewing Company S.A. | 1,824,493 | 7,484,001 | 2,424,698 | 1,245,530 | 5,638,266 | 3,224,077 | 411,604 | |||||||||||||||||||||
| Excelsior Wine Company | 20,866,607 | — | 15,007,478 | 400,316 | 5,458,813 | 74,446,666 | 4,771,456 | |||||||||||||||||||||
| Alpha Cave | 1,297,420 | 601,387 | 2,391,551 | 30,873 | (523,617 | ) | 275,027 | (418,706 | ) | |||||||||||||||||||
| VCT Japan Company | 753,778 | 5,394 | 485,225 | — | 273,947 | 1,026,889 | (73,978 | ) | ||||||||||||||||||||
| Escalade W&S | 3,115,346 | 1,187,894 | 2,055,092 | 1,243,612 | 1,004,536 | 4,171,305 | 153,585 | |||||||||||||||||||||
| Total | 56,209,275 | 28,252,416 | 35,649,404 | 3,937,703 | 44,874,584 | 106,703,465 | 8,422,914 | |||||||||||||||||||||
Summarized financial information of associates as of December 31, 2015:
| As of December 31, 2015 | ||||||||||||||||||||||||||||
| Assets | Liabilities | Equity | Revenue | Profit (loss) | ||||||||||||||||||||||||
| Current | Non-current | Current | Non-current | |||||||||||||||||||||||||
| Associate | Th$ | Th$ | Th$ | Th$ | Th$ | Th$ | Th$ | |||||||||||||||||||||
| Viña Almaviva S.A. | 10,270,928 | 14,392,409 | 3,047,600 | — | 21,615,737 | 7,046,112 | 2,723,144 | |||||||||||||||||||||
| Innovacion Tecnológica Vitivinicola S.A. | 92,881 | — | 65,010 | — | 27,871 | — | — | |||||||||||||||||||||
| Industria Corchera S.A. | 15,124,293 | 4,493,605 | 10,615,493 | 76,887 | 8,925,518 | 13,081,697 | (156,136 | ) | ||||||||||||||||||||
| Southern Brewing Company S.A. | 1,257,833 | 6,870,837 | 2,108,291 | 793,718 | 5,226,661 | 2,875,674 | 210,043 | |||||||||||||||||||||
| Excelsior Wine Company | 23,427,935 | — | 14,240,662 | 376,728 | 8,810,545 | 90,583,689 | 8,524,692 | |||||||||||||||||||||
| Alpha Cave | 1,048,913 | 640,917 | 1,768,487 | 42,438 | (121,095 | ) | — | (298,300 | ) | |||||||||||||||||||
| VCT Japan Company | 616,885 | 4,205 | 227,193 | — | 393,897 | 278,766 | (51,585 | ) | ||||||||||||||||||||
| Escalade W&S | 3,039,555 | 1,217,971 | 2,129,739 | 1,259,905 | 867,882 | 4,594,743 | 49,668 | |||||||||||||||||||||
| Totals | 54,879,223 | 27,619,944 | 34,202,475 | 2,549,676 | 45,747,016 | 118,460,681 | 11,001,526 | |||||||||||||||||||||
The interest of Viña Concha y Toro in its associates as of December 31, 2017 and 2016, is as follows:
| Investment amount | Share of gain (loss) for the year | |||||||||||||||||||||||||||||||
| As of December 31, 2017 |
As of December 31, 2016 |
As of December 31, 2017 |
As of December 31, 2016 |
|||||||||||||||||||||||||||||
| Tax ID No. | Company | ThCh$ | ThCh$ | ThCh$ | ThCh$ | Country of incorporation |
Functional currency |
Ownership percentage |
Main activities of the companies |
|||||||||||||||||||||||
| 96.824.300-4 | Viña Almaviva S.A. (a) |
12,390,675 | 11,343,182 | 1,960,264 | 1,730,824 | Chile | Chilean peso | 50.000 | % | Production and commercialization of chateu premium wine, mainly for export | ||||||||||||||||||||||
| 90.950.000-1 | Industria Corchera S.A. (b) |
5,861,861 | 5,531,875 | 300,867 | 58,610 | Chile | Chilean peso | 77.000 | % | Production, elaboration and import and distribution and commercialization of corks and caps for the vinyard market in Chile and abroad. | ||||||||||||||||||||||
| 76.571.080-4 | Innovacion Tecnológica Vitivinicola S.A. (c) |
4,212 | 4,212 | — | — | Chile | Chilean peso | 15.740 | % | Experimental research and development | ||||||||||||||||||||||
| 45-2968791 | Excelsior Wine Company (d) |
1,854,159 | 2,729,407 | 435,290 | 2,385,728 | USA | USD | 50.000 | % | Import, sale and distribution of wines and liquors | ||||||||||||||||||||||
| 76.240.720-5 | Southern Brewing Company S.A (e) |
— | 2,762,750 | 216,871 | 201,686 | Chile | Chilean peso | 77.000 | % | Real estate investment and lease companies. | ||||||||||||||||||||||
| 0-E | Alpha Cave (f) | 403,658 | 447,427 | (97,724 | ) | (146,547 | ) | Brasil | BRL | 35.000 | % | Retail sales of wine in Brazil | ||||||||||||||||||||
| 0-E | VCT Japan Company (g) | 95,508 | 112,318 | (6,808 | ) | (30,331 | ) | Japón | JPY | 41.000 | % | Export and import of wines and general distribution. | ||||||||||||||||||||
| 0-E | Escalade W&S (h) | 599,053 | 502,268 | 95,595 | 76,793 | Canadá | CAD | 50.000 | % | Export and import of wines and general distribution. | ||||||||||||||||||||||
| 76.519.803-8 | Beer Garden Bellavista S.p.A. (i) |
610,583 | — | 56,708 | — | Chile | Chilean peso | 50.000 | % | Bar Restaurant | ||||||||||||||||||||||
| Total | 21,819,709 | 23,433,439 | 2,961,063 | 4,276,763 | ||||||||||||||||||||||||||||
The associated companies do not have contingent liabilities that could reduce the profit or increase the loss presented.
