SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (Santiago Stock Exchange: Parauco; Bloomberg: PARAUCO:CI), one of Latin America’s leading shopping center developers and operators, based on gross leasable area (GLA), reported financial results for the full year and fourth quarter ended December 31, 2010. The following financial and operating information, unless otherwise indicated, was prepared and presented in accordance with IFRS. Under IFRS, Parque Arauco consolidates 33.3% of the financial results of Marina Arauco and Mall Center Curicó and 100% of the results of all other properties. For a more detailed review of the results filed with the SVS (Chilean Securities and Exchange Commission), please visit the investor section of Parque Arauco’s website www.parauco.com/eng/.
“Parque Arauco significantly expanded and diversified its operations in 2010 through the acquisition, development and opening of high quality retail properties in Peru, Colombia and Chile, which contributed to an 8.4% increase in revenues. Three new shopping centers were added to the Company’s portfolio during the year, extending the GLA operated by the Company in all three national markets to 547 thousand square meters, and giving the Company a strong platform for future growth. In addition to expanding, we are continuing to deliver the high level of performance for which the Parque Arauco brand is known. At high-profile property Larcomar Fashion Center in Lima, Peru, which we purchased in July, we have seen both higher tenant sales and revenue per square meter totals as compared to last year and we expect additional improvement there in 2011 as Parque Arauco’s strong brand and expertise in property management take hold,” commented Andrés Olivos, Parque Arauco’s Chief Executive Officer.
“The Company proceeded steadily with the development of new properties and modernization projects of existing shopping malls in Chile, Colombia and Peru during the fourth quarter. The opening in November of our first property in Colombia, Parque Arboleda in the city of Pereira, was a significant milestone for the Company, and is expected to be followed by other projects in Colombia, including development of a new flagship property in the capital, Bogotá. With the opening of Parque Lambramani in Arequipa, also in November, we currently hold interests in four shopping centers operating in Peru, and we expect a fifth, Megaplaza Chimbote, to commence operations in the second half of 2011,” continued Mr. Olivos.
Full-Year Results
Revenues for the full year increased by 8.4% to Ch$73,155 million from Ch$67,486 million in 2009, reflecting revenue growth derived from the incorporation of new properties, expansion and renovation of existing malls, and an improved business climate in the Andean region. Of the total amount, Ch$5,209 of revenues was contributed by five malls incorporated since late 2009: Arauco San Antonio (“San Antonio”) in Chile, Larcomar Fashion Center (“Larcomar”), Mega Express Villa, Parque Lambramani in Peru, and Parque Arboleda in Colombia. Paseo Arauco Estación, Megaplaza Norte, and Mall Marina Arauco also contributed higher revenue totals as compared to the previous year.
Gross Profit rose by 9.0% over the prior year to Ch$60,469 million. Cost of Sales increased by 5.8% as compared to 2009, mainly due to the significant expansion of GLA at new and existing properties. Cost of Sales as a percentage of total revenues was lower than in the prior year, improving to 17.3% as compared to 17.8% in 2009.
Selling, General and Administrative Costs were Ch$9,941 million in 2010, an increase of 35.5% as compared to the previous year. The increase primarily reflected start-up costs associated with the inclusion of three new properties, particularly Parque Lambramani and Parque Arboleda, which contributed to a significant increase to GLA in 2010. We expect the costs to be diluted in future periods.
EBITDA for the year increased by 5.2% to Ch$52,062 million from Ch$49,496 million. Improved performance at Estación and Marina Arauco, as well as the incorporation of new properties contributed to EBITDA growth. EBITDA margin declined from 73.3% to 71.2%, a result attributable to the expenses associated with the start of the operation of new properties.
Non-operating income of Ch$4,637 million was recorded in 2010, as compared to Ch$25,738 million in 2010. The main contributors to the result were lower gains on the value of non-current assets not held for sale, a loss on indexed assets and liabilities, and higher financial expenses associated with the Company’s investment and expansion plan. These factors offset income from the sales of the Office Towers and the Company’s interest in Argentinean mall operator, Alto Palermo S.A. (APSA).
Net income declined by 28.1% to Ch$47,201 million, or Ch$77.03 per share, from Ch$65,625 million, or 107.1 per share, in 2009. The reduction in net income was the result of lower non-operating income as compared to the previous year.
