Parque Arauco Reports Third Quarter 2012 Results
Parque Arauco Reports Third Quarter 2012 Results
* Third quarter total tenant sales increased 10% to Ch$ 865,460 million.
* Strong revenue growth of 14.9% to Ch$ 24,164 million as compared to 3Q
2011; Own GLA increased 14%.
* EBITDA increased 13.7% year-over-year to Ch$ 17,407 million, delivering an
EBITDA margin of 72.0%
* Strong cash position of Ch$ 116,517 million; FFO increased 27% over 3Q
2011
* Started construction on three strip malls in Peru to add 32,300 m^2 of GLA
* Buenaventura outlet mall property in Santiago commenced operations; Adds
20,000 m^2 of GLA
* Five major expansions underway at Parque Arauco Kennedy, Mall Arauco
Maipu, Paseo El Roble, Marina Arauco and Megaplaza to add almost 60,000m^2
of additional GLA.
Business Wire
SANTIAGO, Chile -- November 07, 2012
Parque Arauco S.A. (Santiago Stock Exchange: Parauco; Bloomberg: PARAUCO:CI),
one of Latin America’s leading shopping center developers and operators, based
on gross leasable area (GLA), reported financial results for the third quarter
ended September 30, 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 delivered strong revenues, operating and bottom line
profitability during the third quarter. The Company continues to execute its
strategic plan to expand and diversify its portfolio throughout the Andean
region to include shopping centers, strip malls and outlet malls. Construction
began on three strip mall properties in Peru that are expected to contribute
GLA of 32,300m^2 in the first half of 2013. We were also pleased to begin
operations of the Buenaventura outlet mall, in Santiago in September which
added GLA of 20,000 m^2 to our portfolio.
We are also focused on reinforcing the strength of current properties through
renovations, expansions and bringing top new brands to the Chilean market. The
new section of Parque Arauco Kennedy known as the Luxury District is set to
open in Q4 2012 and will introduce brands such as Burberry, Dolce & Gabbana,
Carolina Herrera and Omega to the Chilean market for the first time.” said
Chief Executive Juan Antonio Álvarez.
Third Quarter Consolidated Results
Revenues grew 14.9% to Ch$ 24,164 million in 3Q 2012 due to GLA expansion of
12.3% and rental revenue growth of 7.0%. Total GLA in Chile grew 9.8% to
457,700 m^2, with the growth coming from the addition of 6 strip malls from
the consolidation of Arauco Express, the partial opening of Arauco Quilicura
and the consolidation of the Buenaventura outlet mall beginning in September.
In Peru, rental revenue grew 8.9% and total GLA increased 32.1%, driven by the
additions of MegaPlaza Chimbote and Villa El Salvador. In Colombia, rental
revenues at Parque Arboleda grew 64.0% continuing to demonstrate the strong
growth potential of this market.
Gross profit for the quarter was Ch$ 19,554 million, a year-over-year increase
of 13.1%. The cost of sales grew 22.9% to Ch$ 4,609 million primarily due to
higher GLA, additional costs related to new properties and renovations, and an
increase in Chile’s property tax following a temporary tax rate freeze in
2011.
Administrative expenses decreased 0.6% to $Ch 2,568 million partly due to new
properties reaching more mature stags and no longer requiring the additional
costs incurred in the first years of operation. Administrative expenses
include costs related to the Company’s growth plans and cost restructuring
initiatives, advertising and marketing expenses as well as facilities costs
which tend to be greater in the first year of operation of new properties.
Depreciation and amortization expenses decreased 30.9% to Ch$ 421 million as
compared to Ch$ 610 million in 3Q 2011.
The Company recorded EBITDA of Ch$ 17,407 million, a 13.7% improvement
compared to the Ch$ 15,316 million recorded in 3Q 2011. The Company maintained
an EBITDA margin of 72.0% due to additional revenue from added GLA, rental
revenue growth, and efficient management of administrative expenses.
