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United States Securities and Exchange Commission Washington, D.C 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, 1998 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 COMPAÑIA 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 (56-2) 670-3000 (Address of principal executive offices) _________________________________________ Securities registered or to be registered pursuant to section 12(b) of the Act. Title of each class Name of each exchange on which registered Common Stock, in the form of New York Stock Exchange American Depositary Shares Securities registered or to be registered pursuant to Section 12(g) of the Act. None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. Common stock, with no par value: 313,929,080 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO Indicate by check mark which financial statement item the registrant has elected to follow. ITEM 17 ITEM 18 X Table of Contents (Click below) Page Introduction..............................................................................................................................................ii Exchange Rates.....................................................................................................................................iii Incorporation of Certain Documents by Reference..................................................................................iv PART I....................................................................................................................................................1 ITEM 1: Description of Business.............................................................................................................1 ITEM 2: Description of Property............................................................................................................48 ITEM 3: Legal Proceedings...................................................................................................................49 ITEM 4: Control of Registrant...............................................................................................................49 ITEM 5: Nature of Trading Market.........................................................................................................52 ITEM 6: Exchange Controls and Other Limitations Affecting Security Holders......................................53 ITEM 7: Taxation..................................................................................................................................55 ITEM 8: Selected Financial Data..........................................................................................................58 ITEM 9: Management’s Discussion and Analysis of Financial Condition and Results of Operations......61 ITEM 9A: Quantitative and Qualitative Disclosures About Market Risk.................................................70 ITEM 11: Compensation of Directors and Officers................................................................................75 ITEM 12: Options to Purchase Securities from Registrant or Subsidiaries.............................................75 ITEM 13: Interest of Management in Certain Transactions....................................................................75 PART II.................................................................................................................................................77 ITEM 14: Description of Securities to be Registered.............................................................................77 PART III................................................................................................................................................77 ITEM 15: Default Upon Senior Securities..............................................................................................77 ITEM 16: Changes in Securities and Changes in Security for Registered Securities............................77 PART IV................................................................................................................................................77 ITEM 17: Financial Statements.............................................................................................................77 ITEM 18: Financial Statements.............................................................................................................77 ITEM 19: Financial Statements and Exhibits.........................................................................................78 Introduction In this Annual Report on Form 20-F, all references to the "Company" or "CCU" are to Compañía Cervecerías Unidas S.A., a stock corporation (sociedad anónima) organized under the laws of the Republic of Chile, and its consolidated subsidiaries, as of the date of the filing of this report. The fiscal year for the Company ends on December 31st. Unless otherwise specified, all references to "U.S. dollars", "dollars", or "US$" are to United States dollars, and references to "Chilean pesos", "pesos" or "Ch$" are to Chilean pesos. The Company publishes its financial statements in Chilean pesos that are adjusted to reflect changes in purchasing power due to inflation and/or changes in exchange rates. Unless otherwise specified, financial data regarding the Company is presented herein in constant Chilean pesos as of December 31, 1998 purchasing power. See the notes to the consolidated financial statements of the Company (the "Consolidated Financial Statements") included in pages F-7 through F-50 of this Annual Report. The Company uses the metric system of weights and measures in calculating its operating and financial data. The United States equivalent units of the most common metric units used by the Company are as shown on the following table: 1 liter = 0.2642 gallons......................................................................................1 gallon = 3.7854 liters 1 liter = 0.008522 US beer barrels.......................................................1 US beer barrel = 117.34 liters 1 liter = 0.1761 soft drinks unit cases (8 oz cans). ....1 soft drinks unit case (8 oz cans) = 5.6775 liters 1 liter = 0.1174 beer unit cases (12 oz cans)........ ............1 beer unit case (12 oz cans) = 8.5163 liters 1 hectoliter = 100 liters.....................................................................................1 liter = 0.01 hectoliters 1 US beer barrel = 31 gallons............................... ............................1 gallon = 0.0323 US beer barrels 1 hectare = 2.4710 acres..................................... .........................................1 acre = 0.4047 hectares 1 miles = 1.6093 kilometers................................. .......................................1 kilometer = 0.6214 miles This Annual Report contains various estimates by the Company of market share data and related sales volume information. These estimates are based principally on statistics published or made available by the single market research company that conducts store audits in Chile, A.C. Nielsen Chile S.A. ("Nielsen"), in the case of beer, soft drinks, mineral water and wine sales in Chile; the Cámara de la Industria Cervecera Argentina (Argentine Beer Industry Chamber, or "CICA") in the case of beer sales in Argentina; the Croatian Beer Industry Association in the case of beer sales in Croatia; and the Asociación de Exportadores y Embotelladores de Vinos, A.G. (the "Wine Exporters and Bottlers Association") in the case of Chilean wine exports. The Company believes that, due to the methodologies used, the statistics provided by these sources in some cases do not accurately reflect the Company’s market share or industry sales volumes. For example, the Nielsen sampling base includes only the metropolitan areas of Chile and not the rural areas of the country, where the Company believes its beer market share is higher than in the metropolitan areas, due to its distribution system. Likewise, the sales of two of the Company’s Argentine competitors are not reflected in CICA’s statistics because these two companies are not members of CICA. Similarly, data regarding the size of the Chilean soft drinks and mineral water markets and market shares do not coincide with publicly available information of sales volume of the Company and its competitors. As a consequence, the Company has revised the share estimates from the sources identified below for Chilean and Argentine beer sales and soft drinks and mineral water sales to reflect what it believes is a more accurate measure of market shares,
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