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 first quarter ended March 31, 2012. The following financial and operating information, unless otherwise indicated, was prepared and presented in accordance with IFRS. Under IFRS, Parque Arauco consolidates 33.3% of the financial results of Marina Arauco and Mall Center Curicó and 100% of the results of all other properties. For a more detailed review of the results filed with the SVS (Chilean Securities and Exchange Commission), please visit the investor section of Parque Arauco’s website www.parauco.com/eng/.
“Parque Arauco continues to produce shareholder value through its strong top line growth and high EBITDA margins. We have implemented an investment plan to upgrade current properties, position our product in fast growing markets, and diversify our portfolio geographically and across product lines including shopping centers, strip malls, and outlet stores.”
“In January, Parque Arauco successfully raised funds through a bond issuance at competitive rates. These funds will fuel growth as Parque Arauco seeks to strengthen and expand its presence and brand recognition throughout the Andean region. In Perú, we opened two new operations: MegaPlaza Chimbote and Mega Express Villa El Salvador. During the first quarter, we reached an agreement to acquire the Santiago-based outlet mall, Buenaventura. We view this property as the initial step to increase our presence in the outlet store space. In addition, we are very excited about our development pipeline as it will contribute to diversifying and expanding the geographic reach of the Parque Arauco portfolio,” said Chief Executive Juan Antonio Álvarez.
First Quarter 2012 Consolidated Results
Revenues for 1Q 2012 were Ch$ 22,964 million, a 16.5% increase as compared to 1Q 2011. Total GLA expansion and rental revenue increases were the catalysts for revenue growth improving 4.8% and 10.3%, respectively. Total GLA in Chile grew 5.0% to 432,700 m2, with the additions coming from expansions of current properties, Arauco Maipú and Arauco San Antonio, and the partial opening of Arauco Quilicura. Rental revenue from Chile improved 9.3%. In Peru, total GLA increased 5.1% to 144,000 m2, driven by expansions from Mega Plaza Norte and Mega Express Villa, while rental revenue grew 7.9%. In Colombia rental revenue improved 51.0%.
Gross profit for the quarter was Ch$ 17,838 million, a year-over-year increase of 9.8%. The cost of sales grew 48.1% to Ch$ 5,127 million with additional expenses coming from increased infrastructure in support of the Company’s expansion plan, new properties in operation, and renovations of current properties.
SG&A expenses decreased 15.8% to Ch$ 2,054 million due to a mixture of savings and expense recovery from new properties graduating to more mature stages. 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 expenses decreased 16.5% to Ch$ 466 million as compared to Ch$ 557 million in 1Q 2011.
The Company recorded EBITDA of Ch$ 16,248 million, a 13.1% improvement compared to the Ch$ 14,364 million recorded in 1Q 2011. However, the EBITDA margin decreased 2.1 percentage points to 70.8% as additional expenses from the Company’s expansion plan partially offset additional revenue from added GLA, rental revenue growth, and increased common expense recovery at established properties.
Non-operating expenses of Ch$ 6,947 million were recorded in 1Q 2012 compared to non-operating expenses of Ch$ 5,146 million in 1Q 2011. The principal contributors were higher net financial expenses associated with the Company’s investment plan and revaluation of certain assets. Net financial expenses increased 16.1% to Ch$ 3,453 in 1Q 2012. Other expenses increased to Ch$ 700 million, compared to other expenses in 1Q 2011 of Ch$ 332 million. Foreign exchange differences contributed an expense of Ch$ 518 million as compared to a Ch$ 159 million expense the previous year. The inflationary environment that prevailed in 1Q 2012 resulted in a loss on indexed assets and liabilities of Ch$ 2,275 million, a 35.4% increase compared to a loss of Ch$ 1,680 million in 1Q 2011.
Net income was Ch$ 7,623 million, or Ch$ 10.85 per share, as compared with net income of Ch$ 7,110 million, or Ch$ 11.60 per share, in 1Q 2011. The weighted average number of shares outstanding during the quarter was 702.75 million as compared to 612.75 million in 1Q 2011.
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$ 10,364 million, compared to Ch$ 9,348 million in 1Q 2011, an increase of 10.9%.
