Parque Arauco - Bolsa de Santiago

Transcription

Investor Presentation
June 2012
years
Parque Arauco S.A.
www.parauco.com
This document has been prepared by Parque Arauco
(hereinafter "PARAUCO", The "Company" or the "Issuer"), for
the purpose of providing general information about the Company
and the placement process for shares of Parque Arauco
(hereinafter, the "Offering")
The Company assumes no responsibility for, or makes any
representation or warranty, express or implied, with respect to,
the accuracy, adequacy or completeness of the information
contained herein. The Company expressly disclaims any liability
based on such information, errors therein or omissions
therefrom.
This presentation includes certain statements, estimates and
forecasts provided by the Company with respect to it’s
anticipated future performance and involves significant elements
or subjective judgment and analysis that may o may not prove to
be accurate or correct. There can be no assurance that these
statements, estimates and forecasts will be attained and actual
outcomes and results may differ materially from what is
estimates or forecast herein.
The information contained herein has been prepared to assist
interested parties in making their own evaluation of the company
and does not purport to be all - inclusive or to contain all the
information that a potential counterparty may desire. In all cases,
interested parties should conduct their own independent
investigation and analysis of the Company. Interested parties
can only rely on the result of their own investigation and the
representations and warranties made in any definitive
agreement that may be executed.
Contents
> Parque Arauco
> G3 attractiveness
> Growth
> Investment considerations
Contents
> Parque Arauco
> G3 attractiveness
> Growth
> The Company
ABOUT US
REAL ESTATE DEVELOPER IN THE RETAIL INDUSTRY
One of the largest Shopping Center operator in Chile. We currently operate in Chile,
Peru and Colombia, with 604,000 square meters of leasable area. We intend to consolidate our position as one
of the largest Shopping Center operator in Latin America by 2015/2016.
RECENT ACHIEVEMENTS
18% OF GROW
Revenues and EBITDA increased 18% in 2011.
US$ 297 MILLION OF CASH
Cash & Equivalents totaled US$ 297 million (Ch$ 148,728 million) at the end of march 2012.
18% INCREASE
Our tenants' sales increased 18% in 2011.
LONG-TERM PERFORMANCE
We implemented a Shared Services platform that centralizes all operations in Chile for the region.
CAPITAL ISSUE: US$ 170 MM
Was finalized the share issue, raising an approximate US$170 million, among new shareholders.
INVESTMENT PLAN 2007-2016: US$ 1,600 MILLION DOLLARS
We have already invested more than US$900 million
TWO NEW MALLS UNDER CONSTRUCTION AND TWO RECENTLY OPENED
Chimbote and Villa el Salvador inaugurated in Peru, Bucaramanga in Colombia and Quilicura in Chile under construction
5
> Parque Arauco
General background1