FFO (“Funds from Operations”), defined as net income plus depreciation, was Ch$45,254 million, an increase of 33.4% from the Ch$33,925 million recorded in the prior year.
Cash and cash equivalents were Ch$85,296 million as of December 31, 2010 represented an 81.1% increase as compared to the balance of Ch$47,107 at the end of December 31, 2009. This increase primarily reflected proceeds of Ch$93,980 million derived from the sale of commercial office towers and the Company’s interest in Alto Palermo, S.A., a mall operator in Argentina during the fourth quarter.
Excluding the reduction of GLA that came with the sale of the Company’s interest in APSA of Argentina, the Company increased its total GLA by 17.6% in 2010 to 547 thousand square meters, while owned GLA increased by 13.3% to 382 thousand square meters. The incorporation of three additional properties, expansion projects at Kennedy and Maipú and the addition of anchor stores at San Antonio contributed to the increase.
Occupancy levels remain high at all properties, achieving levels of between 95.0% and 99.9%. Arauco Maipú posted a significant 6.4% gain in occupancy rate year-over-year, improving to 95.2%.
Fourth Quarter Results
Fourth quarter revenues increased by 11.7% to Ch$21,820 million from Ch$19,542 million in Q409, helped by the revenue contributions from newly incorporated shopping centers, increased GLA at existing properties, and improved tenant sales totals at all properties. Revenue increases were registered at Estación, San Antonio, Marina Arauco and Curicó, highlighted by a 16.3% rise at Marina Arauco, where the opening of the new shopping boulevard contributed substantially to the improved result.
Quarterly gross profit increased by 15.9% to Ch$17,975 million as compared to Ch$15,508 million in Q409, which reflected revenue gain associated with the incorporation of additional selling area and improved efficiency of operations.
Selling, General and Administrative Costs increased by 297.7% to Ch$3,983 million as compared to the result recorded in the fourth quarter of 2009. The substantial increase in SG&A costs as compared to the fourth quarter of the previous year primarily reflects expenses associated with the start of commercial operations at Parque Lambramani and Parque Arboleda, which both opened in November.
In the fourth quarter, the Company recorded EBITDA of Ch$14,457 million, a 2.6% lower than the Ch$14,841 million posted in 4Q09, while EBITDA margin declined to 66.3% from 75.9% in Q409. These results reflected substantially higher SG&A totals associated with the commencement of commercial operations at the malls in Arequipa, Peru and Pereira, Colombia.
The Company recorded non-operating income of Ch$14,069 million in the fourth quarter 2010, as compared to of Ch$24,517 million in the equivalent period of the prior year. Higher income from sales of assets and financial income was not enough to offset higher financial expenses and a lower gain on the fair value of financial assets.
Net income registered in the fourth quarter was Ch$23,797 million, or Ch$38.8 per share, a decline of 31.1% as compared to the earnings per share of Ch$56.4 recorded in the fourth quarter of 2009.
The Company recorded FFO of Ch$15,188 million, or Ch$24.8 per share, an increase of 41.3% as compared to Ch$10,747 million in the fourth quarter of 2009. Contributing to this result was the sale of Parque Arauco’s interest in APSA.
2010 Highlights
Opening of Parque Arboleda (Colombia) – The opening in November of this shopping center, the first operated by Parque Arauco in Colombia, was an important milestone for the Company, and continues the expansion and diversification of the Company’s portfolio. The property, now 86% leased, features three well-known anchor tenants – a department store, supermarket and cinema -- following an investment of approximately US$80 million.
Opening of Parque Lambramani (Peru) – Commercial operations of this mall, which was formerly named Parque Arequipa due to its location in the city of Arequipa, Peru, opened in the fourth quarter of 2010, following a total investment of US$49 million. The property, which is now 95% leased, is the fourth property in Peru to be operated by Parque Arauco and underscores the Company’s commitment to the development and operation of retail properties in the Peruvian market.
Opening of Mall Paseo Marina (Chile) – This complex, which is located in the coastal city of Viña del Mar, opened in the fourth quarter and expanded the Company’s footprint in Chile with an innovative and varied format that includes small stores, restaurants, offices and entertainment across a total GLA of 11,000 m2.
Purchase of Interest in Altek Trading (Peru) – In September, the Company and local partner Familia Wiese jointly acquired a 67% interest Altek Trading SAC of Peru, which gave Parque Arauco a 33.5% share in the Megaplaza Chimbote project that is under development in the coastal city of Chimbote. Commercial operations of this property, which is expected to have a GLA of 28,000 m2 following a total investment of $15 million, are expected to begin in the middle of 2011.