Non-operating expenses totaled Ch$ 933 million in 3Q 2012 compared to Ch$
4,111 million in 3Q 2011. Financial income contributed Ch$ 2,645 million, a
231.4% increase compared to 3Q 2011, as the Company earned interest on its
larger cash position relative to the same period last year, as a result of the
equity issuance completed in October of 2011. Financial expenses increased
5.6% to Ch$ 4,898 million primarily driven by additional interest payments on
the debt offering issued in January 2012. Other income was Ch$ 690 million, as
a result of restructuring the ownership of the La Colina property between
Parque Arauco (55%) and Bancolombia (45%), compared to an expense in 3Q 2011
of Ch$ 92 million. Foreign exchange differences resulted in a gain of Ch$ 54
million compared to a gain of Ch$ 1,145 million in 3Q 2011 when the Company’s
Sol-denominated bonds, lent to finance operations in Peru, benefited from the
appreciation of the Peruvian currency. The lower inflationary environment in
3Q 2012 resulted in a gain on indexed assets and liabilities of Ch$ 575
million, against a loss of Ch$ 1,563 million in 3Q 2011.
The income tax provision totaled Ch$ 4,261 million, significantly higher than
the 3Q 2011 charge of Ch$ 1,294 million. The increase is attributable to an
increase in the Chilean income tax rate from 17% to 20%. As a result of the
higher tax rate, the Company allocates additional funds to the deferred tax
account to compensate for the increase in potential tax provisions on the
future sale of assets. Excluding the non-cash deferred tax expense, the
adjusted tax provision totaled Ch$ 1,974 million, a 53% increase compared to
3Q 2011.
Net income was Ch$ 11,791 million, or Ch$ 16.78 per share, as compared with
net income of Ch$ 9,300 million, or Ch$ 14.55 per share, in 3Q 2011. The
weighted average number of shares outstanding during the quarter was 702.75
million as compared to 622.60 million in 3Q 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, increased 26.8% to Ch$ 13,932 million.
Cash and cash equivalents totaled Ch$ 116,517 million at the end of 3Q 2012
providing the Company with the financial capabilities to invest funds to
develop, renovate and expand properties. Net financial debt at the end of 3Q
2012 was Ch$ 249,283 million. The Company remains comfortably within its
financial covenants with Liabilities/ (Equity+ Minority Interest) of 0.80 as
compared to a limit of 1.4 and EBITDA/Financial Expenses of 3.6, substantially
above the requisite of 2.5.
At the end of 3Q 2012, the occupancy rate was 97.4% compared to 96.8% at the
end of 3Q 2011.
The Company holds a strategic land bank with assets in Chile, Colombia and
Peru that provide future growth opportunities.
Nine Months 2012 Results
Total revenue for the first nine months of 2012 was Ch$ 71,359 million, an
increase of 17.0% as compared to the same period of 2011. Additional GLA and
higher rental revenue were the primary drivers of growth. Gross profit for the
first nine months improved 14.1% to Ch$ 56,701 million.
Operational costs (SG&A plus Cost of Sales) increased 16.3% to Ch$ 21,795
million. Operational cost, adjusted for the increase in GLA, grew 6.4%,
including inflation. First nine months 2012 EBITDA increased 15.7% to Ch$
50,909 million with an EBITDA margin of 71.3%. Net income grew 24.4% to Ch$
27,251 million.
Project Pipeline
This section includes projects that are currently under construction or have
been approved by the Board to commence construction.
Greenfield Projects
Total Est.
Project Country Est. GLA PARAUCO Investment Operational
Opening (m2) Ownership (US$ EBITDA (US$
millions) millions)*
Arauco Chile 1H 2013 33,000 100% 50 5.0
Quilicura
Bucaramanga Colombia 1H 2013 30,000 55% 100 10.0
Mega
Express Perú 1H 2013 7,500 50% 10 1.0
Chincha
Mega
Express Perú 1H 2013 8,000 50% 13 1.0
Barranca
Mega
Express Perú 1H 2013 16,800 50% 12 1.2
Cañete
* Estimated Operational EBITDA refers to the expected annual EBITDA when the
property has reached maturity.
Expansion Projects
Total
Project Country Est. GLA (m2) PARAUCO Investment
Opening Ownership (US$
millions)
Falabella in Arauco Chile 4Q 2012 14,000 100% 15
Maipú
Expansion El Roble - Chile 1H 2014 12,500 100% 20
Chillán
Boulevard IV Kennedy Chile 1Q 2013 5,000 100% 24
Expansion Marina Chile 2H 2014 40,000 33.3% 67
Arauco
Expansion in Perú 2H 2013 27,000 50% 58
MegaPlaza
Acquisitions and other developments
Buenaventura in Santiago, Chile: The Company commenced its operation of the
property in September 2012. 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 US$ 32 million and the
property will contribute approximately 20,000 m^2 of GLA.
