SANTIAGO, Chile--()--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 32,300m2 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 m2 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 m2, 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
| Project | Country | Est. Opening | GLA (m2) |
PARAUCO |
Total |
Est. Operational |
|||||||
| Arauco Quilicura | Chile | 1H 2013 | 33,000 | 100% | 50 | 5.0 | |||||||
| Bucaramanga | Colombia | 1H 2013 | 30,000 | 55% | 100 | 10.0 | |||||||
| Mega Express Chincha | Perú | 1H 2013 | 7,500 | 50% | 10 | 1.0 | |||||||
| Mega Express Barranca | Perú | 1H 2013 | 8,000 | 50% | 13 | 1.0 | |||||||
| Mega Express Cañete | Perú | 1H 2013 | 16,800 | 50% | 12 | 1.2 | |||||||
* Estimated Operational EBITDA refers to the expected annual EBITDA when the property has reached maturity.
Expansion Projects
| Project | Country |
Est. |
GLA (m2) |
PARAUCO |
Total |
||||||
| Falabella in Arauco Maipú | Chile | 4Q 2012 | 14,000 | 100% | 15 | ||||||
| Expansion El Roble - Chillán | Chile | 1H 2014 | 12,500 | 100% | 20 | ||||||
| Boulevard IV Kennedy | Chile | 1Q 2013 | 5,000 | 100% | 24 | ||||||
| Expansion Marina Arauco | Chile | 2H 2014 | 40,000 | 33.3% | 67 | ||||||
| Expansion in MegaPlaza | Perú | 2H 2013 | 27,000 | 50% | 58 | ||||||
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 m2 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 m2 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 m2 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 m2 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 m2 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 m2 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/m2.
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/m2.
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/m2 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 Expenses | (2,568,172) | (2,582,862) | -0.6% | (7,136,728) | (7,466,900) | -4.4% | ||||||||
| OPERATING INCOME | 16,985,593 | 14,705,759 | 15.5% | 49,564,259 | 42,223,393 | 17.4% | ||||||||
| Depreciation & Amortization | 421,525 | 610,206 | -30.9% | 1,344,856 | 1,772,330 | -24.1% | ||||||||
| EBITDA | 17,407,118 | 15,315,965 | 13.7% | 50,909,115 | 43,995,723 | 15.7% | ||||||||
| Other Income / Expenses | 690,710 | (92,039) | - | (791,832) | (1,902,795) | -58.4% | ||||||||
| Financial Income | 2,645,116 | 798,156 | 231.4% | 6,385,211 | 2,398,519 | 166.2% | ||||||||
| Financial Expenses | (4,898,240) | (4,640,154) | 5.6% | (14,901,039) | (11,845,623) | 25.8% | ||||||||
| Foreign Exchange Differences | 53,619 | 1,144,531 | -95.3% | (493,253) | 1,071,815 | - | ||||||||
| Income (Loss) for indexed assets and liabilities | 575,328 | (1,562,991) | - | (2,950,844) | (7,366,293) | -59.9% | ||||||||
| NON-OPERATING INCOME | (933,467) | (4,352,497) | -78.6% | (12,751,757) | (17,644,377) | -27.7% | ||||||||
| Profit before Income Tax | 16,052,126 | 10,353,262 | 55.0% | 36,812,502 | 24,579,016 | 49.8% | ||||||||
| Income Tax | (4,261,442) | (1,294,396) | 229.2% | (9,561,029) | (2,910,732) | 228.5% | ||||||||
| NET PROFIT (LOSS) | 11,790,684 | 9,058,866 | 30.2% | 27,251,473 | 21,668,284 | 25.8% | ||||||||
| Attributable to: | ||||||||||||||
| Equity holders of the company | 10,752,190 | 8,424,224 | 27.6% | 24,935,663 | 19,515,577 | 27.8% | ||||||||
| Minority interests | 1,038,494 | 634,642 | 63.6% | 2,315,810 | 2,152,707 | 7.6% | ||||||||
| NET PROFIT (LOSS) | 11,790,684 | 9,058,866 | 30.2% | 27,251,473 | 21,668,284 | 25.8% | ||||||||
