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, 2013. The following financial and operating information, unless otherwise indicated, was prepared and presented in accordance with IFRS. Accordingly, we no longer consolidate the financial statements of three of our malls: Marina Arauco, Boulevard Marina Arauco and Mall Center Curico, but now account for our interests under the equity income method. 2Q 2012 has been adjusted for comparison purposes. For a more detailed review of the results filed with the SVS (Chilean Securities and Exchange Commission), please visit the investor section of Parque Arauco’s website www.parauco.com/eng/.
“Parque Arauco is driving shareholder value through delivering strong top line revenue growth, healthy operating margins and bottom line profitability. We continue to execute on our strategic plan which includes expansion in fast growing markets and diversification across product lines. Our strategic land bank, long term contracts, relationships with highly desirable anchor tenants and local partnerships have positioned the company for solid long term growth in the region’s fastest growing markets of Chile, Peru and Colombia. We are building a portfolio of properties to cater to both the growing middle class, which in Peru, for example, has expanded by more than 50% in the last few years, as well as our higher-end clients, through the development of formats such as the innovative, Luxury District, at our landmark property, Parque Arauco Kennedy.
“Our solid balance sheet and cash flows and access to competitive rates of financing are fueling our expansion and greenfield projects. We continued our growth path in traditional formats with the recent opening of mall Arauco Quilicura in Chile, Mega Express Chincha in Perú and mall Parque Caracolí in Colombia. We are also diversifying our revenue base into other formats: we acquired our second outlet mall, the Lima Outlet Center in May, we are building a third one in Concepción in Chile, and plan to continue to develop this format along with our strip centers format” said chief executive Juan Antonio Álvarez.
FIRST QUARTER 2013 CONSOLIDATED RESULTS
Revenues for 2Q 2013 were Ch$ 25,206 million, an 11.7% increase as compared to 2Q 2012, and was primarily the result of increased rent/m² in existing GLA and expanded GLA. Total GLA for the company increased 19.6% to 634,900 m² with Chile accounting for an increase of 17.1% to 369,600 m² with the expansion of Arauco Maipu and Arauco Express, and the completion of Arauco Quilicura. In Peru, total GLA increased by 6.8% to 193,300 m², driven by the openings of Mega Express Chincha and the Lima Outlet Center. In Colombia, total GLA increased by 111.8% to 38,000 m² after the opening of Parque Caracolí in the city of Bucaramanga.
Gross profit for the quarter was Ch$ 20,058 million, a year-over-year increase of 12.9%. Cost containment initiatives and operating scale resulted in an improvement in the gross profit margin of 82 basis points.
Operating income increased 10.0% to Ch$ 16,905 million, including the impact of increased administration expenses to Ch$ 3,153 million with the growth of the business and the inclusion of amortization of the goodwill related to acquisitions in 2012.
The Company recorded EBITDA of Ch$ 17,596 million in 2Q 2013, an 11.3% increase over 2Q 2012. The Company’s strong EBITDA growth reflect its ability to continue expanding GLA and rental revenues while reducing cost of sales as a share of revenue. The consolidated EBITDA margin was 69.8% slightly lower than the previous year’s margin of 70.1%.
Net non-operating expense was 13.5% lower in 2Q 2013 totaling Ch$ 3,094 million compared to Ch$ 3,578 million in 2Q 2012. With the execution of the company’s investment plan, financial income was lower in 2Q 2013 totaling Ch$ 770 million compared to Ch$ 2,070 million in 2Q 2012. Financial expenses decreased 13.5% to Ch$ 4,113 million in 2Q 2013 due in great part to the restructuring of debt in Megaplaza Norte which not only lowered the overall cost of debt, but also increased available funds. A 22.7% increase to Ch$ 1,355 million of Share of profits of associated accounts reflects the equity method of accounting for the investments in Marina Arauco, Boulevard Marina Arauco and Mall Center Curico which continue to show strong performance. And finally, the gain from foreign exchange differences of Ch$ 1,046 million reflects the difference in foreign exchange recognized with the capitalization of certain intercompany loans between Chile and Peru and Colombia.
Income taxes decreased to Ch$ 2,205 million as compared to the 2Q 2012 charge of Ch$ 3,955 million. The current income tax expense includes deferred taxes. In Chile, real estate property taxes can be deducted from the income tax and as a result reduced the effective tax. Excluding the non-cash deferred tax expense, the adjusted tax 2Q2013 tax provision totaled Ch$2.301 million compared to Ch$1.990 million in 2Q 2012.
In 2Q 2013, net income increased 48.1% to Ch$ 11,605 million, as compared with net income of Ch$ 7,838 million, in 2Q 2012.
FFO (“Funds from Operations”) for 2Q 2013, 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$ 12,732 million, as compared to Ch$ 11,430 million in 2Q 2012.
Cash and cash equivalents totaled Ch$ 66,707 million compared to Ch$ 103,782 million on December 31, 2012 as the Company continues to focus on renovating and developing properties. Net financial debt at the end of 2Q 2013 was Ch$ 313,015 million. The Company remains comfortably within its financial covenants with Liabilities/(Equity + Minority Interest) of 0.79x as compared to a limit of 1.4x and EBITDA/Financial Expenses of 3.9x, substantially above the requisites of 2.5x.