Mega Express Strip Mall Projects in Peru: In partnership with the Wiesse
Family, the Company has begun construction on three Mega Express strip malls
in Peru: Mega Express Chincha, Mega Express Barranca and Mega Express Cañete.
Combined, the properties will contribute a total GLA of 32,300 m^2 and are
expected to open in the first half of 2013.
Strip Malls in Chile: The Company has 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 m^2 with AURUS contributing 7 operating
assets to the format. The Company plans to open 3 to 5 strip malls annually in
2013, 2014, and 2015. The properties will operate under the subsidiary, Arauco
Express.
3Q Operating and Financial Property Highlights
Chile
Parque Arauco Kennedy (PAK): PAK generated total EBITDA of Ch$ 7,199 million
in 3Q 2012, a 0.75% increase compared to 3Q 2011 of Ch$ 7,155. The Company
continues to make investments to reinforce the property’s focus on
entertainment, services, and restaurants highlighted by the 7,000 m2 “Luxury
District” to open in 2Q 2013. EBITDA margin increased 2.8 pp and recorded
lower cost of sales and SG&A of Ch$ 175 million and Ch$ 778 million,
respectively. 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%).
Mall Arauco Maipú: This shopping center, located in a fast growing, emerging
middle class neighborhood in Santiago, Chile, continues to show impressive
growth generating total revenue of Ch$ 2,328 million in 3Q 2012, an increase
of 10.9% compared to 3Q 2011. EBITDA improved to Ch$ 1,833 million, an
increase of 13.8%, as compared to the same period of 2011. The property is
expanding 14,000 m^2 of GLA to open a Falabella store in Q4 2012.
Plaza El Roble: El Roble contributed total revenue of Ch$ 1,018 million during
3Q 2012, an increase of 3.7% from the same period in 2011 while EBITDA
generated Ch$ 731 million. The property is adding 12,500 m^2 of GLA which will
consist of fashion stores, a cinema, an improved food court and a Hites
department store. The property’s current GLA of 25,000 m^2 is now operating at
an occupancy level of 97.8%.
Paseo Arauco Estación: Estación earned total revenue of Ch$ 3,267 million in
3Q 2012, a 3.0% improvement from the same period last year. The mall’s EBITDA
grew 11.3% to Ch$ 2,554 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/m^2.
Arauco San Antonio: San Antonio contributed income of Ch$ 833 and EBITDA of
Ch$ 612 million in 3Q 2012. The Company has indentified a third party to
operate the hotel which will be integrated into the property’s operations in
1Q 2013.
Mall Marina Arauco: This extremely profitable property, situated in Viña del
Mar, Chile, generated total revenue of Ch$ 3,180 million during 3Q 2012, a
year-over-year increase of 8.9%. The property’s EBITDA of Ch$ 3,054 million
grew 9.9% aided by an impressive EBITDA margin of 96.0%.
Boulevard Marina Arauco: Another exceptionally profitable property is this
innovative commercial center located in front of Mall Marina Arauco. Total
revenue grew 22.1% to Ch$ 486 million in 3Q 2012 compared to 3Q 2011. EBITDA
generated Ch$ 445 million with an EBITDA margin of 91.5%.
Mall Center Curicó: This shopping center, located south of Santiago, Chile,
contributed income of Ch$ 1,039 million, an increase of 4.2% as compared to 3Q
2011. EBITDA increased 5.2% to Ch$ 990 million with an EBITDA margin of 95.3%.
Arauco Express (Stripcenters Chile): In 3Q 2012, the Parque Arauco subsidiary,
Arauco Express posted an EBITDA of approximately Ch$ 482 million The new
operation is in line with the Company’s strategy to diversify its portfolio of
products.
Peru
Mega Plaza Norte: This shopping center, located in the Peruvian capital of
Lima, reflects the Company’s strategy 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$ 16,601 thousand, a 16.9% increase as compared to
the same period of the prior year. The property posted EBITDA of Sol$ 13,080
thousand, a 17.1% improvement from the previous year. Occupancy remained
strong at the shopping center, exceeding 99.0%.