Sale of Torres del Parque (Chile) – In August, Parque Arauco finalized the sale of twin commercial office towers that were affiliated with the retail property of Parque Arauco Kennedy for US$69 million. The sale of the towers allows Parque Arauco to focus on its core business of operating high quality retail properties, and the proceeds from the transaction are being used to fund the Company’s growth in Colombia, Chile and Peru.
Sale of Interest in Alto Palermo (Argentina) – In September, the Company finalized the sale of its 31.6% interest Alto Palermo S.A. (APSA), the owner of 11 shopping malls in Argentina, to IRSA for US$126 million. This transaction is consistent with the Company’s strategy of focusing on properties over which it can exercise operating control or enhance its network of existing assets, which is expected to bring greater predictability to Parque Arauco’s financial results. The Company recorded US$6 million in proceeds (related to a granted call option) in 2Q10 and recognized the remaining US$120 million in Q410.
Operating and Financial Property Highlights
Chile
Parque Arauco Kennedy – Kennedy’s total income in 2010 declined by 0.7% to Ch$32,527, reflecting solid operating performance that was impacted by the sale of the Office Towers project, which reduced the property’s total GLA by more than 13,000 m2 to 108,220 m2. The full-year EBITDA of the shopping center rose by 0.9% to Ch$28,241 million, a result driven by a reduction in cost of sales in the energy business. During the fourth quarter, the Company completed a remodeling project and also made available an additional 650 parking spaces, which will allow a higher number of shoppers to visit the mall in future periods. Quarterly income declined by 6.4% to Ch$9,831, and EBITDA of Ch$9,678 represented a decline of 7.3% as compared to Q409, results that were mainly driven by a net, 11.3% reduction in GLA due to the sale of the Office Towers.
Mall Arauco Maipú – This shopping center has current GLA of 55,267 m2 and is nearing the completion of new shopping boulevard, the most recent part of a substantial expansion of the property underway. During 2010, a new food court was added to the property, which is located in Santiago, Chile. The property registered income of Ch$6,759 million in 2010, a 5.0% lower than the total recorded in 2009, while the property’s 2010 EBITDA was Ch$4,738 million, a decline of 3.3% as compared to the previous year attributable to an extraordinary item that significantly increased non-rental revenues in 2009. As a result of that extraordinary income in 4Q09, income declined by 9.3% to Ch$2,143 and EBITDA decreased by 5.2% to Ch$1,560 in the fourth quarter. The financial results of strip center Arauco Express Pajaritos, which has a current GLA of 5,203 m2, are consolidated in those of Mall Arauco Maipú.
Plaza El Roble – The property contributed total income of Ch$3,526 million during 2010, a slight decline of 0.8% as compared to the previous year. EBITDA rose by 5.2% to Ch$2,678 million. Quarterly income totals declined by 2.6% to Ch$1,024 million from Chh$1,051 million in 2009 due, while EBITDA increased by 9.2% to Ch$845 million as a result of a 16% decline in quarterly operating costs.
Paseo Arauco Estación – This property, which features a large number of high-performing small stores, recorded income of Ch$11,485 in 2010, a 6.2% increase over the prior year. The mall’s EBITDA increased by 21.6% to Ch$8,689 on lower cost of sales and improved recovery of common expenses. In the fourth quarter, there was a 3.5% increase in income at Estación of Ch$3,371 million. Quarterly EBITDA rose by 21.7% as compared to Q409, to Ch$2,285 million.
Arauco San Antonio – This property’s GLA was increased by more than 20,000 m2 in 2010, its first full year of operation. The year culminated with the opening of a second anchor store in December, which helped the property to contribute income of Ch$2,275 million and an EBITDA of Ch$1,365. The opening of a third anchor store, a supermarket, is anticipated in the fourth quarter. During the fourth quarter, the property generated total income of Ch$754 million and EBITDA of Ch$566 million, significantly higher totals than in each of the three previous quarters.