Consolidated occupancy remained relatively stable at 95.6%. Total tenant sales for the second quarter increased by 12,0% to Ch$ 270,850 million.
First Half 2012 Results
Total revenue for the first half of 2013 was Ch$ 49,160 million, an increase of 12.4% as compared to the first half of 2012. Additional GLA and higher rental revenue contributed to the growth. Gross profit for the first half improved 13.9% to Ch$ 38,742 million.
Operational costs (Cost of Sales plus Administrative expenses) increased 17.3% to Ch$ 16,522 million in line with revenue growth. First half 2013 EBITDA increased 11.3% to Ch$ 34,014 million with an EBITDA margin of 69.2%. Net income grew 39.9% to Ch$ 19,837 million.
PROJECTS UNDER CONSTRUCTION AND DEVELOPMENT
The following section includes projects that are currently under construction or have been approved by the Board to commence construction.
Greenfields:
|
Name of the Project |
Location (Country) |
Estimated Opening Date |
Total GLA (m²) |
Final Stake |
Owned GLA |
Total Investment (US$MM) |
||||||||
| Expansion El Roble - Chillán | Chile | 1H 2014 | 12.500 | 100% | 12.500 | 26 | ||||||||
| Boulevard IV Kennedy | Chile | 3Q 2013 | 7.200 | 100% | 7.200 | 25 | ||||||||
| Expansion Marina Arauco | Chile | 2H 2014 | 22.500 | 33% | 7.425 | 58 | ||||||||
| Mall Outlet Concepción | Chile | 1H 2014 | 6.000 | 100% | 6.000 | 9 | ||||||||
| Mall Outlet Curauma | Chile | 1H 2014 | 7.200 | 100% | 7.200 | 12 | ||||||||
| Stripcenter La Reina | Chile | 1Q 2014 | 3.600 | 51% | 1.836 | 6 | ||||||||
| Stripcenter Manuel Montt | Chile | 1Q 2014 | 1.000 | 51% | 510 | 3 | ||||||||
| Mega Express Barrancha | Perú | 4Q 2013 | 9.500 | 50% | 4.750 | 15 | ||||||||
| Mega Express Cañete | Perú | 4Q 2013 | 16.500 | 50% | 8.250 | 15 | ||||||||
| Lima Outlet Center | Perú | 1H 2014 | 2.200 | 50% | 12.500 | 5 | ||||||||
| Expansion in MegaPlaza | Perú | 4Q 2013 | 25.000 | 50% | 12.500 | 48 | ||||||||
| Total | 113.200 | 80.671 | 222 | |||||||||||
OPERATING PROPERTY HIGHLIGHTS BY MALL
Parque Arauco Kennedy (PAK)
PAK generated total EBITDA of Ch$ 7,846 million in 2Q 2013 and Ch$ 15,414 million in 1H 2013, in line with the previous year’s figures. EBITDA margin was 92.9% in 2Q 2013 and 92.2% in 1HQ 2013. The Company continues to make investments such as the 7,200 m2 “Luxury District” due to be officially inaugurated in 3Q 2013. The Company continues to innovate in its market as the first shopping mall to unite some of the world’s most exclusive brands in an exclusive shopping atmosphere.
Mall Arauco Maipú
Post an expansion and the opening of the Falabella anchor store in 4Q12, the shopping center continues to deliver strong growth. EBITDA improved to Ch$ 2,499 million in 2Q 2013 and Ch$ 4,783 million in 1H 2013, an increase of 45.6% and 30.2%, as compared to the same period of 2012, respectively, and a record for the mall. EBITDA margin was 94.8% in 2Q2013 and 93.6% in 1H 2013.
Plaza El Roble
Plaza El Roble contributed EBITDA of Ch$ 872 million in 2Q 2013 and Ch$1,706 million in 1H 2013. EBITDA margin was 82.2% in 2Q 2013 and 81.8% in 1H 2013. The results continue to be stable despite the renovations currently taking place. The new area will add 12,500 m2 of GLA and will consist of fashion stores, a cinema, an improved food court and a Hites department store.
Paseo Arauco Estación
Paseo Arauco Estación EBITDA was Ch$ 2,584 million in 2Q 2013 and Ch$ 5,519 million in 1H 2013, 7.7% and 3.7% lower than the EBITDA in the previous year’s figures. EBITDA margin was 84.2% in 2Q 2013 and 85.3% in 1H 2013. The results were affected, in part, by changes in local government policy regarding parking charges and electricity fees. This is a property in the process of changing the tenant mix and redesigning the GLA to attract and accommodate more international brands and achieve higher rent/m2.
Arauco San Antonio
San Antonio contributed and EBITDA of Ch$ 506 million in 2Q 2013 and Ch$ 1,197 million in 1H 2013. EBITDA margin was 66.5% in 2Q 2013 and 68.8% in 1H 2013. The Company has identified a third party to operate the hotel which will be integrated into the property’s operations in 2H 2013.
