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, 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/.
“The delivery of strong top line growth across all properties and the maintenance of a high EBITDA margin through cost reduction and economies of scale only capture one dimension of Parque Arauco’s achievements in 2011. During the year we also set the stage for future expansion through the renovation and repositioning of properties in addition to securing the financing needed to execute ambitious construction plans across Chile, Peru and Colombia. As the new chief executive, one of my primary objectives is to deliver on this geographic expansion strategy. In addition, I remain focused on diversifying and upgrading our mall product mix in underpenetrated areas while attracting a growing number of Latin America’s middle class to our more established developments,” said chief executive Juan Antonio Álvarez.
Full-Year Results
Revenues for 2011 were Ch$ 86,345 million, an 18.0% increase as compared to 2010, driven mainly by increased total GLA and rental revenue growth from nearly all of the Company’s existing properties. Total GLA in Chile increased 20,000 m2, with the additions coming from expansions of current properties (Arauco Maipú, Arauco San Antonio, and Marina Arauco) and a new property, Boulevard Marina Arauco, which opened in February, 2011. In Peru, total GLA increased by 12,000 m2, driven by increases from Mega Plaza Norte and the addition of Parque Lambramani. In Colombia, total GLA increased by 15,000 m2 with the full opening of Parque Arboleda. Revenue growth was flat at Parque Arauco Kennedy, in Chile, as there were changes in tenant mix and store closings during renovation in order to increase overall GLA and GLA dedicated to entertainment services, plus the impact of the sale of the Office Towers.
Gross profit for the year was Ch$ 69,690 million, a year-over-year increase of 15.3%. Increased rental revenues and the addition of GLA resulted in the improved gross profit. The cost of sales grew to Ch$ 16,654 million with additional expenses as a result of increased infrastructure in support of the Company’s expansion plan and new properties in operation.
SG&A expenses increased 8.6% to Ch$ 10,794 million, slightly below the expansion of own GLA. Administrative expenses include costs related to the Company’s growth plans and cost restructuring initiatives, advertising and marketing expenses as well as facilities costs which tend to be greater in the first year of operation of new properties.
Depreciation and amortization increased 51.9% to Ch$ 2,331 million as compared to Ch$ 1,534 million in 2010. This was primarily related to the increase in non-shopping mall assets to support the overall growth in Chile, Colombia and Peru.
The Company recorded EBITDA of Ch$ 61,227 million, which was 17.6% higher than the Ch$ 52,062 million recorded in 2010. The EBITDA margin decreased 0.3 percentage points to 70.9% as additional expenses from the Company’s expansion plan partially offset additional revenue from added GLA and increased common expense recovery at certain established properties.
Non-operating expenses of Ch$ 9,926 million were recorded in 2011 compared to non-operating income of Ch$ 4,637 million in 2010. The principal contributors were higher net financial expenses associated with the Company’s investment plan, revaluation of certain assets and lower other income. Net financial expenses increased 8.9% to Ch$ 15,929 in 2011. Other income in 2011 declined 26.1% to Ch$ 7,050 million, compared to other income in 2010 which included the sale of the Office Towers at Parque Arauco Kennedy and the Company’s stake in the Argentinean mall operator, Alto Palermo S.A. (APSA). Foreign exchange differences contributed income of Ch$ 2,354 million as compared to a Ch$ 2,573 million expense in the previous year. The inflationary environment that prevailed in 2011 resulted in a loss on indexed assets and liabilities of Ch$ 10,119 million, a 41.7% increase compared to a loss of Ch$ 7,140 million in 2010. Finally, a gain of Ch$ 2,463 million in the difference between previous book value and the fair value of financial assets was primarily driven by adjustments to fair value of select properties, in particular, Parque Lambramani, as the Company works to reposition that property.
In 2011, net income was Ch$ 43,091 million, or Ch$ 68.12 per share, as compared with net income of Ch$ 47,201 million, or Ch$ 77.33 per share, in 2010. The weighted average number of shares outstanding during the year was 632.56 million as compared to 610.39 million in 2010.
FFO (“Funds from Operations”) for 2011, 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$ 54,079 million, as compared to Ch$ 45,254 million in 2010.
Cash and cash equivalents totaled Ch$ 136,430 million in 2011 compared to Ch$ 85,296 in 2010 as the Company successfully raised funds in a primary share offering in 3Q 2011. Net financial debt at the end of 2011 was Ch$ 204,623 million down from Ch$ 248,605. The Company remains comfortably within its financial covenants with Liabilities/ (Equity+ Minority Interest) of 0.87 as compared to a limit of 1.4 and EBITDA/Financial Expenses of 3.84, substantially above the requisites of 2.375.
