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 third quarter ended September 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/.
“I am very pleased to have been named CEO of Parque Arauco earlier this month and I am looking forward to growing and reinforcing our leadership position as one of Latin America’s largest developers and operators of shopping malls and as one of the region’s most respected brands. I am also fully committed to ensuring the success of our major investment plan, commented Juan Antonio Álvarez, CEO of Parque Arauco. “We achieved a major step in supporting our expansion plan through 2015, with the completion last month of a primary share offering of approximately US$168 million, which, along with cash and cash equivalents at the end of October of approximately US$260 million, puts us in a comfortable position to complete our current plans,” added Mr. Álvarez.
Third Quarter Results
Revenues for the third quarter of 2011 were Ch$21,039 million, a 15.3% increase as compared to 3Q10, driven mainly by increased GLA. Additionally, revenue growth was also driven by an increase in rental revenues from nearly all of the Company’s existing properties, as compared to the third quarter of 2010. GLA in Chile increased by 28,000 m2, with the additions coming from Arauco Maipu, Arauco San Antonio, Marina Arauco and Boulevard Marina Arauco. In Peru, GLA increased by 36,000 m2, with the increases coming from Mega Plaza Norte and Parque Labramani. GLA also increased at Parque Arboleda, in Colombia, by 34,000 m2. Revenues decreased slightly at Paseo Arauco Estacion, in Chile, as the Company is in the process of changing the tenant mix and redesigning GLA in order to position the mall to achieve higher rent/m2 in the coming quarters.
Gross profit for the quarter was Ch$17,289 million, an increase of 12.0% as compared to the same period of 2010. Increased rental revenues, the addition of own GLA and 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$3,750 million with additional expenses coming from increased infrastructure in support of our expansion plan.
Sales, General and Administration expenses increased 28.7% to Ch$2,583 million, in line with the expansion of GLA. Administrative expenses increased due to external advisory costs related to our growth plans and cost restructuring plans.
Depreciation and amortization increased to Ch$610 million as compared to Ch$405 million in 3Q10. The increase is primarily related to the increase in non-shopping mall assets to support the overall growth in Chile, Colombia and Peru.
In the third quarter, the Company recorded EBITDA of Ch$ 15,316 million, 10.7% higher than the Ch$13,842 million recorded in 3Q10. EBITDA margin declined by 3% to 72.8% as compared to 3Q10 as additional expenses from our expansion plan partially offset additional revenue from added GLA, efficiency improvements and increased common expense recovery at certain established properties.
Non-operating expenses of Ch$4,352 million were recorded in the third quarter of 2011 compared to non-operating expense of Ch$2,242 million in 3Q10. The principal contributors to the result were higher other expenses and financial expenses associated with the Company’s investment plan. Other expenses in the third quarter 2011 totaled Ch$92 million, compared to other income of Ch$5,239 million which included income from the sale of the Office towers at Parque Arauco Kennedy in 2010. Financial expenses increased by 18.3% to Ch$4,640 as the Company began paying interest on debt related to expansion projects in Colombia and Peru. Foreign exchange differences contributed income of Ch$1,145 million as a result of an intercompany loan in USD made to a Peruvian operation, as compared to a Ch$2,431 expense in the previous year’s third quarter. Finally, the inflationary environment that prevailed in 3Q11 resulted in an expense of Ch$1,563 million, a 20% decrease compared to an expense of Ch$1,954 million in the third quarter of 2010.
Net income was Ch$9,059 million, or Ch$14.10 per share, as compared with net income of Ch$9,652 million, or Ch$15.75 per share, in 3Q10. The weighted average number of shares outstanding during the quarter was 642.3 million as compared to 612.75 million 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$10,991 million, as compared to Ch$12,012 million in the third quarter of 2010. The decrease was explained for the effect of an extra income from the sale of the Office towers of Ch$5,462 million.
Cash and cash equivalents totaled Ch$71,666 million in the third quarter as the Company continued to disburse funds to develop new properties. Net financial debt at the end of the quarter was Ch$269,127 million. The Company remains comfortably within its financial covenants with Liabilities/ (Equity+ Minority Interest) of 0.95 as compared to a limit of 1.4 and EBITDA/Financial Expenses of 3.7, substantially above the requisites of 2.375.