Shareholder structure3
Summary table
2011
Total revenues (US$ MM)
173
EBITDA (US$ MM)
122
EBITDA margin (%)
70.9%
Insurance
Companies
0.2%
Net income (US$ MM)
86
Net profit margin (%)
49.9%
Net financial debt (US$ MM)
409
Current liabilities (%)
14%
Long term liabilities (%)
86%
Market Cap: 1,380 (US$ MM)
Number of Shares: 702.7 MM
Free Float: 52.8%
Others
13.5%
Mutual Funds
6.2%
Controller
Group
26.0%
Investment
Funds
13.9%
Said Yarur
Family
9.1%
Total GLA2 (m² )
604,000
Own GLA (m² )
411,000
Brokers
18.9%
Pension Funds
9.0%
Abumohor
Family
3.2%
Source: Parque Arauco
(3) End of March 2011 data. Free Float excludes Controller Group, Said
Yarur Family, Abumohor Family and Pension Funds
(1) Exchange rate CLP/USD 500
(2) GLA: Gross Leasable Area
Leasable Area (Total GLA)
Revenues4 2011 (%)
3.3%
6.1%
19.5%
Presence in Chile, Peru and Colombia. Tenant
sales 2011 > US$ 2,200 million
Indicator/Country
CHILE
PERÚ
COLOMBIA
GLA (m2)
421,000
144,000
34,000
Occupancy (%)
98%
97%
93%
Tenant sales 2011 (US$
MM)
1,750
470
70
8
4
1
23.8%
Total
604,000 m²
Total 173
US$ MM
70.0%
77.2%
Chile
6
CHILE
(4)
Perú
PERU
Considers Parque Arauco’s consolidated revenues
Col
Shopping Centers in
operation
COLOMBIA
Note: end of december 2011 data
> Shopping Centers
Parque Arauco’s Shopping Centers
Shopping Center
Total GLA
Stake (%)
Own GLA
Occupancy
Parque Arauco Kennedy
108,000
100.0%
108,000
99.7%
Arauco Maipú
66,000
100.0%
66,000
96.2%
Arauco Express Pajaritos
5,000
100.0%
5,000
98.4%
Plaza El Roble
25,000
100.0%
25,000
98.0%
Paseo Arauco Estación
68,000
83.0%
56,440
98.5%
Arauco San Antonio
29,000
51.0%
14,790
98.1%
Arauco Quilicura (Sodimac)
9,700
100.0%
9,700
100.0%
Marina Arauco
60,000
33.3%
20,000
99.6%
Boulevard Marina Arauco
12,000
33.3%
4,000
96.2%
Mall Center Curicó
50,000
33.3%
16,667
99.2%
432,700
75.2%
325,597
98.6%
Megaplaza Norte
83,000
45.0%
37,350
99.3%
Mega Express Villa
7,000
50.0%
3,500
97.0%
Larcomar Fashion Center
26,000
100.0%
26,000
90.0%
Parque Lambramani
28,000
60.0%
16,800
92.0%
144,000
58.1%
83,650
96.4%
34,000
30.3%
10,285
93.1%
TOTAL COLOMBIA
34,000
30.3%
10,285
93.1%
TOTAL
610,700
68.7%
419,532
97.8%
TOTAL CHILE
TOTAL PERU
Parque Arboleda*
7
Note: end of march 2012 data
*Office Tower is not included in Parque Arboleda
> Shopping Centers in Chile
2011
Total Revenues (US$ MM)
67.5
EBITDA (US$ MM)
59.3
EBITDA Margin (%)
87.9%
Mall Marina Arauco
2011
28.3
EBITDA (US$ MM)
27.1
EBITDA Margin (%)
96.2%
2011
24.3
EBITDA (US$ MM)
18.5
EBITDA Margin (%)
76.3%
Arauco Maipú
Arauco Express Pajaritos
2011
16.8
2011
EBITDA (US$ MM)
12.4
7.4
EBITDA Margin (%)
73.9%
EBITDA (US$ MM)
5.5
EBITDA Margin (%)
73,4%
Arauco San Antonio
Mall Center Curicó
2011
7.9
EBITDA (US$ MM)
7.4
EBITDA Margin (%)
93.5%
CHILE
GLA (m² )
2011
423,000
Occupancy (%)
98.5%
Tenant sales 2011 (US$ MM)
1,750
Shopping Centers in operation
Shopping Centers under construction
8
Parque Arauco Estación
8
1 (Quilicura)