Total GLA grew 8.4% to 604,000 m² in 2011, as compared to 557,000 m² in 2010, and own GLA grew 5.0% to 410,739 m², as compared to 391,042 m² in 2010. This can be attributed to the new properties and completion of renovations in several properties. Occupancy remained relatively stable as compared to the prior year. Additionally, the Company owns a land bank in Chile, Peru and Colombia for future developments of more than 600,000 m².
Fourth Quarter Results
Fourth quarter revenues grew 16.3% year over year to Ch$ 25,376 million, driven mainly by strong income growth across most properties and increased GLA, as well as an increase in rental revenues from nearly all of the Company’s existing properties. Revenues were down at Plaza El Roble, in Chile, compared to 4Q 2010 when revenue was recognized from insurance claims on damage caused by the 2010 earthquake.
Quarterly gross profit increased 11.3% to Ch$ 20,000 relative to the same period last year. Higher rental revenues and own GLA expansion drove the improvement in gross profit. The cost of sales increased 39.8% to Ch$ 5,376 million, a 3.4 percentage point increase relative to revenue due to increased investments in infrastructure to support the Company’s growth. Sales, General and Administration expenses decreased 16.5% to Ch$ 3,327 million. As a percentage of revenue it was down 4.2 percentage points year over year with the completion of renovations at some properties.
In the fourth quarter, the Company recorded EBITDA of Ch$ 17,232 million, 19.5% higher than the Ch$ 14,422 million reported in 4Q 2010. The EBITDA margin increased by 1.8 percentage points to 67.9%, as compared to 4Q 2010 as additional revenue from higher GLA and increased common expense recovery at certain established properties more than offset additional expenses from our expansion plan.
Non-operating income was Ch$ 7,719 million in the fourth quarter of 2011, compared to Ch$ 14,069 million in 4Q 2010. The main drivers were lower financial income and the revaluation of certain assets. Other income in the fourth quarter totaled Ch$ 9,194 million, compared to other income of Ch$ 2,720 in 4Q 2010 as a result of the sale of some land in Peru. Foreign exchange differences contributed income of Ch$ 1,282 million as a result of an intercompany loan in USD made to a Peruvian operation, as compared to a Ch$ 500 million expense in the previous year’s fourth quarter. The inflationary environment that prevailed in 4Q 2011 resulted in an expense of Ch$ 2,753 million for indexed assets and liabilities, a 77.8% increase compared to an expense of Ch$ 1,548 million in the fourth quarter of 2010. The Ch$ 2,222 million gain in the difference between previous book value and the fair value of financial assets were significantly lower than the fair value recorded in 2010 of Ch$ 10,622.
Net income was Ch$ 21,423 million, or Ch$ 30.49 per share, as compared with net income of Ch$ 23,797 million, or Ch$ 38.84 per share, in 4Q 2010. The weighted average number of shares outstanding during the quarter was 702.75 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$ 22,513 million, as compared to Ch$ 15,153 million in the fourth quarter of 2010, recording a solid growth of 49% for this quarter.
New Pipeline of Developments
Properties announced to-date to be developed during this period include:
Arauco Quilicura in Santiago, Chile: Progress remains on track for the mall which will contribute 29,000 m2 of GLA. 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 2013.
Strip centers 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 has 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. The Company plans to open 3 to 5 strip malls annually in 2012, 2013, and 2014.
Expansion of Mall Arauco Maipú, Chile: After the third stage of expansion, the property has begun a major renovation to reinforce and improve on its strong position. Falabella will open a store with approximately 14,000 m2 in this mall and is expected to be operational by early 2013. The estimated investment is US$ 15 million.
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 is the Wiese Family in Peru who is also a partner in Mega Plaza Norte. The project has an estimated EBITDA of US$ 10 million with opening dates ranging from 2012-2015.
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 annual EBITDA of more than US$ 9 million. The expected opening is planned for 2H 2014.
Mega Plaza Chimbote in Chimbote, Peru: Mega Plaza Chimbote is on track for an expected opening in 1Q 2012. With GLA of 28,000 m2 and a total investment of US$ 26 million, the mall is expected to contribute US$ 2.5 million in EBITDA on an annual basis.
Villa El Salvador, Peru: In December, the supermarket opened successfully. The remainder of the project is in the final stages of construction and is on track to open in 1Q 2012 with a total investment of US$ 11 million and GLA of 9,000 m2. The mall is expected to contribute US$ 1 million in EBITDA per year on an ongoing basis.
Parque La Colina, Bogota, Colombia: This large development will include department stores, a Boulevard, cinema and an office or medical tower. It will have total GLA of 67,000 m2 and investment of approximately US$ 244 million. This development is expected to contribute US$ 30 million in EBITDA per year when opened in 2015.
