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 second quarter ended June 30, 2011.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/.
“Revenue and Operating Income continue to grow with an increase in activities at all of Parque Arauco’s existing properties as well as with the expansion of our portfolio of three new properties in Chile, Colombia and Peru. During the first half of 2011, our tenants’ sales increased 20% based on increased economic activity and our commitment to providing highly attractive and comfortable shopping environments. During the quarter we also secured key pieces of land in Colombia to add to our total land bank of 577,000 m² and cemented a partnership with AURUS, a leading Chilean asset manager who will be contributing operating properties, to develop the strip mall format throughout the country reinforcing our growth strategy of expanding our reach in Chile, while also opening new properties in Peru and Colombia.
We continue to see the benefits of establishing a Shared Services platform that centralizes all operations in Chile for the region, allowing us to leverage both scale and scope. While we must invest in our new properties and expect to see costs such as advertising and marketing diluted as traffic builds, we are achieving improved efficiencies at our existing properties. Overall, we are pleased with our progress and remain committed to the highest standards of transparency while striving to deliver strong returns to our shareholders,” commented Andrés Olivos, Parque Arauco’s Chief Executive Officer.
Second Quarter Results
Revenues for the second quarter of 2011 were Ch$20,223 million, a 20% revenue increase as compared to Q210, driven by a combination of growth in rental revenues from substantially all of the company’s existing properties, increased GLA at some of the existing properties as well as the inclusion of three new properties (Larcomar Fashion Center and Parque Lambrani in Peru, and Parque Arboleda in Colombia) in the second quarter 2011 results. Plaza el Roble, which was impacted by the earthquake during the second quarter of 2010, and Arauco San Antonio, which included three new anchor tenants, significantly contributed to revenue growth for the quarter. The slight reduction in revenues at Parque Arauco Kennedy was primarily the result of a 13% reduction in GLA as compared to the previous year with the sale of the office towers.
Gross profit for the quarter was Ch$16,156 million, an increase of 13% as compared to the same period of 2010. Increased rental revenues, the addition of three new malls, the ability to recover additional common expenses in some of the Chilean properties, as well as the Company’s ongoing efforts to improve efficiency and lower costs of operations resulted in the improved gross profit. The cost of sales increased to Ch$4,066 million with the addition of expenses related to the new properties in operation during the second quarter of 2011.
Sales, General and Administration expenses increased 22.6% to Ch$2,446 million, in line with the expansion of GLA and three additional properties. Advertising and marketing expenses as well as facilities and maintenance costs tend to be greater in the first year of operation of a new property and are expected to be diluted with increased traffic and the benefit of scale.
In the second quarter, the Company recorded EBITDA of Ch$14,315 million, 13.3% higher than the Ch$12,631 million recorded in Q210. EBITDA margin declined by 4.1% to 70.8% as compared to Q210 as additional expenses from new properties partially offset additional revenue from added GLA, efficiency improvements and increased common expense recovery at certain established properties.
Non-operating expenses of Ch$8,146 million driven by primarily by investment taxes paid in Colombia and higher inflation in the period were recorded in the second quarter of 2011 compared to non-operating expense of Ch$2,879 in Q210. Other expenses during the quarter included approximately Ch$1,268 of a one-time tax related to investments in Colombia and compares to other income from Q210 which included US$6 million from IRSA in exchange for the option to purchase Parque Arauco’s interest in APSA in Argentina. Financial income is the result of higher levels of cash from the sale of APSA and the office tower as well as strong rates in the market. As the Company consolidates its non-Chilean operations in U.S. dollars and the Peruvian Sol appreciated compared to the dollar during the period where there is Sol-denominated project finance, the foreign exchange difference was less than the previous year’s period. Finally, higher inflation in 2011 resulted in an expense of Ch$4,123 million, compared to an expense of Ch$2,931 million in the second quarter of 2010.
Net income was Ch$5,499 million, or Ch$8.97 per share, as compared with net income of Ch$8,382 million, or Ch$13.78 per share, in Q110. The weighted average number of shares outstanding during the quarter was 612.75 as compared to 608.33 in the year ago period.
FFO (“Funds from Operations”), defined as net income plus depreciation and amortization minus a gain (loss) on indexed assets and liabilities, minus any gains (losses) on other non-cash items was Ch$10,227 million, as compared to Ch$11,646 million in the second quarter of 2010.
Cash and cash equivalents totaled Ch$44,664 million in the second quarter as the Company continued to disburse funds to develop new properties. Net financial debt at the end of the quarter was Ch$ 289 million. The Company remains comfortably within its financial covenants with Liabilities/ (Equity+ Minority Interest) of 1.05 as compared to a limit of 1.4 and EBITDA/Financial Expenses of 4.00, substantially above the requisites of 2.25. Currently we have access to a total of Ch$ 60.4 billion in construction finance lines of credit provided by all of the major banks in Chile. At this time we have Ch$ 44.6 million in availability.