Cash and cash equivalents totaled Ch$ 148,728 million at the end of the 1Q 2012 compared to Ch$ 136,430 million in 4Q 2011. The Company successfully raised US$ 81 million from a debt offering in January of 2012 in Perú. Net financial debt at the end of 1Q 2012 was Ch$ 215,753 million down from Ch$ 204,623 million in 1Q 2011. The Company remains comfortably within its financial covenants with Liabilities/ (Equity+ Minority Interest) of 0.91 as compared to a limit of 1.4 and EBITDA/Financial Expenses of 3.18, substantially above the requisite of 2.5.
Occupancy remained relatively stable as compared to the prior year. Additionally, the Company owns a land bank of more than 600,000 m² in Chile, Peru and Colombia for future developments.
New Pipeline of Developments
Properties announced to-date to be developed during this period include:
Buenaventura in Santiago, Chile: The Company entered into an agreement to acquire the outlet mall property, Buenaventura, located outside of Santiago, Chile. The transaction is representative of the Company’s strategy to diversify its properties among shopping centers, strip malls, and outlet stores. The investment in Buenaventura is expected to be USD$ 32 million and the property will contribute approximately 20,000 m2 GLA.
Mega Plaza Chimbote in Chimbote, Peru: Mega Plaza Chimbote was inaugurated on April 24, 2012. The property has a 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: Villa El Salvador, a property of 9,000 m2 GLA, was inaugurated on April 12, 2012. The total investment was US$ 11 million. The mall is expected to contribute US$ 1 million in EBITDA per year on an ongoing basis.
Arauco Quilicura in Santiago, Chile: In 1Q 2012, an initial 9,700 m2 GLA opened with the inauguration of a home improvement retailer. Progress remains on track for the mall which will contribute 29,000 m2 of GLA upon completion in 2013, and which is under construction since end of April. The investment is expected to be approximately US$ 36 million with an ongoing contribution of approximately US$ 4 million in EBITDA per year.
Expansion of Mall Arauco Maipú, Chile: The completion of the third stage of expansion contributed an additional 9,000 m2 to the growing property. The fourth stage of expansion is centered around the opening of a 14,000 m2 Falabella store expected to open in early 2013. The estimated investment is US$ 15 million.
Strip malls in Chile: The Company completed due diligence on its partnership with AURUS, a Chilean asset manager with a strong real estate division, with whom 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. The properties will operate under the subsidiary, Arauco Express.
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 26,000 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 2014 - 2015.
Parque La Colina, Bogota, Colombia: This large development will include department stores, a Boulevard, a 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 GLA 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 the 2H 2013.
1Q 2012 Operating and Financial Property Highlights
Chile
Parque Arauco Kennedy (PAK): PAK generated total income of Ch$ 8,201 million in 1Q 2012, a 6.5% increase compared to 1Q 2011. EBITDA from the shopping center increased 3.3% to Ch$ 7,057 million from the year ago quarter. The EBITDA margin decreased 2.6 pp as a result of continued investments to upgrade facilities and renovate GLA to accommodate higher margin tenants. Cost of sales decreased 2.1% to Ch$ 238 million, while SG&A increased 44.1% to Ch$ 906 million as a result of renovation projects. The property continues to benefit from a strong brand name and location and its sales totals were fairly balanced between anchor tenants (41%) and small stores (50%), which led to a 4% year-over-year increase in tenant sales to Ch$ 84,440.
Mall Arauco Maipú: This shopping center, located in a fast growing, emerging middle class neighborhood in Santiago, Chile, performed extremely well generating income of Ch$ 2,356 million in 1Q 2012, an increase of 24.5% compared to 1Q 2011, as a result of the completion of a 9,000 m2 GLA. EBITDA improved to Ch$1,719 million, an increase of 31.6%, as compared to the same period of 2011. In relation to 1Q 2011, the shopping center’s GLA increased 15% to 71,000 m2 and the property was able to achieve a 96.4% occupancy rate.
Plaza El Roble: El Roble contributed income of Ch$ 1,017 million during 1Q 2012, an increase of 7.0% from the same period in 2011. EBITDA rose by 0.3% to Ch$ 733 million as compared to the previous year. The cost of sales was up 70.0% to Ch$ 93 million in 1Q 2012 compared to 1Q 2011. The expiration of a temporary property tax holiday in 2011 resulted in higher cost of sales relative to the same period of the previous year. The property’s entire GLA of 25,000 m2 is now operating at an occupancy level of 98.0%.