Bucaramanga in Bucaramanga, Colombia: Parque Arauco’s second property to open in Colombia, this development will have 30,000 m2 and will require an investment of US$ 100 million Bucaramanga is expected to contribute US$ 10 million in EBITDA on an ongoing basis. Already under construction, the opening is planned for 2013.
2011 Operating and Financial Property Highlights
Chile
Parque Arauco Kennedy (PAK): PAK generated total income of Ch$ 33,761 million in 2011, a result similar to the previous year. The year over year total income comparison was impacted with the sale of the Office Towers in 2010 which reduced GLA by 16,000 m2. Full-year EBITDA of the shopping center as compared to the previous year increased 0.8% to Ch$ 29,664 million. Excluding the impact of Office Towers in 2010, the comparable EBITDA growth is 8% for 2011. Cost of Sales decreased 48% to Ch$ 773 million, while SG&A increased 16% to Ch$ 3,324 million as a result of renovation projects. Quarterly income increased 0.6% to Ch$ 10,156 million and EBITDA decreased 3.0% to Ch$ 8,677 million over the 4Q 2010. In 2011, 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 7% year-over-year increase in tenant sales to Ch$ 367,248.
Mall Arauco Maipú: This shopping center, located in Santiago, Chile, generated income of Ch$ 8,392 million in 2011, an increase of 18.5% compared to 2010, as a result of the completion of a new food court and an expansion of GLA to 71,000 m2. Full-year EBITDA improved to Ch$ 6,199 million, an increase of 23.2%, as compared to the same period of 2010. In 2011, the shopping center’s GLA increased 6% to 71,000 m2 and the property was able to achieve a 95.7% occupancy rate. Quarterly income increased to Ch$ 2,620 million, an 18.6% improvement from 4Q 2010. EBITDA generated Ch$ 1,988 million, an increase of 21.4% compared to 4Q 2010.
Plaza El Roble: El Roble contributed income of Ch$ 3,974 million during 2011, an increase of 8.2% from 2010. The comparable increase is, to a certain extent, a result of the mall remaining partially closed in 2010 due to the earthquake that struck close to the city of Chillán, where the property is located. Insurance payments have assisted to fund renovations of the shopping center. EBITDA rose by 9.4% to Ch$ 3,063 million as compared to the previous year. The cost of sales was down 7% to Ch$ 292 million in 2011 compared to 2010 due to a better recovery of common expenses. On a quarterly basis, revenue declined 30.7% to Ch$ 1,160 compared to 4Q 2010 when insurance payments were recognized following the 2010 earthquake. The property’s entire GLA of 25,000 m2 is now operating at an occupancy level of 97.8%.
Paseo Arauco Estación: Estación achieved total income of Ch$ 12,126 million in 2011, a 1.7% improvement from 2010. The mall’s EBITDA grew 1.7% to Ch$ 9,247 million. The property’s GLA was 68,000 m2 at the end of 2011 declining 4% from 2010. Quarterly total income was Ch$ 3,364, up by 4.0% over the previous quarter. 4Q 2011 EBITDA improved 6.4% to Ch$ 2,508. This is a property in the process of changing the tenant mix and redesigning the GLA to achieve a higher rent/m2.
Arauco San Antonio: GLA expanded by 1,000m2 as compared to the end of 2010 and rental revenues grew 43% to Ch$ 2,824 million over the previous year with the addition of two anchor stores and a supermarket. EBITDA generated Ch$ 2,733 million, with an EBITDA margin of 73% for 2011. Fourth quarter total income grew by 33.0% to Ch$ 1,046 million and EBITDA increased by 24.5% to Ch$ 746 million. The anchor stores comprised 75% of the year’s tenant sales, while small stores and the food court generated 18% and 6% of sales, respectively, during the year.
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$ 12,574 million during 2011, a year over year increase of 6.7%. The property’s EBITDA of Ch$ 12,095 million grew by 8.2% as compared to 2010 levels. Forty-eight percent of Marina Arauco’s tenant sales were generated by anchor stores, while occupancy was 100% at the end of 4Q 2011. Fourth quarter income grew by 8.9% to Ch$ 4,010 million, while EBITDA improved by 10.2% to Ch$ 3,884 million.
Boulevard Marina Arauco: This innovative commercial center located in front of Mall Marina Arauco opened in February 2011. Total income in 2011 was Ch$ 1,556 million, with EBITDA of Ch$ 1,466 million. The 2011 results reflected the commercial operations of a mix of stores, restaurants, and offices. In the fourth quarter, the commercial center generated total income of Ch$ 497 million and EBITDA of Ch$ 477 million. The property’s GLA now totals 12,000 m2.
