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Quarterly Net Income Increases by 93% to Ch$6,238; First Half Net
Income Up 125% to Ch$29,579 million
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Gross Profit Improves by 21% to Ch$10,325 million on Combination of
Higher Revenue and Reduced Costs for the Quarter
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FFO Reaches Ch$8,291 million, 66% Growth over Q208 and Records
56.4% FFO Margin; Owned GLA Expands 19% to 414,759 m²
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, 2009. The
following financial and operating information, unless otherwise
indicated, was prepared and presented in accordance with Chilean GAAP.
Additionally, the Company utilizes the equity method of accounting, and
its financial statements and operating information consolidate the
numbers for Parque Arauco and its majority owned subsidiaries, and refer
to Parauco’s stake (or participation) in its joint ventures and
developments. 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/.
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“We are pleased with our second quarter results as we achieved
substantial increases in profitability and operating efficiency. Our
business model, which relies on strong brand recognition and a
mixture of fixed and variable rent revenue streams, helped us to
post record net profits in the first half of 2009 amidst economic
uncertainty and lower consumer confidence, and despite lower tenant
sales levels. We were able to improve our efficiency and
profitability by streamlining corporate overhead, reducing spending
on energy at our properties, and consolidating essential contracts
with third party service providers,” commented Andrés Olivos, Chief
Executive Officer of Parque Arauco.
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“With the opening in May of Mall Dot Baires, the largest shopping
center in Buenos Aires, Parque Arauco now holds interests in
nineteen shopping centers operating in Chile, Argentina and Peru,
and has successfully expanded its business while diversifying its
revenue streams. The strategic acquisition of land in high-growth
metropolitan areas throughout the region has allowed the Company to
build a land bank equivalent to more than 400,000 m² and positioned
it well to benefit from continued economic development of
underserved markets such as Colombia, where we plan to open our
first shopping center in 2010,” added Mr. Olivos.
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Second Quarter Results
Revenues for the second quarter of 2009 increased by 11.7% to Ch$14,690
million from Ch$13,147 million in Q208. Second quarter results reflected
higher revenues due to the consolidation of Chilean mall Paseo Arauco
Estación (“Estación”), formerly known as Mall Paseo Estación, in May
2008 and its subsequent expansion. The completion of renovations and
expansion of selling areas at several other Chilean properties also led
to increased operating revenues. In Peru, shopping center Mega Plaza
Norte, located in the capital city of Lima, continued to experience
solid consumer demand during the second quarter, with revenues in local
currency reaching Sol$12,786 thousand.
Gross profit for the quarter increased by 20.5% to Ch$10,325 million as
compared to the second quarter of 2008, while cost of sales declined
during the period by 4.6% to Ch$4,365 million, mainly as a result of
renewed focus on reducing expenses at all properties.
Net operating income (“NOI”), defined as revenues less cost of sales
plus depreciation and amortization, increased by 19.6% to Ch$12,378
million from Ch$10,351 million in the second quarter of 2008. The
consolidation of Estación for the full second quarter in 2009 was mainly
responsible for the improvement in NOI.
Selling, General and Administrative Costs increased by 32.3% to Ch$1,896
million as compared to the prior year’s second quarter. The increase in
costs as compared to the second quarter of 2008 primarily reflects the
expansion of selling areas at several Chilean properties and Mega Plaza
Norte.
In the second quarter, EBITDA increased by 17.5% to Ch$10,482 million
from Ch$8,918 million, while EBITDA margin increased substantially to
71.4% from 67.8% in Q208. Expansion of the portfolio of properties was
the main driver of the improvement in EBITDA, and most properties
demonstrated substantial EBITDA growth individually. The increase in
EBITDA margin reflects lower operating expenses due to the focus on
reducing expenses and the streamlining of third party service contracts,
which contributed to higher operating efficiency. It should be noted
that the EBITDA result includes a property tax amount of Ch$845 million
that is generally excluded from EBITDA by other comparable mall
developers and operators in the Latin American region. When adjusted to
exclude the property tax amount, the EBITDA margin for the second
quarter was 77.1%. Parque Arauco can also deduct property taxes paid in
Chile as a credit when computing income tax.
A non-operating loss of Ch$(3,038) million was recorded in the second
quarter, as compared to a loss of Ch$(2,093) million in Q208. Charges
associated with the restructuring of personnel and the termination of
commercial contracts contributed to the result, as did a decline in
financial income, and exchange rate differentials.