Paseo Arauco Estación: Estación achieved total income of Ch$ 3,354 million in 1Q 2012, a 10.6% improvement from the same period last year. The mall’s EBITDA grew 8.9% to Ch$ 2,578 million. The property’s GLA was 68,000 m2 a decrease of 4% from the previous year. Cost of sales increased 70% to Ch$ 206 million. 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 a higher rent/m2.
Arauco San Antonio: San Antonio contributed income of Ch$ 1,132, a 13.8% improvement compared to the same period of 2011. EBITDA grew to Ch$ 891 million, a 39.5% increase from 1Q 2011. GLA expanded by 2,000m2 as compared to the 1Q 2011. The anchor stores comprised 73% of the quarter’s tenant sales, while small stores and the food court generated 18% and 7% of sales, respectively.
Mall Marina Arauco: This property, situated in Viña del Mar, Chile, generated income of Ch$ 3,210 million during 1Q 2012, a year-over-year increase of 7.2%. The property’s EBITDA of Ch$ 3,089 million grew by 7.0% as compared to 1Q 2011 levels. Forty-eight percent of Marina Arauco’s tenant sales were generated by anchor stores, while occupancy was 99.6% at the end of 1Q 2012.
Boulevard Marina Arauco: This innovative commercial center located in front of Mall Marina Arauco opened in February 2011. Total income grew 47.5% to Ch$ 495 million in 1Q 2012, with EBITDA of Ch$ 472 million. The property’s GLA now totals 12,000 m2. The renewals of tenant contracts at higher rental rates and increased variable rental revenues were the primary drivers of revenue growth.
Mall Center Curicó: This shopping center, located south of Santiago, Chile, contributed income of Ch$ 1,024 million, an increase of 7.6% as compared to 1Q 2011, while EBITDA increased 13.5% to Ch$ 988 million. Anchor stores operate 78% of the property’s GLA of 50,000 m2.
Peru
Mega Plaza Norte: This shopping center, located in the Peruvian capital of Lima, reflects the Company’s strategy in Peru to target low to middle income areas, a market that the Company believes to be underserved in the country. The property added income of Sol$ 14,023 thousand, a 14.0% increase as compared to the same period of the prior year, on the strength of higher tenant sales and rental revenues as GLA increased. The property posted EBITDA of Sol$ 12,227 thousand, a 25.7% improvement from the previous year. Cost of sales slightly increased by 1% to Sol$ 2,244 thousand. SG&A improved 71% as the property’s 30 million annual visitors enable the company to recover costs through advertising on the property. Occupancy remained strong at the shopping center, exceeding 99.0% and GLA increased by 8% to 83,000 m2.
Mega Express Villa: This strip mall property, located in Chorrillos, Peru, contributed income of Sol$ 675 thousand in 1Q 2012, an increase of 31.5% year over year. The shopping center’s EBITDA increased by 19.4% to Sol$ 520 thousand compared to 1Q 2011. Cost of sales increased to Sol$ 88 as a result of expansionary projects that contributed to the 1,000 m2 increase from the previous year. Tenant sales improved by 21% to Sol$ 11,211 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$ 6,636 thousand in 1Q 2012. The center’s EBITDA decreased by 11.4% to Sol$ 3,927 thousand compared to 1Q 2011. Cost of sales decreased 15% to Sol$ 1,542 and SG&A increased 55% to Sol$ 1,167. Tenant sales for 1Q 2012 improved by 5% to Sol$ 43,484 thousand. The property is in the process of upgrading its facilities and tenant mix.
Parque Lambramani: Located in Peru, this mall generated income of Sol$ 2,395 thousand, a decrease of 8.3% relative to 1Q 2011. The EBITDA of Sol$ 625 thousand was impacted by expenses related to the new operations such as higher marketing and startup-costs. Cost of sales for the quarter was Sol$ 703 thousand and SG&A totaled Sol$1,067 thousand due to advertising expenses, overhead and maintenance as part of the campaign to strengthen its position in the Peruvian market. Total GLA is at 28,000 m2, and the occupancy rate reached 92.0%. The Company is focused on differentiating the property from peers by specializing in entertainment and food, enhancing the customers experience with the property’s unique and award winning architecture, and attracting additional top line anchor stores.