GLA grew 18.4% and totaled 593,000 m², as compared to 501,000 m² in Q210, and owned GLA grew 9.4% to 405,329 m², as compared to 370,427 m² in the equivalent period of the previous year. This can be attributed to the new properties and completion of renovations in several properties. Occupancy remained relatively stable as compared to the prior quarter. Additionally, the Company owns a land bank in Chile, Peru and Colombia for future developments of 577,000 m².
First Half Results
Total revenue for the first half was Ch$39,930 million, an increase of 20.7% as compared to the previous year’s first half result. Additional GLA and renovations at existing malls as well as the addition of three new malls contributed to the top line increase.
Gross profit for the first half grew by 19.8% to Ch$32,402 million as the Company benefited from increased rental revenues and the success of its efforts to improve efficiency and lower costs of operations.
Operational costs (SG&A plus Cost of Sales) increased by 24.3% to Ch$12,413 in the first half as compared to the previous year, in line with the expansion of GLA and three additional properties as well as certain expenses related to the initiation of mall operations. First half EBITDA increased 20.5% to Ch$28,680 million, due to the incorporation of new properties, the expansion of GLA and higher contributions by practically all the properties. Net income was Ch$12,609, down 8.3% primarily related to higher non-operating losses then in the previous year’s first half.
Second Quarter 2011 Highlights and Subsequent Events
New Pipeline of Developments - Parque Arauco announced an investment plan of US$840 million from 2011 through 2015 which is expected to add an additional 435,000 m2. Properties announced to date to be developed during this period include:
Arauco Quilicura in Santiago, Chile: Construction has begun on the GLA 29,000 m2 mall. The investment is expected to be approximately US$36 million and the ongoing contribution of approximately US$4 million in EBITDA per year. The opening is planned for 2013.
Stripcenters in Chile: In partnership with AURUS, a Chilean asset manager with a strong real estate division, the Company plans to develop strip malls throughout Chile. In the agreement, Parque Arauco will have a 51% stake and AURUS will co-invest 49% towards the project. The initial aggregate GLA is 12,000 m2 with AURUS contributing 6 operating assets to the format.
On August 4th, the Company announced a strategic partnership with Cencosud S.A., a recognized Chilean retail company, in Peru. The agreement offers Cencosud the opportunity to participate as an anchor tenant in neighborhood shopping centers that PASA develops in Peru. A number of projects have already been identified. The total estimated investment over the next 10 years is approximately US$ 180 million.
Parque El Golf in Lima, Peru: In an exclusive area of the country’s capital, this mall with planned GLA of 19,000 m2 to include offices and a hotel is expected to require a total investment of US$65 million and contribute an ongoing EBITDA of approximately US$8 million. The expected opening is planned for 2014.
Megaplaza Chimbote in Chimbote, Peru: Already under construction Megaplaza Chimbote’s expected opening by the first quarter of 2012. With GLA of 28,000 m2 and a total investment of US$26 million, the mall is expected to contribute on an ongoing basis US$2.5 million in EBITDA per year.
Villa El Salvador, Peru: Already under construction, Megaexpress Villa El Salvador is expected to open by the first quarter of 2012. With GLA of 9,000 m2 and a total investment of US$11 million, the mall is expected to contribute US$ 1 million in EBITDA per year on an ongoing basis.
Bancolombia, the largest commercial bank in Colombia, is Parque Arauco’s partner with an expected 45% share of both the Bogota and Bucamaranga projects.
Parque La Colina, Bogota, Colombia: This large development will include department stores, a Boulevard, cinema and an office or medical tower. Total GLA of 67,000 m2 and an investment of approximately US$200 million are expected to contribute US$20 million in EBITDA per year. The expected opening is planned for 2015.
Bucaramanga in Bucaramanga, Colombia: Expected to be Parque Arauco’s second property to open in Colombia, this development with 28,000 m2 and an expected investment of US$80 million is expected to contribute US$8 million in EBITDA on an ongoing basis. Expected opening is planned for the end of 2013.
Equity Issue - On April 7, 2011 the Company’s shareholders approved an equity issue of up to 90 million shares at a fixed offering price of Ch $950. The follow-on offering is currently underway for current shareholders to September 2, 2011 and will be open to the market for an additional thirty days.
Quarterly Operating and Financial Property Highlights
Chile
Parque Arauco Kennedy – Kennedy generated total income of Ch$8,045 million in the second quarter of 2011, a result that was 1.5% lower than the amount recorded in the same period of 2010. The slight decline was primarily due to the exclusion of revenues from the Office Towers which were sold in 2010. This also explains the lowered GLA to 108,000m2, a 13% decrease from 2010. A 2.8% increase in EBITDA year-over-year to Ch$7,327 million was attributable to a reduction in cost of sales, driven mainly by improved facility costs and recovery of common expenses. Year-over-year, cost of sales was down 70%, a result driven by the ability to pass on additional common expenses to tenants, and continued efficiency and optimization of security and maintenance costs. PAK continued to benefit from a strong brand name and location and its sales totals were fairly balanced between anchor tenants and small stores, which led to a 9% increase of Tenant Sales, to Ch$168,277 million.