Mall Center Curicó: This shopping center, located south of Santiago, Chile, contributed 2011 income of Ch$ 3,937 million, an increase of 6.4% as compared to 2010, while EBITDA increased 15.4% to Ch$ 3,682 million. Mall Center Curicó collected more variable rent due to an increase in sales. 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 2011, contributing income of Sol$ 55,742 thousand, a 13.1% 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$ 44,057 thousand, an 11.6% improvement from the previous year. For 2011, cost of sales increased 39% to Sol$ 7,720 thousand, due primarily to the increased GLA. The shopping center is undergoing an extensive renovation process which is expected to lead to a nearly 20% GLA improvement. Occupancy remained strong at the shopping center, exceeding 99.0% and GLA increased by 9% to 83,000 m2.
Mega Express Villa: This strip mall property, located in Chorrillos, Peru, contributed income of Sol$ 2,226 thousand in 2011, an increase of 18.8% year-over-year. The shopping center’s EBITDA increased by 19.1% to Sol$ 1,717 thousand, compared with Sol$ 1,442 thousand in 2010. Tenant sales for 2011 increased 31% to Sol$ 42,256 thousand and came primarily from anchor stores, which contributed 76% of the total, while small stores generated 15%.
Larcomar Fashion Center: Located in Lima, the mall contributed income of Sol$ 29,155 thousand in 2011. While Larcomar was only incorporated in the second half of 2010, the following is provided for comparative purposes. The center’s EBITDA rose by 2.9% to Sol$17,900 thousand compared to 2010. Tenant sales for 2011 improved by 15% to Sol$ 180,477 thousand while the cost of sales was down 16% to Sol$ 6,911 thousand versus Sol$ 8,236 thousand in 2010.
Parque Lambramani: Located in Peru, this mall generated income of Sol$ 10,336 thousand during 2011. The EBITDA of Sol$ 964 thousand was impacted by expenses related to the new operations such as higher marketing and startup-costs. Cost of sales for the year was Sol$ 3,747 thousand and SG&A totaled Sol$ 5,625 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 property’s sales composition followed by a mix of small stores and food court sales. Total GLA is at 28,000 m2, and the occupancy rate reached 93.0%, 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 2011, Parque Arboleda contributed income of Col$ 11,266 million and EBITDA of Col$ 8,747 million with an EBITDA margin of 78%. The property has total GLA of 37,000m2. In the fourth quarter, the shopping center generated Col$ 3,652 in revenue and EBITDA of Col$ 3,049. There have been monthly improvements in tenant sales since it opened and totaled Col$ 124,183 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$700 million remaining to expand its operations in Chile (17% of investment), Colombia (51% of investment), and Peru (32% of investment) to 2016. In October, the Company completed an approximate US$168 million primary share offering, which, along with free cash flow, debt at the project level, current liquidity and partnerships, Parque Arauco expects to finance its current and new developments.
Parque Arauco remains confident in its development plan throughout the region. The expected outlook for EBITDA growth in 2012 7-9%, or Ch$ 65,500 – 66,700 when compared to Ch$ 61,227 million in 2011.
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.
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Parque Arauco S.A. |
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Consolidated Income Statement |
