Parque Arauco Reports Second Quarter 2010 Results

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, 2010. 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 consolidated properties. The Company’s interest in Alto Palermo S.A. of Argentina is not included under IFRS as it is currently an asset available for sale. 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/.

“I am very pleased that Parque Arauco reported a successful second quarter, both financially and strategically. Solid revenue growth contributed to an 11% increase in operating income, while the proceeds from the recent sale of Torres del Parque, twin commercial office towers located in the heart of Santiago’s business district, for approximately US$69 million, to be received in the third quarter, will help Parque Arauco to advance the expansion of its retail footprint in the region through investment in high-growth consumer markets such as Colombia and Peru in addition to Chile. Our acquisition in July of one of Latin America’s premier retail and entertainment complexes, Larcomar Fashion Center in Lima, Peru is one of a number of measures taken by the Company that have positioned it as a leading operator of high quality retail properties in the region. The expected opening of shopping centers in Pereira, Colombia and Arequipa, Peru during the fourth quarter of 2010 will further solidify that position,” commented Andrés Olivos, Chief Executive Officer of Parque Arauco.

Second Quarter Results

Revenues for the second quarter of 2010 were Ch$16,433 million, a 12.5% increase as compared to the result in Q209. The improved results were driven mainly by the strong performances of Plaza El Roble (El Roble) and Mega Plaza Norte, where revenues rose by 23.6% and 17.1% respectively, double-digit revenue increases at Marina Arauco and Paseo Arauco Estación (Estación), and revenue growth at Parque Arauco Kennedy (Kennedy). The incorporation of Arauco San Antonio and Mega Express Villa and an 8.1% expansion of owned leasable area also contributed to the higher consolidated revenues.

Gross profit for the quarter was Ch$14,220 million, an increase of 11.0% as compared to the same period of 2009. Estación individually achieved a substantial, 23.6% increase in gross profit as compared to Q209. The increase in consolidated gross profits was achieved despite the addition of two new shopping centers, San Antonio and Express Villa, which contributed significantly to the 23.0% increase in the cost of sales to Ch$2,213 million during the period as those malls ramp up traffic.

Net operating income (“NOI”), defined as revenues less cost of sales plus depreciation and amortization, increased by 10.6% to Ch$14,565 million from Ch$13,168 million in the second quarter of 2009.

Second quarter EBITDA was Ch$12,654 million (on EBITDA margin of 77.0%), a 10.7% increase from the Ch$11,431 million generated during Q209. Expansion of the leasable area of portfolio properties and increased EBITDA contribution from Kennedy, Mega Plaza Norte and Estación, as well as the incorporation of the two new shopping centers drove these improved results.

A non-operating loss of Ch$2,889 million was registered in the second quarter 2010, as compared to a loss of Ch$1,474 million in Q209. The principal contributors to the result were the inflationary environment during the quarter, which contrasted with deflation during Q209 and the receipt of US$6 million from IRSA in exchange for the option to purchase Parque Arauco’s interest in APSA, through which the Company holds interests in eleven shopping malls in Argentina.

Net income was Ch$8,382 million, or Ch$13.74 per share in the second quarter, compared with net income of Ch$8,080 million, or Ch$13.30 per share in Q209, a 3.7% year-over-year increase.

FFO (“Funds from Operations”), defined as net income plus depreciation and amortization minus a loss on indexed assets and liabilities and the negative goodwill, improved markedly year-over-year to Ch$11,659 million, as compared to Ch$6,994 million in the second quarter of 2009. This 66.7% increase was due to a higher consolidated EBITDA and the US$6 million payment received from IRSA.

Cash and cash equivalents totaled Ch$55,284 million in the first quarter compared to Ch$47,107 million reported at the end of the fourth quarter 2009, the increase reflecting funds received from IRSA of Argentina for a call option and additional funding for the pipeline of projects. Funds were used primarily for the development of properties such as Mall Alameda in Pereira, Colombia, Parque Lambramani in Peru, both of which are expected to open in late 2010.

