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, 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 generate competitive returns for its shareholders driven by strong revenue, operating and bottom line growth. During the second quarter we added two more Peruvian properties to our portfolio, MegaPlaza Chimbote and Villa El Salvador, increasing our total GLA by 37,000 m2 and our operating portfolio of properties in Chile, Peru and Colombia to seventeen with total GLA of 652,700 m2. Strategically, we will continue to diversify our operations geographically and across product lines to include shopping centers, strip malls, and outlet malls.”
“We are also allocating significant resources to reinforce each property’s competitive advantages and renovate properties to provide the best customer experience and maximize rent/m2. We recently announced an estimated investment of US$ 45 million to expand two of our Chilean properties to reinforce our positioning in our home market, Parque Arauco Kennedy and Plaza El Roble. ” said Chief Executive Juan Antonio Álvarez.
Second Quarter Consolidated Results
Revenues for 2Q 2012 were Ch$ 24,232 million, a 19.8% increase as compared to 2Q 2011. Revenue growth was the result of GLA expansion of 10.6% and rental revenue increases of 6.9%. Total GLA in Chile grew 5.7% to 437,700 m2, with the additions coming from the expansion of Arauco Maipú, the addition of 6 strip malls from the consolidation of Arauco Express, and the partial opening of Arauco Quilicura. In Peru, total GLA increased 32.1% to 181,000 m2, driven by expansions from Mega Plaza Norte and Mega Express Villa Chorillos and the additions of MegaPlaza Chimbote and Villa El Salvador. In Peru, rental revenue grew 8.9%.
Gross profit for the quarter was Ch$ 19,311 million, a year-over-year increase of 19.5%. The cost of sales grew 21.0% to Ch$ 4,921 million primarily due to revenue growth and additional costs related to new properties and renovations.
The Company achieved SG&A leverage during the quarter, growing only 2.8% to Ch$ 2,515 million as a result of a mixture of savings and expense recovery from maturing new properties. 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 24.3% to Ch$ 458 million as compared to Ch$ 605 million in 2Q 2011.
The Company recorded EBITDA of Ch$ 17,254 million, a 20.5% improvement compared to the Ch$ 14,315 million recorded in 2Q 2011. The EBITDA margin improved 0.4 percentage points to 71.2% due to additional revenue from added GLA, rental revenue growth, and increased common expense recovery at established properties.
Non-operating expenses totaled Ch$ 4,872 million in 2Q 2012 compared to non-operating expenses of Ch$ 8,146 million in 2Q 2011. Financial income contributed Ch$ 2,082 million, a 121.1% increase compared to 2Q 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 totaled Ch$ 4,892 million primarily driven by additional interest payments on the debt offering issued in January 2012. Other expenses decreased to Ch$ 782 million, compared to other expenses in 2Q 2011 of Ch$ 1,478 million. Foreign exchange differences contributed an expense of Ch$ 29 million as compared to an Ch$ 86 million gain the previous year. The lower inflationary environment that prevailed in 2Q 2012 resulted in a loss on indexed assets and liabilities of Ch$ 1,251 million, a 69.6% decrease compared to a loss of Ch$ 4,123 million in 2Q 2011.
The income tax provision totaled Ch$ 4,086 million, significantly higher than the 2Q 2011 charge of Ch$ 65 million. The increase is attributable to an expected increase in the Chilean income tax rate from 17% to 20%. As a result of the tax rate increase, the Company allocated additional funds to the deferred tax account to account for the increase in potential tax provisions on the future sale of assets.
Net income was Ch$ 7,838 million, or Ch$ 11.15 per share, as compared with net income of Ch$ 5,499 million, or Ch$ 8.97 per share, in 2Q 2011. The weighted average number of shares outstanding during the quarter was 702.75 million as compared to 612.75 million in 2Q 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, totaled Ch$ 9,511 million. The 7% decrease relative to 2Q 2011 is a consequence of the non-cash tax effect of allocating funds to the deferred tax account in anticipation of the expected income tax rate increase in Chile.
Cash and cash equivalents totaled Ch$ 124,213 million at the end of the 2Q 2012 as the Company continued to invest funds to develop and renovate properties. Net financial debt at the end of 2Q 2012 was Ch$ 245,354 million. The Company remains comfortably within its financial covenants with Liabilities/ (Equity+ Minority Interest) of 0.82 as compared to a limit of 1.4 and EBITDA/Financial Expenses of 3.6, substantially above the requisite of 2.5.