Mall Arauco Maipú – This shopping center, located in Santiago, Chile, generated income of Ch$1,902 million during the second quarter, an increase of 15.1% as compared to the total in Q210, a result mainly driven by the completion of the new food court, and other substantial expansions of the property. The property’s EBITDA improved to Ch$1,371 million, an increase of 15%, as compared to the same period of 2010. The shopping center’s GLA increased 6% to 67,000m2 due to the expansion of the food court area, now one of the largest of South America. The property was able to secure over 94% occupancy rate, an increase of 3% over 2Q10.
Plaza El Roble – El Roble contributed income of Ch$942 million during the second quarter, 72.2% higher than in Q210. The comparable increase is largely a result of the shopping center only being opened for part of Q210, due to damage from the earthquake that struck close to the city of Chillán, where the property is located. EBITDA rose by 143.5% to Ch$707 million. Cost of sales was down 43% to Ch$146 million due to a better recovery of common expenses. The property’s entire GLA of 25,000 m2 is now operating regularly and solid occupancy level exceeding 97.7%.
Paseo Arauco Estación – Estación achieved total income of Ch$3,002 million, in line with the amount recorded in the second quarter of 2010. The mall’s EBITDA decreased by 5% to Ch$2,195 million. Other revenues were down due to tenants that efficiently consumed less electricity during the period. The property’s GLA was 71,000 m2 at the end of Q211, an increase of 4% over the previous year.
Arauco San Antonio – This property’s GLA increased to 30,000 m2 in the second quarter of 2011 with the completion of three anchor stores which helped the property to contribute income of Ch$917 million and an EBITDA of Ch$693 million, achieving an EBITDA margin of 76%. The anchor stores are comprised of Paris, La Polar, and casino. The anchor stores comprised 75% of first half tenant sales, while small stores and the food court generated 17% and 6% of sales respectively during the period.
Mall Marina Arauco – This property, situated in Viña del Mar, Chile, has a GLA of 60,000 m2 and generated income of Ch$2,893 million during the second quarter, an increase of 1.0% over Q210. The property’s EBITDA of Ch$2,742 million rose by 3.5% as compared to 2010 levels. Forty-seven percent of Marina Arauco’s first half tenant sales were generated by anchor stores, while occupancy exceeded 97.8%.
Boulevard Marina Arauco – This innovative commercial center located in front of Mall Marina Arauco opened in February 2011. The second quarter’s results reflected the commercial operations of a multi-mix of stores, restaurants, and offices. The property’s GLA now totals 12,000 m2, a 9% increase over 1Q11 as the mall continues to expand. The property contributed income of Ch$353 million and an EBITDA of Ch$333 million during the quarter.
Mall Center Curicó – This shopping center is located south of Santiago, Chile, and contributed second quarter income of Ch$991 million, an increase of 4.8% as compared to the Q210, while EBITDA increased by 29% to Ch$891 million from Ch$691 million in Q210. Mall Center Curicó collected more variable rent due to an increase in sales. During the second quarter of 2010, the property sales were impacted by the earthquake. The property’s GLA of 50,000 m2 mainly consists of anchor stores, which contributed 79% of tenant sales.
Peru
Mega Plaza Norte – This shopping center, located in the Peruvian capital of Lima, performed well during the second quarter, contributing income of Sol$12,458 thousand, a 12.6% increase as compared to the prior year, on the strength of higher tenant sales and rental revenues. The property posted EBITDA of Sol$10,723 thousand, an 8.8% increase over 2Q10. Cost of sales increased to Sol$,1,495 thousand, due to increased expenses related to the addition of parking spaces. Occupancy remained strong at the shopping center, exceeding 98.9% and small increase of GLA to 77,000 m2.
Mega Express Villa – This strip mall property, located in Chorrillos, Peru, contributed income of Sol$553 thousand in the second quarter, an increase of 30.8% year over year. The shopping center’s EBITDA decreased by 8.5% to Sol$309 thousand, compared with Sol$338 thousand in 2010. Tenant sales increased 40% to Sol$19,990 thousand and came primarily from anchor stores, which contributed 78% of the total, while small stores generated 15%.
Larcomar Fashion Center – Located in Lima, the mall contributed income of Sol$6,803 thousand in the second quarter. While Larcomar was only incorporated in the second half of 2010 the following is provided for comparative purposes. The center’s EBITDA rose by 4.4% to Sol$4,198 thousand, compared with Sol$4,021 thousand in 2010. Cost of Sales was down 7% to Sol$3,516 thousand versus Sol$3,762 thousand in 2010. Since Parque Arauco secured the contract and took control on July 1, 2010 there has been a significant restructuring and realignment of the administration. As a result, overall cost of sales and SG&A reduced by 7% and 25%, respectively. While EBITDA margin declines slightly to 61.7% in Q2, for the first half EBITDA margin increased to 67% from 61% during the first half of 2011.