Exchange rate CLP/USD 500
Note: Parque Arauco consolidates 33% of Mall Marina Arauco and Mall Center Curicó
Plaza el Roble
2011
7.9
EBITDA (US$ MM)
6.1
EBITDA Margin (%)
77.1%
> Shopping Center in Colombia and Peru
Parque Arboleda
2011
6.3
Megaplaza Norte
2011
EBITDA (US$ MM)
4.9
20.6
EBITDA Margin (%)
75.0%
EBITDA (US$ MM)
16.3
EBITDA Margin (%)
79.0%
COLOMBIA
2011
GLA (m² )
34,000
Mega Express Villa
Occupancy (%)
93.1%
0.8
EBITDA (US$ MM)
0.6
EBITDA Margin (%)
77.1%
70
1
Shopping Centers under construction
2011
1 (Bucaramanga)
Parque Lambramani
5.4
EBITDA (US$ MM)
4.0
EBITDA Margin (%)
74.0%
PERÚ
GLA (m² )
Occupancy (%)
9
Exchange rate: PEN/USD 2.7; COP/USD 1,800
In regime
Shopping Centers recently opened
Larcomar Fashion Center
2011
10.8
EBITDA (US$ MM)
6.6
EBITDA Margin (%)
61.4%
2011
144,000
97.4%
480
4
2 (Chimbote , VES)
> Land bank in Chile, Peru and Colombia, 608,000 m2
Parque Arauco owns a strategic land bank that ensures it’s
future growth
Peru
Chile
PARQUE EL GOLF
ARAUCO QUILICURA
Cost (US$ MM)
Surface (m² )
13
72,000
Cost (US$ MM)
Surface (m² )
8
15,000
LA UNIÓN
Cost (US$ MM)
QUILICURA 2
Cost (US$ MM)
Surface (m² )
3
26,000
Surface (m² )
4
70,000
SAN JUAN LURIGANCHO
Cost (US$ MM)
Surface (m² )
4
110,000
Colombia
OTHERS IN PERU
BARRANQUILLA
Cost (US$ MM)
Surface (m² )
Cost (US$ MM)
8
Surface (m² )
193,000
75,000
Maximum gross constructability in our main assets
BOGOTÁ
Cost (US$ MM)
Surface (m² )
21
33
34,000
ADDITIONAL CONSTRUCTABILITY1
COUNTRY
m²
Chile
217,000
Mall Arauco Maipú
Chile
430,000
Paseo Arauco Estación
Chile
60,000
Megaplaza Norte
Peru
267,000
BUCARAMANGA
Cost (US$ MM)
Surface (m² )
12
13,000
TOTAL
10
(1) GLA plus common spaces
974,000
> History of value creation
Stable Revenues Structure
Revenues evolution1
Revenues Composition (Fixed/Variable) (%, 2011)
Total Revenues (US$ MM )
CAGR 29%
200
173
150
135
146
121
100
78
50
49
55
2005
2006
0
2008
2009
2010
2011
(1) Revenues
reclassified in new accounting criterion. 2005-2008 figures in Chilean GAAP,
adjusted to be comparable under IFRS
Exchange rate CLP/USD 500
GLA & Rental Revenues Composition
2007
Sustained Growth1
EBITDA (US$ MM)
CAGR 24%
120
100
80
60
86
40
20
42
45
2005
2006
99
104
2009
2010
122
60
0
11
(2) 2005-2008
2007
2008
figures in Chilean GAAP, adjusted to be comparable under IFRS
2011
> Commercial Background
Growth Sales
Contracts Expiration
(%, March 2011 v/s March 2012)
Anchor
Stores
(Based in % of GLA )
Small
Stores
15%
Others
<= 1 year
8%
CHILE
2.7%
14.6%
6.2%
PERÚ
6.5%
16.1%
4.1%
COLOMBIA
15.3%
48.5%
24.4%
2 to 3 years
6%
3 to 4 years
70%
>= 4 years
Real sales in Chile, Nominal sales in Perú and Colombia
Count of Visitor
Sales Composition
(Total Visitor 2010 v/s 2011, in million)
(%, 1Q 2012)
Colombia
3%
Perú
19%
Chile
78%
12
2011
2010
Var%
CHILE
120.4
107.3
12.2%
PERÚ
58.0
49.4
17.3%
TOTAL
182.7
156.8
16.5%
> Good results for 2011 and 1Q 2012
Tenants sales
Total GLA evolution1
Leasable Area (m² )