GLA grew 19.6% and totaled 599,000 m², as compared to 501,000 m² in 3Q10, and owned GLA grew 12.1% to 407,612 m², as compared to 363,677 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 717,000 m².
Third Quarter 2011 Highlights and Subsequent Events
Earlier this month, Parque Arauco announced that Juan Antonio Álvarez will be its next CEO, replacing Andres Olivos who had been with the company for eight years. Before joining Parque Arauco, Mr. Álvarez held the position of CEO at Compania Sud Americana de Vapores, the largest maritime shipping company in Latin America and one of the 15 largest in the world, until March of 2011 when he was named director of that company.
Last month, the Company completed an offering of approximately US $168 million in a primary share offering by issuing and placing 100% of 90,000,000 new common shares to existing and new shareholders. At the beginning of September, US 60 million was raised among existing shareholders, with the subscription of 29.553.125 shares. The share issue was finalized at October 24th, raising an additional approximate US$108 million among new shareholders, with the 60.446.875 shares remaining.
New Pipeline of Developments - Properties announced to date to be developed during this period include:
Nine new projects in Peru over the next four years: The US$92 million investment for the first stage of this expansion of neighborhood shopping centers will include a combination of Cencosud supermarkets, anchor stores and smaller stores. The partner will be the Wiese Family in Peru who is also a partner in Mega Plaza Norte and the project have an estimate a steady EBITDA of US$10 million with opening dates from between 2012-2015.
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 with an ongoing contribution of approximately US$4 million in EBITDA per year. The opening is planned for 1Q 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. Parque Arauco will have a 51% stake and AURUS will co-invest 49% in the projects. The initial aggregate GLA is 12,000 m2 with AURUS contributing 6 operating assets to the format.
On August 4, 2011, 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$85 million and contribute an ongoing EBITDA of more than US$9 million. The expected opening is planned for 2014/2015.
Mega Plaza Chimbote in Chimbote, Peru: Already under construction Mega Plaza Chimbote is on track for an 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 on track for an expected opening in 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$244 million are expected to contribute US$30 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 30,000 m2 and an expected investment of US$100 million is expected to contribute US$10 million in EBITDA on an ongoing basis. Already under construction expected opening is planned for 2013.
Quarterly Operating and Financial Property Highlights
Chile
Parque Arauco Kennedy – Kennedy generated total income of Ch$8,186 million in the third quarter of 2011, a result that was 0.9% higher than the amount recorded in the same period of 2010. The previous year’s quarter included revenues from the Office Towers which were sold in 2010 which also reduced GLA to 108,000 m2. EBITDA as compared to the previous year’s third quarter was slightly lower to Ch$7,121 million. For the first nine months of the year, cost of sales was down 51%, 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 an 8% increase of Tenant Sales, to Ch$254,280 million for the first three quarters of 2011.
Mall Arauco Maipú – This shopping center, located in Santiago, Chile, generated income of Ch$2,057 million during the third quarter, an increase of 20% as compared to the total in 3Q10, with the completion of a new food court and additional GLA. The property’s EBITDA improved to Ch$1,595 million, an increase of 27.6%, as compared to the same period of 2010. The shopping center’s GLA increased 5% to 69,000 m2. The property was able to secure over 94.1% occupancy rate.
Plaza El Roble – El Roble contributed income of Ch$962 million during the third quarter, an increase of 13.8% from Q310. During the 3Q10, the mall remained partially closed due to the earthquake that struck close to the city of Chillán, where the property is located. EBITDA rose by 14.1% to Ch$744 million as compared to the previous year’s third quarter. Cost of sales was down 31% to Ch$216 million in the first nine months of the year compared to the same period in 2010 due to a better recovery of common expenses. The property’s entire GLA of 25,000 m2 is now operating at a solid occupancy level of 100%.
