SANTIAGO, Chile--(EON: Enhanced Online News)--Parque Arauco S.A. (Santiago Stock Exchange: Parauco; Bloomberg: PARAUCO:CI), one of Latin America’s leading shopping center developers and operators, reported financial results for the third quarter ended September 30, 2013. The following financial and operating information, unless otherwise indicated, was prepared and presented in accordance with IFRS. Accordingly, we no longer consolidate the financial statements of three of our malls: Marina Arauco, Boulevard Marina Arauco and Mall Center Curico, but now account for our interests under the equity income method. 3Q 2012 has been adjusted for comparison purposes. For a more detailed review of these results and the filing with the SVS (Chilean Securities and Exchange Commission), please visit Parque Arauco’s website www.parauco.com.
- 3Q13 revenues increased 16.3% over 3Q 2012, reaching Ch$ 26,136 million, consolidated occupancy rate of 95%.
- Strong increase in operating results from Colombia and Peru.
- EBITDA grew 15.6% to Ch$ 18,422 million, on an EBITDA margin of 70.5%.
- Net Profit totaled Ch$ 8,123 million, a 31.1% decrease over 3Q 2012 on increased non-operating expenses.
- 16.6% increase in total Gross Leasable Area (GLA) to 642,100 m2 and continued diversification of portfolio with expansion of strip centers and outlet malls.
- Cash position of Ch$ 72,533 million.
“Parque Arauco continued to deliver strong revenues and operating results during the third quarter. We are achieving both regional and format diversification in line with the goals of our strategic plan. In the third quarter the share of revenue represented by our properties in Colombia doubled to 8% as compared to the previous year’s third quarter thanks to the inauguration of Parque Caracolí in Bucamaranga in April of this year and the strong performance of our mall in Pereira, Parque Arboleda. In addition to GLA growth in the shopping center format, we are also increasing our participation in the strip center and outlet mall lines of business in Chile and Peru. Overall, GLA increased by 16.6% to 642,100 m2 as compared to the same period in 2012.”
“We are committed to continuous innovation and the improvement of the customer experience which are key drivers of strong results. This quarter we were proud to launch Arauco Mapps, the first geolocation mobile application for a shopping mall in Latin America. The app enables users to search for stores in Parque Arauco Kennedy by name or category, see information about the store, and guides them to the store and even back to their car” said Chief Executive Juan Antonio Álvarez.
The company will conduct a conference call to review the 3Q13 results Tuesday, November 5, 2013 with a live webcast available through its website. A real-time webcast of these results will be available online at http://services.choruscall.com/links/parque131105.html beginning at 12:00 p.m. Santiago/ 10:00 a.m. Eastern Standard Time.
|Financial and Operating Highlights|
|Revenues (Ch$ Millions)||26,136||22,470||16.3%||75,296||66,223||13.7%|
|EBITDA (Ch$ Millions)||18,422||15,939||15.6%||52,436||46,497||12.8%|
|EBITDA Margin %||70.5%||70.9%||-0.6%||69.6%||70.2%||-0.8%|
Net Income - Equity holders of the company (Ch$ Millions)
|Net Income Margin %||26.9%||47.9%||-43.8%||35.7%||37.7%||-5.2%|
|FFO (Ch$ Millions)1||11,191||13,932||-19.7%||35,429||35,927||-1.4%|
|FFO Margin %||42.8%||62.0%||-30.9%||47.1%||54.3%||-13.3%|
|Weighted Avg. Shares (million)||702.75||702.75||0.0%||702.75||702.75||0.0%|