Owned GLA was 449,244 m², an increase of 8.1% from 415,774 m² in the same period of the previous year. Total GLA was 780,210 m², an increase as compared to 742,044 m² in Q209, and occupancy rates remained high, showing minimal variation as compared to the prior quarter.

First Half Results

Total revenue for the first half was Ch$33,084 million, an increase of 5.2% as compared to the previous year’s first half result.

The Company recovered from an earthquake in the first quarter and was able to achieve gross profit for the first half grew by 2.8% to Ch$27,070 million.

During the first half, NOI rose by 2.7% as compared with the second quarter of 2009, increasing to Ch$27,779 million.

Operational costs (SG&A plus CoGS) increased by 9.4% in the first half as compared to the previous year, slightly more than the 8.1% increase to owned gross leasable area. However, excluding the impact of the newly opened malls of San Antonio and Mega Express, the increase in operational expenses would have only been approximately 4%.

First half EBITDA climbed 3.4% to Ch$23,829 million, due to the incorporation of Arauco San Antonio and Mega Express Villa, as well as higher contributions by Paseo Arauco Estación and Mega Plaza Norte which respectively recorded increases in EBITDA of a 20.9% and 5.1% and 6.3% as compared to the same period in 2009.

Second Quarter 2010 Highlights

Larcomar Fashion Center – In July, Parque Arauco finalized the acquisition of 100% of this complex for US$58 million. The financial results of the property, which is located in the Miraflores district of Lima, Peru and has a gross leasable area of 26,218 m². During 2009, Larcomar recorded more than 500,000 visits per month, generating sales of US$50 million and EBITDA of US$5.7 million.

Mall Paseo Marina Expansion – The opening of this property is expected to take place toward the end of third quarter, further expanding the Company’s footprint in Chile. Located next to Mall Marina Arauco in the coastal city of Viña del Mar, the complex’s varied format will feature small stores, restaurants, offices and entertainment across a total GLA of 11,000 m².

Mall Alameda -- This shopping center, expected to open by the end of the fourth quarter 2010 in Pereira, Colombia, will be the first operated by the Company in the Colombian market, and is expected to have a total GLA of 40,000 m²following a total investment of approximately US$90 million. Lease agreements with three well-known anchor tenants were secured, and the property is now 80% leased.

Parque Lambramani – Commercial operations of this mall, which was formerly named Mall Arequipa due to its location in the city of Arequipa, Peru, are expected to commence in late 2010, following a total investment of US$49million Substantial progress in the leasing of the selling area was made during the second quarter, and the property is now 89% leased.

Recent Sale of Torres del Parque Office Towers

In August, the Company announced the sale of Torres del Parque, twin commercial office towers that were affiliated with the retail property of Parque Arauco Kennedy. The sale of the towers allowed Parque Arauco to focus on its primary expertise of developing and operating retail properties, and generated proceeds of US$69 which will be invested in properties that expand the Company’s presence in Colombia, Peru and Chile.

Operating and Financial Property Highlights

Chile

Parque Arauco Kennedy – Kennedy generated total income of Ch$7,762 in the second quarter of 2010, an increase of 4.2% over than the amount recorded in the same period of 2009. A 10.4% increase in EBITDA year-over-year to Ch$6,756 million was attributable to a reduction in cost of goods sold that was driven mainly by lower uncollectibles and higher sales. A new food court was opened at the end of June and remodeling of the property is nearly complete. The property generated total income of Ch$14,915 million and EBITDA of Ch$12,644 in the first six months of 2010. The property’s total GLA of 124,136 m²will decline by about 18,000 m²with the sale of the commercial office towers, a transaction completed during the third quarter 2010.

Mall Arauco Maipú – This shopping center, located in Santiago, Chile, generated income of Ch$1,517 million during the second quarter, a decline of 2.6% as compared to the total in Q209, a result mainly driven by lower energy sales. The property’s EBITDA improved slightly to Ch$1,080 million as compared to the same period of 2009. The property contributed income of Ch$2,975 million and EBITDA of Ch$2,002 during the first half of 2010. Maipú and affiliated strip mall, Arauco Express Pajaritos, which have a combined GLA of 57,130 m² and Pajaritos’ quarterly financial results are consolidated in those of Mall Arauco Maipú. The final phase of an expansion program at the property will also increased GLA by approximately 25%.