Paseo Arauco Estación – Estación achieved total income of Ch$2,758 million in the third quarter of 2010. The mall’s EBITDA is Ch$2,278 million, a decrease of 3.2% from 3Q10. This is a property where we are in the process of changing the tenant mix and redesigning the GLA to achieve a higher rent/m2. The property’s GLA was 67,000 m2 at the end of 3Q11, remaining the same from the previous year.
Arauco San Antonio – This property’s GLA increased 50% to 30,000 m2 as compared to the previous year’s third quarter of 2011 and rental revenues grew accordingly with the addition of three anchor stores and a supermarket. Income from operations was Ch$806 million and an EBITDA of Ch$683 million, achieving an EBITDA margin of 88% for the third quarter of 2011. The anchor stores comprised 75% of the first three quarter’s 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, an increase of 5% from the previous year, and generated income of Ch$2,863 million during the third quarter, an increase of 5.7% over Q310, in-line with the increase in GLA. The property’s EBITDA of Ch$2,724 million rose by 6.5% as compared to 2010 levels. Forty-seven percent of Marina Arauco’s first three quarters’ 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 third 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. The property contributed income of Ch$390 million and an EBITDA of Ch$377 million during the quarter.
Mall Center Curicó – This shopping center is located south of Santiago, Chile, and contributed third quarter income of Ch$977 million, an increase of 7.1% as compared to the 3Q10, while EBITDA increased by 15.9% to Ch$923 million. 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 78% of tenant sales.
Peru
Mega Plaza Norte – This shopping center, located in the Peruvian capital of Lima, performed well during the third quarter, contributing income of Sol$14,612 thousand, a 12.6% increase as compared to the prior year, on the strength of higher tenant sales and rental revenues as GLA increased. The property posted EBITDA of Sol$11,058 thousand, an 11.5% increase over 3Q10. For the first nine months of 2011 cost of sales increased 24% to Sol$5,381 thousand, due to primarily to the increased GLA. The shopping center is undergoing an extensive renovation process which will improve nearly 20% of GLA. Occupancy remained strong at the shopping center, exceeding 98.7% and a 9% increase of GLA to 83,000 m2.
Mega Express Villa – This strip mall property, located in Chorrillos, Peru, contributed income of Sol$508 thousand in the second quarter, an increase of 11.1% year over year. The shopping center’s EBITDA increased by 18.8% to Sol$649 thousand, compared with Sol$546 thousand in 3Q10. Tenant sales for the first nine months increased 35% to Sol$30,667 thousand and came primarily from anchor stores, which contributed 77% of the total, while small stores generated 15%.
Larcomar Fashion Center – Located in Lima, the mall contributed income of Sol$8,503 thousand in the third 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 3% to Sol$4,708 thousand compared to the third quarter of 2010. Tenant sales for the first three quarters improved by 16% to Sol$132,946 while Cost of Sales was down 9% to Sol$6,485 thousand versus Sol$7,110 thousand in 3Q10.
Parque Lambrani – Located in Peru, this mall contributed income of Sol$2,782 thousand during the third quarter of 2011. The EBITDA of Sol$274 thousand was impacted by expenses related to the new operations such as higher marketing and startup costs. Cost of sales for the nine month period was Sol$2,453 thousand and SG&A totaled Sol$3,887 thousand due to advertising expenses, overhead and maintenance as part of the campaign to position in the Peruvian market. Anchor stores contributed 59% of the properties sales composition followed by a mix of small stores and food court sales. Total GLA is at 29,000 m2, and occupancy rate reached 92.9%, 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 and has proven a success to date. For the quarter, Parque Arboleda contributed income of Col$1,939 million and EBITDA of Col$2,231 million with an EBITDA margin of 80%. The property has total GLA of 34,000m2. There have been monthly improvements in tenant sales since it opened and totaled Col$78,110 million since the beginning of the year.
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. In October, the Company completed an approximate US$168 million primary share offering, which, along with free cash flow, debt at the project level, current liquidity and partnerships, Parque Arauco expects to finance its current and new developments.
Parque Arauco remains confident in its development plan throughout the region. The expected outlook for EBITDA growth in 2011 continues to be 15-17%, or Ch$59,900 – 60,900 when compared to Ch$52,062 million in 2010.
