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 m2 of GLA
  • Buenaventura outlet mall property in Santiago commenced operations; Adds 20,000 m2 of GLA
  • Five major expansions underway at Parque Arauco Kennedy, Mall Arauco Maipu, Paseo El Roble, Marina Arauco and Megaplaza to add almost 60,000m2 of additional GLA.

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
Ownership

 

Total
Investment
(US$
millions)

 

Est. Operational
EBITDA (US$
millions)*

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.
Opening

  GLA (m2)  

PARAUCO
Ownership

 

Total
Investment
(US$
millions)

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.
 

Contacts

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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