Parque Lambrani – Located in Peru contributed income of Sol$2,141 thousand during the second quarter of 2011. The EBITDA of Sol$188 thousand was impacted by expenses related to the new operations such as higher marketing and startup costs. Cost of sales was Sol$769 thousand and SG&A totaled Sol$1,184 thousand due to advertising expenses, overhead and maintenance as part of the campaign to position in the Peruvian market. Anchor stores contributed 60% of the properties sales composition followed by a mix of small stores and food court sales. Total GLA is at 28,000 m2, and occupancy rate reached 94.7%, which underscores the Company’s commitment to the development and operation of retail properties in the Peruvian market.
Colombia
Parque Arboleda – This shopping center opened during the fourth quarter 2010 in Pereira, Colombia. Its unique rental structure is atypical among the primarily condominium type mall structures in Colombia. For the quarter, Parque Arboleda contributed income of Col$2,701 million and EBITDA of Col$ 1,841 million. The property has total GLA of 33,000 m2. Cost of sales and SG&A were Col$ 1,108 million and Col$ 1,100 million, respectively primarily due to continuous improvement in efficiency and optimization. There have been monthly improvements in tenant sales since it opened and totaled Col$49,723 million for the first half of 2011.
Outlook
Parque Arauco will continue to extend its regional footprint and has developed a revised and expanded investment plan of approximately US$840 million to expand its operations in Chile (US$170 million), Colombia (US$410 million), and Peru (US$260 million) to 2015. Parque Arauco expects to finance its current and new developments in these countries through a combination of an equity issue, free cash flow, debt at project level, current liquidity and partnerships.
Parque Arauco remains confident in its development plan throughout the region. In Peru private consumption growth is currently at 5.3% and projected to increase. Parque Arauco continues to expect tenant sales growth projections for the year 2011 of 13% in Chile to approximately US$1,816 million, in Peru of 33% to approximately US$480 million and in Colombia of US$123 million. Given the current higher inflationary environment and depreciation of the dollar versus 2010, the Company is revising the expected outlook for EBITDA growth to 15-17% from 17-20% growth for 2011 or US$127-130 million from US$130-133 million when compared to US$111 million in 2010.
About Parque Arauco
Parque Arauco, based in Chile, is one of Latin America’s largest developers and operators, in terms of GLA, of retail real estate in Latin America. Over the last 30 years, Parque Arauco has developed, operated and managed shopping centers throughout Chile, where it currently operates 8 properties. In Peru, the Company has interests in four malls, and Parque Arauco has expanded into Colombia with the opening of its first shopping center, Parque Arboleda.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Parque Arauco. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the economies in which we work and the industry, among other factors; therefore, they are subject to change without prior notice.
| Parque Arauco S.A. | ||||||||||||||||||
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Consolidated Income Statement |
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| IFRS | ||||||||||||||||||
| Ch$ thousands | ||||||||||||||||||
| Quarter Ending June 30, | Year End June 30, | |||||||||||||||||