Megaplaza Norte
This Lima based shopping center has traditionally catered to the low to middle income market which has been underserved in the country and is rapidly increasing its purchasing power. The property posted EBITDA of Sol$ 12,107 thousand in 2Q 2013 and Sol$ 24,607 thousand in 1H 2013. EBITDA margin was 82.4% in 2Q 2013 and 81.9% in 1H 2013. The property is going through an expansion and in the process of changing the tenant mix to include branded stores that appeal to the rapidly expanding middle class.
Mega Express Villa
This strip mall property, located in Chorrillos, Peru, contributed EBITDA of Sol$ 958 thousand in 2Q 2013 and Sol$ 1,912 thousand in 1H 2013. The shopping center had an EBITDA margin of 68.3% in 2Q 2013 and 71.2% in 1H 2013.. The solid performance demonstrates the demand for the “Mega” format in the Peruvian market as the Company continues to develop similar properties in partnership with the Wiese Family.
Larcomar Fashion Center
Located in Lima, the center’s EBITDA was Sol$ 4,198 thousand in 2Q 2013 and Sol$ 8,095 thousand in 1H 2013, lower if compared to last year. EBITDA margin was 66.8% in 2Q 2013 and 62.4% in 1H 2013. It is important to note that the mall is in the process of changing 45 tenants and should complete the process during 2013. The property continues to renovate its facilities and shift the tenant mix to achieve higher rent/m2.
Parque Lambramani
Located in Peru, the mall’s EBITDA was Sol$ 533 thousand in 2Q 2013 and Sol$ 1,441 thousand in 1H 2013. The EBITDA decreased primarily as the result of construction related to the new anchor tenant, Paris, and strong marketing and advertising during the period. EBITDA margin was 21.2% in 2Q 2013 and 29.1% in 1H 2013. Tenant sales increased 0.8% during the quarter, if compared to the same period last year. The Company continues to focus on differentiating the property from peers by specializing in entertainment and food, enhancing the customers experience with the property’s unique and award winning architecture, and attracting additional top line anchor stores.
Parque Arboleda
This shopping center is located in Pereira, Colombia. The property utilizes a unique rental structure that is atypical among the primarily condominium type mall structures in Colombia and has proven successful to date. For 2Q 2013, Parque Arboleda contributed EBITDA of Col$ 3,474 million in 2Q 2013 and Col$ 7,006 million in 1H 2013. EBITDA margin was 82.4% in 2Q 2013 and 83.4% in 1H 2013. Parque Arboleda was fully consolidated in May 2012. Therefore, results for the second quarter of 2012 include 55% of April and 100% of May and June.
*EBITDA Margins exclude intercompany fees, in-line with regional industry practices
NEW OPERATIONS
Arauco Express (Chile): In 2Q 2013, the Parque Arauco subsidiary, Arauco Express posted an EBITDA of approximately Ch$ 311 million.
Buenaventura Outlet Mall (Chile): In this quarter of operation, the property earned EBITDA of Ch$ 508 million.
Mall Arauco Quilicura (Chile): Officially inaugurated in April of 2013, this property earned EBITDA of Ch$ 330 million during 2Q13.
MegaPlaza Chimbote (Peru): In 2Q 2013 this property earned EBITDA of Sol$ 1,504 thousand
Mega Express Villa El Salvador (Peru): In 2Q 2013 this operation earned EBITDA of Sol$ 704 thousand.
Lima Outlet Center (Peru): This property was consolidated into results beginning in May of 2013 and earned an EBITDA of Sol$ 550 thousand for the period.
Mega Plaza Express Chincha (Peru): This property earned EBITDA of Sol$443 thousand since its inauguration in April 2013.
Parque Caracolí (Colombia): This property earned EBITDA of Col$1,038 million as of its inauguration in April, 2013.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Parque Arauco. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the economies in which we work and the industry, among other factors; therefore, they are subject to change without prior notice.