About Parque Arauco
Parque Arauco, based in Chile, is one of Latin America’s largest developers and operators, in terms of GLA, of retail real estate in Latin America. Over the last 30 years, Parque Arauco has developed, operated and managed shopping centers throughout Chile, where it currently operates 8 properties. In Peru, the Company has interests in four malls, and Parque Arauco has expanded into Colombia with the opening of its first shopping center, Parque Arboleda.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Parque Arauco. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the economies in which we work and the industry, among other factors; therefore, they are subject to change without prior notice.
| Parque Arauco S.A. | ||||||||||||||
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Consolidated Income Statement |
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| IFRS | ||||||||||||||
| Ch$ thousands | ||||||||||||||
| Quarter Ending September 30, | Year End September 30, | |||||||||||||
| 2011 | 2010 | Chg. % | 2011 | 2010 | Chg. % | |||||||||
| Revenues | 21,038,602 | 18,251,439 | 15.3% | 60,968,846 | 51,335,748 | 18.8% | ||||||||
| Cost of Sales | (3,749,981) | (2,808,619) | 33.5% | (11,278,553) | (8,842,011) | 27.6% | ||||||||
| Gross Profit | 17,288,621 | 15,442,821 | 12.0% | 49,690,293 | 42,493,737 | 16.9% | ||||||||
| Administration Expenses | (2,582,862) | (2,006,620) | 28.7% | (7,466,900) | (5,957,543) | 25.3% | ||||||||
| OPERATING INCOME | 14,705,758 | 13,436,201 | 9.4% | 42,223,392 | 36,536,194 | 15.6% | ||||||||
| Depreciation & Amortization | 610,206 | 405,318 | 50.6% | 1,772,330 | 1,104,301 | 60.5% | ||||||||
| EBITDA | 15,315,964 | 13,841,518 | 10.7% | 43,995,723 | 37,640,495 | 16.9% | ||||||||
| Other Income / Expenses | (92,039) | 5,239,242 | - | (1,902,795) | 6,816,136 | - | ||||||||
| Financial Income | 798,156 | 824,604 | -3.2% | 2,398,519 | 1,646,287 | 45.7% | ||||||||
| Financial Expenses | (4,640,154) | (3,921,361) | 18.3% | (11,845,623) | (10,229,031) | 15.8% | ||||||||
| Foreign Exchange Differences | 1,144,531 | (2,430,551) | - | 1,071,815 | (2,072,735) | - | ||||||||
| Income (Loss) for indexed assets and liabilities | (1,562,991) | (1,954,237) | -20.0% | (7,366,293) | (5,592,168) | 31.7% | ||||||||
| Gains (losses) from the difference between the previous book value and the fair value of financial assets | 241,234 | 0 | - | 241,234 | 0 | - | ||||||||
| NON-OPERATING INCOME | (4,111,263) | (2,242,302) | 83.4% | (17,403,143) | (9,431,512) | 84.5% | ||||||||
| Profit before Income Tax | 10,594,495 | 11,193,899 | -5.4% | 24,820,250 | 27,104,682 | -8.4% | ||||||||
| Income Tax | (1,294,396) | (1,541,822) | -16.0% | (2,910,732) | (3,700,152) | -21.3% | ||||||||
| NET PROFIT (LOSS) | 9,300,099 | 9,652,077 | -3.6% | 21,909,518 | 23,404,530 | -6.4% | ||||||||
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| Attributable to: | ||||||||||||||