During the quarter, a profit on investment in related companies of
Ch$302 million was recorded, a decline of 78.9% as compared to the
Ch$1,432 million reported in the second quarter of 2008. This result
mainly reflects Parque Arauco’s equity participation in Alto Palermo
S.A. in Argentina, where profits declined due to a poor performance by
the Argentinean company’s Tarshop credit division. Profits also declined
at Inmobiliaria Mall Viña del Mar S.A. in Chile.
Net income increased by 93.1% to Ch$6,238 million, or Ch$10.19 per
share, compared with net income of Ch$3,231 million, or Ch$5.31 per
share, in Q208.
FFO (“Funds from Operations”), defined as net income plus depreciation
plus amortization, increased substantially year-over-year, more than
doubling to Ch$8,291 million, or Ch$13.65 per share, as compared to Ch$
5,011 million in the second quarter of 2008. The main drivers of this
increase were the consolidation of Estación and an increase in income
tax paid by the Company.
Cash and cash equivalents totaled Ch$42,809 million in the second
quarter compared to Ch$55,190 million reported at the end of Q208. Funds
have been used primarily for the improvement and acquisition of shopping
centers such as Estación and Maipú and the development of
properties such as Arauco San Antonio in Chile, Stripcenter Chorrillos
in Lima, Perú and Mall Alameda in Pereira, Colombia.
Total GLA exceeded 740,024 m², as compared to 621,597 m² in Q208, and
owned GLA was 414,759 m², up from 349,935 m² in the equivalent period of
the prior year. Occupancy rates reflected the strength of Parque
Arauco’s long term lease contracts with tenants, generally ranging from
98.0% to 99.9% and showing only slight variation. However, at Mall
Arauco Maipú, the occupancy rate fell from 99.5% to 89.6%, as
recently-added GLA was not yet being leased. Estación’s occupancy
declined from 100% to 98.6%, while Mall Plaza El Roble’s occupancy
improved from 97.9% to 99.7%.
First Half Results
Total revenue for the first half was Ch$29,579 million, an increase of
24.8% as compared to the previous year’s first half results.
Gross profit for the first half grew by 30.4% to Ch$20,349 million.
During the first half, NOI increased by 30.1% as compared with the same
period in 2008, reaching Ch$24,639 million.
Operational costs (SG&A plus CoGS) increased by 23% in the first half,
driven mainly by the incorporation of Estación, and the expansion of the
leasable areas at Arauco Express Pajaritos, Megaplaza and Office Towers
Kennedy. Higher taxes, consulting fees and provisions for
non-recoverable expenses also contributed to the increase.
EBITDA climbed 26.5% to Ch$20,905 million, due to the expansion of GLA
at Parque Arauco Kennedy, Arauco Maipú, and Mega Plaza Norte, which
respectively contributed increases in revenues of a 9%, 14% and 12% as
compared to the first half of 2008. Estación contributed much higher
first half revenues than in 2008 as its Q208 result reflected the fact
that it was not consolidated until May 2008.
During the first half, the Company’s profit on investments in related
companies declined by 44.7% to Ch$1,616 million, driven primarily by
lower profitability at Alto Palermo S.A. (Argentina) due to a poor
performance of the company’s credit division.
Change in Accounting Policies
Allocation of Corporate Expenses to
Individual Properties:
In an effort to provide greater transparency and accuracy, beginning in
the second quarter of 2009, the company began allocating corporate
overhead costs using an activity-based accounting approach. Previously,
operational costs undertaken by corporate staff were allocated
exclusively to the Parque Arauco Kennedy shopping center where the
Company’s corporate headquarters is located.
Treatment of Expenses Not Recovered:
Parque Arauco incurs costs associated with the operations of each of its
shopping center, and part of those costs are passed on to the venues as
common and other expenses. A percentage of the costs are not passed on
and are assumed by the Company. Parque Arauco recognizes 100% of each of
the costs described within operating expenses or sales and
administration costs. The total amount that is recovered is recognized
as operating income.
Since the Company does not generate a profit margin on these items,
going forward, only the expenses that are not recovered will be
accounted for within operating expenses or sales and administration
costs. Thus, the amounts that are recovered will not be included in
operating revenue, nor expenses.
The effect of this reclassification in the first half of 2009 is a lower
operating expense of Ch$5,484,280 (Ch$4,054,531 the previous year) and a
lower administration and sales cost of Ch$1,556,798 (Ch$ 1,043,714 in
the previous year). Consequently, operating revenues were reduced by
Ch$7,041,078 (Ch$5,098,245 in 2008). However, this change doesn’t affect
EBITDA.