Mall Marina Arauco – Located in Viña del Mar, Chile, this property generated income of Ch$11,108 million in 2010, an increase of 12.8% over the prior year that was primarily attributable to higher parking revenues. The property’s EBITDA of Ch$10,787 million rose by 12.0% as compared to 2009 levels. In the fourth quarter, Marina Arauco reported a 16.3% increase in total income of Ch$3,417 and a 16.1% increase in EBITDA to Ch$3,337, increases that were again aided by the opening of a new shopping boulevard during the quarter. The shopping center, which has a total GLA of 58,285 m2, was 99.9% occupied and saw monthly rent per square meter increase by 10% to more than Ch$15 thousand.
Mall Center Curicó – This shopping center has a total GLA of 48,864 m2 and relies primarily on the strong performance of well established anchor tenants, which generated 81% of tenant sales in 2010. The property recorded income of Ch$3,485 million in 2010, an increase of 6.1% as compared to the prior year, while EBITDA increased by 6.2% to Ch$3,406 million. Both results were positively impacted by higher monthly sales per square meter, which increased by 26% year-over-year. In the fourth quarter, the property contributed total income of Ch$947 thousand, an increase of 9.0%, and EBITDA of Ch$926 thousand, which was 9.3% higher than in Q409.
Peru
Mega Plaza Norte – This shopping center recorded income of Sol$48,615 thousand in 2010, a 5.0% increase as compared to the previous year, despite a more competitive retail environment in Peru’s capital city of Lima. Peru’s economic scenario continued to be positive. The property’s EBITDA also rose moderately, by 2.4%, to Sol$36,675 thousand in 2010, despite higher cost of sales. Fourth quarter income of Sol$12,807 thousand represented a 2.2% decline as compared to the result in Q409, while quarterly EBITDA of Sol$9,021 was 13.0% lower than in the prior year.
Mega Express Villa – This strip mall, which opened in November 2009 in the city of Chorillos, completed its first full year of operation in 2010. The property’s occupancy rate increased from 93.3% in the 3Q09 to 97.0% at year’s end, and contributed income of Sol$2,276 thousand and EBITDA of Sol$1,510 thousand. In the fourth quarter, the property’s lone anchor store, a supermarket, contributed to 82% of tenant sales, helping the property to record income of Sol$716 thousand and EBITDA of Sol$254 thousand.
Larcomar Fashion Center – One of the most impressive and diverse commercial complexes in Latin America, this property, located in Lima, has a gross leasable area of 25,380 m2 that includes a cinema, restaurants, a food court, small shops, discotheques and a theater. Parque Arauco began incorporating 100% of the financial results of this property in the third quarter. The property generated income of Sol$27,606 thousand and EBITDA of Sol$17,199 thousand in 2010, respective 2.9% and 5.3% increases over the prior year. Income of Sol$6,892 thousand recorded in the fourth quarter and Q410 EBITDA of Sol$4,711 thousand represented respective declines of 6.0% and 0.6% as compared to the prior year. These results reflected a decline in occupancy partly related to planned changes in the complex’s format.
Outlook
Parque Arauco will continue to extend its regional footprint and has committed to investing more than US$200 million in Chile, Colombia, and Peru through 2013, bringing the total investment in those markets since 2007 to US$961 million. The recent commencement of commercial operations in November at Parque Arboleda, the first property to be operated by Parque Arauco in Colombia, and Parque Lambramani in Peru, both advance the Company’s regional expansion strategy, improving and diversifying its current portfolio of high quality assets in the three markets in which it operates. With the expected opening of the commercial center in Chimbote, Peru in the middle of 2011, the Company will bring the number of properties operated in that market to five. The development of high-profile property, Parque La Colina, in Bogota will fortify the Company’s brand name and expansion efforts in the Colombian market. Construction of Parque La Colina is currently expected to begin in 2012, and the initiation of commercial operations is expected in 2013.
About Parque Arauco
Parque Arauco, based in Chile, is one of Latin America’s largest developers and operators, in terms of GLA, of retail real estate in Latin America. Over the last 29 years, Parque Arauco has developed, operated and managed shopping centers throughout Chile, where it currently operates 8 properties. In Peru, the Company has interests in four malls, and Parque Arauco has also advanced its expansion into Colombia with the opening of its first shopping center, Parque Arboleda.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Parque Arauco. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the economies in which we work and the industry, among other factors; therefore, they are subject to change without prior notice.