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| IFRS | ||||||||||||||||||
| Ch$ thousands | ||||||||||||||||||
| Quarter Ending December 31, | Year End December 31, | |||||||||||||||||
| 2011 | 2010 | Chg. % | 2011 | 2010 | Chg. % | |||||||||||||
| Revenues | 25,375,854 | 21,819,620 | 16.3 | % | 86,344,700 | 73,155,368 | 18.0 | % | ||||||||||
| Cost of Sales | (5,376,073 | ) | (3,844,821 | ) | 39.8 | % | (16,654,626 | ) | (12,686,832 | ) | 31.3 | % | ||||||
| Gross Profit | 19,999,781 | 17,974,798 | 11.3 | % | 69,690,074 | 60,468,535 | 15.3 | % | ||||||||||
| Administration Expenses | (3,327,214 | ) | (3,983,205 | ) | -16.5 | % | (10,794,114 | ) | (9,940,748 | ) | 8.6 | % | ||||||
| OPERATING INCOME | 16,672,568 | 13,991,594 | 19.2 | % | 58,895,960 | 50,527,788 | 16.6 | % | ||||||||||
| Depreciation & Amortization | 559,084 | 430,071 | 30.0 | % | 2,331,414 | 1,534,372 | 51.9 | % | ||||||||||
| EBITDA | 17,231,651 | 14,421,665 | 19.5 | % | 61,227,374 | 52,062,160 | 17.6 | % | ||||||||||
| Other Income / Expenses | 9,194,133 | 2,719,996 | 238.0 | % | 7,050,104 | 9,536,132 | -26.1 | % | ||||||||||
| Financial Income | 1,856,712 | 7,179,088 | -74.1 | % | 4,255,231 | 8,825,375 | -51.8 | % | ||||||||||
| Financial Expenses | (4,083,583 | ) | (4,404,553 | ) | -7.3 | % | (15,929,206 | ) | (14,633,584 | ) | 8.9 | % | ||||||
| Foreign Exchange Differences | 1,282,382 | (500,052 | ) | - | 2,354,197 | (2,572,787 | ) | - | ||||||||||
| Income (Loss) for indexed assets and liabilities | (2,752,911 | ) | (1,547,970 | ) | 77.8 | % | (10,119,204 | ) | (7,140,138 | ) | 41.7 | % | ||||||
| Gains (losses) from the difference between the previous book value and the fair value of financial assets | 2,221,951 | 10,622,009 | -79.1 | % | 2,463,185 | 10,622,009 | -76.8 | % | ||||||||||
| NON-OPERATING INCOME | 7,718,684 | 14,068,518 | -45.1 | % | (9,925,693 | ) | 4,637,006 | - | ||||||||||
| Profit before Income Tax | 24,391,251 | 28,060,112 | -13.1 | % | 48,970,267 | 55,164,793 | -11.2 | % | ||||||||||
| Income Tax | (2,967,949 | ) | (4,263,563 | ) | -30.4 | % | (5,878,681 | ) | (7,963,714 | ) | -26.2 | % | ||||||
| NET PROFIT (LOSS) | 21,423,302 | 23,796,549 | -10.0 | % | 43,091,585 | 47,201,079 | -8.7 | % | ||||||||||
| Attributable to: | ||||||||||||||||||
| Equity holders of the company | 21,271,647 | 26,831,940 | -20.7 | % | 40,787,224 | 48,466,187 | -15.8 | % | ||||||||||
| Minority interests | 151,655 | (3,035,391 | ) | - | 2,304,361 | (1,265,108 | ) | - | ||||||||||
| NET PROFIT (LOSS) | 21,423,302 | 23,796,549 | -10.0 | % | 43,091,585 | 47,201,079 | -8.7 | % | ||||||||||
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Financial and Operating Highlights |
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| Quarter Ending December 31, | Quarter Ending December 31, | |||||||||||||||||
| 2011 | 2010 | Chg. % | 2011 | 2010 | Chg. % | |||||||||||||
| Revenues (Ch$ Millions) | 25,376 | 21,820 | 16.3 | % | 86,345 | 73,155 | 18.0 | % | ||||||||||
| EBITDA (Ch$ Millions) | 17,232 | 14,422 | 19.5 | % | 61,227 | 52,062 | 17.6 | % | ||||||||||
| EBITDA Margin % | 67.9 | % | 66.1 | % | 1.8 pp | 70.9 | % | 71.2 | % | -0.3 pp | ||||||||
| Net Income (Ch$ Millions) | 21,423 | 23,797 | -10.0 | % | 43,092 | 47,201 | -8.7 | % | ||||||||||
| Net Income Margin % | 84.4 | % | 109.1 | % | -24.6 pp | 49.9 | % | 64.5 | % | -14.6 pp | ||||||||
| FFO (Ch$ Millions) | 22,513 | 15,153 | 48.6 | % | 53,079 | 45,254 | 17.3 | % | ||||||||||
| FFO Margin % | 88.7 | % | 69.4 | % | 19.3 pp | 61.5 | % | 61.9 | % | -0.4 pp | ||||||||