Property Highlights (Financial and
Operating)
Parque Arauco Kennedy – PAK’s total income in Q209 increased by
6.8% to Ch$7,411 million, reflecting expansion of the flagship
property’s total GLA, which increased by more than 14,000 m2
to 122,375 m2 due to the addition of GLA from the Office
Towers project. The EBITDA of the shopping center rose by 27.2%
year-over-year to Ch$6,280 million. During the first half of 2009,
income increased by 9% to Ch$14,827 million, while EBITDA of Ch$12,488
million represented an improvement of 17% over the result reported in
the prior year. More than 25 years after its initial opening, PAK’s
strong brand name and location remains very attractive to both retailers
and consumers.
Mall Arauco Maipú – This shopping center, located in
Santiago, Chile, which has a revenue base that is almost evenly balanced
between anchor tenants and small stores, contributed Ch$1,582 million in
income during the second quarter of 2009, an increase of 14.0% as
compared to the total in Q208. The property’s EBITDA also rose
considerably, by 42.4% to Ch$1,094 million, over the amount recorded in
the same period of 2008. For the first six months of the year, income
rose by 14% to Ch$3,134 million, and EBITDA reached Ch$2,093 million, a
21% increase over the same period in 2008. The incorporation of
affiliated strip mall, Arauco Express Pajaritos, contributed 4,391 m2
of additional GLA and drove the improved results. Newly added GLA
at Mall Arauco Maipú was not being leased as of the end of the
second quarter, resulting in a 9 p.p. decline in the property’s
occupancy rate.
Arauco Express Pajaritos, formerly called Strip Center Pajaritos,
is located next to Mall Arauco Maipú in Santiago, Chile and
is 95% leased. The strip mall’s financial results for the second quarter
2009 are consolidated in those of Mall Arauco Maipú.
Plaza El Roble – The property, located in Chillán, Chile, has a
GLA of 26,531 m2, contributed total income of Ch$869 million
during the second quarter. The property’s EBITDA of Ch$607 million
represented a slight decline of 1.4% as compared the same period in
2008. El Roble’s first half income increased by 9% to Ch$1,628 million
as compared to the first half of 2008, in line with a 7% increase to the
shopping center’s GLA. EBITDA for the first six months of 2009 totaled
Ch$1,138 million, a 4% decline partly attributable to a 33% increase in
the property’s SG&A expenses.
Paseo Arauco Estación – Parque Arauco acquired an 83% stake in
this property, formerly known as Mall Paseo Estación, and began
consolidating its financial results in May 2008. Estación reported total
income of Ch$2,504 million, a 41.6% increase over the amount reported in
Q208, and EBITDA of Ch$1,686 million, a 33.1% increase. Estación’s small
stores continued to perform especially well, earning 57% of the
property’s revenues while comprising just 26% of its total GLA. The
property contributed income of Ch$3,630 million during the first half of
2009, a 40% increase, and EBITDA also rose significantly, by 32%, to
Ch$3,414 million. The results are attributable to the expansion of GLA
at the property by more than 30,000 m2 and the strengthening
of tenant composition.
Mega Plaza Norte – Second quarter income of Sol$12,786 thousand
was in line with the result recorded in the same period of the previous
year, despite a lower number of visitors and a decline in tenant sales.
Anchor stores continued to be strong performers at the urban shopping
center, generating nearly three quarters of sales during the first half
of 2009, however tenant sales overall declined by 8.5% during this
period. This contributed to a 7.1% decline in the EBITDA result, to
Sol$8,138 thousand, as compared to the result in Q208. Revenues of
Sol$26,555 thousand from the first half of 2009 exceeded by 12% the
total reported for the same period in 2008, while EBITDA increased by 5%
over the amount recorded in 2008 to Sol$16,667 thousand.
Non-Consolidated Assets
Inmobiliaria Mall Viña del Mar S.A. (Chile) – Net profit for the
second quarter of 2009 declined by 4.4% to Ch$1,801 million based on the
performance of properties Marina Arauco and Mall Center Curico. Net
profit declined by 4.3% to Ch$3,508 million in the first half of 2009 as
compared to the same period of 2008. Combined, these two shopping
centers have a GLA that exceeds 100,000 m2. Parque
Arauco holds a 33.3% stake in each of the malls.