(US$ MM)
CAGR 23%
18%
604,000
2.291
555,000
1.942
464,000
440,000
327,000
2007
2008
2009
2010
2011
497
531
1Q-2011
1Q-2012
2010
2011
Note: Exchange rate CLP/USD 500
(1) Excluding Argentina’s GLA of 2009 and previous years
Revenues
EBITDA
EBITDA/EBITDA Margin (US$ MM,%)
18%
18%
173
146
140
122
120
104
100
80
72,9%
70,8%
71,2%
70,9%
2010
2011
60
46
39
40
32
29
20
0
1Q-2011
13
1Q-2012
2010
2011
1Q-2011
1Q-2012
Ebitda
Ebitda Margin
> Solid financial situation
Net financial debt
Debt repayment schedule
Financial debt amortization (US$ MM )
729
(US$ MM)
Cash: 297
658
209
590
181
579
531
514
538
531
409
68
74
72
2-3
years
3-4
years
4-5
years
70
48
6
12
0-3
3-6
6-12
1-2
months months months years
5-10
years
10-20
years
Mar‐10 Jun‐10
Sep‐10
Dic‐10 Mar‐11 Jun‐11
Sep‐11
Dic‐11 Mar‐12
Financial covenants and relevance indicators
(Last 12 months reported)
6
5.1
5
432
5.0
5.1
5.1
4.7
4.1
4
4.6
3.9
3.9
3.9
3.9
3.7
3.5
3.6
3.7
3.7
3.9
3.4
3.3
3
3.4
3.2
3.6
> 2.5 times
3.4
2.8
2
1.07
1.07
1.05
1.06
1.05
1
0.94
0.85
0.85
0.83
0.91
0.91
0.91
< 1.4 times
0
14
Liabilities/(Equity + Min Int.) EBITDA/Financial Expenses Net Financial Debt/EBITDA
> Good stock performance
PARAUCO performance above IPSA
Market capitalization
Base price 100 (% )
(US$ MM)
CAGR 25%
+154%
1,600
1,302
1,400
+71%
1,380
1,200
1,000
800
600
532
330
400
Jan/07Apr/07Jul/07 Oct/07Jan/08Apr/08Jul/08 Oct/08Jan/09Apr/09Jul/09 Oct/09Jan/10Apr/10Jul/10 Oct/10Jan/11Apr/11Jul/11 Oct/11Jan/12 Mar/12
Parque Arauco
741
654
200
0
IPSA
Jan-07
Source: Reuters 15/03/2012
Jan-08
Jan-09
Jan-10
Jan-11
Mar-12
Increase in the amount traded with stock prices growing
Price/Amount traded (US$, MM US$)
Amount Traded
3.6
Price
10
9
Price
7
6
1.8
5
4
3
2
1
0.0
0
Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Mar-12
15
Amout Traded
8
Contents
> Parque Arauco
> G3 attractiveness
> Growth
> G3: Markets with high growth potential
CHILE
Population
Per capita Income
(USD)
GDP (MUSD, nominal)
Socioeconomic
structure
% poverty
Cities with more than
100.000
Industry GLA (sqm)
17
PERU
COLOMBIA
17M
30M
46M
16,000
10,000
9,000
243,000
168,400
321,500
ABC: 5%
C2: 15%
C3: 23%
D: 39%
E: 18%
NSE A: 5%
NSE B: 16%
NSE C: 35%
NSE D: 31%
NSE E: 13%
6 (high) = 1%
5 (medium-high) = 2%
4 (medium) = 6%
3 (medium-low) = 27%
2 (low) = 41%
1 (low-low) = 23%
15,1% (CASEN 2009)
31.3% (INEI 2010)
n.d.
25
22
56
2,5 million
1,2 million
3,0 million
> Markets with high growth potential
Positive prospects for commerce
Real private consumption growth (%, 2011-2012E)
Shopping Centers market share1
Controlled inflation
(%, 2012e)
(%, 2011 )
9.4%
3.5%
3.6%
26.0%
6.2%
21.0%
5.3%
2.5%
12.0%
Chile
Colo
CHILE
COLOMBIA
Source: LarrainVial
Perú
PERU
Chile
CHILE
Colo
COLOMBIA
Perú
Chile
PERU
Source:
Chile: Banco Central de Chile
Perú: Banco Central de Reserva del Perú
Colombia: Banco de al República de Colombia
CHILE
(1)
Colo
COLOMBIA
Perú
PERU
In relation to total sales of trade in formal market.