| Equity holders of the company | 8,424,224 | 8,870,847 | -5.0% | 19,515,577 | 21,634,247 | -9.8% | ||||||||
| Minority interests | 634,640 | 781,230 | -18.8% | 2,152,706 | 1,770,283 | 21.6% | ||||||||
| NET PROFIT (LOSS) | 9,058,864 | 9,652,077 | -6.1% | 21,668,283 | 23,404,530 | -7.4% | ||||||||
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Financial and Operating Highlights |
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| Quarter Ending September 30, | Quarter Ending September 30, | |||||||||||||
| 2011 | 2010 | Chg. % | 2011 | 2010 | Chg. % | |||||||||
| Revenues (Ch$ Millions) | 21,039 | 18,251 | 15.3% | 60,969 | 51,336 | 18.8% | ||||||||
| EBITDA (Ch$ Millions) | 15,316 | 13,842 | 10.7% | 43,996 | 37,640 | 16.9% | ||||||||
| EBITDA Margin % | 72.8% | 75.8% | -3.0 pp | 72.2% | 73.3% | -1.2 pp | ||||||||
| Net Income (Ch$ Millions) | 9,059 | 9,652 | -6.1% | 21,668 | 23,405 | -7.4% | ||||||||
| Net Income Margin % | 43.1% | 52.9% | -9.8 pp | 35.5% | 45.6% | -10.1 pp | ||||||||
| FFO (Ch$ Millions) | 10,991 | 12,012 | -8.5% | 30,566 | 30,101 | 1.5% | ||||||||
| FFO Margin % | 52.2% | 65.8% | -13.6 pp | 50.1% | 58.6% | -8.5 pp | ||||||||
| Weighted Avg. Shares (million) | 642.30 | 612.75 | 4.8% | 642.30 | 612.75 | 4.8% | ||||||||
| EPS ($) | 14.10 | 15.75 | -10.5% | 33.74 | 38.20 | -11.7% | ||||||||
| Stock Price (Ch$) | 851.17 | 945.00 | -9.9% | 851.17 | 945.00 | -9.9% | ||||||||
| Daily Traded Volume (Ch$ million) | 610.00 | 1,221.20 | -50.0% | 825.45 | 864.39 | -4.5% | ||||||||
| Total Tenant Sales (Ch$ Millions) 1 | 263,969 | 228,796 | 15.4% | 778,800 | 658,171 | 18.3% | ||||||||
| Total GLA (m2) | 599,000 | 501,000 | 19.6% | 599,000 | 501,000 | 19.6% | ||||||||
| Parque Arauco GLA (m2) | 407,612 | 363,677 | 12.1% | 407,612 | 363,677 | 12.1% | ||||||||
| 1. Total Tenant Sales = Sales of Consolidated Assets | ||||||||||||||
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Consolidated Balance Sheet |
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| (Ch$ millions) | September 30, | December 31, | ||||
| 2011 | 2010 | % Change | ||||
| Assets: | ||||||
| Cash and Cash Equivalents | 71,666 | 85,296 | -16.0% | |||
| Trade Accounts Receivable & Other Receivables | 12,868 | 22,148 | -41.9% | |||
| Other Current Assets | 10,912 | 12,015 | -9.2% | |||
| Total Current Assets | 95,446 | 119,460 | -20.1% | |||
| Investment Properties | 670,004 | 622,207 | 7.7% | |||
| Other Non-Current Assets | 92,352 | 68,384 | 35.0% | |||
| Total Non-Current Assets | 762,356 | 690,590 | 10.4% | |||
| Total Assets | 857,801 | 810,050 | 5.9% | |||
| Liabilities & Stockholder's Equity: | ||||||
| Current Financial Liabilities | 47,904 | 31,509 | 52.0% | |||
| Other Current Liabilities | 15,528 | 27,490 | -43.5% | |||
| Total Current Liabilities | 63,432 | 58,999 | 7.5% | |||
| Non-Current Financial Liabilities | 292,889 | 302,392 | -3.1% | |||