| Parque Arauco S.A. | |||||||||||||||
|
Consolidated Income Statement |
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| IFRS | |||||||||||||||
| Ch$ thousands | |||||||||||||||
| Quarter Ending June 30, | Year End June 30, | ||||||||||||||
| 2013 | 2012 | Chg. % | 2013 | 2012 | Chg. % | ||||||||||
| Revenues | 25,206,205 | 22,562,500 | 11.7% | 49,159,668 | 43,752,685 |
12.4% |
|||||||||
| Cost of Sales | (5,148,454) | (4,792,876) | 7.4% | (10,416,866) | (9,748,969) |
6.9% |
|||||||||
| Gross Profit | 20,057,751 | 17,769,624 | 12.9% | 38,742,802 |
34,003,716 |
13.9% |
|||||||||
| Administration Expenses | (3,153,065) | (2,397,772) | 31.5% | (6,105,291) | (4,335,875) |
40.8% |
|||||||||
| OPERATING INCOME | 16,904,686 | 15,371,852 | 10.0% | 32,637,511 | 29,667,842 |
10.0% |
|||||||||
| Depreciation & Amortization | 691,532 | 441,005 | 56.8% | 1,376,519 | 890,199 |
54.6% |
|||||||||
| EBITDA | 17,596,218 | 15,812,857 | 11.3% | 34,014,030 | 30,558,040 |
11.3% |
|||||||||
| Other Income / Expenses | (1,821,303) | (782,371) | 132.8% | (2,940,988) | (1,482,542) |
98.4% |
|||||||||
| Financial Income | 769,396 | 2,069,929 | -62.8% | 2,052,664 | 3,709,386 |
-44.7% |
|||||||||
|
Financial Expenses |
(4,113,467) |
(4,756,395) | -13.5% | (8,378,520) | (9,715,490) |
-13.8% |
|||||||||
| Share of Profit (Loss) of Associates Accounted | 1,355,442 | 1,104,936 | 22.7% | 2,660,631 | 2,173,287 |
22.4% |
|||||||||
| Foreign Exchange Differences | 1,046,956 | (28,667) | - | 1,045,286 | (546,872) |
- |
|||||||||
| Income (Loss) for indexed assets and liabilities | (331,691) | (1,185,498) | -72.0% | (132,708) | (3,311,208) |
-96.0% |
|||||||||
| Gains (losses) from the difference between the previous book value and the fair value of financial assets | 0 | 0 |
- |
0 | 0 |
- |
|||||||||
| NON-OPERATING INCOME | (3,094,667) | (3,578,066) | -13.5% | (5,693,635) | (9,173,439) |
-37.9% |
|||||||||
| Profit before Income Tax | 13,810,019 | 11,793,786 | 17.1% | 26,943,876 | 20,494,402 |
31.5% |
|||||||||
| Income Tax | (2,205,059) | (3,955,796) | -44.3% | (5,317,719) | (5,033,613) |
5.6% |
|||||||||
| NET PROFIT (LOSS) | 11,604,960 | 7,837,990 | 48.1% | 21,626,157 | 15,460,789 |
39.9% |
|||||||||
| Attributable to: | |||||||||||||||
| Equity holders of the company | 11,203,884 | 6,997,288 | 60.1% | 19,837,488 | 14,183,473 |
39.9% |
|||||||||
| Minority interests | 401,076 | 840,702 | -52.3% | 1,788,669 | 1,277,316 |
40.0% |
|||||||||
| NET PROFIT (LOSS) | 11,604,960 | 7,837,990 | 48.1% | 21,626,157 | 15,460,789 |
39.9% |
|||||||||
|
Financial and Operating Highlights |
|||||||||||||||
| Quarter Ending June 30, | Quarter Ending June 30, | ||||||||||||||
| 2013 | 2012 | Chg. % | 2013 | 2012 |
Chg. % |
||||||||||
| Revenues (Ch$ Millions) | 25,206 | 22,563 | 11.7% | 49,160 | 43,753 |
12.4% |
|||||||||
| EBITDA (Ch$ Millions) | 17,596 | 15,813 | 11.3% | 34,014 | 30,558 |
11.3% |
|||||||||
| EBITDA Margin % | 69.8% | 70.1% | -0.3 pp | 69.2% | 69.8% |
-0.7 pp |
|||||||||
| Net Income (Ch$ Millions) | 11,204 | 6,997 | 60.1% | 19,837 | 14,183 |
39.9% |
|||||||||
| Net Income Margin % | 44.4% | 31.0% | 13.4 pp | 40.4% | 32.4% | 7.9 pp | |||||||||
| FFO (Ch$ Millions) | 12,732 | 11,430 | 11.4% | 24,439 | 21,995 | 11.1% | |||||||||
| FFO Margin % | 50.5% | 50.7% | -0.1 pp | 49.7% | 50.3% | -0.6 pp | |||||||||