| 2011 | 2010 | Chg. % | 2011 | 2010 | Chg. % | |||||||||||||
| Revenues | 20,222,656 | 16,857,664 | 20.0 | % | 39,930,244 | 33,084,309 | 20.7 | % | ||||||||||
| Cost of Sales | (4,066,371 | ) | (2,565,113 | ) | 58.5 | % | (7,528,572 | ) | (6,033,393 | ) | 24.8 | % | ||||||
| Gross Profit | 16,156,286 | 14,292,551 | 13.0 | % | 32,401,672 | 27,050,916 | 19.8 | % | ||||||||||
| Administration Expenses | (2,445,685 | ) | (1,994,225 | ) | 22.6 | % | (4,884,038 | ) | (3,950,923 | ) | 23.6 | % | ||||||
| OPERATING INCOME | 13,710,601 | 12,298,326 | 11.5 | % | 27,517,634 | 23,099,993 | 19.1 | % | ||||||||||
| Depreciation & Amortization | 604,684 | 332,969 | 81.6 | % | 1,162,124 | 698,983 | 66.3 | % | ||||||||||
| EBITDA | 14,315,285 | 12,631,295 | 13.3 | % | 28,679,759 | 23,798,976 | 20.5 | % | ||||||||||
| Other Income / Expenses | (1,478,448 | ) | 2,662,290 | - | (1,810,756 | ) | 1,576,894 | - | ||||||||||
| Financial Income | 941,725 | 94,121 | 900.5 | % | 1,600,363 | 821,682 | 94.8 | % | ||||||||||
| Financial Expenses | (3,572,587 | ) | (3,010,107 | ) | 18.7 | % | (7,205,469 | ) | (6,307,670 | ) | 14.2 | % | ||||||
| Foreign Exchange Differences | 86,282 | 306,130 | -71.8 | % | (72,716 | ) | 357,816 | - | ||||||||||
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Income (Loss) for indexed assets |
(4,123,072 | ) | (2,931,320 | ) | 40.7 | % | (5,803,302 | ) | (3,637,932 | ) | 59.5 | % | ||||||
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Gains (losses) from the difference between the |
0 | 0 | -- | 0 | 0 | -- | ||||||||||||
| NON-OPERATING INCOME | (8,146,099 | ) | (2,878,886 | ) | 183.0 | % | (13,291,879 | ) | (7,189,210 | ) | 84.9 | % | ||||||
| Profit before Income Tax | 5,564,502 | 9,419,440 | -40.9 | % | 14,225,755 | 15,910,783 | -10.6 | % | ||||||||||
| Income Tax | (65,183 | ) | (1,037,433 | ) | -93.7 | % | (1,616,336 | ) | (2,158,330 | ) | -25.1 | % | ||||||
| NET PROFIT (LOSS) | 5,499,319 | 8,382,007 | -34.4 | % | 12,609,419 | 13,752,453 | -8.3 | % | ||||||||||
| Attributable to: | ||||||||||||||||||
| Equity holders of the company | 4,773,298 | 7,918,767 | -39.7 | % | 11,091,353 | 12,763,400 | -13.1 | % | ||||||||||
| Minority interests | 726,021 | 463,241 | 56.7 | % | 1,518,065 | 989,053 | 53.5 | % | ||||||||||
| NET PROFIT (LOSS) | 5,499,319 | 8,382,008 | -34.4 | % | 12,609,419 | 13,752,453 | -8.3 | % | ||||||||||
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Financial and Operating Highlights |
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| Quarter Ending June 30, | Quarter Ending June 30, | |||||||||||||||||
| 2011 |
2010 |
Chg. % | 2011 | 2010 | Chg. % | |||||||||||||
| Revenues (Ch$ Millions) | 20,223 | 16,858 | 20.0 | % | 39,930 | 33,084 | 20.7 | % | ||||||||||
| EBITDA (Ch$ Millions) | 14,315 | 12,631 | 13.3 | % | 28,680 | 23,799 | 20.5 | % | ||||||||||
| EBITDA Margin % | 70.8 | % | 74.9 | % | -4.1 pp | 71.8 | % | 71.9 | % | -0.1 pp | ||||||||
| Net Income (Ch$ Millions) | 5,499 | 8,382 | -34.4 | % | 12,609 | 13,752 | -8.3 | % | ||||||||||
| Net Income Margin % | 27.2 | % | 49.7 | % | -22.5 pp | 31.6 | % | 41.6 | % | -10.0 pp | ||||||||
| FFO (Ch$ Millions) | 10,227 | 11,646 | -12.2 | % | 19,575 | 18,089 | 8.2 | % | ||||||||||
| FFO Margin % | 50.6 | % | 69.1 | % | -18.5 pp | 49.0 | % | 54.7 | % | -5.7 pp | ||||||||
| Weighted Avg. Shares (million) | 612.75 | 608.33 | 0.7 | % | 612.75 | 608.33 | 0.7 | % | ||||||||||
| EPS ($) | 8.97 | 13.78 | -34.9 | % | 20.58 | 22.61 | -9.0 | % | ||||||||||
| Stock Price (Ch$) | 1,045.00 | 757.85 | 37.9 | % | 1,045.00 | 757.85 | 37.9 | % | ||||||||||