| Other Non-Current Liabilities | 61,920 | 61,224 | 1.1% | |||
| Total Non-Current Liabilities | 354,809 | 363,616 | -2.4% | |||
| Total Liabilities | 418,241 | 422,615 | -1.0% | |||
| Equity | ||||||
| Issued Share Capital | 175,309 | 147,191 | 19.1% | |||
| Accumulated Earnings (Losses) | 227,530 | 220,654 | 3.1% | |||
| Other Reserves | (11,096) | (22,192) | -50.0% | |||
| Equity Attributable to Company Shareholders | 391,743 | 345,653 | 13.3% | |||
| Minority Interest | 47,817 | 41,782 | 14.4% | |||
| Total Equity | 439,560 | 387,435 | 13.5% | |||
| Total Liabilities & Equity | 857,801 | 810,050 | 5.9% | |||
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Property Financial Highlights |
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| IFRS | ||||||||||||||
| (Ch$ millions) | ||||||||||||||
| *(Sol$ thousands) | Quarter to | Cumulative to | ||||||||||||
| *(Col$ millions) | September 30, | September 30, | ||||||||||||
| 2011 | 2010 | % Change | 2011 | 2010 | % Change | |||||||||
| Total Revenues | ||||||||||||||
| Parque Arauco Kennedy | 8,186 | 8,111 | 0.9% | 23,605 | 23,681 | -0.3% | ||||||||
| Arauco Maipu (1) | 2,057 | 1,715 | 20.0% | 5,772 | 4,872 | 18.5% | ||||||||
| * Mega Plaza Norte | 14,612 | 12,973 | 12.6% | 39,366 | 35,508 | 10.9% | ||||||||
| Marina Arauco | 2,863 | 2,708 | 5.7% | 8,564 | 8,100 | 5.7% | ||||||||
| Boulevard Marina Arauco | 390 | N/A | 1,059 | N/A | ||||||||||
| Mall Center Curico | 977 | 912 | 7.1% | 2,847 | 2,676 | 6.4% | ||||||||
| Plaza El Roble | 962 | 845 | 13.8% | 2,814 | 2,000 | 40.7% | ||||||||
| Paseo Arauco Estacion (2) | 2,758 | 2,893 | -4.7% | 8,762 | 8,691 | 0.8% | ||||||||
| Arauco San Antonio (3) | 806 | 598 | 34.7% | 2,675 | 1,632 | |||||||||
| * Mega Express Villa (3) | 508 | 457 | 11.1% | 1,574 | 1,274 | |||||||||
| * Larcomar Fashion Center (4) | 8,503 | 8,217 | 3.5% | 21,908 | 21,137 | 3.6% | ||||||||
| * Parque Lambramani | 2,782 | N/A | 7,511 | N/A | ||||||||||
| ** Parque Arboleda | 1,939 | N/A | 7,614 | N/A | ||||||||||
| Gross Profit | ||||||||||||||
| Parque Arauco Kennedy | 7,892 | 7,852 | 0.5% | 23,036 | 22,519 | 2.3% | ||||||||
| Arauco Maipu (1) | 1,933 | 1,529 | 26.4% | 5,149 | 4,222 | 21.9% | ||||||||
| * Mega Plaza Norte | 12,186 | 11,029 | 10.5% | 33,985 | 31,170 | 9.0% | ||||||||
| Marina Arauco | 2,789 | 2,628 | 6.1% | 8,387 | 7,885 | 6.4% | ||||||||
| Boulevard Marina Arauco | 382 | N/A | 1,003 | N/A | ||||||||||
| Mall Center Curico | 958 | 902 | 6.2% | 2,790 | 2,638 | 5.8% | ||||||||
| Plaza El Roble | 892 | 789 | 13.1% | 2,598 | 1,689 | 53.9% | ||||||||
| Paseo Arauco Estacion (2) | 2,578 | 2,869 | -10.1% | 8,568 | 8,549 | 0.2% | ||||||||
| Arauco San Antonio (3) | 711 | 462 | 53.8% | 2,354 | 1,165 | 102.0% | ||||||||
| * Mega Express Villa (3) | 626 | 556 | 12.6% | 1,522 | 1,366 | 11.4% | ||||||||
| * Larcomar Fashion Center (4) | 5,535 | 4,869 | 13.7% | 15,423 | 14,027 | 10.0% | ||||||||