| Weighted Avg. Shares (million) | 702.75 | 702.75 | 0.0% | 702.75 | 702.75 | 0.0% | |||||||||
| EPS ($) | 15.94 | 9.96 | 60.1% | 28.23 | 20.18 | 39.9% | |||||||||
| Stock Price (Ch$) | 1,110.00 | 889.87 | 24.7% | 1,110.00 | 889.87 | 24.7% | |||||||||
| Daily Traded Volume (Ch$ million) | 1,557.00 | 688.45 | 126.2% | 1,557.00 | 688.45 | 126.2% | |||||||||
| Total Tenant Sales (Ch$ Millions) 1 | 270,850 | 242,319 | 11.8% | 513,645 | 455,071 | 12.9% | |||||||||
| Total GLA (m2) | 634,900 | 530,700 | 19.6% | 634,900 | 530,700 | 19.6% | |||||||||
| Parque Arauco GLA (m2) | 476,231 | 391,865 | 21.5% | 476,231 | 391,865 | 21.5% | |||||||||
| 1. | Total Tenant Sales = Sales of Consolidated Assets |
|
Consolidated Balance Sheet |
||||||||
| (Ch$ millions) | June 30, | December 31, | ||||||
| 2013 | 2012 | % Change | ||||||
| Assets: | ||||||||
| Cash and Cash Equivalents | 66,707 | 103,782 | -35.7% | |||||
| Trade Accounts Receivable & Other Receivables | 20,848 | 21,685 | -3.9% | |||||
| Other Current Assets | 27,790 | 20,204 | 37.6% | |||||
| Total Current Assets | 115,345 | 145,671 | -20.8% | |||||
| Investment Properties | 861,110 | 814,292 | 5.7% | |||||
| Other Non-Current Assets | 100,494 | 91,403 | 9.9% | |||||
| Total Non-Current Assets | 961,605 | 905,695 | 6.2% | |||||
| Total Assets | 1,076,950 | 1,051,367 | 2.4% | |||||
| Liabilities & Stockholder's Equity: | ||||||||
| Current Financial Liabilities | 32,874 | 36,330 | -9.5% | |||||
| Other Current Liabilities | 21,591 | 34,336 | -37.1% | |||||
| Total Current Liabilities | 54,465 | 70,666 | -22.9% | |||||
| Non-Current Financial Liabilities | 346,848 | 318,804 | 8.8% | |||||
| Other Non-Current Liabilities | 73,859 | 71,658 | 3.1% | |||||
| Total Non-Current Liabilities | 420,707 | 390,461 | 7.7% | |||||
| Total Liabilities | 475,172 | 461,128 | 3.0% | |||||
| Equity | ||||||||
| Issued Share Capital | 229,907 | 229,907 | 0.0% | |||||
| Accumulated Earnings (Losses) | 264,993 | 251,255 | 5.5% | |||||
| Other Reserves | (14,007) | (8,729) | 60.5% | |||||
| Equity Attributable to Company Shareholders | 480,893 | 472,433 | 1.8% | |||||
| Minority Interest | 120,885 | 117,806 | 2.6% | |||||
| Total Equity | 601,778 | 590,239 | 2.0% | |||||
| Total Liabilities & Equity | 1,076,950 | 1,051,367 | 2.4% | |||||
| Property Financial Highlights | ||||||||||||||||||||
| IFRS | ||||||||||||||||||||
| (Ch$ millions) | ||||||||||||||||||||
| *(Sol$ thousands) | Quarter to | Cumulative to | ||||||||||||||||||
| **(Col$ millions) | June 30, | June 30, | ||||||||||||||||||
| 2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||
| Total Revenues | ||||||||||||||||||||
| Parque Arauco Kennedy | 8,450 | 8,462 | -0.1 | % | 16,726 | 16,775 | -0.3 | % | ||||||||||||
| Arauco Maipu | 2,637 | 2,093 | 26.0 | % | 5,109 | 4,481 | 14.0 | % | ||||||||||||
| Plaza El Roble | 1,060 | 992 | 6.9 | % | 2,086 | 2,023 | 3.1 | % | ||||||||||||
| Paseo Arauco Estacion | 3,069 | 3,221 | -4.7 | % | 6,473 | 6,621 | -2.2 | % | ||||||||||||
| Arauco San Antonio | 761 | 827 | -7.9 | % | 1,740 | 1,974 | -11.8 | % | ||||||||||||
| Arauco Quilicura | 486 | 0 | 0.0 | % | 624 | 0 | 0.0 | % | ||||||||||||
| Arauco Express | 540 | 418 | 29.3 | % | 1,080 | 418 | 158.3 | % | ||||||||||||
| Buenaventura Outlet Mall | 664 | 0 | 0.0 | % | 1,282 | 0 | 0.0 | % | ||||||||||||
| * Mega Plaza Norte | 14,696 | 15,289 | -3.9 | % | 30,028 | 29,365 | 2.3 | % | ||||||||||||