Plaza El Roble – El Roble contributed income of Ch$1,101 during the quarter, a 23.6% higher than in Q209. This increase was driven by the recognition of provisions associated with the property’s being inoperable between the months of March and June due to the earthquake that struck Chile in late February. EBITDA improved year-over-year by 39.4% to Ch$856 million, partly due to lower uncollectibles which contributed to a decline in SG&A. These improved results partially offset lower parking revenue and reduced common expenses paid by tenants during the time stores were not operating due to the earthquake. First half income and EBITDA totaled Ch$1,690 and Ch$1,206 respectively. The property’s entire GLA of 25,008 m² is now operating regularly and occupancy level continued to exceed 99%.

Paseo Arauco Estación – Estación achieved total income of Ch$2,677 million, a 13.3% increase over the amount recorded in the second quarter of 2009. EBITDA also rose significantly, by 26.5% to Ch$2,147 million as compared to the equivalent period of 2009, as cost of sales declined by 92.8% mainly due to improved recovery of common expenses. Through June 30, 2010, the property’s total income was Ch$ 5,366 million and EBITDA was Ch$4,157. Small stores performed well during the first half of 2010, generating over half of the property’s tenant sales while occupying less than a third of the property’s GLA, which was 67,239 m²at the end of Q210.

Arauco San Antonio – The second quarter results of this diversified commercial center located in San Antonio, Chile, reflects a 97% occupancy rate of the commercial operations made up of small stores, a food court and a casino during the second quarter. During the third quarter two anchor stores and a super market will be added to the complex. The property contributed income of Ch$507 million and EBITDA of Ch$354 million during the quarter. The revenue result represented a sequential increase of 11%, while EBITDA more than tripled from Q110. During the first half of 2010, the property’s generated total income of Ch$963 million and EBITDA of Ch$464 million. The casino comprised 46% of first half tenant sales, while small stores and the food court generated 34% and 19% of sales respectively during that period.

Marina Arauco – This property, situated in Viña del Mar, Chile, has a GLA of 57,130 m² and generated income of Ch$2,598 million during the quarter, an increase of 13.0% over Q209 that was driven mainly by parking revenues, which were not collected in the second quarter of 2009. The property’s EBITDA of Ch$2,525 million represented a similar, 9.3% increase as compared to Q209 levels. Marina Arauco reported total income of Ch$5,125 and EBITDA of Ch$4,974 in the first 6 months of 2010. Fifty-one percent of Marina Arauco’s first half tenant sales were generated by anchor stores, while occupancy exceeded 99%.

Mall Center Curicó – This shopping center is located south of Santiago, Chile, and contributed first quarter income of Ch$855 million, an increase of 6.0% as compared to the Q209, while EBITDA increased by 5.6% to Ch$837 million from Ch$792 million in Q209. The property contributed total income of Ch$1,674 and EBITDA of Ch$1,632 in the six month period ending June 30, 2010, The property, which has a GLA of 48,409 m², saw first half tenant sales rise by 32% year-over-year and monthly sales per square meter increase by 30%, due largely to the strong performance of anchor stores, which generated 81% of total tenant sales in the first half of 2010.

Peru

Mega Plaza Norte – This shopping center, located in the Peruvian capital of Lima, performed exceptionally well during the second quarter, contributing income of Sol$9,730 thousand, a 17.1% increase as compared to the prior year, on the strength of higher tenant sales and rental revenues. The Company also registered higher EBITDA of Sol$8,671 thousand, a 9.0% increase over Q209, despite higher cost of sales and marketing expenses. The mall contributed total income of Sol$23,499 and EBITDA of Sol$17,513 during the first two quarters of 2010, and occupancy levels at the popular shopping center continued to exceed 99.9%.