| Weighted Avg. Shares (million) | 702.75 | 612.75 | 14.7 | % | 632.56 | 610.39 | 3.6 | % | ||||||||||
| EPS ($) | 30.49 | 38.84 | -21.5 | % | 68.12 | 77.33 | -11.9 | % | ||||||||||
| Stock Price (Ch$) | 847.12 | 1,140.00 | -25.7 | % | 847.12 | 1,140.00 | -25.7 | % | ||||||||||
| Daily Traded Volume (Ch$ million) | 973.67 | 1,110.64 | -12.3 | % | 861.33 | 925.46 | -6.9 | % | ||||||||||
| Total Tenant Sales (Ch$ Millions) 1 | 348,523 | 300,392 | 16.0 | % | 1,131,613 | 961,783 | 17.7 | % | ||||||||||
| Total GLA (m2) | 604,000 | 557,000 | 8.4 | % | 604,000 | 557,000 | 8.4 | % | ||||||||||
| Parque Arauco GLA (m2) | 410,739 | 391,042 | 5.0 | % | 410,739 | 391,042 | 5.0 | % | ||||||||||
| 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, | |||||||
| 2011 | 2010 | % Change | |||||||
| Assets: | |||||||||
| Cash and Cash Equivalents | 136,430 | 85,296 | 59.9 | % | |||||
| Trade Accounts Receivable & Other Receivables | 14,933 | 22,148 | -32.6 | % | |||||
| Other Current Assets | 22,893 | 12,015 | 90.5 | % | |||||
| Total Current Assets | 174,256 | 119,460 | 45.9 | % | |||||
| Investment Properties | 701,810 | 622,207 | 12.8 | % | |||||
| Other Non-Current Assets | 65,174 | 68,384 | -4.7 | % | |||||
| Total Non-Current Assets | 766,983 | 690,590 | 11.1 | % | |||||
| Total Assets | 941,239 | 810,050 | 16.2 | % | |||||
| Liabilities & Stockholder's Equity: | |||||||||
| Current Financial Liabilities | 24,339 | 31,509 | -22.8 | % | |||||
| Other Current Liabilities | 35,844 | 27,490 | 30.4 | % | |||||
| Total Current Liabilities | 60,183 | 58,999 | 2.0 | % | |||||
| Non-Current Financial Liabilities | 316,713 | 302,392 | 4.7 | % | |||||
| Other Non-Current Liabilities | 60,762 | 61,224 | -0.8 | % | |||||
| Total Non-Current Liabilities | 377,475 | 363,616 | 3.8 | % | |||||
| Total Liabilities | 437,659 | 422,615 | 3.6 | % | |||||
| Equity | |||||||||
| Issued Share Capital | 229,907 | 147,191 | 56.2 | % | |||||
| Accumulated Earnings (Losses) | 234,807 | 220,654 | 6.4 | % | |||||
| Other Reserves | (9,948 | ) | (22,192 | ) | -55.2 | % | |||
| Equity Attributable to Company Shareholders | 454,766 | 345,653 | 31.6 | % | |||||
| Minority Interest | 48,815 | 41,782 | 16.8 | % | |||||
| Total Equity | 503,581 | 387,435 | 30.0 | % | |||||
| Total Liabilities & Equity | 941,239 | 810,050 | 16.2 | % | |||||
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Property Financial Highlights |
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| IFRS | |||||||||||||
| (Ch$ millions) | |||||||||||||
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*(Sol$ thousands) *(Col$ millions) |
Quarter to December 31, |
Cumulative to December 31, |
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| 2011 | 2010 | % Change | 2011 | 2010 | % Change | ||||||||
| Total Revenues | |||||||||||||
| Parque Arauco Kennedy | 10,156 | 10,092 | 0.6 | % | 33,761 | 33,774 | 0.0 | % | |||||
| Arauco Maipu (1) | 2,620 | 2,210 | 18.6 | % | 8,392 | 7,081 | 18.5 | % | |||||
| * Mega Plaza Norte | 16,376 | 13,788 | 18.8 | % | 55,742 | 49,296 | 13.1 | % | |||||
| Marina Arauco | 4,010 | 3,683 | 8.9 | % | 12,574 | 11,783 | 6.7 | % | |||||
| Boulevard Marina Arauco | 497 | N/A | 1,556 | N/A | |||||||||
| Mall Center Curico | 1,090 | 1,025 | 6.4 | % | 3,937 | 3,701 | 6.4 | % | |||||
| Plaza El Roble | 1,160 | 1,673 | -30.7 | % | 3,974 | 3,673 | 8.2 | % | |||||
| Paseo Arauco Estacion (2) | 3,364 | 3,236 | 4.0 | % | 12,126 | 11,927 | 1.7 | % | |||||