| * Mega Express Villa | 958 | 858 | 11.6 | % | 1,912 | 1,603 | 19.3 | % | ||||||||||||
| * Larcomar Fashion Center | 6,285 | 6,982 | -10.0 | % | 12,978 | 13,618 | -4.7 | % | ||||||||||||
| * Parque Lambramani | 2,510 | 1,690 | 48.5 | % | 4,959 | 4,711 | 5.3 | % | ||||||||||||
| *Chimbote | 2,411 | 0 | 0.0 | % | 4,648 | 0 | 0.0 | % | ||||||||||||
| *Villa el Salvador | 1,034 | 0 | 0.0 | % | 2,085 | 0 | 0.0 | % | ||||||||||||
| *Mega Express Chincha | 936 | 0 | 0.0 | % | 936 | 0 | 0.0 | % | ||||||||||||
| *Lima Outlet Center | 936 | 0 | 0.0 | % | 936 | 0 | 0.0 | % | ||||||||||||
| ** Parque Arboleda | 4,218 | 2,614 | 61.4 | % | 8,401 | 7,594 | 10.6 | % | ||||||||||||
| **Parque Caracolí | 2,540 | 0 | 0.0 | % | 2,540 | 0 | 0.0 | % | ||||||||||||
| Gross Profit | ||||||||||||||||||||
| Parque Arauco Kennedy | 8,207 | 8,235 | -0.3 | % | 16,168 | 16,302 | -0.8 | % | ||||||||||||
| Arauco Maipu | 2,672 | 1,914 | 39.6 | % | 5,192 | 4,083 | 27.2 | % | ||||||||||||
| Plaza El Roble | 954 | 917 | 4.0 | % | 1,867 | 1,854 | 0.7 | % | ||||||||||||
| Paseo Arauco Estacion | 2,870 | 3,038 | -5.5 | % | 6,040 | 6,229 | -3.0 | % | ||||||||||||
| Arauco San Antonio | 584 | 724 | -19.4 | % | 1,421 | 1,721 | -17.4 | % | ||||||||||||
| Arauco Quilicura | 361 | 0 | 0.0 | % | 465 | 0 | 0.0 | % | ||||||||||||
| Arauco Express | 397 | 343 | 15.8 | % | 819 | 343 | 139.0 | % | ||||||||||||
| Buenaventura Outlet Mall | 547 | 0 | 0.0 | % | 1,043 | 0 | 0.0 | % | ||||||||||||
| * Mega Plaza Norte | 12,363 | 12,760 | -3.1 | % | 25,551 | 25,002 | 2.2 | % | ||||||||||||
| * Mega Express Villa | 739 | 559 | 32.0 | % | 1,447 | 1,073 | 34.9 | % | ||||||||||||
| * Larcomar Fashion Center | 3,314 | 3,680 | -10.0 | % | 8,095 | 8,774 | -7.7 | % | ||||||||||||
| * Parque Lambramani | -54 | 203 | -126.7 | % | 1,441 | 1,827 | -21.1 | % | ||||||||||||
| *Chimbote | 1,676 | 0 | 0.0 | % | 3,129 | 0 | 0.0 | % | ||||||||||||
| *Villa el Salvador | 775 | 0 | 0.0 | % | 1,593 | 0 | 0.0 | % | ||||||||||||
| *Mega Express Chincha | 563 | 0 | 0.0 | % | 563 | 0 | 0.0 | % | ||||||||||||
| *Lima Outlet Center | 550 | 0 | 0.0 | % | 550 | 0 | 0.0 | % | ||||||||||||
| ** Parque Arboleda | 3,474 | 2,697 | 28.8 | % | 7,006 | 6,306 | 11.1 | % | ||||||||||||
| **Parque Caracolí | 1,038 | 0 | 0.0 | % | 1,038 | 0 | 0.0 | % | ||||||||||||
| EBITDA | ||||||||||||||||||||
| Parque Arauco Kennedy | 7,846 | 7,862 | -0.2 | % | 15,414 | 15,438 | -0.2 | % | ||||||||||||
| Arauco Maipu | 2,499 | 1,717 | 45.6 | % | 4,783 | 3,673 | 30.2 | % | ||||||||||||
| Plaza El Roble | 872 | 858 | 1.6 | % | 1,706 | 1,684 | 1.3 | % | ||||||||||||
| Paseo Arauco Estacion | 2,584 | 2,799 | -7.7 | % | 5,519 | 5,733 | -3.7 | % | ||||||||||||
| Arauco San Antonio | 506 | 623 | -18.7 | % | 1,197 | 1,580 | -24.3 | % | ||||||||||||
| Arauco Quilicura | 330 | 0 | 0.0 | % | 427 | 0 | 0.0 | % | ||||||||||||
| Arauco Express | 311 | 224 | 38.7 | % | 708 | 224 | 216.1 | % | ||||||||||||
| Buenaventura Outlet Mall | 508 | 0 | 0.0 | % | 963 | 0 | 0.0 | % | ||||||||||||
| * Mega Plaza Norte | 12,107 | 12,133 | -0.2 | % | 24,607 | 23,822 | 3.3 | % | ||||||||||||
| * Mega Express Villa | 654 | 553 | 18.3 | % | 1362 | 1038 | 31.1 | % | ||||||||||||
| * Larcomar Fashion Center | 4,198 | 4,843 | -13.3 | % | 8,095 | 8,774 | -7.7 | % | ||||||||||||
| * Parque Lambramani | 533 | 901 | -40.9 | % | 1,441 | 1,827 | -21.1 | % | ||||||||||||