Mega Express Villa: This strip mall property, located in Chorrillos, Peru,
contributed income of Sol$ 835 thousand in 3Q 2012, an increase of 6.6%
year-over-year. The shopping center’s EBITDA increased by 15.5% to Sol$ 603
thousand compared to 3Q 2011. The solid performance demonstrates the demand
for the strip mall model in the Peruvian market as the Company continues to
develop similar properties in partnership with the Wiesse Family.
Larcomar Fashion Center: Located in Lima, the mall contributed income of Sol$
7,907 thousand in 3Q 2012, a 3.0% improvement compared to 3Q 2011. The
center’s EBITDA was Sol$ 4,378, a 1.1% increase compared to 3Q 2011. The
property continues to renovate its facilities and shift the tenant mix to
achieve a higher rent/m^2.
Parque Lambramani: Located in Peru, this mall generated income of Sol$ 2,343
thousand compared to Sol$ 2,440 in 3Q 2011. The lower revenue was a result of
decreased rent/m^2 as the Company is committed to offering competitive rates
to maintain maximum occupancy. Despite the decrease in revenue, EBITDA
improved 133.3% to Sol$ 590 thousand as the property significantly decreased
its cost of sales and SG&A. 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.
MegaPlaza Chimbote: This operation, located 400 km from Lima, Peru, opened on
April 24th, 2012. In its first full quarter of operation, the property earned
EBITDA of Sol$ 583 thousand.
Mega Express Villa El Salvador: This operation, located in El Salvador, Peru,
opened on April 12th, 2012. During the properties first full quarter of
operation, it earned EBITDA of Sol$ 370 thousand.
Colombia
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 a
success to date. For 3Q 2012, Parque Arboleda contributed income of Col$ 3,722
million, a 91.5% increase compared to 3Q 2011. EBITDA improved 35.7% to Col$
3,084 million compared to 3Q 2011. The success of the Company’s first property
in Colombia is reflective of the expectations for Bucaramanga and future
developments in Colombia from the US$ 1 billion investment plan with
Bancolombia.
Outlook
In 2012, EBITDA is expected to grow 11-14% to Ch$ 68,000-70,000, 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. In
addition, the Company operates 7 strip centers in Chile under the subsidiary,
Arauco Express.
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 September 30, Year End September 30,
2012 2011 Chg. % 2012 2011 Chg. %
Revenues 24,163,549 21,038,602 14.9% 71,358,880 60,968,846 17.0%
Cost of Sales (4,609,784) (3,749,981) 22.9% (14,657,893) (11,278,553) 30.0%
Gross Profit 19,553,765 17,288,621 13.1% 56,700,988 49,690,293 14.1%
Administration (2,568,172) (2,582,862) -0.6% (7,136,728) (7,466,900) -4.4%
Expenses
OPERATING 16,985,593 14,705,759 15.5% 49,564,259 42,223,393 17.4%
INCOME
Depreciation & 421,525 610,206 -30.9% 1,344,856 1,772,330 -24.1%
Amortization
EBITDA 17,407,118 15,315,965 13.7% 50,909,115 43,995,723 15.7%
Other Income / 690,710 (92,039) - (791,832) (1,902,795) -58.4%
Expenses
Financial 2,645,116 798,156 231.4% 6,385,211 2,398,519 166.2%
Income
Financial (4,898,240) (4,640,154) 5.6% (14,901,039) (11,845,623) 25.8%
Expenses
Foreign
Exchange 53,619 1,144,531 -95.3% (493,253) 1,071,815 -
Differences
Income (Loss)
for indexed 575,328 (1,562,991) - (2,950,844) (7,366,293) -59.9%
assets and
liabilities
NON-OPERATING (933,467) (4,352,497) -78.6% (12,751,757) (17,644,377) -27.7%
INCOME
Profit before 16,052,126 10,353,262 55.0% 36,812,502 24,579,016 49.8%
Income Tax
Income Tax (4,261,442) (1,294,396) 229.2% (9,561,029) (2,910,732) 228.5%
NET PROFIT 11,790,684 9,058,866 30.2% 27,251,473 21,668,284 25.8%
(LOSS)
Attributable
to:
Equity holders 10,752,190 8,424,224 27.6% 24,935,663 19,515,577 27.8%
of the company
Minority 1,038,494 634,642 63.6% 2,315,810 2,152,707 7.6%
interests
NET PROFIT 11,790,684 9,058,866 30.2% 27,251,473 21,668,284 25.8%
(LOSS)
Financial and
Operating
Highlights
Quarter Ending September 30, Quarter Ending September 30,
2012 2011 Chg. % 2012 2011 Chg. %
Revenues (Ch$ 24,164 21,039 14.9% 71,359 60,969 17.0%
Millions)
EBITDA (Ch$ 17,407 15,316 13.7% 50,909 43,996 15.7%
Millions)
EBITDA Margin 72.0% 72.8% -0.8 71.3% 72.2% -0.8
% pp pp
Net Income 11,791 9,059 30.2% 27,251 21,668 25.8%
(Ch$ Millions)
Net Income 48.8% 43.1% 5.7 pp 38.2% 35.5% 2.6 pp
Margin %
FFO (Ch$ 11,645 10,991 5.9% 31,516 30,566 3.1%
Millions)
FFO Margin % 48.2% 52.2% -4.0 44.2% 50.1% -6.0
pp pp
Weighted Avg.