Occupancy increased 0.7 pp to 97.4% in 2Q 2012 as compared to the prior year.
First Half 2012 Results
Total revenue for the first half of 2012 was Ch$ 47,195 million, an increase of 18.2% as compared to the first half of 2011. Additional GLA and higher rental revenue contributed to the growth. Gross profit for the first half improved 14.6% to Ch$ 37,147 million.
Operational costs (SG&A plus Cost of Sales) increased 17.8% to Ch$ 14,617 million in line with revenue growth. Operational cost, adjusted for the increase in GLA, grew 6.4%, including inflation. First half 2012 EBITDA increased 16.8% to Ch$ 33,502 million with an EBITDA margin of 71.0%. Net income grew 22.6% to Ch$ 15,461 million.
Projects Under Construction and Development
Properties announced to-date to be developed during this period include:
Parque Arauco Kennedy in Santiago, Chile: A US$ 25 million expansion plan will contribute GLA of 7,000 m2. The new area will consist of a “Luxury District”, entertainment, restaurants, and high end retail. The first stage of the expansion is expected to open in November of 2012 and the second stage is expected for March of 2013.
Plaza El Roble in Chillán, Chile: Plaza El Roble plans to add 12,500 m2 of GLA. The additional GLA will be allocated among new department stores, the expansion of current anchor stores, and fashion retailers. The investment of US$ 20 million is expected to produce EBITDA of US$ 2 million per year.
Buenaventura in Santiago, Chile: During 1Q 2012, 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 US$ 32 million and the property will contribute approximately 20,000 m2 GLA. The Company will commence its operation of the property by the end of August 2012.
Arauco Quilicura in Santiago, Chile: Progress remains on track for the mall which will contribute 33,000 m2 of GLA, upon completion in 2013. The estimated investment is 50 million with an ongoing contribution of approximately US$ 5 million in EBITDA per year. The property will be home to two anchor stores, HITES and Paris. An initial 9,700 m2 of GLA opened with the inauguration of a home improvement retailer in Q1 2012. The property is expected to open in the first half of 2013.
Expansion of Mall Arauco Maipú, Chile: The completion of the fourth stage of expansion has been rescheduled from early 2013 to December 2012. The pre-holiday opening is centered around the opening of a 14,000 m2 Falabella store. The estimated investment is US$ 15 million. The completion of the third stage of expansion in Q1 2012 contributed an additional 9,000 m2 to the growing property. As of June 2012, construction of the fourth stage of expansion is 50% complete.
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.
Expansion of Marina Arauco, Chile: The Marina Arauco property, located in the Fifth Region of Chile, continues to build on its success. The Company plans to add 30,000 m2 of commercial space including a supermarket and home improvement retailer. Total investment is expected at US$ 64 million.
Bucaramanga in Bucaramanga, Colombia: Parque Arauco’s second property to open in Colombia will have 30,000 m2 of 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. As of June 2012, construction is 51% complete.
New Operations in 2Q 2012
Arauco Express (Stripcenters Chile): In April 2012, the Parque Arauco subsidiary, Arauco Express, incorporated 7 operating stripcenters including five properties in Santiago and the remaining two in Calama and Reñaca. The new operation is in line with the Company’s strategy to diversify its portfolio of products. For the partial 2Q 2012, the properties earned EBITDA of approximately Ch$ 210 million, including M&A expenses. The average monthly rent per/m2 Ch$ 13,000 for the stripcenter operations.
MegaPlaza Chimbote: This operation, located 400 Km from Lima, Peru, opened on April 24th, 2012. In the first two months of operation, the property earned EBITDA of Sol$ 585,000. Monthly sales per m2 were more than Sol$ 600 in the first two months of operation.
Mega Express Villa El Salvador: This operation, located in El Salvador, Peru, opened on April 12th, 2012. For the first 2 and a half months of operation, the property earned EBITDA of Sol$ 370,000. Monthly sales per m2 reached Sol$ 430.