| Financial and Operating Highlights | ||||||||||||||
| Quarter Ending September 30, | Quarter Ending September 30, | |||||||||||||
| 2012 | 2011 | Chg. % | 2012 | 2011 | Chg. % | |||||||||
| Revenues (Ch$ Millions) | 24,164 | 21,039 | 14.9% | 71,359 | 60,969 | 17.0% | ||||||||
| EBITDA (Ch$ Millions) | 17,407 | 15,316 | 13.7% | 50,909 | 43,996 | 15.7% | ||||||||
| EBITDA Margin % | 72.0% | 72.8% | -0.8 pp | 71.3% | 72.2% | -0.8 pp | ||||||||
| Net Income (Ch$ Millions) | 11,791 | 9,059 | 30.2% | 27,251 | 21,668 | 25.8% | ||||||||
| Net Income Margin % | 48.8% | 43.1% | 5.7 pp | 38.2% | 35.5% | 2.6 pp | ||||||||
| FFO (Ch$ Millions) | 11,645 | 10,991 | 5.9% | 31,516 | 30,566 | 3.1% | ||||||||
| FFO Margin % | 48.2% | 52.2% | -4.0 pp | 44.2% | 50.1% | -6.0 pp | ||||||||
| Weighted Avg. Shares (million) | 702.75 | 622.60 | 12.9% | 702.75 | 616.03 | 14.1% | ||||||||
| EPS ($) | 16.78 | 14.55 | 15.3% | 38.78 | 35.17 | 10.2% | ||||||||
| Stock Price (Ch$) | 978.05 | 851.17 | 14.9% | 978.05 | 851.17 | 14.9% | ||||||||
| Daily Traded Volume (Ch$ million) | 886.87 | 600.46 | 47.7% | 929.39 | 825.45 | 12.6% | ||||||||
| Total Tenant Sales (Ch$ Millions) 1 | 294,192 | 265,726 | 10.7% | 865,460 | 786,606 | 10.0% | ||||||||
| Total GLA (m2) | 672,700 | 599,000 | 12.3% | 672,700 | 599,000 | 12.3% | ||||||||
| Parque Arauco GLA (m2) | 456,682 | 403,332 | 13.2% | 456,682 | 403,332 | 13.2% | ||||||||
| 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 Receivables | 14,735 | 14,933 | -1.3% | ||||
| 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 Shareholders | 470,107 | 454,766 | 3.4% | ||||
| 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$ thousands) | Quarter to | Cumulative to | |||||||||||
| *(Col$ millions) | September 30, | September 30, | |||||||||||
| 2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||
| Total Revenues | |||||||||||||
| Parque Arauco Kennedy | 8,448 | 8,172 | 3.4% | 16,649 | 15,872 | 4.9% | |||||||
| Arauco Maipu (1) | 2,267 | 1,931 | 17.4% | 4,623 | 3,824 | 20.9% | |||||||
| * Mega Plaza Norte | 31,943 | 27,070 | 18.0% | 45,966 | 39,366 | 16.8% | |||||||
| Marina Arauco | 3,047 | 2,875 | 6.0% | 6,257 | 5,869 | 6.6% | |||||||
| Boulevard Marina Arauco | 474 | 353 | 34.0% | 968 | 689 | 40.6% | |||||||
| Mall Center Curico | 1,024 | 973 | 5.2% | 2,048 | 1,925 | 6.4% | |||||||
| Plaza El Roble | 997 | 956 | 4.3% | 2,014 | 1,907 | 5.6% | |||||||
| Paseo Arauco Estacion | 3,239 | 2,943 | 10.1% | 6,594 | 5,975 | 10.3% | |||||||
| Arauco San Antonio | 834 | 929 | -10.2% | 1,966 | 1,924 | 2.2% | |||||||
| * Mega Express Villa | 1,763 | 1,661 | 6.2% | 2,438 | 2,174 | 12.1% | |||||||
| * Larcomar Fashion Center | 14,885 | 14,901 | -0.1% | 21,521 | 21,908 | -1.8% | |||||||
| * Parque Lambramani | 4,645 | 4,901 | -5.2% | 7,040 | 7,511 | -6.3% | |||||||
| ** Parque Arboleda | 6,963 | 5,459 | 27.6% | 10,197 | 7,614 | 33.9% | |||||||
| Gross Profit | |||||||||||||
| Parque Arauco Kennedy | 8,215 | 8,088 | 1.6% | 16,178 | 15,544 | 4.1% | |||||||
| Arauco Maipu (1) | 2,117 | 1,699 | 24.6% | 4,257 | 3,304 | 28.8% | |||||||
| * Mega Plaza Norte | 27,214 | 23,149 | 17.6% | 39,759 | 33,985 | 17.0% | |||||||
| Marina Arauco | 2,948 | 2,799 | 5.3% | 6,058 | 5,714 | 6.0% | |||||||
| Boulevard Marina Arauco | 456 | 343 | 33.2% | 935 | 637 | 46.7% | |||||||
| Mall Center Curico | 1,014 | 953 | 6.4% | 2,029 | 1,875 | 8.2% | |||||||
| Plaza El Roble | 922 | 858 | 7.5% | 1,846 | 1,753 | 5.3% | |||||||
| Paseo Arauco Estacion | 3,055 | 2,745 | 11.3% | 6,203 | 5,657 | 9.7% | |||||||