Shares 702.75 622.60 12.9% 702.75 616.03 14.1%
(million)
EPS ($) 16.78 14.55 15.3% 38.78 35.17 10.2%
Stock Price 978.05 851.17 14.9% 978.05 851.17 14.9%
(Ch$)
Daily Traded
Volume (Ch$ 886.87 600.46 47.7% 929.39 825.45 12.6%
million)
Total Tenant
Sales (Ch$ 294,192 265,726 10.7% 865,460 786,606 10.0%
Millions) ^1
Total GLA (m2) 672,700 599,000 12.3% 672,700 599,000 12.3%
Parque Arauco 456,682 403,332 13.2% 456,682 403,332 13.2%
GLA (m2)
1. Total Tenant Sales = Sales of Consolidated Assets
Consolidated Balance Sheet
(Ch$ millions) September 30, December 31,
2012 2011 % Change
Assets:
Cash and Cash Equivalents 116,517 136,430 -14.6%
Trade Accounts Receivable & Other 14,735 14,933 -1.3%
Receivables
Other Current Assets 19,409 22,893 -15.2%
Total Current Assets 150,661 174,256 -13.5%
Investment Properties 825,811 701,810 17.7%
Other Non-Current Assets 54,865 65,174 -15.8%
Total Non-Current Assets 880,675 766,983 14.8%
Total Assets 1,031,336 941,239 9.6%
Liabilities & Stockholder's
Equity:
Current Financial Liabilities 34,985 24,339 43.7%
Other Current Liabilities 24,179 35,844 -32.5%
Total Current Liabilities 59,164 60,183 -1.7%
Non-Current Financial Liabilities 330,816 316,713 4.5%
Other Non-Current Liabilities 67,450 60,762 11.0%
Total Non-Current Liabilities 398,266 377,475 5.5%
Total Liabilities 457,430 437,659 4.5%
Equity
Issued Share Capital 229,907 229,907 0.0%
Accumulated Earnings (Losses) 252,812 234,807 7.7%
Other Reserves (12,611) (9,948) 26.8%
Equity Attributable to Company 470,107 454,766 3.4%
Shareholders
Minority Interest 103,800 48,815 112.6%
Total Equity 573,906 503,581 14.0%
Total Liabilities & Equity 1,031,336 941,239 9.6%
Property
Financial
Highlights
IFRS
(Ch$
millions)
*(Sol$ Quarter to Cumulative to
thousands)
*(Col$ September 30, September 30,
millions)
2012 2011 % Change 2012 2011 %
Change
Total
Revenues
Parque Arauco 8,448 8,172 3.4% 16,649 15,872 4.9%
Kennedy
Arauco Maipu 2,267 1,931 17.4% 4,623 3,824 20.9%
(1)
* Mega Plaza 31,943 27,070 18.0% 45,966 39,366 16.8%
Norte
Marina Arauco 3,047 2,875 6.0% 6,257 5,869 6.6%
Boulevard 474 353 34.0% 968 689 40.6%
Marina Arauco
Mall Center 1,024 973 5.2% 2,048 1,925 6.4%
Curico
Plaza El 997 956 4.3% 2,014 1,907 5.6%
Roble
Paseo Arauco 3,239 2,943 10.1% 6,594 5,975 10.3%
Estacion
Arauco San 834 929 -10.2% 1,966 1,924 2.2%
Antonio
* Mega 1,763 1,661 6.2% 2,438 2,174 12.1%
Express Villa
* Larcomar
Fashion 14,885 14,901 -0.1% 21,521 21,908 -1.8%
Center
* Parque 4,645 4,901 -5.2% 7,040 7,511 -6.3%
Lambramani
** Parque 6,963 5,459 27.6% 10,197 7,614 33.9%
Arboleda
Gross Profit
Parque Arauco 8,215 8,088 1.6% 16,178 15,544 4.1%
Kennedy
Arauco Maipu 2,117 1,699 24.6% 4,257 3,304 28.8%