| * Parque Lambramani | 2,015 | N/A | 5,058 | N/A | ||||||||||
| ** Parque Arboleda | 2,545 | N/A | 7,112 | N/A | ||||||||||
| EBITDA | ||||||||||||||
| Parque Arauco Kennedy | 7,121 | 7,243 | -1.7% | 20,987 | 20,481 | 2.5% | ||||||||
| Arauco Maipu (1) | 1,595 | 1,250 | 27.6% | 4,211 | 3,396 | 24.0% | ||||||||
| * Mega Plaza Norte | 11,058 | 9,922 | 11.5% | 31,509 | 28,659 | 9.9% | ||||||||
| Marina Arauco | 2,724 | 2,558 | 6.5% | 8,212 | 7,657 | 7.2% | ||||||||
| Boulevard Marina Arauco | 377 | N/A | 989 | N/A | ||||||||||
| Mall Center Curico | 923 | 796 | 15.9% | 2,663 | 2,282 | 16.7% | ||||||||
| Plaza El Roble (2) | 744 | 652 | 14.1% | 2,152 | 1,304 | 65.0% | ||||||||
| Paseo Arauco Estacion | 2,278 | 2,352 | -3.2% | 6,739 | 6,739 | 0.0% | ||||||||
| Arauco San Antonio (3) | 683 | 367 | 85.9% | 1988 | 881 | 125.5% | ||||||||
| * Mega Express Villa (3) | 649 | 546 | 18.8% | 1394 | 1256 | 11.0% | ||||||||
| * Larcomar Fashion Center (4) | 4,708 | 4,571 | 3.0% | 13,667 | 12,488 | 9.4% | ||||||||
| * Parque Lambramani | 274 | N/A | 1,171 | N/A | ||||||||||
| ** Parque Arboleda | 2,231 | N/A | 5,698 | N/A | ||||||||||
| Gross Margins | ||||||||||||||
| Parque Arauco Kennedy | 96% | 97% | -0.4% | 98% | 95% | 2.6% | ||||||||
| Arauco Maipu (1) | 94% | 89% | 5.4% | 89% | 87% | 2.9% | ||||||||
| Mega Plaza Norte | 83% | 85% | -1.9% | 86% | 88% | -1.7% | ||||||||
| Marina Arauco | 97% | 97% | 0.4% | 98% | 97% | 0.6% | ||||||||
| Boulevard Marina Arauco | 98% | 95% | ||||||||||||
| Mall Center Curico | 98% | 99% | -0.8% | 98% | 99% | -0.5% | ||||||||
| Plaza El Roble (2) | 93% | 93% | -0.6% | 92% | 84% | 9.4% | ||||||||
| Paseo Arauco Estacion | 93% | 99% | -5.7% | 98% | 98% | -0.6% | ||||||||
| Arauco San Antonio (3) | 88% | 77% | 14.2% | 88% | 71% | 23.2% | ||||||||
| * Mega Express Villa (3) | 123% | 122% | 1.3% | 97% | 107% | -9.8% | ||||||||
| * Larcomar Fashion Center (4) | 65% | 59% | 9.8% | 70% | 66% | 6.1% | ||||||||
| * Parque Lambramani | 72% | 67% | ||||||||||||
| ** Parque Arboleda | 131% | 93% | ||||||||||||
| EBITDA Margins | ||||||||||||||
| Parque Arauco Kennedy | 87% | 89% | -2.6% | 89% | 86% | 2.8% | ||||||||
| Arauco Maipu (1) | 78% | 73% | 6.4% | 73% | 70% | 4.7% | ||||||||
| Mega Plaza Norte | 76% | 76% | -1.0% | 80% | 81% | -0.8% | ||||||||
| Marina Arauco | 95% | 94% | 0.7% | 96% | 95% | 1.4% | ||||||||
| Boulevard Marina Arauco | 97% | N/A | 93% | N/A | ||||||||||
| Mall Center Curico | 94% | 87% | 8.3% | 94% | 85% | 9.7% | ||||||||
| Plaza El Roble (2) | 77% | 77% | 0.3% | 76% | 65% | 17.3% | ||||||||
| Paseo Arauco Estacion | 83% | 81% | 1.6% | 77% | 78% | -0.8% | ||||||||
| Arauco San Antonio (3) | 85% | 61% | 38.1% | 74% | 54% | 37.6% | ||||||||
| * Mega Express Villa (3) | 128% | 119% | 6.9% | 89% | 99% | -10.2% | ||||||||
| * Larcomar Fashion Center (4) | 55% | 56% | -0.5% | 62% | 59% | 5.6% | ||||||||