|Stock Price (Ch$)||970||978||-0.8%||970||978||-0.8%|
|Daily Traded Volume (Ch$ million)||1,085||887||22.4%||1,331||929||43.2%|
|Total Tenant Sales (Ch$ Millions)2||279,129||246,297||13.3%||794,850||713,008||11.5%|
|Total GLA (m2)3||642,100||550,700||16.6%||642,100||550,700||16.6%|
|Own GLA (m2)||483,431||416,015||16.2%||483,431||416,015||16.2%|
|1:||FFO = Net Profit - Depreciation & Amortization - Income (loss) for indexed assets and liabilities - Negative Goodwill - Gains (losses) from the difference between the previous book value and the fair value of financial assets - Deferred Taxes|
|2:||Total Tenant Sales = Sales of Consolidated Assets|
Total GLA = Excluding GLA of Marina Arauco
|Income Statement - Consolidated|
|Ch$ Thousands||3Q13||3Q12||Chg. %||9M13||9M12||Chg. %|
|Cost of Sales||(5,427,593)||(4,487,002)||21.0%||(15,844,459)||(14,235,971)||11.3%|
|Depreciation & Amortization||685,865||404,946||69.4%||2,062,384||1,295,145||59.2%|
|Other Income / Expenses||(1,828,635)||690,710||-364.7%||(4,769,623)||(791,832)||502.4%|
|Share of Profit (Loss) of Associates Accounted||1,169,250||1,223,697||-4.4%||3,829,881||3,396,984||12.7%|
|Foreign Exchange Differences||(640,369)||53,619||-1294.3%||404,917||(493,253)||-182.1%|
|Income (Loss) for indexed assets and liabilities||(2,684,077)||550,599||-587.5%||(2,816,785)||(2,760,609)||2.0%|
|Profit before Income Tax||9,033,325||15,916,556||-43.2%||35,977,201||36,410,958||-1.2%|
|NET PROFIT (LOSS)||8,123,154||11,790,684||-31.1%||29,749,311||27,251,473||9.2%|
|Equity holders of the company||7,034,562||10,752,190||-35%||26,872,050||24,935,663||7.8%|
|NET PROFIT (LOSS)||8,123,154||11,790,684||
|September 30||December 31||September 30||December 31|
|Current Assets||Other Current Financial Liabilities||35,339||36,330|
|Comm. Cred. and Other Acc. Payable||7,084||18,346|
|Cash and Cash Equivalents||72,533||103,782||Current Acc. Payable to Rel. Parties||2,274||1,994|
|Other Current Financial Assets||0||0||Current Provisions||10,727||6,328|
|Other Current Non-Financial Assets||6,705||2,964||Tax Liabilities||3,552||4,936|
|Trade Accounts Rec. and Other Rec.||21,785||21,685||Other Current Liabilities||2,515||2,733|
|Accounts Receivable from Rel. Comp.||4,563||4,198||Total Current Liabilities||61,491||70,666|
|Current Tax Receivable||16,708||13,041|
|Total Current Assets||122,294||145,671||Non-Current Liabilities|
|Other Non-Current Fin. Liabilities||379,427||318,804|
|Non-Current Acc. Payable to Rel. Part.||1,564||1,476|
|Non-Current Assets||Deferred Tax Liabilities||64,074||62,507|
|Other Non-Current Liabilities||8,812||7,674|
|Other Non-Current Financial Assets||0||0|
|Other Non-Current Non-Fin. Assets||15,648||10,728||Total Non-Current Liabilities||453,877||390,461|
|Non-Current Accounts Receivable||846||233|
|Non-Current Acc. Rec. with Rel. Part.||1,118||1,802||Total Liabilities||515,368||461,128|
|Share of Profit (Loss) of Associates Accounted||44,143||41,339|
|Intangible Assets exc. Surplus Value||15,170||16,258||Equity|
|Surplus Value||8,101||2,964||Issued Share Capital||229,907||229,907|
|Property, Plant and Equipment||2,586||2,448||Accumulated Earnings (Losses)||245,393||251,255|
|Investment Properties||902,119||814,292||Other Reserves||(13,857)||(8,729)|
|Deferred Tax Assets||16,727||15,630||Attrib. to Shareholders of the Company||488,315||472,433|
|Total Non-Current Assets||1,006,458||905,695||Total Equity||613,384||590,239|
|TOTAL ASSETS||1,128,752||1,051,367||TOTAL LIABILITIES AND EQUITY||1,128,752||1,051,367|