| Arauco San Antonio | 730 | 830 | -12.0% | 1,714 | 1,686 | 1.6% | |||||||
| * Mega Express Villa | 1,242 | 1,026 | 21.0% | 1,828 | 1,522 | 20.1% | |||||||
| * Larcomar Fashion Center | 11,102 | 10,238 | 8.4% | 16,197 | 15,423 | 5.0% | |||||||
| * Parque Lambramani | 2,506 | 3,371 | -25.7% | 4,197 | 5,058 | -17.0% | |||||||
| ** Parque Arboleda | 6,509 | 5,078 | 28.2% | 9,612 | 7,112 | 35.1% | |||||||
| EBITDA | |||||||||||||
| Parque Arauco Kennedy | 7,405 | 7,370 | 0.5% | 14,462 | 14,199 | 1.9% | |||||||
| Arauco Maipu (1) | 1,717 | 1,356 | 26.7% | 3,436 | 2,662 | 29.1% | |||||||
| * Mega Plaza Norte | 24,676 | 21,781 | 13.3% | 36,903 | 31,509 | 17.1% | |||||||
| Marina Arauco | 2,915 | 2,764 | 5.5% | 6,004 | 5,649 | 6.3% | |||||||
| Boulevard Marina Arauco | 442 | 339 | 30.5% | 914 | 630 | 45.2% | |||||||
| Mall Center Curico | 984 | 921 | 6.9% | 1,973 | 1,792 | 10.1% | |||||||
| Plaza El Roble | 780 | 709 | 10.0% | 1,514 | 1,440 | 5.1% | |||||||
| Paseo Arauco Estacion | 2,500 | 2,218 | 12.7% | 5,078 | 4,584 | 10.8% | |||||||
| Arauco San Antonio | 582 | 702 | -17.1% | 1473 | 1341 | 9.9% | |||||||
| * Mega Express Villa | 1121 | 958 | 17.0% | 1641 | 1394 | 17.7% | |||||||
| * Larcomar Fashion Center | 8,803 | 9,236 | -4.7% | 12,730 | 13,667 | -6.9% | |||||||
| * Parque Lambramani | 1,217 | 534 | 127.8% | 1,841 | 1,171 | 57.3% | |||||||
| ** Parque Arboleda | 5,832 | 4,056 | 43.8% | 8,738 | 5,698 | 53.4% | |||||||
| Gross Margins | |||||||||||||
| Parque Arauco Kennedy | 97% | 99% | -1.7% | 97% | 98% | -0.8% | |||||||
| Arauco Maipu (1) | 93% | 88% | 6.2% | 92% | 86% | 6.6% | |||||||
| Mega Plaza Norte | 85% | 86% | -0.4% | 86% | 86% | 0.2% | |||||||
| Marina Arauco | 97% | 97% | -0.6% | 97% | 97% | -0.6% | |||||||
| Boulevard Marina Arauco | 96% | 97% | -0.6% | 97% | 93% | 4.4% | |||||||
| Mall Center Curico | 99% | 98% | 1.1% | 99% | 97% | 1.7% | |||||||
| Plaza El Roble | 92% | 90% | 3.1% | 92% | 92% | -0.4% | |||||||
| Paseo Arauco Estacion | 94% | 93% | 1.1% | 94% | 95% | -0.6% | |||||||
| Arauco San Antonio | 88% | 89% | -1.9% | 87% | 88% | -0.6% | |||||||
| * Mega Express Villa | 70% | 62% | 13.9% | 75% | 70% | 7.1% | |||||||
| * Larcomar Fashion Center | 75% | 69% | 8.6% | 75% | 70% | 6.9% | |||||||
| * Parque Lambramani | 54% | 69% | -21.6% | 60% | 67% | -11.5% | |||||||
| ** Parque Arboleda | 93% | 93% | 0.5% | 94% | 93% | 0.9% | |||||||
| EBITDA Margins | |||||||||||||
| Parque Arauco Kennedy | 88% | 90% | -2.8% | 87% | 89% | -2.9% | |||||||
| Arauco Maipu (1) | 76% | 70% | 7.9% | 74% | 70% | 6.8% | |||||||
| Mega Plaza Norte | 77% | 80% | -4.0% | 80% | 80% | 0.3% | |||||||
| Marina Arauco | 96% | 96% | -0.5% | 96% | 96% | -0.3% | |||||||
| Boulevard Marina Arauco | 93% | 96% | -2.6% | 94% | 91% | 3.3% | |||||||
| Mall Center Curico | 96% | 95% | 1.6% | 96% | 93% | 3.5% | |||||||
| Plaza El Roble | 78% | 74% | 5.5% | 75% | 76% | -0.5% | |||||||
| Paseo Arauco Estacion | 77% | 75% | 2.4% | 77% | 77% | 0.4% | |||||||
| Arauco San Antonio | 70% | 76% | -7.6% | 75% | 70% | 7.5% | |||||||
| * Mega Express Villa | 64% | 58% | 10.2% | 67% | 64% | 5.0% | |||||||
| * Larcomar Fashion Center | 59% | 62% | -4.6% | 59% | 62% | -5.2% | |||||||
| * Parque Lambramani | 26% | 11% | 140.3% | 26% | 16% | 67.8% | |||||||
| ** Parque Arboleda | 84% | 74% | 12.7% | 86% | 75% | 14.5% | |||||||
| (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. | |||||||
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