| *Chimbote | 1,504 | 0 | 0.0 | % | 2,802 | 0 | 0.0 | % | ||||||||||||
| *Villa el Salvador | 704 | 0 | 0.0 | % | 1,481 | 0 | 0.0 | % | ||||||||||||
| *Mega Express Chincha | 443 | 0 | 0.0 | % | 443 | 0 | 0.0 | % | ||||||||||||
| *Lima Outlet Center | 550 | 0 | 0.0 | % | 550 | 0 | 0.0 | % | ||||||||||||
| ** Parque Arboleda | 3,474 | 3,113 | 11.6 | % | 7,006 | 6,306 | 11.1 | % | ||||||||||||
| **Parque Caracolí | 1,038 | 0 | 0.0 | % | 1,038 | 0 | 0.0 | % | ||||||||||||
| Gross Margins | ||||||||||||||||||||
| Parque Arauco Kennedy | 97 | % | 97 | % | -0.2 | % | 97 | % | 97 | % | -0.5 | % | ||||||||
| Arauco Maipu | 101 | % | 91 | % | 10.8 | % | 102 | % | 91 | % | 11.5 | % | ||||||||
| Plaza El Roble | 90 | % | 92 | % | -2.7 | % | 90 | % | 92 | % | -2.3 | % | ||||||||
| Paseo Arauco Estacion | 94 | % | 94 | % | -0.8 | % | 93 | % | 94 | % | -0.8 | % | ||||||||
| Arauco San Antonio | 77 | % | 88 | % | -12.5 | % | 82 | % | 87 | % | -6.3 | % | ||||||||
| Arauco Quilicura | 74 | % | 0 | % | 0.0 | % | 75 | % | 0 | % | 0.0 | % | ||||||||
| Arauco Express | 73 | % | 82 | % | -10.4 | % | 76 | % | 82 | % | -7.5 | % | ||||||||
| Buenaventura Outlet Mall | 82 | % | 0 | % | 0.0 | % | 81 | % | 0 | % | 0.0 | % | ||||||||
| Mega Plaza Norte | 84 | % | 83 | % | 0.8 | % | 85 | % | 85 | % | -0.1 | % | ||||||||
| Mega Express Villa | 77 | % | 65 | % | 18.3 | % | 76 | % | 67 | % | 13.1 | % | ||||||||
| Larcomar Fashion Center | 53 | % | 53 | % | 0.0 | % | 62 | % | 64 | % | -3.2 | % | ||||||||
| Parque Lambramani | -2 | % | 12 | % | -117.9 | % | 29 | % | 39 | % | -25.0 | % | ||||||||
| Chimbote | 70 | % | 0 | % | 0.0 | % | 67 | % | 0 | % | 0.0 | % | ||||||||
| Villa el Salvador | 75 | % | 0 | % | 0.0 | % | 76 | % | 0 | % | 0.0 | % | ||||||||
| Mega Express Chincha | 60 | % | 0 | % | 0.0 | % | 60 | % | 0 | % | 0.0 | % | ||||||||
| Lima Outlet Center | 59 | % | 0 | % | 0.0 | % | 59 | % | 0 | % | 0.0 | % | ||||||||
| Parque Arboleda | 82 | % | 103 | % | -20.2 | % | 83 | % | 83 | % | 0.4 | % | ||||||||
| Parque Caracolí | 41 | % | 0 | % | 0.0 | % | 41 | % | 0 | % | 0.0 | % | ||||||||
| EBITDA Margins | ||||||||||||||||||||
| Parque Arauco Kennedy | 93 | % | 93 | % | -0.1 | % | 92 | % | 92 | % | 0.1 | % | ||||||||
| Arauco Maipu | 94.8 | % | 82 | % | 15.5 | % | 94 | % | 82 | % | 14.2 | % | ||||||||
| Plaza El Roble | 82 | % | 86 | % | -4.9 | % | 82 | % | 83 | % | -1.8 | % | ||||||||
| Paseo Arauco Estacion | 84 | % | 87 | % | -3.1 | % | 85 | % | 87 | % | -1.5 | % | ||||||||
| Arauco San Antonio | 67 | % | 75 | % | -11.7 | % | 69 | % | 80 | % | -14.1 | % | ||||||||
| Arauco Quilicura | 68 | % | 0 | % | 0.0 | % | 68 | % | 0 | % | 0.0 | % | ||||||||
| Arauco Express | 57 | % | 54 | % | 7.2 | % | 66 | % | 54 | % | 22.4 | % | ||||||||
| Buenaventura Outlet Mall | 77 | % | 0 | % | 0.0 | % | 75 | % | 0 | % | 0.0 | % | ||||||||
| Mega Plaza Norte | 82 | % | 79 | % | 3.8 | % | 82 | % | 81 | % | 1.0 | % | ||||||||
| Mega Express Villa | 68 | % | 64 | % | 6.0 | % | 71 | % | 65 | % | 10.0 | % | ||||||||
| Larcomar Fashion Center | 67 | % | 69 | % | -3.7 | % | 62 | % | 64 | % | -3.2 | % | ||||||||
| Parque Lambramani | 21 | % | 53 | % | -60.2 | % | 29 | % | 39 | % | -25.0 | % | ||||||||
| Chimbote | 62 | % | 0 | % | 0.0 | % | 60 | % | 0 | % | 0.0 | % | ||||||||
| Villa el Salvador | 68 | % | 0 | % | 0.0 | % | 71 | % | 0 | % | 0.0 | % | ||||||||