| Parque Arauco S.A. | ||||||||||||
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Consolidated Income Statement |
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| Chilean GAAP | ||||||||||||
| Ch$ millions | ||||||||||||
| Quarter Ended December 31, | Year End December 31, | |||||||||||
| 2010 | 2009 | Chg. % | 2010 | 2009 | Chg. % | |||||||
| Revenues | 21,819,620 | 19,541,920 | 11.7% | 73,155,368 | 67,485,669 | 8.4% | ||||||
| Cost of Sales | (3,844,821) | (4,033,523) | -4.7% | (12,686,832) | (11,989,991) | 5.8% | ||||||
| Gross Profit | 17,974,798 | 15,508,398 | 15.9% | 60,468,535 | 55,495,678 | 9.0% | ||||||
| Administration Expenses | (3,983,205) | (1,001,454) | 297.7% | (9,940,748) | (7,337,048) | 35.5% | ||||||
| OPERATING INCOME | 13,991,594 | 14,506,944 | -3.6% | 50,527,788 | 48,158,630 | 4.9% | ||||||
| Depreciation & Amortization | 465,426 | 333,696 | 39.5% | 1,534,372 | 1,337,172 | 14.7% | ||||||
| EBITDA | 14,457,019 | 14,840,639 | -2.6% | 52,062,160 | 49,495,802 | 5.2% | ||||||
| Other Income / Expenses | 2,719,996 | 99,073 | 2645.4% | 9,536,132 | 2,700,729 | 253.1% | ||||||
| Financial Income | 7,179,088 | 2,565,204 | 179.9% | 8,825,375 | 4,964,928 | 77.8% | ||||||
| Financial Expenses | (4,404,553) | (2,817,820) | 56.3% | (14,633,584) | (11,271,732) | 29.8% | ||||||
| Foreign Exchange Differences | (500,052) | 728,928 | -168.6% | (2,572,787) | (1,631,102) | 57.7% | ||||||
| Income (Loss) for indexed assets and liabilities | (1,547,969) | (1,652,330) | -6.3% | (7,140,138) | 5,381,262 | -232.7% | ||||||
| Gains (losses) from the difference between the previous book value and the fair value of financial assets | 10,622,008 | 25,593,767 | -58.5% | 10,622,008 | 25,593,767 | -58.5% | ||||||
| NON-OPERATING INCOME | 14,068,518 | 24,516,823 | -42.6% | 4,637,007 | 25,737,852 | -82.0% | ||||||
| Profit before Income Tax | 28,060,112 | 39,023,766 | -28.1% | 55,164,794 | 73,896,482 | -25.3% | ||||||
| Income Tax | (4,263,563) | (4,725,805) | -9.8% | (7,963,714) | (8,271,428) | -3.7% | ||||||
| NET PROFIT (LOSS) | 23,796,550 | 34,297,961 | -30.6% | 47,201,080 | 65,625,054 | -28.1% | ||||||
| Attributable to: | ||||||||||||
| Equity holders of the company | 26,831,940 | 38,368,869 | -30.1% | 48,466,187 | 67,504,166 | -28.2% | ||||||
| Minority interests | (3,035,389) | (4,070,908) | -25.4% | (1,265,107) | (1,879,112) | -32.7% | ||||||
| NET PROFIT (LOSS) | 23,796,551 | 34,297,961 | -30.6% | 47,201,080 | 65,625,054 | -28.1% | ||||||
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Financial and Operating Highlights |
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| Quarter Ended December 31, | Year End December 31, | |||||||||||
| 2010 | 2009 | Chg. % | 2010 | 2009 | Chg. % | |||||||
| Revenues (Ch$ Millions) | 21,820 | 19,542 | 11.7% | 73,155 | 67,486 | 8.4% | ||||||
| EBITDA (Ch$ Millions) | 14,457 | 14,841 | -2.6% | 52,062 | 49,496 | 5.2% | ||||||
| EBITDA Margin % | 66.3% | 75.9% | -0.3 pp | 71.2% | 73.3% | -0.3 pp | ||||||