Mega Express Villa – This strip mall with a GLA of 5,620 m² is located in Chorrillos, Perú, and began commercial activities in November 2009. The property was 93.3% leased during the second quarter 2010, its second full quarter of operation, and contributed income of Sol$360 thousands and EBITDA of Sol$473 thousand. First half revenue and EBITDA results totaled Sol$986 and Sol$796 respectively. Tenant sales came primarily from anchor stores, which contributed 85% of the total, while small stores generated 12%.

Non-Consolidated Assets

Alto Palermo S.A. (Argentina) – Parque Arauco holds a 31.6% share on a fully diluted basis in Alto Palermo S.A. (APSA) of Argentina, which owns eleven shopping centers in Argentina which together have a total GLA of 289,410 m². In the second quarter 2010, Parque Arauco received and booked US$6 million in proceeds from the granted a call option to Argentinean partner IRSA that gives IRSA the right to purchase Parque Arauco’s stake in APSA for an additional US$120 million (excluding the US$6 million already paid for the call option). Parque Arauco expects to use the proceeds generated for the development of regional properties.

Outlook

Parque Arauco will continue to extend its regional footprint and has committed to investing an additional US$458 million in Chile, Colombia, and Peru through 2012, bringing the total investment in those markets since 2007 to US$961 million. The Company is proceeding with the development of properties Mall Alameda in Colombia and Parque Lambramani in Peru, which are each expected to open in late 2010 given the progress in construction achieved to date. These two malls will further Parque Arauco’s regional expansion strategy, improving and diversifying its current portfolio of assets in the three markets in which it operates. The development of Parque La Colina, a high-profile property in the capital city of Bogota for which land has already been purchased, is expected to begin toward the end of 2011, strengthening the Company’s brand name and expansion efforts in the Colombian market.

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 29 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 three malls, highlighted by a 45% share in Inmuebles Panamericana, S.A., the owner and operator of one of Lima’s largest shopping centers, Mega Plaza Norte. Parque Arauco also has a 31.6% ownership interest in Alto Palermo, S.A., the owner and operator of 11 shopping centers in Argentina and has advanced its expansion into Colombia with its first shopping center to be opened at the end of 2010.

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

Chilean GAAP
Ch$ millions
	Quarter Ending June 30,

	2010	2009	Chg. %
Revenues	16,433,168	14,611,681	12.5%
Cost of Sales	(2,213,339)	(1,799,318)	23.0%
Gross Profit	14,219,830	12,812,363	11.0%
Administration Expenses	(1,911,634)	(1,737,704)	10.0%
Other Expenses	(9,871)	231,983	-104.3%
OPERATING INCOME	12,298,325	11,306,643	8.8%
Depreciation & Amortization	345,563	356,080	-3.0%
EBITDA	12,643,888	11,662,722	8.4%
Other Income / Expenses	2,662,290	749,761	255.1%
Financial Income	94,121	464,926	-79.8%
Financial Expenses	(3,010,107)	(2,994,347)	0.5%
Foreign Exchange Differences	306,130	(1,963,474)	-115.6%
Income (Loss) for indexed assets and liabilities	(2,931,321)	2,037,268	-243.9%
NON-OPERATING INCOME	(2,878,886)	(1,705,866)	68.8%
Profit before Income Tax	9,419,439	9,600,777	-1.9%
Income Tax	(1,037,433)	(1,521,183)	-31.8%
NET PROFIT (LOSS)	8,382,006	8,079,593	3.7%

Attributable to:
Equity holders of the company	7,918,766	7,264,872	9.0%
Minority interests	463,241	814,721	-43.1%
NET PROFIT (LOSS)	8,382,006	8,079,593	3.7%