Colombia
Parque Arboleda: This shopping center opened during the fourth quarter of 2010 in Pereira, Colombia. The property utilizes a unique rental structure that is atypical among the primarily condominium type mall structures in Colombia and has proven a success to date. For 1Q 2012, Parque Arboleda contributed income of Col$ 3,234 million, 50.1% increase over 1Q 2011, while EBITDA was Col$ 2,906 million, a 77.0% improvement compared to 1Q 2011. The property has total GLA of 36,000m2. The success of the Company’s first property in Colombia is reflective of the expectations for Bucaramanga, Parque La Colina, and any future developments in this fast growing market.
Outlook
Parque Arauco will continue to extend its regional footprint and has developed an investment plan of approximately US$ 650 million to expand its operations in Chile (17% of investment), Colombia (51% of investment), and Peru (32% of investment) through 2016. In January, the Company completed an approximate US$ 81 million debt offering, which, along with free cash flow, debt at the project level, current liquidity and partnerships, and the recent secondary equity issuance, enables Parque Arauco to support the growth in 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 six 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. | |||||||||
|
|
|||||||||
|
Consolidated Income Statement |
|||||||||
| IFRS | |||||||||
| Ch$ thousands | |||||||||
| Quarter Ending March 31, | |||||||||
| 2012 | 2011 | Chg. % | |||||||
| Revenues | 22,963,692 | 19,707,588 | 16.5 | % | |||||
| Cost of Sales | (5,127,297 | ) | (3,462,201 | ) | 48.1 | % | |||
| Gross Profit | 17,836,395 | 16,245,387 | 9.8 | % | |||||
| Administration Expenses | (2,053,819 | ) | (2,438,353 | ) | -15.8 | % | |||
| OPERATING INCOME | 15,782,576 | 13,807,034 | 14.3 | % | |||||
| Depreciation & Amortization | 465,700 | 557,440 | -16.5 | % | |||||
| EBITDA | 16,248,276 | 14,364,474 | 13.1 | % | |||||
| Other Income / Expenses | (700,171 | ) | (332,308 | ) | 110.7 | % | |||
| Financial Income | 1,657,644 | 658,638 | 151.7 | % | |||||
| Financial Expenses | (5,110,424 | ) | (3,632,882 | ) | 40.7 | % | |||
| Foreign Exchange Differences | (518,205 | ) | (158,998 | ) | 225.9 | % | |||
| Income (Loss) for indexed assets and liabilities | (2,275,447 | ) | (1,680,230 | ) | 35.4 | % | |||
| NON-OPERATING INCOME | (6,946,603 | ) | (5,145,780 | ) | 35.0 | % | |||
| Profit before Income Tax | 8,835,973 | 8,661,254 | 2.0 | % | |||||
| Income Tax | (1,213,174 | ) | (1,551,154 | ) | -21.8 | % | |||
| NET PROFIT (LOSS) | 7,622,799 | 7,110,100 | 7.2 | % | |||||
| Attributable to: | |||||||||
| Equity holders of the company | 7,186,185 | 6,318,056 | 13.7 | % | |||||
| Minority interests | 436,614 | 792,044 | -44.9 | % | |||||
| NET PROFIT (LOSS) | 7,622,799 | 7,110,100 | 7.2 | % | |||||
|
Financial and Operating Highlights |
|||||||||
| Quarter Ending March 31, | |||||||||
| 2012 | 2011 | Chg. % | |||||||
| Revenues (Ch$ Millions) | 22,964 | 19,708 | 16.5 | % | |||||
| EBITDA (Ch$ Millions) | 16,248 | 14,364 | 13.1 | % | |||||