| Net Income (Ch$ Millions) | 23,797 | 34,298 | -30.6% | 47,201 | 65,625 | -28.1% | ||||||
| Net Income Margin % | 109.1% | 175.5% | -52.0 pp | 64.5% | 97.2% | -52.0 pp | ||||||
| FFO (Ch$ Millions) | 15,188 | 10,747 | 41.3% | 45,254 | 33,925 | 33.4% | ||||||
| FFO Margin % | 69.6% | 55.0% | -10.1 pp | 61.9% | 50.3% | -10.1 pp | ||||||
| Weighted Avg. Shares (million) | 612.75 | 608.17 | 0.8% | 612.75 | 608.17 | 0.8% | ||||||
| EPS ($) | 38.84 | 56.40 | -31.1% | 77.03 | 107.91 | -28.6% | ||||||
| Stock Price (Ch$) | 1,140.00 | 580.00 | 122.0% | 1,140.00 | 580.00 | 122.0% | ||||||
| Daily Traded Volume (Ch$ million) | 1,110.64 | 409.14 | 190.4% | 925.46 | 270.23 | 190.4% | ||||||
| Total Tenant Sales (Ch$ Millions) 1 | 295,119 | 254,917 | 15.8% | 936,451 | 822,966 | 13.8% | ||||||
| Total GLA (m2) | 546,696 | 464,980 | 17.6% | 546,696 | 464,980 | 17.6% | ||||||
| Parque Arauco GLA (m2) | 381,512 | 336,698 | 13.3% | 381,512 | 336,698 | 13.3% | ||||||
| 1. Total Tenant Sales = Sales of Consolidated Assets | ||||||||||||
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Consolidated Balance Sheet |
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| (Ch$ millions) | December 31, | December 31, | ||||
| 2010 | 2009 | % Change | ||||
| Assets: | ||||||
| Cash and Cash Equivalents | 85,296 | 47,107 | 81.1% | |||
| Trade Accounts Receivable & Other Receivables | 22,148 | 21,869 | 1.3% | |||
| Other Current Assets | 12,015 | 73,029 | -83.5% | |||
| Total Current Assets | 119,460 | 142,006 | -15.9% | |||
| Investment Properties | 622,207 | 577,383 | 7.8% | |||
| Other Non-Current Assets | 68,384 | 53,072 | 28.9% | |||
| Total Non-Current Assets | 690,590 | 630,455 | 9.5% | |||
| Total Assets | 810,050 | 772,461 | 4.9% | |||
| Liabilities & Stockholder's Equity: | ||||||
| Current Financial Liabilities | 31,509 | 18,663 | 68.8% | |||
| Other Current Liabilities | 27,490 | 20,734 | 32.6% | |||
| Total Current Liabilities | 58,999 | 39,397 | 49.8% | |||
| Non-Current Financial Liabilities | 302,392 | 301,864 | 0.2% | |||
| Other Non-Current Liabilities | 61,224 | 54,492 | 12.4% | |||
| Total Non-Current Liabilities | 363,616 | 356,356 | 2.0% | |||
| Total Liabilities | 422,615 | 395,753 | 6.8% | |||
| Equity | ||||||
| Issued Share Capital | 147,191 | 149,141 | -1.3% | |||
| Accumulated Earnings (Losses) | 220,654 | 193,556 | 14.0% | |||
| Other Reserves | (22,192) | (6,185) | 258.8% | |||
| Equity Attributable to Company Shareholders | 345,653 | 336,512 | 2.7% | |||
| Minority Interest | 41,782 | 40,196 | 3.9% | |||
| Total Equity | 387,435 | 376,708 | 2.8% | |||
| Total Liabilities & Equity | 810,050 | 772,461 | 4.9% | |||
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Property Financial Highlights |
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| Chilean GAAP | ||||||||||||||
| (Ch$ millions) | Quarter to | Year End | ||||||||||||
| *(Sol$ thousands) | December 31, | December 31, | ||||||||||||
| 2010 | 2009 | % Change | 2010 | 2009 | % Change | |||||||||
| Total Revenues | ||||||||||||||