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Marina Arauco – Located in Viña del Mar, Chile, the mall
reported second quarter income of Ch$2,302 million, in line with
the amount recorded in Q208, and EBITDA of Ch$2,213 million, a
slight decline of 1% from Q208 levels. The property’s contribution
of income and EBITDA was slightly less during the first two
quarters of 2009 as compared to the same period in 2008, with each
declining by 1%, despite an occupancy level of 100%. Marina
Arauco’s monthly sales per square meter were among the strongest
in Parque Arauco’s portfolio of properties during the first half
of 2009.
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Mall Center Curicó – This shopping center, located south of
Santiago, derives a significant percentage of sales from anchor
stores, which accounted for eighty-percent of the property’s
revenues during the first half of 2009. Second quarter income was
Ch$808 million, in line with the result during the same quarter of
the prior year, while EBITDA declined by 3% to Ch$773 million over
the amount in Q208. First half income and EBITDA each increased by
2% to Ch$1,627 and Ch$1,611 respectively as compared to the first
six months of 2008.
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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. Combined, these eleven
shopping centers have a total GLA of 289,450 m2. This unit
contributed a net income of Ch$1,614 in the first half of 2009.
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Mall Dot Baires – Buenos Aires -- This upscale shopping
center opened successfully in May and, with a total constructed
area of 170,000 m2, it is the largest in Buenos Aires.
The shopping center has a GLA of 51,083 m2 following a
total investment of more than US$140 million. Dot Baires is
anchored by a large department store and also features a large
supermarket, 170 small stores and offices. Parque Arauco’s
interest in the property corresponds with its 31.6% equity
interest in project partner Alto Palermo S.A., which now operates
11 malls.
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Tenant Sales
Total tenant sales declined by 2.4% during the second quarter, to
Ch$152,064 million, as a more cautious consumer sentiment prevailed. The
Company observed a 3.4% decline in tenant sales during the first half,
as most of the properties in the Chilean market posted same store
declines, while the Peruvian market was flat. Quarterly and first half
tenant sales were up significantly at Estación, due to the expansion of
its selling area.
Outlook
Parque Arauco will continue to further its regional expansion plan in
2009 and has committed to investing an additional US$178 million in
Chile, Colombia, and Peru through 2010, bringing the total investment in
those markets since 2007 to US$535 million. In light of the economic and
credit market scenario that emerged during the second half of 2008 and
has affected consumer sentiment in 2009, management adopted a more
conservative strategy, deciding to postpone the development of four
projects – Arauco Premium Outlet, Quilicura Mall, El Golf, and
Baranquilla – while continuing to develop properties such as Arauco San
Antonio, Stripcenter Chorrillos and Mall Alameda, which were underway or
had already been financed.
Expansion and New Development Projects
Arauco San Antonio – San Antonio – Chile: Parque Arauco S.A.
holds a 51% interest in this project, formerly named the Arauco del
Pacífico Mall. The property, located in San Antonio, Chile, will feature
a mall, casino, and hotel, and is expected to have a GLA of 31,000 m2
following a total investment of US$45 million. With the physical
construction complete, the Company was able to advance improvements to
the interior during the second quarter. The casino and a small portion
of the mall are expected to open by the end of 2009, and the rest of the
mall will open during 2010.
Strip Center Chorrillos – Chorrillos – Perú: This strip center,
which has an expected GLA of 6,000 m2, is expected to begin
commercial operations in Chorrillos, Perú during the second half of
2009, following a total investment of US$7 million, in which Parque
Arauco will have a 51% participation. During the second quarter, Parque
Arauco furthered the construction of the center, and reached lease
agreements with large and small tenants, bringing the portion of total
GLA that is leased to 85%.
Mall Alameda – Pereira – Colombia: This shopping center in
Pereira, Colombia, is expected to have a total GLA of 40,000 m2 following
a total investment of approximately US$88 million, with Parque Arauco
holding a 55% interest. Construction is well underway, with commercial
operations expected to begin during the second half of 2010. During the
second quarter, the property continued to attract leading international
and local retail brands. Lease agreements with three well-known anchor
tenants have been reached, allowing the Company to focus on lease
negotiations with smaller tenants.
About Parque Arauco
Parque Arauco, based in Chile, is one of Latin America’s largest
developers and operators, in terms of GLA, of retail real estate in
Latin America. Over the last 25 years, Parque Arauco has developed,
operated and managed shopping centers throughout Chile. It has a 31.6%
ownership interest in Argentina’s Alto Palermo, S.A., (APSA) which is
traded on the Buenos Aires Stock Exchange and the Nasdaq. APSA is the
owner and operator of 11 shopping centers. Parque Arauco also has a 45%
interest in Peru’s Inmuebles Panamericana, S.A., owner and operator of
one of Lima’s largest shopping centers.