| Arauco San Antonio (3) | 1,046 | 787 | 33.0 | % | 3,721 | 2,419 | |||||||
| * Mega Express Villa (3) | 652 | 599 | 8.8 | % | 2,226 | 1,873 | |||||||
| * Larcomar Fashion Center (4) | 7,247 | 6,439 | 12.5 | % | 29,155 | 27,577 | 5.7 | % | |||||
| * Parque Lambramani | 2,824 | N/A | 10,336 | N/A | |||||||||
| ** Parque Arboleda | 3,652 | N/A | 11,266 | N/A | |||||||||
| Gross Profit | |||||||||||||
| Parque Arauco Kennedy | 9,951 | 9,761 | 1.9 | % | 32,988 | 32,280 | 2.2 | % | |||||
| Arauco Maipu (1) | 2,432 | 1,972 | 23.3 | % | 7,580 | 6,195 | 22.4 | % | |||||
| * Mega Plaza Norte | 14,037 | 12,564 | 11.7 | % | 48,022 | 43,734 | 9.8 | % | |||||
| Marina Arauco | 3,944 | 3,616 | 9.1 | % | 12,331 | 11,501 | 7.2 | % | |||||
| Boulevard Marina Arauco | 482 | N/A | 1,485 | N/A | |||||||||
| Mall Center Curico | 1,077 | 1,013 | 6.3 | % | 3,867 | 3,651 | 5.9 | % | |||||
| Plaza El Roble | 1,083 | 1,669 | -35.1 | % | 3,682 | 3,357 | 9.7 | % | |||||
| Paseo Arauco Estacion (2) | 3,282 | 3,106 | 5.7 | % | 11,849 | 11,655 | 1.7 | % | |||||
| Arauco San Antonio (3) | 908 | 749 | 21.2 | % | 3,262 | 1,915 | 70.4 | % | |||||
| * Mega Express Villa (3) | 413 | 411 | 0.4 | % | 1,935 | 1,777 | 8.9 | % | |||||
| * Larcomar Fashion Center (4) | 6,821 | 5,314 | 28.4 | % | 22,244 | 19,341 | 15.0 | % | |||||
| * Parque Lambramani | 1,531 | N/A | 6,589 | N/A | |||||||||
| ** Parque Arboleda | 3,813 | N/A | 10,925 | N/A | |||||||||
| EBITDA | |||||||||||||
| Parque Arauco Kennedy | 8,677 | 8,943 | -3.0 | % | 29,664 | 29,424 | 0.8 | % | |||||
| Arauco Maipu (1) | 1,988 | 1,637 | 21.4 | % | 6,199 | 5,033 | 23.2 | % | |||||
| * Mega Plaza Norte | 12,548 | 10,812 | 16.1 | % | 44,057 | 39,471 | 11.6 | % | |||||
| Marina Arauco | 3,884 | 3,525 | 10.2 | % | 12,095 | 11,182 | 8.2 | % | |||||
| Boulevard Marina Arauco | 477 | N/A | 1,466 | N/A | |||||||||
| Mall Center Curico | 1,018 | 910 | 12.0 | % | 3,682 | 3,191 | 15.4 | % | |||||
| Plaza El Roble (2) | 911 | 1,495 | -39.1 | % | 3,063 | 2,799 | 9.4 | % | |||||
| Paseo Arauco Estacion | 2,508 | 2,356 | 6.4 | % | 9,247 | 9,095 | 1.7 | % | |||||
| Arauco San Antonio (3) | 746 | 599 | 24.5 | % | 2733 | 1480 | 84.7 | % | |||||
| * Mega Express Villa (3) | 323 | 186 | 73.9 | % | 1717 | 1442 | 19.1 | % | |||||
| * Larcomar Fashion Center (4) | 4,234 | 4,909 | -13.8 | % | 17,900 | 17,398 | 2.9 | % | |||||
| * Parque Lambramani | -207 | N/A | 964 | N/A | |||||||||
| ** Parque Arboleda | 3,049 | N/A | 8,747 | N/A | |||||||||
| Gross Margins | |||||||||||||
| Parque Arauco Kennedy | 98 | % | 97 | % | 1.3 | % | 98 | % | 96 | % | 2.2 | % | |
| Arauco Maipu (1) | 93 | % | 89 | % | 4.0 | % | 90 | % | 87 | % | 3.3 | % | |
| Mega Plaza Norte | 86 | % | 91 | % | -5.9 | % | 86 | % | 89 | % | -2.9 | % | |
| Marina Arauco | 98 | % | 98 | % | 0.2 | % | 98 | % | 98 | % | 0.5 | % | |
| Boulevard Marina Arauco | 97 | % | 95 | % | |||||||||
| Mall Center Curico | 99 | % | 99 | % | -0.1 | % | 98 | % | 99 | % | -0.4 | % | |
| Plaza El Roble (2) | 93 | % | 100 | % | -6.3 | % | 93 | % | 91 | % | 1.4 | % | |
| Paseo Arauco Estacion | 98 | % | 96 | % | 1.6 | % | 98 | % | 98 | % | 0.0 | % | |
| Arauco San Antonio (3) | 87 | % | 95 | % | -8.9 | % | 88 | % | 79 | % | 10.7 | % | |
| * Mega Express Villa (3) | 63 | % | 69 | % | -7.8 | % | 87 | % | 95 | % | -8.4 | % | |
| * Larcomar Fashion Center (4) | 94 | % | 83 | % | 14.0 | % | 76 | % | 70 | % | 8.8 | % | |
| * Parque Lambramani | 54 | % | 64 | % | |||||||||
| ** Parque Arboleda | 104 | % | 97 | % | |||||||||
| EBITDA Margins | |||||||||||||