| Parque Arauco Kennedy | 9,831 | 10,503 | -6.4% | 32,527 | 32,772 | -0.7% | ||||||||
| Arauco Maipu (1) | 2,143 | 2,362 | -9.3% | 6,759 | 7,114 | -5.0% | ||||||||
| * Mega Plaza Norte | 12,807 | 13,099 | -2.2% | 48,615 | 46,300 | 5.0% | ||||||||
| Marina Arauco | 3,417 | 2,939 | 16.3% | 11,108 | 9,846 | 12.8% | ||||||||
| Mall Center Curico | 947 | 869 | 9.0% | 3,485 | 3,286 | 6.1% | ||||||||
| Plaza El Roble | 1,024 | 1,051 | -2.6% | 3,526 | 3,556 | -0.8% | ||||||||
| Paseo Arauco Estacion (2) | 3,371 | 3,256 | 3.5% | 11,485 | 10,816 | 6.2% | ||||||||
| Arauco San Antonio (3) | 754 | N/A | 2,275 | N/A | ||||||||||
| * Mega Express Villa (3) | 716 | N/A | 2,276 | N/A | ||||||||||
| * Larcomar Fashion Center (4) | 6,897 | 7,338 | -6.0% | 27,606 | 26,839 | 2.9% | ||||||||
| Gross Profit | ||||||||||||||
| Parque Arauco Kennedy | 9,431 | 9,887 | -4.6% | 31,016 | 30,908 | 0.3% | ||||||||
| Arauco Maipu (1) | 1,912 | 2,018 | -5.3% | 5,905 | 6,101 | -3.2% | ||||||||
| * Mega Plaza Norte | 10,963 | 11,737 | -6.6% | 41,769 | 40,664 | 2.7% | ||||||||
| Marina Arauco | 3,382 | 2,919 | 15.9% | 10,946 | 9,774 | 12.0% | ||||||||
| Mall Center Curico | 954 | 874 | 9.2% | 3,505 | 3,299 | 6.2% | ||||||||
| Plaza El Roble | 1,020 | 939 | 9.7% | 3,222 | 3,192 | 9.7% | ||||||||
| Paseo Arauco Estacion (2) | 3,262 | 2,858 | 14.2% | 11,406 | 9,784 | 16.6% | ||||||||
| Arauco San Antonio (3) | 718 | N/A | 1,790 | N/A | ||||||||||
| * Mega Express Villa (3) | 423 | N/A | 1,784 | N/A | ||||||||||
| * Larcomar Fashion Center (4) | 5,089 | 4,705 | 8.2% | 18,823 | 17,585 | 7.0% | ||||||||
| EBITDA | ||||||||||||||
| Parque Arauco Kennedy | 8,678 | 9,364 | -7.3% | 28,241 | 27,980 | 0.9% | ||||||||
| Arauco Maipu (1) | 1,560 | 1,645 | -5.2% | 4,738 | 4,902 | -3.3% | ||||||||
| * Mega Plaza Norte | 9,021 | 10,374 | -13.0% | 36,675 | 35,833 | 2.4% | ||||||||
| Marina Arauco | 3,337 | 2,875 | 16.1% | 10,787 | 9,630 | 12.0% | ||||||||
| Mall Center Curico | 926 | 848 | 9.3% | 3,406 | 3,208 | 6.2% | ||||||||
| Plaza El Roble (2) | 845 | 774 | -35.5% | 2,678 | 2,547 | -35.5% | ||||||||
| Paseo Arauco Estacion | 2,285 | 1,878 | 21.7% | 8,689 | 7,148 | 21.6% | ||||||||
| Arauco San Antonio (3) | 566 | N/A | 1365 | N/A | ||||||||||
| * Mega Express Villa (3) | 254 | N/A | 1510 | N/A | ||||||||||
| * Larcomar Fashion Center (4) | 4,711 | 4,739 | -0.6% | 17,199 | 16,333 | 5.3% | ||||||||
| Gross Margins | ||||||||||||||
| Parque Arauco Kennedy | 96% | 94% | 1.9% | 95% | 94% | 1.1% | ||||||||
| Arauco Maipu (1) | 89% | 85% | 4.4% | 87% | 86% | 1.9% | ||||||||
| Mega Plaza Norte | 86% | 90% | -4.5% | 86% | 88% | -2.2% | ||||||||
| Marina Arauco | 99% | 99% | -0.3% | 99% | 99% | -0.7% | ||||||||
| Mall Center Curico | 101% | 101% | 0.1% | 101% | 100% | 0.1% | ||||||||
| Plaza El Roble (2) | 100% | 89% | 11.5% | 91% | 90% | 1.8% | ||||||||
| Paseo Arauco Estacion | 97% | 88% | 10.2% | 99% | 90% | 9.8% | ||||||||
| Arauco San Antonio (3) | 95% | N/A | 79% | N/A | ||||||||||
| * Mega Express Villa (3) | 59% | N/A | 78% | N/A | ||||||||||