This release contains forward-looking statements relating to the
prospects of the business, estimates for operating and financial
results, and those related to growth prospects of Parque Arauco. These
are merely projections and, as such, are based exclusively on the
expectations of management concerning the future of the business and its
continued access to capital to fund the Company’s business plan. Such
forward-looking statements depend, substantially, on changes in market
conditions, government regulations, competitive pressures, the
performance of the economies in which we work and the industry, among
other factors; therefore, they are subject to change without prior
notice.
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Parque Arauco S.A.
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Consolidated Income Statement
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Chilean GAAP
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Ch$ thousands
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Quarter Ending June 30
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First Half Ending June 30
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2009
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2008
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Chg. %
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2009
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2008
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Chg. %
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Revenues
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14,690,357
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13,147,857
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11.7%
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29,578,771
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23,693,158
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24.8%
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Cost of Sales
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(4,365,094)
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(4,576,915)
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-4.6%
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(9,229,761)
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(8,091,070)
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14.1%
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Gross Profit
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10,325,262
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8,570,942
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20.5%
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20,349,010
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15,602,088
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30.4%
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Selling, General and Admin. Expenses
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(1,896,214)
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(1,432,787)
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32.3%
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(3,733,953)
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(2,410,143)
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54.9%
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OPERATING INCOME
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8,429,048
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7,138,155
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18.1%
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16,615,057
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13,191,945
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25.9%
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EBITDA
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10,481,825
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8,917,937
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17.5%
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20,904,639
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16,530,683
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26.5%
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Adjusted EBITDA
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11,326,958
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9,662,273
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17.2%
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22,484,773
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17,736,278
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26.8%
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Financial Income
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570,776
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1,417,187
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-59.7%
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1,865,379
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1,870,120
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-0.3%
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Profit on Investment. in Related Companies
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302,105
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1,432,095
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-78.9%
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1,615,870
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2,924,041
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-44.7%
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Other non-operating Income
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356,282
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177,881
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100.3%
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532,635
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370,490
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43.8%
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Amortization of Goodwill