| EBITDA Margin % | 70.8 | % | 72.9 | % | -2.1 pp | ||||
| Net Income (Ch$ Millions) | 7,627 | 7,110 | 7.3 | % | |||||
| Net Income Margin % | 33.2 | % | 36.1 | % | -2.9 pp | ||||
| FFO (Ch$ Millions) | 10,364 | 9,348 | 10.9 | % | |||||
| FFO Margin % | 45.1 | % | 47.4 | % | -2.3 pp | ||||
| Weighted Avg. Shares (million) | 702.75 | 612.75 | 14.7 | % | |||||
| EPS ($) | 10.85 | 11.60 | -6.5 | % | |||||
| Stock Price (Ch$) | 990.00 | 1,058.40 | -6.5 | % | |||||
| Daily Traded Volume (Ch$ million) | 1,197.81 | 917.79 | 30.5 | % | |||||
| Total Tenant Sales (Ch$ Millions) 1 | 265,593 | 248,741 | 6.8 | % | |||||
| Total GLA (m2) | 610,700 | 583,000 | 4.8 | % | |||||
| Parque Arauco GLA (m2) | 419,532 | 396,612 | 5.8 | % | |||||
| 1. Total Tenant Sales = Sales of Consolidated Assets | |||||||||
|
Consolidated Balance Sheet |
||||||||
| (Ch$ millions) | March 31, | December 31, | ||||||
| 2012 | 2011 | % Change | ||||||
| Assets: | ||||||||
| Cash and Cash Equivalents | 148,728 | 136,430 | 9.0 | % | ||||
| Trade Accounts Receivable & Other Receivables | 14,477 | 14,933 | -3.1 | % | ||||
| Other Current Assets | 26,813 | 22,893 | 17.1 | % | ||||
| Total Current Assets | 190,019 | 174,256 | 9.0 | % | ||||
| Investment Properties | 714,134 | 701,810 | 1.8 | % | ||||
| Other Non-Current Assets | 64,394 | 65,174 | -1.2 | % | ||||
| Total Non-Current Assets | 778,528 | 766,983 | 1.5 | % | ||||
| Total Assets | 968,546 | 941,239 | 2.9 | % | ||||
| Liabilities & Stockholder's Equity: | ||||||||
| Current Financial Liabilities | 34,532 | 24,339 | 41.9 | % | ||||
| Other Current Liabilities | 36,448 | 35,844 | 1.7 | % | ||||
| Total Current Liabilities | 70,980 | 60,183 | 17.9 | % | ||||
| Non-Current Financial Liabilities | 329,949 | 316,713 | 4.2 | % | ||||
| Other Non-Current Liabilities | 60,336 | 60,762 | -0.7 | % | ||||
| Total Non-Current Liabilities | 390,285 | 377,475 | 3.4 | % | ||||
| Total Liabilities | 461,265 | 437,659 | 5.4 | % | ||||
| Equity | ||||||||
| Issued Share Capital | 229,907 | 229,907 | 0.0 | % | ||||
| Accumulated Earnings (Losses) | 241,994 | 234,807 | 3.1 | % | ||||
| Other Reserves | (12,597 | ) | (9,948 | ) | 26.6 | % | ||
| Equity Attributable to Company Shareholders | 459,303 | 454,766 | 1.0 | % | ||||
| Minority Interest | 47,978 | 48,815 | -1.7 | % | ||||
| Total Equity | 507,281 | 503,581 | 0.7 | % | ||||
| Total Liabilities & Equity | 968,546 | 941,239 | 2.9 | % | ||||
|
Property Financial Highlights |
|||||||||
| IFRS | |||||||||
| (Ch$ millions) | |||||||||
| *(Sol$ thousands) | Quarter to | ||||||||
| *(Col$ millions) | March 31, | ||||||||
| 2012 | 2011 | % Change | |||||||
| Total Revenues | |||||||||
| Parque Arauco Kennedy | 8,201 | 7,700 | 6.5 | % | |||||
| Arauco Maipu (1) | 2,356 | 1,893 | 24.5 | % | |||||
| * Mega Plaza Norte | 14,023 | 12,296 | 14.0 | % | |||||
| Marina Arauco | 3,210 | 2,994 | 7.2 | % | |||||
| Boulevard Marina Arauco | 495 | 336 | 47.5 | % | |||||
| Mall Center Curico | 1,024 | 952 | 7.6 | % | |||||
| Plaza El Roble | 1,017 | 950 | 7.0 | % | |||||
| Paseo Arauco Estacion (2) | 3,354 | 3,032 | 10.6 | % | |||||