2Q Operating and Financial Property Highlights
Chile
Parque Arauco Kennedy (PAK): PAK generated total income of Ch$ 8,448 million in 2Q 2012, a 3.4% increase compared to 2Q 2011. EBITDA from the shopping center increased 0.5% to Ch$ 7,405 million from the year ago quarter. The Company continues to make investments to reinforce the property’s focus on entertainment, services, and restaurants which contributed to an EBITDA margin decrease of 2.5 pp and higher cost of sales and SG&A of Ch$ 233 million and Ch$ 810 million, respectively. The property continues to benefit from a strong brand name and location and its sales totals were fairly balanced between anchor tenants (42%) and small stores (49%).
Mall Arauco Maipú: This shopping center, located in a fast growing, emerging middle class neighborhood in Santiago, Chile, continues to perform extremely well generating income of Ch$ 2,267 million in 2Q 2012, an increase of 17.4% compared to 2Q 2011. EBITDA improved to Ch$1,717 million, an increase of 26.7%, as compared to the same period of 2011. The property was able to achieve a 96.6% occupancy rate, an improvement of 2.3 pp compared to the same period of 2011. The growth over the last year has been driven by the success of the 9,000 m2 expansion that opened in 2Q 2011.
Plaza El Roble: El Roble contributed income of Ch$ 997 million during 2Q 2012, an increase of 4.3% from the same period in 2011. EBITDA improved 10.1% to Ch$ 780 million aided by the 4.1 pp increase in EBITDA margin over 2Q 2011. The cost of sales was Ch$ 75 million while the SG&A expense was US$ 142 million. The property’s entire GLA of 25,000 m2 is now operating at an occupancy level of 98.2%.
Paseo Arauco Estación: Estación achieved total income of Ch$ 3,239 million in 2Q 2012, a 10.1% improvement from the same period last year. The mall’s EBITDA grew 12.7% to Ch$ 2,500 million. Cost of sales and SG&A totaled Ch$ 185 million and Ch$ 554 million, respectively. 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$ 834 and EBITDA of Ch$ 582 million in 2Q 2012. The anchor stores comprised 74% of the quarter’s tenant sales, while small stores and the food court generated 18% and 6% of sales, respectively.
Mall Marina Arauco: This extremely profitable property, situated in Viña del Mar, Chile, generated income of Ch$ 3,047 million during 2Q 2012, a year-over-year increase of 6.0%. The property’s EBITDA of Ch$ 2,915 million grew by 5.5% aided by an EBITDA margin of 95.7%. Forty-eight percent of Marina Arauco’s tenant sales were generated by anchor stores, while occupancy was 97.0% at the end of 2Q 2012.
Boulevard Marina Arauco: Another exceptionally profitable property is this innovative commercial center located in front of Mall Marina Arauco opened in February 2011. Total income grew 34.0% to Ch$ 474 million in 2Q 2012, with EBITDA of Ch$ 442 million and an EBITDA margin of 93.4%. The property’s GLA 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 5.2% as compared to 2Q 2011, while EBITDA increased 6.9% to Ch$ 984 million. Anchor stores operate 76% 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$ 15,342 thousand, a 19.2% increase as compared to the same period of the prior year, on the strength of higher tenant sales, rental revenues and GLA. The property posted EBITDA of Sol$ 11,595 thousand, a 9.25% improvement from the previous year. Cost of sales and SG&A totaled Sol$ 2,885 thousand and Sol$ 861 thousand, respectively. 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$ 929 thousand in 2Q 2012, an increase of 5.8% year over year. The shopping center’s EBITDA increased by 18.8% to Sol$ 518 thousand compared to 2Q 2011. Cost of sales totaled Sol$ 442 thousand. The property’s growth was driven by higher rent/m2 and a GLA increase of 1,000 m2.
Larcomar Fashion Center: Located in Lima, the mall contributed income of Sol$ 6,978 thousand in 2Q 2012. The center’s EBITDA decreased by 10.6% to Sol$ 4,065 thousand compared to 2Q 2011. Cost of sales decreased 1.2% to Sol$ 1,682 and SG&A increased 26.2% to Sol$ 1,232. The decreasing occupancy rate is a temporary consequence to the property’s effort to upgrade its facilities and shift the tenant mix to achieve a higher rent/m2.