| * Larcomar Fashion Center (4) | 74% | 64% | 15.1% | 68% | 66% | 4.1% | ||||||||
| EBITDA Margins | ||||||||||||||
| Parque Arauco Kennedy | 88% | 89% | -1.0% | 87% | 85% | 1.7% | ||||||||
| Arauco Maipu (1) | 73% | 70% | 4.5% | 70% | 69% | 1.7% | ||||||||
| Mega Plaza Norte | 70% | 79% | -11.1% | 75% | 77% | -2.5% | ||||||||
| Marina Arauco | 98% | 98% | -0.1% | 97% | 98% | -0.7% | ||||||||
| Mall Center Curico | 98% | 98% | 0.3% | 98% | 98% | 0.1% | ||||||||
| Plaza El Roble (2) | 83% | 74% | 12.1% | 76% | 72% | 6.0% | ||||||||
| Paseo Arauco Estacion | 68% | 58% | 17.5% | 76% | 66% | 14.5% | ||||||||
| Arauco San Antonio (3) | 75% | N/A | 60% | N/A | ||||||||||
| * Mega Express Villa (3) | 35% | N/A | 66% | N/A | ||||||||||
| * Larcomar Fashion Center (4) | 68% | 65% | 5.8% | 62% | 61% | 2.4% | ||||||||
| (1) Result reflects Q110 results of the affiliated commercial property, Arauco Express Pajaritos. | ||||||||||||||
| (2) Property was closed during March 2010 due to damage caused by the earthquake of February 27. | ||||||||||||||
| (3) Property's financial results incorporated as of Q110 | ||||||||||||||
| (4) Property's financial results incorporated as of Q310 | ||||||||||||||
|
Property Operating Indicators |
||||||
| Chilean GAAP | ||||||
| (Ch$) | Cumulative to | |||||
| *(Sol$ thousands) | December 31, | |||||
| 2010 | 2009 | % Change | ||||
| Monthly Revenue per m² | ||||||
| Parque Arauco Kennedy | 271,536 | 242,056 | 12.2% | |||
| Arauco Maipu (1) | 123,393 | 105,110 | 17.4% | |||
| * Mega Plaza Norte | 917 | 847 | 8.2% | |||
| Marina Arauco | 219,638 | 210,514 | 4.3% | |||
| Mall Center Curico | 101,074 | 80,161 | 26.1% | |||
| Plaza El Roble | 184,474 | 187,029 | -1.4% | |||
| Paseo Arauco Estacion | 158,929 | 135,386 | 17.4% | |||
| Arauco San Antonio | 129,047 | N/A | ||||
| * Mega Express Villa | 482 | N/A | ||||
| * Larcomar Fashion Center | 6,329 | 5,591 | 13.2% | |||
| Monthly Rent per m² | ||||||
| Parque Arauco Kennedy | 20,772 | 19,424 | 6.9% | |||
| Arauco Maipu (1) | 8,407 | 7,886 | 6.6% | |||
| * Mega Plaza Norte | 44 | 41 | 7.3% | |||
| Marina Arauco | 15,320 | 13,940 | 9.9% | |||
| Mall Center Curico | 6,179 | 5,737 | 7.7% | |||
| Plaza El Roble | 10,648 | 10,140 | 5.0% | |||
| Paseo Arauco Estacion | 12,323 | 11,756 | 4.8% | |||
| Arauco San Antonio | 8,821 | N/A | ||||
| * Mega Express Villa | 24 | N/A | ||||
| * Larcomar Fashion Center | 55 | 51 | 7.5% | |||
| % Occupancy | ||||||
| Parque Arauco Kennedy | 99.6% | 100.0% | -0.4% | |||
| Arauco Maipu (1) | 95.2% |
89.5% |
6.4% | |||
| Mega Plaza Norte | 99.0% | 99.5% | -0.5% | |||
| Marina Arauco | 99.9% | 99.5% | 0.4% | |||
| Mall Center Curico | 98.3% | 98.3% | 0.0% | |||
| Plaza El Roble | 97.6% | 99.5% | -1.9% | |||
| Paseo Arauco Estacion | 97.0% | 99.3% | -2.4% | |||
| Arauco San Antonio | 96.4% | N/A | ||||
| Mega Express Villa | 97.0% | N/A | ||||
| Larcomar Fashion Center | 95.0% | 98.0% | -3.1% | |||
| (1) Result reflects results of the affiliated commercial property, Arauco Express Pajaritos. | ||||||