Financial and Operating Highlights
	Quarter Ending June 30,

	2010	2009	Chg. %
Revenues (Ch$ Millions)	16,433	14,612	12.5%
NOI (Ch$ Millions)	14,565	13,168	10.6%
NOI Margin %	88.6%	90.1%	-3.1 pp
EBITDA (Ch$ Millions)	12,654	11,431	10.7%
EBITDA Margin %	77.0%	78.2%	-0.3 pp
Net Income (Ch$ Millions)	8,382	8,080	3.7%
Net Income Margin %	51.0%	55.3%	-52.0 pp
FFO (Ch$ Millions)	11,659	6,994	66.7%
FFO Margin %	70.9%	47.9%	-10.1 pp
Weighted Avg. Shares (million)	609.90	607.45	0.4%
EPS ($)	13.74	13.30	3.3%
Stock Price (Ch$)	757.85	495.00	122.0%
Daily Traded Volume (Ch$ million)	891.88	221.71	190.4%
Total Tenant Sales (Ch$ Millions) ¹	229,480	194,922	17.7%
Total GLA (m2)	780,210	742,044	5.1%
Parque Arauco GLA (m2)	449,244	415,774	8.1%

1. Total Tenant Sales = Sales of Consolidated Assets


Consolidated Balance Sheet

(Ch$ millions)	June 30,	December 31,
	2010	2009	% Change
Assets:
Cash and Cash Equivalents	55,284	47,107	17.4%
Trade Accounts Receivable & Other Receivables	18,293	21,869	-16.4%
Other Current Assets	80,180	73,029	9.8%
Total Current Assets	153,757	142,006	8.3%
Investment Properties	607,098	577,383	5.1%
Other Non-Current Assets	58,282	53,072	9.8%
Total Non-Current Assets	665,380	630,455	5.5%
Total Assets	819,137	772,461	6.0%

Liabilities & Stockholder's Equity:
Current Financial Liabilities	33,762	18,663	80.9%
Other Current Liabilities	11,215	20,734	-45.9%
Total Current Liabilities	44,977	39,397	14.2%
Non-Current Financial Liabilities	324,148	301,864	7.4%
Other Non-Current Liabilities	55,560	54,492	2.0%
Total Non-Current Liabilities	379,709	356,356	6.6%
Total Liabilities	424,686	395,753	7.3%


Equity
Issued Share Capital	149,777	149,141	0.4%
Accumulated Earnings (Losses)	197,444	193,556	2.0%
Other Reserves	3,712	(6,185)	-160.0%
Equity Attributable to Company Shareholders	350,933	336,512	4.3%
Minority Interest	43,518	40,196	8.3%
Total Equity	394,451	376,708	4.7%

Total Liabilities & Equity	819,137	772,461	6.0%


Property Financial Highlights
Chilean GAAP
(Ch$ millions)	Quarter to			Cumulative to
*(Sol$ thousands)	June 30,			June 30,
	2010	2009	% Change	2010	2009	% Change
Total Revenues
Parque Arauco Kennedy	7,762	7,450	4.2%	14,915	14,898	0.1%
Arauco Maipu (1)	1,517	1,557	-2.6%	2,975	3,173	-6.3%
* Mega Plaza Norte	9,730	8,308	17.1%	23,499	21,660	8.5%
Marina Arauco	2,598	2,299	13.0%	5,125	4,679	9.5%
Mall Center Curico	855	807	6.0%	1,674	1,627	2.9%
Plaza El Roble	1,101	891	23.6%	1,690	1,671	1.2%
Paseo Arauco Estacion (2)	2,677	2,363	13.3%	5,366	5,017	6.9%
Arauco San Antonio (3)	507	N/A		963	N/A
* Mega Express Villa (3)	360	N/A		986	N/A

Gross Profit
Parque Arauco Kennedy	7,461	7,044	5.9%	14,048	14,140	-0.7%
Arauco Maipu (1)	1,331	1,348	-1.3%	2,529	2,704	-6.5%
* Mega Plaza Norte	10,549	9,202	14.6%	20,062	18,848	6.4%
Marina Arauco	2,562	2,279	12.4%	5,049	4,641	8.8%
Mall Center Curico	861	809	6.4%	1,679	1,632	2.9%
Plaza El Roble	973	794	9.7%	1,444	1,491	9.7%
Paseo Arauco Estacion (2)	2,659	2,109	26.1%	5,254	4,528	16.0%
Arauco San Antonio (3)	434	N/A		646	N/A
* Mega Express Villa (3)	487	N/A		849	N/A