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(60,644)
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(85,261)
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-28.9%
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(128,913)
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(147,211)
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-12.4%
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Financial Expenses
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(2,486,144)
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(2,415,319)
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2.9%
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(5,267,656)
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(4,521,760)
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16.5%
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Other non-operating Expenses
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(883,497)
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(298,680)
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195.8%
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(1,413,329)
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(718,132)
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96.8%
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Price-level Restatement
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(356,230)
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(2,766,517)
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-87.1%
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1,892,478
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(3,544,261)
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-153.4%
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Exchange Differentials
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(480,830)
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445,710
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-207.9%
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(591,829)
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(618,087)
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-4.2%
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NON-OPERATING INCOME
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(3,038,181)
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(2,092,904)
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45.2%
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(1,495,365)
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(4,384,800)
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-65.9%
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Profit before Income Tax & Extraord. Items
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5,390,867
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5,045,251
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6.9%
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15,119,692
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8,807,145
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71.7%
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Income Tax
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1,069,523
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(882,043)
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-221.3%
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673,081
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(1,292,412)
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-152.1%
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Profit (Loss) before Minority Interest
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6,460,389
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4,163,208
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55.2%
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15,792,773
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7,514,733
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110.2%
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Minority Interest
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(274,023)
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(937,198)
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-70.8%
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(883,016)
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(866,560)
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1.9%
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Net Profit (Loss)
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6,186,366
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3,226,010
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91.8%
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14,909,757
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6,648,173
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124.3%
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Amortization of Negative Goodwill
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51,882
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5,387
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863.1%
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74,428
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10,778
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590.6%
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NET INCOME
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6,238,248
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3,231,397
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93.1%
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14,984,185
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6,658,951
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125.0%
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Real Estate Taxes
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845,133
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744,336
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13.5%