Parque Lambramani: Located in Peru, this mall generated income of Sol$ 2,302 thousand, a decrease of 6.5% compared to 2Q 2011. The lower revenue was a result of decreased rent/m2 as the property is committed to offering clients competitive rates and achieving maximum occupancy levels. However, EBITDA of Sol$ 625 thousand improved 122.7% as the property successfully decreased its cost of sales and SG&A by 34.1% and 12.1%, respectively. Total GLA is at 28,000 m2, and the occupancy rate remained unchanged at 92.0% compared 2Q 2011. 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 2Q 2012, Parque Arboleda contributed income of Col$ 3,242 million. EBITDA improved 54.1% to Col$ 2,747 million compared to 2Q 2011. The property has total GLA of 34,000m2. 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
As a result of strong growth across the Parque Arauco portfolio and the impressive increase in tenant sales, the Company has adjusted its EBITDA projections for 2012.
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 stripcenters 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 June 30, | Year End June 30, | ||||||||||||||||||||||
| 2012 | 2011 | Chg. % | 2012 | 2011 | Chg. % | ||||||||||||||||||
| Revenues | 24,231,639 | 20,222,656 | 19.8% | 47,195,331 | 39,930,244 | 18.2% | |||||||||||||||||
| Cost of Sales | (4,920,812) | (4,066,371) | 21.0% | (10,048,108) | (7,528,572) | 33.5% | |||||||||||||||||
| Gross Profit | 19,310,827 | 16,156,286 | 19.5% | 37,147,222 | 32,401,672 | 14.6% | |||||||||||||||||
| Administration Expenses | (2,514,737) | (2,445,685) | 2.8% | (4,568,557) | (4,884,038) | -6.5% | |||||||||||||||||
| OPERATING INCOME | 16,796,090 | 13,710,601 | 22.5% | 32,578,666 | 27,517,634 | 18.4% | |||||||||||||||||
| Depreciation & Amortization | 457,632 | 604,684 | -24.3% | 923,332 | 1,162,124 | -20.5% | |||||||||||||||||
| EBITDA | 17,253,722 | 14,315,285 | 20.5% | 33,501,997 | 28,679,759 | 16.8% | |||||||||||||||||
| Other Income / Expenses | (782,371) | (1,478,448) | -47.1% | (1,482,542) | (1,810,756) | -18.1% | |||||||||||||||||
| Financial Income | 2,082,451 | 941,725 | 121.1% | 3,740,095 | 1,600,363 | 133.7% | |||||||||||||||||
| Financial Expenses | (4,892,374) | (3,572,587) | 36.9% | (10,002,799) | (7,205,469) | 38.8% | |||||||||||||||||
| Foreign Exchange Differences | (28,667) | 86,282 | - | (546,872) | (72,716) | 652.1% | |||||||||||||||||
| Income (Loss) for indexed assets and liabilities | (1,250,724) | (4,123,072) | -69.7% | (3,526,172) | (5,803,302) | -39.2% | |||||||||||||||||
| NON-OPERATING INCOME | (4,871,686) | (8,146,099) | -40.2% | (11,818,289) | (13,291,879) | -11.1% | |||||||||||||||||
| Profit before Income Tax | 11,924,404 | 5,564,502 | 114.3% | 20,760,377 | 14,225,755 | 45.9% | |||||||||||||||||
| Income Tax | (4,086,413) | (65,183) | 6169.1% | (5,299,587) | (1,616,336) | 227.9% | |||||||||||||||||
| NET PROFIT (LOSS) | 7,837,991 | 5,499,319 | 42.5% | 15,460,790 | 12,609,419 | 22.6% | |||||||||||||||||
| Attributable to: | |||||||||||||||||||||||
| Equity holders of the company | 6,997,289 | 4,773,298 | 46.6% | 14,183,474 | 11,091,353 | 27.9% | |||||||||||||||||
| Minority interests | 840,702 | 726,021 | 15.8% | 1,277,316 | 1,518,065 | -15.9% | |||||||||||||||||
| NET PROFIT (LOSS) | 7,837,991 | 5,499,319 | 42.5% | 15,460,790 | 12,609,419 | 22.6% | |||||||||||||||||