(1)
* Mega Plaza 27,214 23,149 17.6% 39,759 33,985 17.0%
Norte
Marina Arauco 2,948 2,799 5.3% 6,058 5,714 6.0%
Boulevard 456 343 33.2% 935 637 46.7%
Marina Arauco
Mall Center 1,014 953 6.4% 2,029 1,875 8.2%
Curico
Plaza El 922 858 7.5% 1,846 1,753 5.3%
Roble
Paseo Arauco 3,055 2,745 11.3% 6,203 5,657 9.7%
Estacion
Arauco San 730 830 -12.0% 1,714 1,686 1.6%
Antonio
* Mega 1,242 1,026 21.0% 1,828 1,522 20.1%
Express Villa
* Larcomar
Fashion 11,102 10,238 8.4% 16,197 15,423 5.0%
Center
* Parque 2,506 3,371 -25.7% 4,197 5,058 -17.0%
Lambramani
** Parque 6,509 5,078 28.2% 9,612 7,112 35.1%
Arboleda
EBITDA
Parque Arauco 7,405 7,370 0.5% 14,462 14,199 1.9%
Kennedy
Arauco Maipu 1,717 1,356 26.7% 3,436 2,662 29.1%
(1)
* Mega Plaza 24,676 21,781 13.3% 36,903 31,509 17.1%
Norte
Marina Arauco 2,915 2,764 5.5% 6,004 5,649 6.3%
Boulevard 442 339 30.5% 914 630 45.2%
Marina Arauco
Mall Center 984 921 6.9% 1,973 1,792 10.1%
Curico
Plaza El 780 709 10.0% 1,514 1,440 5.1%
Roble
Paseo Arauco 2,500 2,218 12.7% 5,078 4,584 10.8%
Estacion
Arauco San 582 702 -17.1% 1473 1341 9.9%
Antonio
* Mega 1121 958 17.0% 1641 1394 17.7%
Express Villa
* Larcomar
Fashion 8,803 9,236 -4.7% 12,730 13,667 -6.9%
Center
* Parque 1,217 534 127.8% 1,841 1,171 57.3%
Lambramani
** Parque 5,832 4,056 43.8% 8,738 5,698 53.4%
Arboleda
Gross Margins
Parque Arauco 97% 99% -1.7% 97% 98% -0.8%
Kennedy
Arauco Maipu 93% 88% 6.2% 92% 86% 6.6%
(1)
Mega Plaza 85% 86% -0.4% 86% 86% 0.2%
Norte
Marina Arauco 97% 97% -0.6% 97% 97% -0.6%
Boulevard 96% 97% -0.6% 97% 93% 4.4%
Marina Arauco
Mall Center 99% 98% 1.1% 99% 97% 1.7%
Curico
Plaza El 92% 90% 3.1% 92% 92% -0.4%
Roble
Paseo Arauco 94% 93% 1.1% 94% 95% -0.6%
Estacion
Arauco San 88% 89% -1.9% 87% 88% -0.6%
Antonio
* Mega 70% 62% 13.9% 75% 70% 7.1%
Express Villa
* Larcomar
Fashion 75% 69% 8.6% 75% 70% 6.9%
Center
* Parque 54% 69% -21.6% 60% 67% -11.5%
Lambramani
** Parque 93% 93% 0.5% 94% 93% 0.9%
Arboleda
EBITDA
Margins
Parque Arauco 88% 90% -2.8% 87% 89% -2.9%
Kennedy
Arauco Maipu 76% 70% 7.9% 74% 70% 6.8%
(1)
Mega Plaza 77% 80% -4.0% 80% 80% 0.3%
Norte
Marina Arauco 96% 96% -0.5% 96% 96% -0.3%
Boulevard 93% 96% -2.6% 94% 91% 3.3%
Marina Arauco
Mall Center 96% 95% 1.6% 96% 93% 3.5%
Curico
Plaza El 78% 74% 5.5% 75% 76% -0.5%
Roble
Paseo Arauco 77% 75% 2.4% 77% 77% 0.4%
Estacion
Arauco San 70% 76% -7.6% 75% 70% 7.5%
Antonio
* Mega 64% 58% 10.2% 67% 64% 5.0%
Express Villa
* Larcomar
Fashion 59% 62% -4.6% 59% 62% -5.2%
Center
* Parque 26% 11% 140.3% 26% 16% 67.8%
Lambramani
** Parque 84% 74% 12.7% 86% 75% 14.5%
Arboleda
(1) Result reflects Q211 results of the affiliated commercial property, Arauco
Express Pajaritos.