| (a) | Investment in Viña Almaviva S.A. is presented net of a deduction of 50% from unrealized profits generated in the sale transaction of a land in 2001 to Almaviva S.A.; as this is an unrealized gain for Concha y Toro S.A. The amount of the deduction ThCh$ 642,190. The realization of this gain will be recognized once the property is disposed of to a third party other than the group. In the participation is considered the unrealized gain of ThCh$146,780 as of December 31, 2017 and is deducted the unrealized gain of ThCh$35,538 as of December 31, 2016) |
| (b) | Includes goodwill equivalent to ThCh$ 1,023,201, Industria Corchera presented net, as indicated note 2.10.1. In the interest is deducted an unrealized gain of ThCh$ 32,290 as of December 31, 2017 and ThCh $ 14,271 corresponding to December 31, 2016. |
| (c) | It has been considered to have significant influence in this associate, because there is a representation on the board of that company. |
| (d) | The investment in Excelsior Wine Company represents 50% of its ownership on its equity. A positive balance amounting to ThCh$178,932 is considered in profit or loss for 2017 corresponding to 2016, reported in 2017. Additionally, there are negative equity value amounting to ThCh$22,497. |
| (e) | Since November 2017, the investment on the interest of Southern Brewing Company S.A. increased from 49% to 77%, thus becoming a subsidiary of Viña Concha y Toro. Therefore, for this date, it will be disclosed in Note 11.2 Summarized financial information on subsidiaries. The ownership presents the investment corresponding to profit or loss for November and December 2017, deducting the unrealized gain for the period of ThCh$3,400, as well as the negative equity value for 2016 of ThCh$35,131. As of December 31, 2016, an unrealized gain of ThCh$6,768 is deducted in ownership. |
| (f) | The Investment in Alpha Cave represents 35% of its equity interest. The value of the latter corresponds to the goodwill generated in its acquisition amounting to ThCh$402,751 and the investment value in Latour amounting to ThCh$908. |
| (g) | The investment in VCT Japan Company represents 41% of the ownership on its equity. |
| (h) | The investment in Escalade W&S represents 50% of the ownership on its equity. Profit or loss for 2017 considers an equity value for 2016 amounting to ThCh$10,836. |
| (i) | The investment in Beer Garden Bellavista S.p.A. corresponds to 50% of the ownership on equity. November was considered in ownership on profit or loss and a provision for December of ThCh$ 5,000. |
11.4 Goodwill for Investments in Associates:
Industria Corchera S.A.:
The Goodwill as of December 31, 2017 is as follows:
The amount presented corresponds to the investment of 49.963% of Industria Corchera S.A. which amounts to ThCh$ 1,023,201, showing no impairment.
This goodwill that was generated prior to the date of our transition to IFRS is maintained at the net value recorded to that date and is controlled in the same currency of the investment (Chilean pesos).
The book value of goodwill is netted to its corresponding investments.
Alpha Cave Comercio de Vinhos S.A.
On December 31, 2013, Concha y Toro S.A. through its subsidiary VCT Wine Retail Participacoes Ltda., acquired a 35% stake of Alpha Cave Comercio de Vinhos S.A., a company dedicated to the retail trading of wine in Brazil, through its brand name in Ville Du Ville.
The contribution paid for 35% of the shares of Alpha Cave Comercio de Vinhos S.A., amounted to ThCh $597,306 ($ 2,621,834 BR Reals).
As of December 31, 2014 the Company determined the fair value of the net assets where the initial investment value by 35% share on the shares of Alpha Cave Comercio de Vinhos S.A. totaled historical ThCh$88,548 ($ 452,308 BR Reals).
The determined value of goodwill is netted with the investment, which amounts to ThCh$403,658 ($ 2,169,525.91 BR Reals) showing no impairment.