| Daily Traded Volume (Ch$ million) | 938.78 | 674.79 | 39.1 | % | 938.78 | 674.79 | 39.1 | % | ||||||||||
| Total Tenant Sales (Ch$ Millions) 1 | 261,774 | 228,325 | 14.6 | % | 514,667 | 429,295 | 19.9 | % | ||||||||||
| Total GLA (m2) | 593,000 | 501,000 | 18.4 | % | 593,000 | 501,000 | 18.4 | % | ||||||||||
| Parque Arauco GLA (m2) | 405,329 | 370,427 | 9.4 | % | 405,329 | 370,427 | 9.4 | % | ||||||||||
| 1. Total Tenant Sales = Sales of Consolidated Assets | ||||||||||||||||||
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Consolidated Balance Sheet |
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| (Ch$ millions) | June 30, | December 31, | |||||||
| 2011 | 2010 | % Change | |||||||
| Assets: | |||||||||
| Cash and Cash Equivalents | 44,664 | 85,296 | -47.6 | % | |||||
| Trade Accounts Receivable & Other Receivables | 19,542 | 22,148 | -11.8 | % | |||||
| Other Current Assets | 9,664 | 12,015 | -19.6 | % | |||||
| Total Current Assets | 73,871 | 119,460 | -38.2 | % | |||||
| Investment Properties | 651,139 | 622,207 | 4.6 | % | |||||
| Other Non-Current Assets | 76,557 | 68,384 | 12.0 | % | |||||
| Total Non-Current Assets | 727,696 | 690,590 | 5.4 | % | |||||
| Total Assets | 801,567 | 810,050 | -1.0 | % | |||||
| Liabilities & Stockholder's Equity: | |||||||||
| Current Financial Liabilities | 46,976 | 31,509 | 49.1 | % | |||||
| Other Current Liabilities | 14,659 | 27,490 | -46.7 | % | |||||
| Total Current Liabilities | 61,635 | 58,999 | 4.5 | % | |||||
| Non-Current Financial Liabilities | 287,302 | 302,392 | -5.0 | % | |||||
| Other Non-Current Liabilities | 61,984 | 61,224 | 1.2 | % | |||||
| Total Non-Current Liabilities | 349,285 | 363,616 | -3.9 | % | |||||
| Total Liabilities | 410,920 | 422,615 | -2.8 | % | |||||
| Equity | |||||||||
| Issued Share Capital | 147,191 | 147,191 | 0.0 | % | |||||
| Accumulated Earnings (Losses) | 219,063 | 220,654 | -0.7 | % | |||||
| Other Reserves | (20,201 | ) | (22,192 | ) | -9.0 | % | |||
| Equity Attributable to Company Shareholders | 346,053 | 345,653 | 0.1 | % | |||||
| Minority Interest | 44,594 | 41,782 | 6.7 | % | |||||
| Total Equity | 390,646 | 387,435 | 0.8 | % | |||||
| Total Liabilities & Equity | 801,567 | 810,050 | -1.0 | % | |||||
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Property Financial Highlights |
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| IFRS | ||||||||||||||||||
| (Ch$ millions) | ||||||||||||||||||
| *(Sol$ thousands) | Quarter to | Cumulative to | ||||||||||||||||
| *(Col$ millions) | June 30, | June 30, | ||||||||||||||||
| 2011 | 2010 | % Change | 2011 | 2010 | % Change | |||||||||||||
| Total Revenues | ||||||||||||||||||
| Parque Arauco Kennedy | 8,045 | 8,164 | -1.5 | % | 15,418 | 15,570 | -1.0 | % | ||||||||||
| Arauco Maipu (1) | 1,902 | 1,653 | 15.1 | % | 3,715 | 3,157 | 17.7 | % | ||||||||||
| * Mega Plaza Norte | 12,458 | 11,059 | 12.6 | % | 24,754 | 22,535 | 9.8 | % | ||||||||||
| Marina Arauco | 2,893 | 2,865 | 1.0 | % | 5,701 | 5,392 | 5.7 | % | ||||||||||
| Boulevard Marina Arauco | 353 | N/A | 669 | N/A | ||||||||||||||
| Mall Center Curico | 991 | 945 | 4.8 | % | 1,870 | 1,764 | 6.0 | % | ||||||||||
| Plaza El Roble | 942 | 547 | 72.2 | % | 1,852 | 1,155 | 60.3 | % | ||||||||||
| Paseo Arauco Estacion (2) | 3,002 | 3,024 | -0.7 | % | 6,004 | 5,798 | 3.6 | % | ||||||||||
| Arauco San Antonio (3) | 917 | 564 | 62.6 | % | 1,869 | 1,034 | ||||||||||||
| * Mega Express Villa (3) | 553 | 423 | 30.8 | % | 1,066 | 817 | ||||||||||||
| * Larcomar Fashion Center (4) | 6,803 | 6,347 | 7.2 | % | 13,404 | 12,920 | 3.7 | % | ||||||||||