| * Parque Lambramani | 3% | N/A | 5% | N/A | ||||||||||
| ** Parque Arboleda | 80% | N/A | 76% | N/A | ||||||||||
| (1) Result reflects Q210 results of the affiliated commercial property, Arauco Express Pajaritos. | ||||||||||||||
|
(2) Property was closed during March, April and May 2010 due to damage caused by the earthquake of February 27. |
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(3) Property's financial results incorporated as of Q110 |
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| (4) Property's financial results incorporated as of Q310 | ||||||||||||||
|
Property Operating Indicators |
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| IFRS | ||||||
| (Ch$) | ||||||
| *(Sol$) | Cumulative to | |||||
| **(Col$) | September 30, | |||||
| 2011 | 2010 | % Change | ||||
| Monthly Revenue per m² | ||||||
| Parque Arauco Kennedy | 279,006 | 261,506 | 6.7% | |||
| Arauco Maipu (1) | 126,853 | 115,638 | 9.7% | |||
| * Mega Plaza Norte | 945 | 783 | 20.7% | |||
| Marina Arauco | 227,033 | 218,549 | 3.9% | |||
| Boulevard Marina Arauco | 136,179 | N/A | ||||
| Mall Center Curico | 101,756 | 98,924 | 2.9% | |||
| Plaza El Roble | 207,917 | 178,132 | 16.7% | |||
| Paseo Arauco Estacion | 183,444 | 176,149 | 4.1% | |||
| Arauco San Antonio | 111,648 | 118,315 | -5.6% | |||
| * Mega Express Villa | 597 | 446 | 33.9% | |||
| * Larcomar Fashion Center | 593 | 527 | 12.6% | |||
| ** Parque Lambramani | 434 | N/A | ||||
| ** Parque Arboleda | 327,687 | N/A | ||||
| Monthly Rent per m² | ||||||
| Parque Arauco Kennedy | 21,372 | 19,496 | 9.6% | |||
| Arauco Maipu (1) | 8,803 | 8,109 | 8.6% | |||
| * Mega Plaza Norte | 47 | 40 | 18.5% | |||
| Marina Arauco | 14,761 | 14,108 | 4.6% | |||
| Boulevard Marina Arauco | 9,598 | N/A | ||||
| Mall Center Curico | 6,056 | 5,705 | 6.2% | |||
| Plaza El Roble | 11,173 | 7,769 | 43.8% | |||
| Paseo Arauco Estacion | 12,729 | 12,487 | 1.9% | |||
| Arauco San Antonio | 7,770 | 12,319 | ||||
| * Mega Express Villa | 29 | 24 | ||||
| * Larcomar Fashion Center | 61 | 56 | 8.1% | |||
| ** Parque Lambramani | 29 | N/A | ||||
| ** Parque Arboleda | 26,071 | N/A | ||||
| % Occupancy | ||||||
| Parque Arauco Kennedy | 100.0% | 99.6% | 0.4% | |||
| Arauco Maipu (1) | 94.1% | 90.5% | 4.0% | |||
| Mega Plaza Norte | 98.7% | 99.5% | -0.8% | |||
| Marina Arauco | 97.8% | 100.0% | -2.2% | |||
| Boulevard Marina Arauco | 96.0% | N/A | ||||
| Mall Center Curico | 98.9% | 98.1% | 0.8% | |||
| Plaza El Roble | 100.0% | 96.6% | 3.5% | |||
| Paseo Arauco Estacion | 97.0% | 97.9% | -0.9% | |||
| Arauco San Antonio | 98.2% | 97.0% | ||||
| Mega Express Villa | 97.1% | 96.0% | ||||
| Larcomar Fashion Center | 97.0% | 96.2% | 0.9% | |||
| ** Parque Lambramani | 92.9% | N/A | ||||
| ** Parque Arboleda | 88.6% | N/A | ||||
| (1) Result reflects results of the affiliated commercial property, Arauco Express Pajaritos. | ||||||