| Mega Express Chincha | 47 | % | 0 | % | 0.0 | % | 47 | % | 0 | % | 0.0 | % | ||||||||
| Lima Outlet Center | 59 | % | 0 | % | 0.0 | % | 59 | % | 0 | % | 0.0 | % | ||||||||
| Parque Arboleda | 82 | % | 119 | % | -30.8 | % | 83 | % | 83 | % | 0.4 | % | ||||||||
| Parque Caracolí | 41 | % | 0 | % | 0 | 41 | % | 0 | % | 0 | ||||||||||
| Property Operating Indicators | ||||||||
| IFRS | ||||||||
| (Ch$) | ||||||||
| *(Sol$) | Cumulative to | |||||||
| **(Col$) | June 30, | |||||||
| 2013 | 2012 | % Change | ||||||
| Monthly Revenue per m² | ||||||||
| Parque Arauco Kennedy | 246,784 | 274,471 | -10.1% | |||||
| Arauco Maipu | 149,720 | 127,904 | 17.1% | |||||
| Plaza El Roble | 200,218 | 192,552 | 4.0% | |||||
| Paseo Arauco Estacion | 112,444 | 100,449 | 11.9% | |||||
| Arauco San Antonio | 89,991 | 86,133 | 4.5% | |||||
| Arauco Quilicura | 54,082 | 87,637 | -38.3% | |||||
| Arauco Express | 75,632 | 35,700 | 111.9% | |||||
| Buenaventura Outlet Mall | 109,214 | 0 | 0.0% | |||||
| * Mega Plaza Norte | 975 | 965 | 1.1% | |||||
| * Mega Express Villa | 647 | 546 | 18.5% | |||||
| * Larcomar Fashion Center | 554 | 577 | -3.9% | |||||
| * Parque Lambramani | 372 | 362 | 2.8% | |||||
| *Chimbote | 557 | 224 | 148.1% | |||||
| *Villa el Salvador | 436 | 176 | 148.2% | |||||
| *Mega Express Chincha | 243 | 0 | 0.0% | |||||
| *Lima Outlet Center | 881 | 0 | 0.0% | |||||
| ** Parque Arboleda | 322,043 | 298,154 | 8.0% | |||||
| **Parque Caracolí | 99,533 | 0 | 0.0% | |||||
| Monthly Rent per m² | ||||||||
| Parque Arauco Kennedy | 22,563 | 22,963 | -1.7% | |||||
| Arauco Maipu | 10,476 | 10,306 | 1.7% | |||||
| Plaza El Roble | 12,326 | 11,775 | 4.7% | |||||
| Paseo Arauco Estacion | 13,987 | 14,148 | -1.1% | |||||
| Arauco San Antonio | 7,471 | 8,474 | -11.8% | |||||
| Arauco Quilicura | 2,823 | 0 | 0.0% | |||||
| Arauco Express | 12,631 | 5,505 | 129.4% | |||||
| Buenaventura Outlet Mall | 10,080 | 0 | 0.0% | |||||
| * Mega Plaza Norte | 51 | 50 | 2.1% | |||||
| * Mega Express Villa | 33 | 27 | 20.9% | |||||
| * Larcomar Fashion Center | 57 | 87 | -35.2% | |||||
| * Parque Lambramani | 30 | 28 | 5.3% | |||||
| *Chimbote | 24 | 0 | 0.0% | |||||
| *Villa el Salvador | 29 | 0 | 0.0% | |||||
| *Mega Express Chincha | 16 | 0 | 0.0% | |||||
| *Lima Outlet Center | 31 | 0 | 0.0% | |||||
| ** Parque Arboleda | 41,163 | 37,206 | 10.6% | |||||
| **Parque Caracolí | 8,379 | 0 | 0.0% | |||||
| % Occupancy | ||||||||
| Parque Arauco Kennedy | 96.0% | 99.6% | -3.6% | |||||
| Arauco Maipu | 97.7% | 96.6% | 1.1% | |||||
| Plaza El Roble | 99.7% | 98.2% | 1.6% | |||||
| Paseo Arauco Estacion | 98.5% | 98.8% | -0.3% | |||||
| Arauco San Antonio | 98.6% | 98.3% | 0.3% | |||||
| Arauco Quilicura | 85.7% | 0.0% | 0.0% | |||||
| Arauco Express | 100.0% | 100.0% | 0.0% | |||||
| Buenaventura Outlet Mall | 89.1% | 0.0% | 0.0% | |||||
| Mega Plaza Norte | 98.7% | 99.9% | -1.2% | |||||
| Mega Express Villa | 97.0% | 97.0% | 0.0% | |||||
| Larcomar Fashion Center | 95.0% | 88.9% | 6.8% | |||||
| Parque Lambramani | 87.9% | 91.9% | -4.3% | |||||
| Chimbote | 90.0% | 85.0% | 5.9% | |||||
| Villa el Salvador | 90.0% | 90.0% | 0.0% | |||||
| Mega Express Chincha | 94.2% | 0.0% | 0.0% | |||||
| Lima Outlet Center | 94.8% | 0.0% | 0.0% | |||||
| Parque Arboleda | 93.3% | 93.1% | 0.2% | |||||
| Parque Caracolí | 83.0% | 0.0% | 0.0% |