Source: Parque Arauco, ICSC
GDP per capita
(USD, ppp)
CHILE
COLOMBIA
PERU
18
Source: IMF
Contents
> Parque Arauco
> G3 attractiveness
> Growth
> Investments1 2007 – 2016e: US$ 1,600 million
US$ 650 MM
US$ 950 MM
700
Additional GLA for 2012e-2016e investment
CHILE
PERU
COLOMBIA
TOTAL
95,000
170,000
150,000
415,000
600
346
La Colina
208
GLA
(m2)
500
Bucaramanga
80
Others & Opex
58
187
400
46
300
Chimbote
Parque El Golf
181
193
200
351
Villa el Salvador
9 M egaStripcenters
Others & Opex
100
Quilicura
145
111
Buenaventura
Opex & Expantions
2007-2008
CHILE
(1)
20
Investment plan financing (%)
Considers 100% of assets value
2009-2011
PERU
2012e-2016e
COLOMBIA
2
77
2
81
31
23
32
56
Debt
38%
Partners
16%
US$ 650 MM
Actual &
Expected
liquidity
46%
Current liquidity after capital
issue: US$ 297 MM
> Arauco Quilicura. Santiago, Chile
Main stores and attractions
Department stores
Home improvement (already opened)
Food Court
Restaurants
Entertainment
Cinema
Under construction
General description
Total GLA: 29,000 m2
E. Total Investment1: US$ 36 million
Opening date: 2013
Steady EBITDA : US$ 4 million
Quilicura’s population: 126,518
21
(1) Parque
Arauco owns 100% of Arauco Quilicura
The pictures are only for reference, final design could be different
> Entering new Stripcenter business in Chile
General description
Initial aggregate GLA : 12,000 m2
Initial EBITDA: US$ 3.5 million the first year
Consolidation date: 2Q 2012
Annual expected projects: 5, over 3 years
New growth opportunity in Chile
Under development
Agreement characteristics
PASA stake: 51%
AURUS1 stake : 49%
AURUS will contribute 6 operating
stripcenter assets
(1) AURUS
22
is a chilean asset manager with a strong real state division
> Agreement to buy an operating Outlet mall in Santiago
General description
Total Land: 40,000 m2
E. Total Investment: US$ 32 million
PASA stake: 100%
EBITDA : US$ 4,7 million
Operating asset
42 small stores
Food Court
18 warehouses
Main Premium Outlet in Chile
International Brands
23
> Major expansions in Chile
Mall Arauco Maipú
Project: Falabella in MAM
Total GLA: 14.000 m2
Opening Date: 1Q 2013
Under construction
Other expansions in Chile
Features: Includes expansions and
improvement in on-going assets
24
Under development
> Megaplaza Chimbote. Chimbote, Perú
General description
Opening date: 2Q 2012
Steady EBITDA : US$ 2.5 million
Chimbote’s population: 328,987
Opened April 24th
Department stores
Supermarket
Home improvement
Small stores
Food Court
Restaurants
Cinema
25
(1) Parque
Arauco’s share in Megaplaza Chimbote will be 33.5%
> Parque El Golf. Lima, Perú
General description
Opening date: 2015
Lima’s population: 8,482,619
Under study
Small stores
Restaurants
Offices
Hotel
26
(1) Parque
Arauco´s share in Parque el Golf will be 76.4%
> Mega Express Villa El Salvador. Lima, Perú
General description
GLA Total: 9,000 m2
Opening date: 2Q 2012
Steady EBITDA: US$ 1 million
Lima’s population: 8,482,619
Opened April 12th
Key Features
•Neighborhood Shopping Center
•Joint venture with partners in Peru: Wiese Family
•Supermarket, anchor stores, small stores
•Construction in progress and advances in lease agreements
27
(1) Parque
Arauco´s share in Villa el Salvador will be 50%
> 9 new projects in Perú for next four years
General description
Available Land: 193,000 m2, already acquired
E. Total Investment1: US$ 92 million (Stage 1)