Property Operating
Indicators
IFRS
(Ch$)
*(Sol$) Cumulative to
**(Col$) September 30,
2012 2011 % Change
Monthly Revenue per m²
Parque Arauco Kennedy 278,054 270,987 2.6%
Arauco Maipu (1) 124,350 116,170 7.0%
* Mega Plaza Norte 960 906 6.0%
Marina Arauco 220,431 214,618 2.7%
Boulevard Marina Arauco 93,743 58,803 59.4%
Mall Center Curico 108,638 102,184 6.3%
Plaza El Roble 195,778 190,280 2.9%
Paseo Arauco Estacion 101,497 93,872 8.1%
Arauco San Antonio 87,261 82,641 5.6%
* Mega Express Villa 539 581 -7.2%
* Larcomar Fashion Center 581 551 5.4%
** Parque Lambramani 393 411 -4.4%
** Parque Arboleda 305,383 305,938 -0.2%
Monthly Rent per m²
Parque Arauco Kennedy 23,131 21,782 6.2%
Arauco Maipu (1) 10,332 8,888 16.2%
* Mega Plaza Norte 50 47 7.8%
Marina Arauco 15,622 14,744 6.0%
Boulevard Marina Arauco 13,715 9,791 40.1%
Mall Center Curico 6,618 6,210 6.6%
Plaza El Roble 11,923 11,450 4.1%
Paseo Arauco Estacion 14,236 13,060 9.0%
Arauco San Antonio 8,549 8,415 1.6%
* Mega Express Villa 27 31 -10.9%
* Larcomar Fashion Center 57 58 -2.7%
** Parque Lambramani 26 31 -16.5%
** Parque Arboleda 26,439 28,586 -7.5%
% Occupancy
Parque Arauco Kennedy 99.6% 99.6% 0.0%
Arauco Maipu (1) 96.6% 94.3% 2.5%
Mega Plaza Norte 99.9% 99.5% 0.4%
Marina Arauco 97.0% 97.8% -0.8%
Boulevard Marina Arauco 93.0% 95.0% -2.1%
Mall Center Curico 99.1% 98.9% 0.2%
Plaza El Roble 98.2% 97.7% 0.5%
Paseo Arauco Estacion 98.8% 96.7% 2.2%
Arauco San Antonio 98.3% 98.6% -0.3%
Mega Express Villa 97.0% 92.5% 4.9%
Larcomar Fashion Center 88.9% 98.1% -9.4%
** Parque Lambramani 91.9% 91.8% 0.1%
** Parque Arboleda 93.1% 80.9% 15.1%
(1) Result reflects results of the affiliated commercial property, Arauco
Express Pajaritos.
Contact:
Investor Relations (Chile)
Parque Arauco S.A.
Stefany Salgado
Phone: +562.299.0608
Fax: +562.211.4077
E-mail: ir@parauco.com
or
Investor Relations (International)
Monique Skruzny/ Mark Chisenhall, MBS Value Partners
Phone: +1.212.750.5800
Fax: +1.212.661.2268
E-mail: Mark.Chisenhall@MBSvalue.com
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