| * Parque Lambramani | 2,141 | N/A | 4,730 | N/A | ||||||||||||||
| ** Parque Arboleda | 2,701 | N/A | 5,675 | N/A | ||||||||||||||
| Gross Profit | ||||||||||||||||||
| Parque Arauco Kennedy | 7,999 | 7,843 | 2.0 | % | 15,145 | 14,667 | 3.3 | % | ||||||||||
| Arauco Maipu (1) | 1,676 | 1,456 | 15.1 | % | 3,215 | 2,693 | 19.4 | % | ||||||||||
| * Mega Plaza Norte | 10,963 | 9,742 | 12.5 | % | 21,799 | 20,141 | 8.2 | % | ||||||||||
| Marina Arauco | 2,813 | 2,771 | 1.5 | % | 5,598 | 5,258 | 6.5 | % | ||||||||||
| Boulevard Marina Arauco | 339 | N/A | 622 | N/A | ||||||||||||||
| Mall Center Curico | 958 | 917 | 4.5 | % | 1,832 | 1,735 | 5.6 | % | ||||||||||
| Plaza El Roble | 847 | 413 | 105.3 | % | 1,706 | 899 | 89.6 | % | ||||||||||
| Paseo Arauco Estacion (2) | 2,959 | 3,002 | -1.5 | % | 5,989 | 5,680 | 5.4 | % | ||||||||||
| Arauco San Antonio (3) | 823 | 485 | 69.6 | % | 1,643 | 703 | 133.7 | % | ||||||||||
| * Mega Express Villa (3) | 400 | 431 | -7.3 | % | 896 | 810 | 10.6 | % | ||||||||||
| * Larcomar Fashion Center (4) | 4,522 | 4,572 | -1.1 | % | 9,889 | 9,158 | 8.0 | % | ||||||||||
| * Parque Lambramani | 1,373 | N/A | 3,043 | N/A | ||||||||||||||
| ** Parque Arboleda | 2,369 | N/A | 4,567 | N/A | ||||||||||||||
| EBITDA | ||||||||||||||||||
| Parque Arauco Kennedy | 7,327 | 7,125 | 2.8 | % | 13,866 | 13,238 | 4.7 | % | ||||||||||
| Arauco Maipu (1) | 1,371 | 1,193 | 14.9 | % | 2,616 | 2,146 | 21.9 | % | ||||||||||
| * Mega Plaza Norte | 10,723 | 9,853 | 8.8 | % | 20,451 | 18,738 | 9.1 | % | ||||||||||
| Marina Arauco | 2,742 | 2,650 | 3.5 | % | 5,488 | 5,099 | 7.6 | % | ||||||||||
| Boulevard Marina Arauco | 333 | N/A | 612 | N/A | ||||||||||||||
| Mall Center Curico | 891 | 691 | 29.0 | % | 1,741 | 1,486 | 17.1 | % | ||||||||||
| Plaza El Roble (2) | 707 | 290 | 143.5 | % | 1,408 | 652 | 115.9 | % | ||||||||||
| Paseo Arauco Estacion | 2,195 | 2,311 | -5.0 | % | 4,461 | 4,386 | 1.7 | % | ||||||||||
| Arauco San Antonio (3) | 693 | 400 | 73.1 | % | 1305 | 514 | 153.9 | % | ||||||||||
| * Mega Express Villa (3) | 309 | 338 | -8.5 | % | 745 | 710 | 5.0 | % | ||||||||||
| * Larcomar Fashion Center (4) | 4,198 | 4,021 | 4.4 | % | 8,958 | 7,918 | 13.1 | % | ||||||||||
| * Parque Lambramani | 188 | N/A | 897 | N/A | ||||||||||||||
| ** Parque Arboleda | 1,841 | N/A | 3,467 | N/A | ||||||||||||||
| Gross Margins | ||||||||||||||||||
| Parque Arauco Kennedy | 99 | % | 96 | % | 3.5 | % | 98 | % | 94 | % | 4.3 | % | ||||||
| Arauco Maipu (1) | 88 | % | 88 | % | 0.0 | % | 87 | % | 85 | % | 1.5 | % | ||||||
| Mega Plaza Norte | 88 | % | 88 | % | -0.1 | % | 88 | % | 89 | % | -1.5 | % | ||||||
| Marina Arauco | 97 | % | 97 | % | 0.5 | % | 98 | % | 98 | % | 0.7 | % | ||||||
| Boulevard Marina Arauco | 96 | % | 93 | % | ||||||||||||||
| Mall Center Curico | 97 | % | 97 | % | -0.3 | % | 98 | % | 98 | % | -0.4 | % | ||||||
| Plaza El Roble (2) | 90 | % | 75 | % | 19.2 | % | 92 | % | 78 | % | 18.3 | % | ||||||
| Paseo Arauco Estacion | 99 | % | 99 | % | -0.7 | % | 100 | % | 98 | % | 1.8 | % | ||||||
| Arauco San Antonio (3) | 90 | % | 86 | % | 4.3 | % | 88 | % | 68 | % | 29.2 | % | ||||||
| * Mega Express Villa (3) | 72 | % | 102 | % | -29.1 | % | 84 | % | 99 | % | -15.2 | % | ||||||
| * Larcomar Fashion Center (4) | 66 | % | 72 | % | -7.7 | % | 74 | % | 71 | % | 4.1 | % | ||||||
| * Parque Lambramani | 64 | % | 64 | % | ||||||||||||||
| ** Parque Arboleda | 88 | % | 80 | % | ||||||||||||||
| EBITDA Margins | ||||||||||||||||||
| Parque Arauco Kennedy | 91 | % | 87 | % | 4.4 | % | 90 | % | 85 | % | 5.8 | % | ||||||