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1,580,135
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1,205,595
|
|
31.1%
|
|
Depreciation & Amortization
|
|
2,052,777
|
|
1,779,782
|
|
15.3%
|
|
4,289,581
|
|
3,338,738
|
|
28.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial and Operating
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ending June 30
|
|
|
|
First Half Ending June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q09
|
|
2Q08
|
|
Chg. %
|
|
2009
|
|
2008
|
|
Chg. %
|
|
Revenues (Ch$ Millions)
|
|
14,690
|
|
13,148
|
|
11.7%
|
|
29,579
|
|
23,693
|
|
24.8%
|
|
NOI (Ch$ Millions)
|
|
12,378
|
|
10,351
|
|
19.6%
|
|
24,639
|
|
18,941
|
|
30.1%
|
|
NOI Margin %
|
|
84.3%
|
|
78.7%
|
|
5.5 pp
|
|
83.3%
|
|
79.9%
|
|
3.4 pp
|
|
EBITDA (Ch$ Millions)
|
|
10,482
|
|
8,918
|
|
17.5%
|
|
20,905
|
|
16,531
|
|
26.5%
|
|
EBITDA Margin %
|
|
71.4%
|
|
67.8%
|
|
3.5 pp
|
|
70.7%
|
|
69.8%
|
|
0.9 pp
|
|
Adjusted EBITDA (Ch$ Millions) 1
|
|
11,327
|
|
9,662
|
|
17.2%
|
|
22,485
|
|
17,736
|
|
26.8%
|
|
Adjusted EBITDA Margin %
|
|
77.1%
|
|
73.5%
|
|
3.6 pp
|
|
76.0%
|
|
74.9%
|
|
1.2 pp
|
|
Net Income (Ch$ Millions)
|
|
6,238
|
|
3,231
|
|
93.1%
|
|
14,984
|
|
6,659
|
|
125.0%
|
|
Net Income Margin %
|
|
42.5%
|
|
24.6%
|
|
17.9 pp
|
|
50.7%
|
|
28.1%
|
|
22.6 pp
|
|
FFO (Ch$ Millions)
|
|
8,291
|
|
5,011
|
|
65.5%
|
|
19,274
|
|
9,998
|
|
92.8%
|
|
FFO Margin %
|
|
56.4%
|
|
38.1%
|
|
18.3 pp
|
|
65.2%
|
|
42.2%
|
|
23.0 pp
|
|
Weighted Avg. Shares (million)
|
|
607.25
|
|
607.25
|
|
-
|
|
607.25
|
|
607.25
|
|
-
|
|
EPS ($)
|
|
10.19
|
|
5.31
|
|
91.8%
|
|
24.55
|
|
10.95
|
|
124.3%
|
|
Total Tenant Sales (Ch$ Millions) 2
|
|
152,064
|
|
155,787
|
|
-2.4%
|
|
287,658
|
|
297,901
|
|
-3.4%
|
|
Total GLA (m2)
|
|
730,566
|
|
614,485
|
|
18.9%
|
|
730,566
|
|
614,485
|
|
18.9%
|
|
Parque Arauco GLA (m2)
|
|
408,320
|
|
347,575
|
|
17.5%
|
|
408,320
|
|
347,575
|
|
17.5%
|
|
1: Adjusted EBITDA = EBITDA + Real Estate Taxes
|
|
2: Total Tenant Sales = Sales of Consolidated Assets
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Ch$ millions)
|
|
June 30,
|
|
|
|
|
|
2009
|
|
2008
|
|
% Change
|
|
Assets:
|
|
|
|
|
|
|
|
Cash and Cash Equivalent
|
|
42,809
|
|
55,190
|
|
-22.4%
|
|
Accounts Receivable
|
|
12,826
|
|
9,857
|
|
30.1%
|
|
Other Current Assets
|
|
17,613
|
|
11,876
|
|
48.3%
|
|
Total Current Assets
|
|
73,248
|
|
76,923
|
|
-4.8%
|
|
Net Property, Plant and Equipment
|
|
411,590
|
|
344,046
|
|
19.6%
|
|
Investments in Related Companies
|
|
71,831
|
|
74,721
|
|
-3.9%
|
|
Other Assets
|
|
19,982
|
|
39,347
|
|
-49.2%
|
|
Total Assets
|
|
576,651
|
|
535,037
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
Liabilities & Stockholder's Equity:
|
|
|
|
|
|
|
|
Short Term Debt
|
|
13,145
|
|
25,007
|
|
-47.4%
|
|
Other Current Liabilities
|
|
9,608
|
|
9,187
|
|
4.6%
|
|
Total Current Liabilities
|
|
22,753
|
|
34,194
|
|
-33.5%
|
|
Long Term Debt
|
|
271,951
|
|
242,407
|
|
12.2%
|
|
Other Long Term Liabilities
|
|
22,499
|
|
21,039
|
|
6.9%
|
|
Total Long Term Liabilities
|
|
294,449
|
|
263,446
|
|
11.8%
|
|
|
|
|
|
|
|
|
|
Minority Interest
|
|
16,590
|
|
10,003
|
|
65.8%
|
|
|
|
|
|
|
|
|
|
Stockholder's Equity
|
|
|
|
|
|
|
|
Capital
|
|
152,345
|
|
144,028
|
|
5.8%
|
|
Reserves and Others
|
|
75,529
|
|
76,707
|
|
-1.5%
|
|
Retained Earnings
|
|
14,984
|
|
6,659
|
|
125.0%
|
|
Total Liabilities & Stockholder's Equity
|
|
576,651
|
|
535,037
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Financial Highlights
|
|
Chilean GAAP
|
|
|
|
|
|
|
|
(Ch$ millions)
|
|
Quarter Ended
|
|
|
|
*(Sol$ thousands)
|
|
June 30
|
|
|
|
|
|
2009
|
|
2008
|
|
% Change
|
|
Total Revenues
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
7,411
|
|
6,941
|
|
6.8%
|
|
Arauco Maipu (1)
|
|
1,582
|
|
1,387
|
|
14.1%
|
|
* Mega Plaza Norte
|
|
12,786
|
|
12,781
|
|
0.0%
|
|
Marina Arauco (unconsolidated)
|
|
2,302
|
|
2,294
|
|
0.3%
|
|
Mall Center Curico (unconsolidated)
|
|
808
|
|
810
|
|
-0.2%
|
|
Mall Plaza El Roble
|
|
869
|
|
758
|
|
14.6%
|
|
Paseo Arauco Estacion (2)
|
|
2,504
|
|
1,769
|
|
41.5%
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
5,755
|
|
5,172
|
|
11.3%
|
|
Arauco Maipu (1)
|
|
998
|
|
675
|
|
47.9%
|
|
* Mega Plaza Norte
|
|
9,024
|
|
9,281
|
|
-2.8%
|
|
Marina Arauco (unconsolidated)
|
|
2,006
|
|
2,231
|
|
-10.1%
|
|
Mall Center Curico (unconsolidated)
|
|
743
|
|
739
|
|
0.5%
|
|
Mall Plaza El Roble
|
|
651
|
|
600
|
|
8.5%
|
|
Paseo Arauco Estacion (2)
|
|
1,893
|
|
1,213
|
|
56.1%
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
6,280
|
|
4,939
|
|
27.2%
|
|
Arauco Maipu (1)
|
|
1,094
|
|
768
|
|
42.4%
|
|
* Mega Plaza Norte
|
|
8,138
|
|
8,758
|
|
-7.1%
|
|
Marina Arauco (unconsolidated)
|
|
2,312
|
|
1,407
|
|
64.3%
|
|
Mall Center Curico (unconsolidated)
|
|
773
|
|
797
|
|
-3.0%
|
|
Mall Plaza El Roble
|
|
607
|
|
616
|
|
-1.5%
|
|
Paseo Arauco Estacion (2)
|
|
1,686
|
|
1,267
|
|
33.1%
|
|
|
|
|
|
|
|
|
|
Gross Margins
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
78%
|
|
75%
|
|
4.2%
|
|
Arauco Maipu (1)
|
|
63%
|
|
49%
|
|
29.6%
|
|
Mega Plaza Norte
|
|
71%
|
|
73%
|
|
-2.8%
|
|
Marina Arauco (unconsolidated)
|
|
87%
|
|
97%
|
|
-10.4%
|
|
Mall Center Curico (unconsolidated)
|
|
92%
|
|
91%
|
|
0.8%
|
|
Mall Plaza El Roble
|
|
75%
|
|
79%
|
|
-5.4%
|
|
Paseo Arauco Estacion (2)
|
|
76%
|
|
69%
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
EBITDA Margins
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
85%
|
|
71%
|
|
19.1%
|
|
Arauco Maipu (1)
|
|
69%
|
|
55%
|
|
24.9%
|
|
Mega Plaza Norte
|
|
64%
|
|
69%
|
|
-7.1%
|
|
Marina Arauco (unconsolidated)
|
|
100%
|
|
61%
|
|
63.8%
|
|
Mall Center Curico (unconsolidated)
|
|
96%
|
|
98%
|
|
-2.8%
|
|
Mall Plaza El Roble
|
|
70%
|
|
81%
|
|
-14.0%
|
|
Paseo Arauco Estacion (2)
|
|
67%
|
|
72%
|
|
-6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Number reflects Q209 results of the affiliated commercial
property, Arauco Express Pajaritos.