EBITDA
Parque Arauco Kennedy	6,756	6,118	10.4%	12,664	12,406	2.1%
Arauco Maipu (1)	1,080	1,076	0.4%	2,002	2,135	-6.2%
* Mega Plaza Norte	8,671	7,953	9.0%	17,513	16,667	5.1%
Marina Arauco	2,525	2,309	9.3%	4,974	4,678	6.3%
Mall Center Curico	837	792	5.6%	1,632	1,598	2.1%
Plaza El Roble (2)	856	614	39.4%	1,206	1,156	4.3%
Paseo Arauco Estacion	2,147	1,697	26.5%	4,157	3,438	20.9%
Arauco San Antonio (3)	354	N/A		464	N/A
* Mega Express Villa (3)	473	N/A		796	N/A

Gross Margins
Parque Arauco Kennedy	96%	95%	1.7%	94%	95%	-0.8%
Arauco Maipu (1)	88%	87%	1.3%	85%	85%	-0.2%
Mega Plaza Norte	108%	111%	-2.1%	85%	87%	-1.9%
Marina Arauco	99%	99%	-0.5%	99%	99%	-0.7%
Mall Center Curico	101%	100%	0.3%	100%	100%	0.0%
Plaza El Roble (2)	88%	89%	-0.9%	85%	89%	-4.3%
Paseo Arauco Estacion	99%	89%	11.3%	98%	90%	8.5%
Arauco San Antonio (3)	86%	N/A		67%	N/A
* Mega Express Villa (3)	135%	N/A		86%	N/A

EBITDA Margins
Parque Arauco Kennedy	87%	82%	6.0%	85%	83%	2.0%
Arauco Maipu (1)	71%	69%	3.0%	67%	67%	0.0%
Mega Plaza Norte	89%	96%	-6.9%	75%	77%	-3.1%
Marina Arauco	97%	100%	-3.2%	97%	100%	-2.9%
Mall Center Curico	98%	98%	-0.4%	97%	98%	-0.7%
Plaza El Roble (2)	78%	69%	12.8%	71%	69%	3.1%
Paseo Arauco Estacion	80%	72%	11.7%	77%	69%	13.1%
Arauco San Antonio (3)	70%	N/A		48%	N/A
* Mega Express Villa (3)	131%	N/A		81%	N/A

(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

Property Operating Indicators
Chilean GAAP
(Ch$)	Cumulative to
*(Sol$ thousands)	June 30,
	2010	2009	% Change
Monthly Revenue per m²
Parque Arauco Kennedy	248,725	219,372	13.4%
Arauco Maipu (1)	105,680	90,651	16.6%
* Mega Plaza Norte	834	765	9.1%
Marina Arauco	200,102	195,698	2.3%
Mall Center Curico	89,965	69,093	30.2%
Plaza El Roble (2)	141,031	174,386	-19.1%
Paseo Arauco Estacion	163,431	138,917	17.6%
Arauco San Antonio (3)	118,072	N/A
Mega Express Villa (3)	432	N/A

Monthly Rent per m²
Parque Arauco Kennedy	18,020	17,624	2.2%
Arauco Maipu (1)	7,424	7,278	2.0%
* Mega Plaza Norte	41	38	8.6%
Marina Arauco	13,792	13,247	4.1%
Mall Center Curico	5,532	5,412	2.2%
Plaza El Roble (2)	10,301	9,448	9.0%
Paseo Arauco Estacion	11,340	11,010	3.0%
Arauco San Antonio (3)	14,314	N/A
Mega Express Villa (3)	33	N/A

% Occupancy
Parque Arauco Kennedy	100.0%	100.0%	0.0%
Arauco Maipu (1)	90.5%	90.1%	0.4%
Mega Plaza Norte	99.9%	99.5%	0.4%
Marina Arauco	99.8%	99.3%	0.6%
Mall Center Curico	98.0%	98.0%	0.0%
Plaza El Roble (2)	99.6%	99.7%	-0.1%
Paseo Arauco Estacion	99.6%	98.6%	1.0%
Arauco San Antonio (3)	97.0%	N/A
Mega Express Villa (3)	93.3%	N/A