| Arauco San Antonio (3) | 1,132 | 995 | 13.8 | % | |||||
| * Mega Express Villa (3) | 675 | 513 | 31.5 | % | |||||
| * Larcomar Fashion Center (4) | 6,636 | 7,007 | -5.3 | % | |||||
| * Parque Lambramani | 2,395 | 2,610 | -8.3 | % | |||||
| ** Parque Arboleda | 3,234 | 2,155 | 50.1 | % | |||||
| Gross Profit | |||||||||
| Parque Arauco Kennedy | 7,962 | 7,457 | 6.8 | % | |||||
| Arauco Maipu (1) | 2,140 | 1,605 | 33.3 | % | |||||
| * Mega Plaza Norte | 12,545 | 10,835 | 15.8 | % | |||||
| Marina Arauco | 3,109 | 2,915 | 6.6 | % | |||||
| Boulevard Marina Arauco | 479 | 295 | 62.4 | % | |||||
| Mall Center Curico | 1,015 | 922 | 10.1 | % | |||||
| Plaza El Roble | 924 | 895 | 3.2 | % | |||||
| Paseo Arauco Estacion (2) | 3,149 | 2,912 | 8.1 | % | |||||
| Arauco San Antonio (3) | 983 | 857 | 14.8 | % | |||||
| * Mega Express Villa (3) | 586 | 496 | 18.3 | % | |||||
| * Larcomar Fashion Center (4) | 5,094 | 5,185 | -1.8 | % | |||||
| * Parque Lambramani | 1,692 | 1,687 | 0.3 | % | |||||
| ** Parque Arboleda | 3,103 | 2,034 | 52.6 | % | |||||
| EBITDA | |||||||||
| Parque Arauco Kennedy | 7,057 | 6,828 | 3.3 | % | |||||
| Arauco Maipu (1) | 1,719 | 1,306 | 31.6 | % | |||||
| * Mega Plaza Norte | 12,227 | 9,728 | 25.7 | % | |||||
| Marina Arauco | 3,089 | 2,886 | 7.0 | % | |||||
| Boulevard Marina Arauco | 472 | 291 | 62.4 | % | |||||
| Mall Center Curico | 988 | 871 | 13.5 | % | |||||
| Plaza El Roble (2) | 733 | 731 | 0.3 | % | |||||
| Paseo Arauco Estacion | 2,578 | 2,366 | 8.9 | % | |||||
| Arauco San Antonio (3) | 891 | 639 | 39.5 | % | |||||
| * Mega Express Villa (3) | 520 | 436 | 19.4 | % | |||||
| * Larcomar Fashion Center (4) | 3,927 | 4,431 | -11.4 | % | |||||
| * Parque Lambramani | 625 | 636 | -1.9 | % | |||||
| ** Parque Arboleda | 2,906 | 1,642 | 77.0 | % | |||||
| Gross Margins | |||||||||
| Parque Arauco Kennedy | 97 | % | 97 | % | 0.3 | % | |||
| Arauco Maipu (1) | 91 | % | 85 | % | 7.1 | % | |||
| Mega Plaza Norte | 89 | % | 88 | % | 1.5 | % | |||
| Marina Arauco | 97 | % | 97 | % | -0.5 | % | |||
| Boulevard Marina Arauco | 97 | % | 88 | % | 10.1 | % | |||
| Mall Center Curico | 99 | % | 97 | % | 2.4 | % | |||
| Plaza El Roble (2) | 91 | % | 94 | % | -3.6 | % | |||
| Paseo Arauco Estacion | 94 | % | 96 | % | -2.2 | % | |||
| Arauco San Antonio (3) | 87 | % | 86 | % | 0.9 | % | |||
| * Mega Express Villa (3) | 87 | % | 97 | % | -10.0 | % | |||
| * Larcomar Fashion Center (4) | 77 | % | 74 | % | 3.7 | % | |||
| * Parque Lambramani | 71 | % | 65 | % | 9.3 | % | |||
| ** Parque Arboleda | 96 | % | 94 | % | 1.7 | % | |||
| EBITDA Margins | |||||||||
| Parque Arauco Kennedy | 86 | % | 89 | % | -3.0 | % | |||
| Arauco Maipu (1) | 73 | % | 69 | % | 5.7 | % | |||
| Mega Plaza Norte | 87 | % | 79 | % | 10.2 | % | |||
| Marina Arauco | 15 | % | 96 | % | -84.7 | % | |||
| Mall Center Curico | 97 | % | 92 | % | 5.5 | % | |||
| Plaza El Roble (2) | 72 | % | 77 | % | -6.3 | % | |||
| Paseo Arauco Estacion | 77 | % | 78 | % | -1.5 | % | |||
| Arauco San Antonio (3) | 79 | % | 64 | % | 22.6 | % | |||
| * Mega Express Villa (3) | 77 | % | 85 | % | -9.2 | % | |||