|
Financial and Operating Highlights |
|||||||||||||||||||||||
| Quarter Ending June 30, |
Year Ending June 30, |
||||||||||||||||||||||
| 2012 | 2011 | Chg. % | 2012 | 2011 | Chg. % | ||||||||||||||||||
| Revenues (Ch$ Millions) | 24,232 | 20,223 | 19.8% | 47,195 | 39,930 | 18.2% | |||||||||||||||||
| EBITDA (Ch$ Millions) | 17,254 | 14,315 | 20.5% | 33,502 | 28,680 | 16.8% | |||||||||||||||||
| EBITDA Margin % | 71.2% | 70.8% | 0.4 pp | 71.0% | 71.8% | -0.8 pp | |||||||||||||||||
| Net Income (Ch$ Millions) | 7,838 | 5,499 | 42.5% | 15,461 | 12,609 | 22.6% | |||||||||||||||||
| Net Income Margin % | 32.3% | 27.2% | 5.2 pp | 32.8% | 31.6% | 1.2 pp | |||||||||||||||||
| FFO (Ch$ Millions) | 9,511 | 10,227 | -7.0% | 19,871 | 19,575 | 1.5% | |||||||||||||||||
| FFO Margin % | 39.3% | 50.6% | -11.3 pp | 42.1% | 49.0% | -6.9 pp | |||||||||||||||||
| Weighted Avg. Shares (million) | 702.75 | 612.75 | 14.7% | 702.75 | 612.75 | 14.7% | |||||||||||||||||
| EPS ($) | 11.15 | 8.97 | 24.3% | 22.00 | 20.58 | 6.9% | |||||||||||||||||
| Stock Price (Ch$) | 889.87 | 1,045.00 | -14.8% | 889.87 | 1,045.00 | -14.8% | |||||||||||||||||
| Daily Traded Volume (Ch$ million) | 688.45 | 960.18 | -28.3% | 949.15 | 938.82 | 1.1% | |||||||||||||||||
| Total Tenant Sales (Ch$ Millions) 1 | 292,852 | 270,434 | 8.3% | 562,742 | 521,016 | 8.0% | |||||||||||||||||
| Total GLA (m2) | 652,700 | 590,000 | 10.6% | 652,700 | 590,000 | 10.6% | |||||||||||||||||
| Parque Arauco GLA (m2) | 437,152 | 398,182 | 9.8% | 437,152 | 398,182 | 9.8% | |||||||||||||||||
| 1. Total Tenant Sales = Sales of Consolidated Assets | |||||||||||||||||||||||
|
Consolidated Balance Sheet |
|||||||||||
| (Ch$ millions) | June 30, | December 31, | |||||||||
| 2012 | 2011 | % Change | |||||||||
| Assets: | |||||||||||
| Cash and Cash Equivalents | 124,213 | 136,430 | -9.0% | ||||||||
| Trade Accounts Receivable & Other Receivables | 14,970 | 14,933 | 0.2% | ||||||||
| Other Current Assets | 18,195 | 22,893 | -20.5% | ||||||||
| Total Current Assets | 157,377 | 174,256 | -9.7% | ||||||||
| Investment Properties | 805,047 | 701,810 | 14.7% | ||||||||
| Other Non-Current Assets | 47,189 | 65,174 | -27.6% | ||||||||
| Total Non-Current Assets | 852,236 | 766,983 | 11.1% | ||||||||
| Total Assets | 1,009,614 | 941,239 | 7.3% | ||||||||
| Liabilities & Stockholder's Equity: | |||||||||||
| Current Financial Liabilities | 35,024 | 24,339 | 43.9% | ||||||||
| Other Current Liabilities | 21,930 | 35,844 | -38.8% | ||||||||
| Total Current Liabilities | 56,954 | 60,183 | -5.4% | ||||||||
| Non-Current Financial Liabilities | 334,543 | 316,713 | 5.6% | ||||||||
| Other Non-Current Liabilities | 64,756 | 60,762 | 6.6% | ||||||||
| Total Non-Current Liabilities | 399,299 | 377,475 | 5.8% | ||||||||
| Total Liabilities | 456,253 | 437,659 | 4.2% | ||||||||
| Equity | |||||||||||
| Issued Share Capital | 229,907 | 229,907 | 0.0% | ||||||||
| Accumulated Earnings (Losses) | 242,059 | 234,807 | 3.1% | ||||||||
| Other Reserves | (6,071) | (9,948) | -39.0% | ||||||||
| Equity Attributable to Company Shareholders | 465,895 | 454,766 | 2.4% | ||||||||
| Minority Interest | 87,466 | 48,815 | 79.2% | ||||||||
| Total Equity | 553,361 | 503,581 | 9.9% | ||||||||
| Total Liabilities & Equity | 1,009,614 | 941,239 | 7.3% | ||||||||