Opening dates: 2012 - 2015
Steady EBITDA: US$ 10 million
Under development
Key Features
•Stripcenters and Neighborhood Shopping Centers
•Joint venture with partners in Peru: Wiese Family
•Supermarket, anchor stores, small stores
28
(1) Parque
Arauco´s share will be 50%
> Parque La Colina. Bogota, Colombia
General description
Opening date: 2015
Bogota’s population: 7,881,156
Under development
Department stores
Supermarket
Home improvement
Small stores
Food Court
Boulevard and Cinema
Offices and Medical tower
29
(1) Parque
Arauco´s share in Parque la Colina will be 55%
> Bucaramanga. Bucaramanga, Colombia
Department stores
Small stores
Food Court
Restaurants
Entertainment
Cinema
Under construction
General description
Opening date: 2013
Bucaramanga’s population: 1,065,622
30
(1) Parque
Arauco´s share in Bucaramanga will be 55%
> Summary of current Investment Plan
PIPELINE PARQUE ARAUCO 2011 - 2016
Project Name
Country
Villa el Salvador
Chimbote
Buenaventura Outlet
Quilicura
Falabella in Arauco Maipú
Bucaramanga
Others, Expantions & CAPEX
MegaStripcenters Stage I
Parque La Colina
Parque El Golf
Perú
Perú
Chile
Chile
Chile
Colombia
Chile
Perú
Perú
Colombia
Perú
Colombia
Status
Opened in april 2012
Opened in april 2012
Under Due Diligence
Under Construction
Under Construction
Under Construction
Under Development
Under Development
Under Development
Under Development
Under Study
Under Study
135
21%
36
5%
115
18%
TOTAL
GLA
Investment
Investment
50.0%
33.5%
100.0%
100.0%
100.0%
55.0%
50.0%
55.0%
76.4%
-
9,000
28,000
20,000
29,000
14,000
30,000
32,000
90,000
17,000
67,000
26,000
53,000
11
26
32
36
15
100
87
92
46
244
85
66
2
2
32
23
12
80
44
81
31
208
77
58
415,000
840
650
364
56%
31
Remaining Investment (en mmUS$)
111
17%
Opened
Under Construction
Under Development
Under Study
MM$USD
Remaining
% of
Stake
TOTAL
Investment Status (in mmuS$)
MM$USD
Total
Chile
346
53%
Perú
193
30%
Colombia
> Investments will double the size of the Company in GLA and
EBITDA generation
EBITDA composition
Leasable area growth
Total GLA (m²)
EBITDA 2011 / EBITDA 2015e/16e (%)
1.200.000
EBITDA 2011
1,000,000
1.000.000
16%
800.000
585,000
600.000
3%
400.000
200.000
188,000
81%
0
2005
2010
CHILE
PERU
2015e/16e
COLOMBIA
CHILE
PERU
COLOMBIA
EBITDA 2015e/16e1

EBITDA (US$ MM)
Total E. Net Debt 2015/2016 e: US$MM 790
300
15
250
51
200
150
28
100
50
Estimated Opening Dates
CHILE
31
250
PERU
122
0
Stripcenters
EBITDA
Chile
growth
EBITDA
Peru
growth
EBITDA
Colombia
growth
Organic
growth
Projected
EBITDA
COLOMBIA
2013
2012‐2015
Chimbote
2012
Parque El Golf
2015
Villa el Salvador
9 MegaStripcenters
EBITDA
2011
32
Quilicura
Bucaramanga
Parque La Colina
(1) These projections assume that new investment come into regime in 2015/16. Organic growth corresponds to those operations in regime in 2011
2012
2012‐2015
2013
2015‐2016
Contents
> Parque Arauco
> G3 attractiveness
> Growth
> Why invest in Parque Arauco?
1
9
Unique
investment
vehicle in the
region
8
2
Motivated and
experienced
team
Markets with
growth
potential
3
Available land
bank
Stock
performance
4
7
Tested
EBITDA
growth
Fuente: Parque Arauco
34
6
5
Sustained
increase in
GLA
Aggressive
growth plan
Expansion
capacity in
current assets
Investor Presentation
June 2012
years
Parque Arauco S.A.
www.parauco.com

Parque Arauco - Bolsa de Santiago

Transcription

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