| * Larcomar Fashion Center (4) | 59 | % | 63 | % | -6.4 | % | |||
| * Parque Lambramani | 9 | % | 24 | % | -61.4 | % | |||
| ** Parque Arboleda | 121 | % | 76 | % | 59.3 | % | |||
| (1) Result reflects Q110 results of the affiliated commercial property, Arauco Express Pajaritos. |
| (2) Property was closed during March 2010 due to damage caused by the earthquake of February 27. |
| (3) Property's financial results incorporated as of Q110 |
| (4) Property's financial results incorporated as of Q310 |
|
Property Operating Indicators |
|||||||||
| IFRS | |||||||||
| (Ch$) | |||||||||
| *(Sol$) | Cumulative to | ||||||||
| **(Col$) | March 31, | ||||||||
| 2012 | 2011 | % Change | |||||||
| Monthly Revenue per m² | |||||||||
| Parque Arauco Kennedy | 263,941 | 251,970 | 4.8 | % | |||||
| Arauco Maipu (1) | 127,895 | 120,826 | 5.9 | % | |||||
| * Mega Plaza Norte | 925 | 814 | 13.6 | % | |||||
| Marina Arauco | 201,495 | 199,768 | 0.9 | % | |||||
| Boulevard Marina Arauco | 95,974 | 58,166 | 65.0 | % | |||||
| Mall Center Curico | 102,843 | 100,389 | 2.4 | % | |||||
| Plaza El Roble | 194,347 | 186,408 | 4.3 | % | |||||
| Paseo Arauco Estacion | 101,407 | 91,091 | 11.3 | % | |||||
| Arauco San Antonio | 103,535 | 102,968 | 0.6 | % | |||||
| * Mega Express Villa | 530 | 541 | -2.1 | % | |||||
| * Larcomar Fashion Center | 565 | 539 | 4.8 | % | |||||
| ** Parque Lambramani | 376 | 416 | -9.5 | % | |||||
| ** Parque Arboleda | 287,379 | 271,068 | 6.0 | % | |||||
| Monthly Rent per m² | |||||||||
| Parque Arauco Kennedy | 22,408 | 20,960 | 6.9 | % | |||||
| Arauco Maipu (1) | 10,979 | 9,427 | 16.5 | % | |||||
| * Mega Plaza Norte | 47 | 44 | 6.9 | % | |||||
| Marina Arauco | 15,867 | 15,633 | 1.5 | % | |||||
| Boulevard Marina Arauco | 14,097 | 9,454 | 49.1 | % | |||||
| Mall Center Curico | 6,550 | 6,040 | 8.4 | % | |||||
| Plaza El Roble | 11,832 | 11,317 | 4.5 | % | |||||
| Paseo Arauco Estacion | 14,018 | 12,696 | 10.4 | % | |||||
| Arauco San Antonio | 9,725 | 9,409 | 3.4 | % | |||||
| * Mega Express Villa | 30 | 29 | 3.7 | % | |||||
| * Larcomar Fashion Center | 55 | 57 | -3.5 | % | |||||
| ** Parque Lambramani | 26 | 31 | -16.9 | % | |||||
| ** Parque Arboleda | 32,442 | 26,310 | 23.3 | % | |||||
| % Occupancy | |||||||||
| Parque Arauco Kennedy | 99.7 | % | 99.6 | % | 0.2 | % | |||
| Arauco Maipu (1) | 96.4 | % | 94.0 | % | 2.5 | % | |||
| Mega Plaza Norte | 99.9 | % | 99.1 | % | 0.8 | % | |||
| Marina Arauco | 99.6 | % | 97.5 | % | 2.2 | % | |||
| Boulevard Marina Arauco | 96.2 | % | 91.7 | % | 4.9 | % | |||
| Mall Center Curico | 99.2 | % | 99.1 | % | 0.1 | % | |||
| Plaza El Roble | 98.0 | % | 98.7 | % | -0.7 | % | |||
| Paseo Arauco Estacion | 98.5 | % | 96.5 | % | 2.1 | % | |||
| Arauco San Antonio | 98.1 | % | 98.0 | % | 0.0 | % | |||
| Mega Express Villa | 97.0 | % | 98.9 | % | -1.9 | % | |||
| Larcomar Fashion Center | 90.0 | % | 96.7 | % | -7.0 | % | |||
| ** Parque Lambramani | 92.0 | % | 91.8 | % | 0.2 | % | |||
| ** Parque Arboleda | 93.1 | % | 80.9 | % | 15.1 | % | |||
| (1) Result reflects results of the affiliated commercial property, Arauco Express Pajaritos. |