|
Property Financial Highlights |
||||||||||||||||||||||
| IFRS | ||||||||||||||||||||||
| (Ch$ millions) | ||||||||||||||||||||||
| *(Sol$ thousands) | Quarter to | Cumulative to | ||||||||||||||||||||
| *(Col$ millions) | June 30, | June 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 | 15,342 | 12,867 | 19.2% | 29,365 | 25,163 | 16.7% | ||||||||||||||||
| 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 | 929 | 878 | 5.8% | 1,603 | 1,391 | 15.3% | ||||||||||||||||
| * Larcomar Fashion Center | 6,978 | 7,226 | -3.4% | 13,615 | 14,233 | -4.3% | ||||||||||||||||
| * Parque Lambramani | 2,302 | 2,461 | -6.5% | 4,696 | 5,071 | -7.4% | ||||||||||||||||
| ** Parque Arboleda | 3,242 | 3,520 | -7.9% | 6,476 | 5,675 | 14.1% | ||||||||||||||||
| 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 | 12,457 | 10,619 | 17.3% | 25,002 | 21,454 | 16.5% | ||||||||||||||||
| 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 | 487 | 464 | 4.8% | 1,073 | 960 | 11.8% | ||||||||||||||||
| * Larcomar Fashion Center | 5,296 | 5,524 | -4.1% | 10,391 | 10,709 | -3.0% | ||||||||||||||||
| * Parque Lambramani | 1,577 | 1,362 | 15.8% | 3,269 | 3,049 | 7.2% | ||||||||||||||||
| ** Parque Arboleda | 2,975 | 2,512 | 18.5% | 6,078 | 4,546 | 33.7% | ||||||||||||||||
| 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 | 11,595 | 10,613 | 9.3% | 23,822 | 20,341 | 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 | 518 | 436 | 18.8% | 1038 | 872 | 19.1% | ||||||||||||||||
| * Larcomar Fashion Center | 4,065 | 4,548 | -10.6% | 7,992 | 8,979 | -11.0% | ||||||||||||||||
| * Parque Lambramani | 627 | 282 | 122.7% | 1,251 | 918 | 36.3% | ||||||||||||||||
| ** Parque Arboleda | 2,747 | 1,783 | 54.1% | 5,654 | 3,425 | 65.1% | ||||||||||||||||
| 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 | 81% | 83% | -1.6% | 85% | 85% | -0.1% | ||||||||||||||||
| 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 | 52% | 53% | -1.0% | 67% | 69% | -3.0% | ||||||||||||||||
| * Larcomar Fashion Center | 76% | 76% | -0.7% | 76% | 75% | 1.4% | ||||||||||||||||
| * Parque Lambramani | 69% | 55% | 23.8% | 70% | 60% | 15.8% | ||||||||||||||||
| ** Parque Arboleda | 92% | 71% | 28.6% | 94% | 80% | 17.2% | ||||||||||||||||
| 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 | 76% | 82% | -8.4% | 81% | 81% | 0.4% | ||||||||||||||||
| 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 | 56% | 50% | 12.3% | 65% | 63% | 3.3% | ||||||||||||||||
| * Larcomar Fashion Center | 58% | 63% | -7.4% | 59% | 63% | -6.9% | ||||||||||||||||
| * Parque Lambramani | 27% | 11% | 138.1% | 27% | 18% | 47.2% | ||||||||||||||||
| ** Parque Arboleda | 85% | 51% | 67.3% | 87% | 60% | 44.7% | ||||||||||||||||
| (1) Result reflects Q211 results of the affiliated commercial property, Arauco Express Pajaritos. | ||||||||||||||||||||||
|
Property Operating Indicators |
|||||||||||
| IFRS | |||||||||||
| (Ch$) | |||||||||||
| *(Sol$) | Cumulative to | ||||||||||
| **(Col$) | June 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 | 966 | 912 | 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 | 542 | 584 | -7.2% | ||||||||
| * Larcomar Fashion Center | 584 | 555 | 5.4% | ||||||||
| ** Parque Lambramani | 395 | 414 | -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. | |||||||||||