|
|
(2) Q208 results reflects only May and June financials as
property was consolidated in May 2008. Formerly named Mall Plaza
Estacion.
|
|
|
|
|
|
Property Operating Indicators
|
|
Chilean GAAP
|
|
|
|
|
|
|
|
(Ch$)
|
|
Cumulative to
|
|
|
|
*(Sol$ thousands)
|
|
June 30
|
|
|
|
|
|
2009
|
|
2008
|
|
% Change
|
|
Monthly Revenue per m²
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
213,475
|
|
232,936
|
|
-8.4%
|
|
Arauco Maipu
|
|
91,747
|
|
107,586
|
|
-14.7%
|
|
* Mega Plaza Norte
|
|
832
|
|
984
|
|
-15.4%
|
|
Marina Arauco (unconsolidated)
|
|
193,214
|
|
196,449
|
|
-1.6%
|
|
Mall Center Curico (unconsolidated)
|
|
71,797
|
|
73,952
|
|
-2.9%
|
|
Mall Plaza El Roble
|
|
166,566
|
|
181,713
|
|
-8.3%
|
|
Paseo Arauco Estacion (1)
|
|
110,254
|
|
148,463
|
|
-25.7%
|
|
|
|
|
|
|
|
|
|
Monthly Rent per m²
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
17,797
|
|
19,004
|
|
-6.4%
|
|
Arauco Maipu
|
|
7,319
|
|
7,638
|
|
-4.2%
|
|
* Mega Plaza Norte
|
|
40
|
|
40
|
|
0.0%
|
|
Marina Arauco (unconsolidated)
|
|
13,028
|
|
13,624
|
|
-4.4%
|
|
Mall Center Curico (unconsolidated)
|
|
5,814
|
|
5,737
|
|
1.3%
|
|
Mall Plaza El Roble
|
|
8,891
|
|
9,395
|
|
-5.4%
|
|
Paseo Arauco Estacion (1)
|
|
11,840
|
|
15,102
|
|
-21.6%
|
|
|
|
|
|
|
|
|
|
Total Visitors (thousands)
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
11,961
|
|
14,238
|
|
-16.0%
|
|
Arauco Maipu
|
|
6,824
|
|
9,744
|
|
-30.0%
|
|
Mega Plaza Norte
|
|
16,410
|
|
17,275
|
|
-5.0%
|
|
Marina Arauco (unconsolidated)
|
|
8,655
|
|
9,130
|
|
-5.2%
|
|
Mall Center Curico (unconsolidated)
|
|
3,202
|
|
3,561
|
|
-10.1%
|
|
Mall Plaza El Roble
|
|
5,323
|
|
NA
|
|
|
|
Paseo Arauco Estacion (1)
|
|
NA
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
% Occupancy
|
|
|
|
|
|
|
|
Parque Arauco Kennedy
|
|
99.9%
|
|
100.0%
|
|
-0.1%
|
|
Arauco Maipu
|
|
89.6%
|
|
99.5%
|
|
-9.9%
|
|
Mega Plaza Norte
|
|
99.5%
|
|
99.9%
|
|
-0.4%
|
|
Marina Arauco (unconsolidated)
|
|
99.6%
|
|
99.9%
|
|
-0.3%
|
|
Mall Center Curico (unconsolidated)
|
|
98.0%
|
|
98.5%
|
|
-0.5%
|
|
Mall Plaza El Roble
|
|
99.7%
|
|
97.9%
|
|
1.8%
|
|
Paseo Arauco Estacion (1)
|
|
98.6%
|
|
100.0%
|
|
-1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Q208 results reflects only May and June financials as
property was consolidated in May 2008. Formerly named Mall Plaza
Estacion
|
|
|
Investor Relations (Chile)
Felipe Velasco Larach
Phone:
+562.299.0608
Fax: +562.211.4077
E-mail: ir@parauco.com
Website:
www.parauco.com
or
Investor
Relations (International)
Monique Skruzny/Matt Komonchak MBS
Value Partners
Phone: +1.212.750.5800
Fax: +1.212.661.2268
E-mail:
monique.skruzny@mbsvalue.com
E-mail:
matt.komonchak@mbsvalue.com