| Parque Arauco Kennedy | 85 | % | 89 | % | -3.6 | % | 88 | % | 87 | % | 0.9 | % | |
| Arauco Maipu (1) | 76 | % | 74 | % | 2.4 | % | 74 | % | 71 | % | 3.9 | % | |
| Mega Plaza Norte | 77 | % | 78 | % | -2.3 | % | 79 | % | 80 | % | -1.3 | % | |
| Marina Arauco | 97 | % | 96 | % | 1.2 | % | 96 | % | 95 | % | 1.4 | % | |
| Boulevard Marina Arauco | 96 | % | N/A | 94 | % | N/A | |||||||
| Mall Center Curico | 93 | % | 89 | % | 5.2 | % | 94 | % | 86 | % | 8.4 | % | |
| Plaza El Roble (2) | 79 | % | 89 | % | -12.1 | % | 77 | % | 76 | % | 1.1 | % | |
| Paseo Arauco Estacion | 75 | % | 73 | % | 2.4 | % | 76 | % | 76 | % | 0.0 | % | |
| Arauco San Antonio (3) | 71 | % | 76 | % | -6.4 | % | 73 | % | 61 | % | 20.0 | % | |
| * Mega Express Villa (3) | 50 | % | 31 | % | 59.8 | % | 77 | % | 77 | % | 0.2 | % | |
| * Larcomar Fashion Center (4) | 58 | % | 76 | % | -23.4 | % | 61 | % | 63 | % | -2.7 | % | |
| * Parque Lambramani | -7 | % | N/A | 9 | % | N/A | |||||||
| ** Parque Arboleda | 83 | % | N/A | 78 | % | N/A | |||||||
| (1) Result reflects Q210 results of the affiliated commercial property, Arauco Express Pajaritos. | |||||||||||||
| (2) Property was closed during March, April ando May 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$) | ||||||
|
*(Sol$) **(Col$) |
Cumulative to December 31, |
|||||
| 2011 | 2010 | % Change | ||||
| Monthly Revenue per m² | ||||||
| Parque Arauco Kennedy | 302,360 | 282,690 | 7.0 | % | ||
| Arauco Maipu (1) | 141,020 | 128,559 | 9.7 | % | ||
| * Mega Plaza Norte | 979 | 869 | 12.7 | % | ||
| Marina Arauco | 247,251 | 239,338 | 3.3 | % | ||
| Boulevard Marina Arauco | 148,845 | N/A | ||||
| Mall Center Curico | 106,982 | 104,607 | 2.3 | % | ||
| Plaza El Roble | 221,367 | 197,360 | 12.2 | % | ||
| Paseo Arauco Estacion | 203,775 | 202,225 | 0.8 | % | ||
| Arauco San Antonio | 120,647 | 128,202 | -5.9 | % | ||
| * Mega Express Villa | 588 | 486 | 21.0 | % | ||
| * Larcomar Fashion Center | 610 | 552 | 10.6 | % | ||
| ** Parque Lambramani | 448 | N/A | ||||
| ** Parque Arboleda | 384,979 | N/A | ||||
| Monthly Rent per m² | ||||||
| Parque Arauco Kennedy | 23,034 | 21,479 | 7.2 | % | ||
| Arauco Maipu (1) | 9,479 | 8,862 | 7.0 | % | ||
| * Mega Plaza Norte | 49 | 45 | 10.1 | % | ||
| Marina Arauco | 15,865 | 15,256 | 4.0 | % | ||
| Boulevard Marina Arauco | 10,551 | N/A | ||||
| Mall Center Curico | 6,299 | 5,913 | 6.5 | % | ||
| Plaza El Roble | 11,845 | 11,127 | 6.5 | % | ||
| Paseo Arauco Estacion | 13,476 | 12,157 | 10.9 | % | ||
| Arauco San Antonio | 8,192 | 9,685 | ||||
| * Mega Express Villa | 29 | 26 | ||||
| * Larcomar Fashion Center | 61 | 58 | 4.2 | % | ||
| ** Parque Lambramani | 217 | N/A | ||||
| ** Parque Arboleda | 30,683 | N/A | ||||
| % Occupancy | ||||||
| Parque Arauco Kennedy | 100.0 | % | 99.6 | % | 0.4 | % |
| Arauco Maipu (1) | 95.7 | % | 95.2 | % | 0.5 | % |
| Mega Plaza Norte | 99.3 | % | 99.0 | % | 0.3 | % |
| Marina Arauco | 100.0 | % | 99.9 | % | 0.1 | % |
| Boulevard Marina Arauco | 94.1 | % | N/A | |||
| Mall Center Curico | 98.8 | % | 98.3 | % | 0.5 | % |
| Plaza El Roble | 97.8 | % | 97.6 | % | 0.2 | % |
| Paseo Arauco Estacion | 98.9 | % | 97.0 | % | 2.0 | % |
| Arauco San Antonio | 98.1 | % | 96.4 | % | ||
| Mega Express Villa | 97.0 | % | 97.0 | % | ||
| Larcomar Fashion Center | 96.0 | % | 95.0 | % | 1.1 | % |
| ** Parque Lambramani | 93.0 | % | N/A | |||
| ** Parque Arboleda | 93.1 | % | N/A | |||
| (1) Result reflects results of the affiliated commercial property, Arauco Express Pajaritos. | ||||||