-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: webmaster@www.sec.govOriginator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, BroEHcuN+NV5YgNpCNt+R0ZctXZvH06cbGRBUsLmmEpPloLkEmLJdFu1m7+hjW27 avefMj5OrLSiZw6BV0oL/w==

0000888746-03-000026.txt : 200306270000888746-03-000026.hdr.sgml : 2003062720030627124943ACCESSION NUMBER:0000888746-03-000026CONFORMED SUBMISSION TYPE:20-FPUBLIC DOCUMENT COUNT:4CONFORMED PERIOD OF REPORT:20021231FILED AS OF DATE:20030627

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:UNITED BREWERIES CO INCCENTRAL INDEX KEY:0000888746STANDARD INDUSTRIAL CLASSIFICATION:MALT BEVERAGES [2082]IRS NUMBER:000000000FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:20-FSEC ACT:1934 ActSEC FILE NUMBER:001-14906FILM NUMBER:03760316

BUSINESS ADDRESS:STREET 1:AHUMADA 131CITY:SANTIAGO CHILESTATE:F3ZIP:00000BUSINESS PHONE:2125305000

MAIL ADDRESS:STREET 1:BANDERA 84 6TH FLCITY:SANTIAGO COUNTRY CHILESTATE:F3

20-F1d56161_20-f.txt20 F - 2002 DOCUMENT

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

FORM 20-F

|_| REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

|X| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2002

|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission file number 0-20486

COMPANIA CERVECERIAS 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)

Bandera 84, Sixth Floor, Santiago, Chile (Address of principal executive offices)

----------

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

Name of each exchange Title of each class on which registered ------------------- --------------------- American Depositary Shares New York Stock Exchange Representing Common Stock Common Stock, without par value New York Stock Exchange*

- ----------* Not for trading, but only in connection with the registration of American Depositary Shares which are evidenced by American Depositary Receipts

Securities registered or to be registered pursuant to Section 12(g) of the Act.

Not applicable

Securities for which there is a reporting obligation pursuant to Section 15(d)of the Act.

Not applicable

Indicate the number of outstanding shares of each of the issuer's classesof capital or common stock as of the close of the period covered by the annualreport.

Common stock, with no par value: 318,502,872

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15 (d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

YES |X| NO |_|

Indicate by check mark which financial statement item the registrant haselected to follow.

ITEM 17 |_| ITEM 18 |X|

Table of Contents

Page ---- Introduction ............................................................................ i

Forward Looking Statements .............................................................. ii

PART I .................................................................................. 1

ITEM 1: Identity of Directors, Senior Management and Advisers ........................... 1

ITEM 2: Offer Statistics and Expected Timetable ......................................... 1

ITEM 3: Key Information ................................................................. 1 Selected Financial Data ............................................................ 1 Capitalization and Indebtedness .................................................... 4 Reasons for the Offer and Use of Proceeds .......................................... 4 Risk Factors ....................................................................... 4

ITEM 4: Information on the Company ...................................................... 9 History and Development of the Company ............................................. 9 Business Overview .................................................................. 14 Summary ........................................................................ 14 The Company's Beer Business .................................................... 16 The Company's Soft Drinks and Mineral Water Business ........................... 32 The Company's Wine Business .................................................... 42 The Company's Other Businesses ................................................. 49 Government Regulation .............................................................. 50 Organizational Structure ........................................................... 51 Property, Plant and Equipment ...................................................... 53 Environmental Matters .............................................................. 54

ITEM 5: Operating and Financial Review and Prospects .................................... 56 Operating Results .................................................................. 56 Liquidity and Capital Resources .................................................... 64 Research and Development ........................................................... 67 Critical Accounting Policies and Practices ......................................... 68 Trend Information .................................................................. 70

ITEM 6: Directors, Senior Management and Employees ...................................... 72 Directors and Senior Management .................................................... 72 Compensation ....................................................................... 74 Board Practices .................................................................... 75 Employees .......................................................................... 78 Share Ownership .................................................................... 79

ITEM 7: Major Shareholders and Related Party Transactions ............................... 80 Major Shareholders ................................................................. 80 Related Party Transactions ......................................................... 80

ITEM 8: Financial Information ........................................................... 83 Consolidated Statements and Other Financial Information ............................ 83 Wine Exports ....................................................................... 83 Legal Proceedings .................................................................. 83

Dividend Policy and Dividends ...................................................... 84 Significant Changes ................................................................ 85

ITEM 9: The Offer and Listing ........................................................... 87 Offer and Listing Details .......................................................... 87 Markets ............................................................................ 88

ITEM 10: Additional Information ......................................................... 88 Memorandum and Articles of Association ............................................. 89 Exchange Controls .................................................................. 94 Taxation ........................................................................... 98 Chilean Tax Considerations ..................................................... 98 United States Tax Considerations ............................................... 102 Documents on Display ............................................................... 105

ITEM 11: Quantitative and Qualitative Disclosures About Ma