| Arauco Maipu (1) | 72 | % | 72 | % | -0.1 | % | 70 | % | 68 | % | 3.6 | % | ||||||
| Mega Plaza Norte | 86 | % | 89 | % | -3.4 | % | 83 | % | 83 | % | -0.6 | % | ||||||
| Marina Arauco | 95 | % | 92 | % | 2.5 | % | 96 | % | 95 | % | 1.8 | % | ||||||
| Boulevard Marina Arauco | 94 | % | N/A | 91 | % | N/A | ||||||||||||
| Mall Center Curico | 90 | % | 73 | % | 23.1 | % | 93 | % | 84 | % | 10.5 | % | ||||||
| Plaza El Roble (2) | 75 | % | 53 | % | 41.4 | % | 76 | % | 56 | % | 34.6 | % | ||||||
| Paseo Arauco Estacion | 73 | % | 76 | % | -4.3 | % | 74 | % | 76 | % | -1.8 | % | ||||||
| Arauco San Antonio (3) | 76 | % | 71 | % | 6.5 | % | 70 | % | 50 | % | 40.4 | % | ||||||
| * Mega Express Villa (3) | 56 | % | 80 | % | -30.0 | % | 70 | % | 87 | % | -19.6 | % | ||||||
| * Larcomar Fashion Center (4) | 62 | % | 63 | % | -2.6 | % | 67 | % | 61 | % | 9.1 | % | ||||||
| * Parque Lambramani | 3 | % | N/A | 7 | % | N/A | ||||||||||||
| ** Parque Arboleda | 86 | % | N/A | 73 | % | N/A | ||||||||||||
| (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 |
|||||||||
| IFRS | |||||||||
| (Ch$) | |||||||||
| *(Sol$) | Cumulative to | ||||||||
| **(Col$) | June 30, | ||||||||
| 2011 | 2010 | % Change | |||||||
| Monthly Revenue per m² | |||||||||
| Parque Arauco Kennedy | 260,478 | 207,287 | 25.7 | % | |||||
| Arauco Maipu (1) | 118,201 | 105,917 | 11.6 | % | |||||
| * Mega Plaza Norte | 918 | 830 | 10.6 | % | |||||
| Marina Arauco | 235,873 | 212,231 | 11.1 | % | |||||
| Boulevard Marina Arauco | 154,280 | N/A | |||||||
| Mall Center Curico | 104,628 | 89,440 | 17.0 | % | |||||
| Plaza El Roble | 184,741 | 127,879 | 44.5 | % | |||||
| Paseo Arauco Estacion | 124,136 | 119,536 | 3.8 | % | |||||
| Arauco San Antonio | 82,117 | 65,245 | 25.9 | % | |||||
| * Mega Express Villa | 583 | 437 | 33.5 | % | |||||
| * Larcomar Fashion Center | 556 | 475 | 17.0 | % | |||||
| ** Parque Lambramani | 395 | N/A | |||||||
| ** Parque Arboleda | 761,353 | N/A | |||||||
| Monthly Rent per m² | |||||||||
| Parque Arauco Kennedy | 20,950 | 18,660 | 12.3 | % | |||||
| Arauco Maipu (1) | 8,582 | 7,882 | 8.9 | % | |||||
| * Mega Plaza Norte | 46 | 42 | 9.6 | % | |||||
| Marina Arauco | 14,825 | 14,193 | 4.5 | % | |||||
| Boulevard Marina Arauco | 9,118 | N/A | |||||||
| Mall Center Curico | 5,946 | 5,641 | 5.4 | % | |||||
| Plaza El Roble | 11,117 | 6,726 | 65.3 | % | |||||
| Paseo Arauco Estacion | 13,069 | 12,457 | 4.9 | % | |||||
| Arauco San Antonio | 8,362 | 13,914 | |||||||
| * Mega Express Villa | 30 | 24 | |||||||
| * Larcomar Fashion Center | 59 | 54 | 9.4 | % | |||||
| ** Parque Lambramani | 29 | N/A | |||||||
| ** Parque Arboleda | 78,689 | N/A | |||||||
| % Occupancy | |||||||||
| Parque Arauco Kennedy | 99.6 | % | 100.0 | % | -0.4 | % | |||
| Arauco Maipu (1) | 94.3 | % | 91.2 | % | 3.4 | % | |||
| Mega Plaza Norte | 98.9 | % | 99.5 | % | -0.6 | % | |||
| Marina Arauco | 97.8 | % | 99.8 | % | -2.0 | % | |||
| Boulevard Marina Arauco | 95.0 | % | N/A | ||||||
| Mall Center Curico | 98.9 | % | 98.0 | % | 0.9 | % | |||
| Plaza El Roble | 97.7 | % | 99.7 | % | -2.0 | % | |||
| Paseo Arauco Estacion | 96.7 | % | 99.6 | % | -2.9 | % | |||
| Arauco San Antonio | 98.6 | % | 97.0 | % | |||||
| Mega Express Villa | 96.7 | % | 92.5 | % | |||||
| Larcomar Fashion Center | 96.9 | % | 98.1 | % | -1.3 | % | |||
| ** Parque Lambramani | 94.7 | % | N/A | ||||||
| ** Parque Arboleda | 88.6 | % | N/A | ||||||
| (1) Result reflects results of the affiliated commercial property, Arauco Express Pajaritos. | |||||||||