Earnings Release

Transcription

Earnings Release

1
Earnings Release
FIRST QUARTER 2016
CONFERENCE CALL
DATE: APRIL 29, 2016 | TIME: 10:00AM EST / 11:00AM SANTIAGO TIME
PARTICIPANTS CALLING FROM: US (TOLL FREE): 1-888-317-6003 | CHILE (TOLL FREE): 1230-020-0479 | INTERNATIONAL: 1-412-317-6061 | PARTICIPANT ELITE ENTRY NUMBER: 1248390
HTTP://SERVICES.CHORUSCALL.COM/LINKS/PARQUE160429
CONTACTS
SARAH INMON (HEAD OF INVESTOR RELATIONS) | EDUARDO PEREZ MARCHANT (CORPORATE FINANCE MANAGER)
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CLAUDIO CHAMORRO CARRIZO (CFO) | TEL: (562) 22990510 | EMAIL: [email protected]
2
Disclaimer
This document has been prepared by Parque Arauco for the purpose of providing general
information about the company. 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 or 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 estimated 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.
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3
EXECUTIVE SUMMARY
Tenant sales increased 11.8% in comparison with the previous
At the end of the first quarter of 2016, 50.7% of the GLA of
year amounting to Ch$ 373,915 million.
Parque Arauco is located in Peru and Colombia.
Revenues during the first quarter of 2016 increased 11,7%
Consolidated occupancy levels maintained stable at 94.3% in
with respect to 2015 amounting to Ch$ 37,397 million.
comparison with the same quarter last year.
EBITDA grew 12.8% during the first quarter of 2016 amounting
We successfully completed a capital increase for Ch$ 70,292
to Ch$ 25,190 million.
million, with a 98.1% subscription rate during the preferential
offering period.
Adjusted Funds From Operations from the equity holders
increased 14.4% with respect to 2015, amounting to Ch$ 16,141
million.
Gross Leasable Area (GLA) increased 12.1%, amounting to
833,000 m2, with the incorporation of Arauco Express Recoleta
Strip Center in Chile, the InOutlet Premium Lurín in Peru as
well as other expansions. Owned GLA increased 7.2% reaching
674,940 m2.
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4
TABLE OF CONTENTS
Financial And Operating Results
Balance Sheet Review
Cash Flow Review
Highlights By Country 21
13
Future Developments
16
Landbank
Main Financial Indicators
Portfolio
5
17
29
Analysis Of Market Risks
18
Property Level Results
28
Case Study
19
30
31
Consolidated Financial Statements
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34
5
income statement - consolidated
1Q16
CH$ thousands
1Q15
Chg. %
Revenues
37,396,594
33,474,306
11.7%
Cost of sales
(9,328,730)
(8,228,590)
13.4%
Gross profit
28,067,864
25,245,716
11.2%
Administration expenses
(3,672,528)
(3,704,324)
-0.9%
Operating income
24,395,336
21,541,392
13.2%
(794,963)
(788,973)
0.8%
25,190,299
22,330,365
12.8%
Other income (expenses)
(720,045)
(1,676,863)
-57.1%
Financial income
1,475,261
642,774
129.5%
(8,579,478)
(6,451,006)
33.0%
1,414,125
1,633,366
-13.4%
269,234
(1,516,892)
N/A
Income (loss) for indexed assets and liabilities
(2,821,472)
97,752
N/A
Non-operating income (expenses)
(8,962,375)
(7,270,869)
23.3%
Profit before income tax
15,432,961
14,270,523
8.1%
Income tax
(2,626,687)
(1,900,697)
38.2%
Net profit (loss)
12,806,274
12,369,826
3.5%
11,083,517
10,955,328
1.2%
1,722,757
1,414,498
21.8%
12,806,274
12,369,826
3.5%
Depreciation & amortization
EBITDA
Financial expenses
Share of profit (loss) of associates accounted
Foreign exchange differences
Attributable to:
Equity holders of the company
Minority interests
Net profit (loss)
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6
Key performance indicators
1Q16
1Q15
Chg. %
EBITDA margin %
67.4%
66.7%
65 b.p
Net income margin %
29.7%
32.7%
-303 b.p.
27,131,062
24,184,284
12.2%
13,625,362
13,220,530
3.1%
18,620,135
16,530,196
12.6%
49,8%
49,4%
41 b.p.
Total tenant sales (Ch$ million)
373,915
334,449
11.8%
Total GLA (m2)3
833,000
815,500
2.1%
674,940
629,494
7.2%
889.66
814.50
9.2%
EPS (Ch$)
13.24
13.45
-1.6%
Stock price (Ch$)
1,229
1,186
3.6%
Daily traded volume (Ch$ million)
1,354
880
53.8%
NOI (Ch$ million)
1
FFO (Ch$ million)1
Adjusted FFO (Ch$ million)
1
Adjusted FFO margin %
2
Owned GLA (m )
2 3
Weighted average shares (million)
4
« During the first quarter the Company continued to show solid operational results. Our tenant sales increased 11.8%, which
translates into a healthy growth in our revenues and EBITDA of 11.7% and 12.8%, respectively. During the quarter we inaugurated
InOutlet Premium Lurín, our second Premium Outlet in Peru, and we finished the due diligence process of the acquisition of the
Plaza Jesús María mall in the same country. Finally, we successfully completed the company’s third capital increase, with a record
subscription rate during the preferential offering period of 98.1%. »
Juan Antonio Álvarez, Executive Vice President
(1) NOI = Revenues + Cost of Sales + Administration Expenses - Depreciation & Amortization + Associates accounted NOI. FFO = Net Profit - Depreciation & Amortization - Share of Profit (Loss) of Associates Accounted + Associates Accounted FFO. FFO Adjusted = Net Profit
- Depreciation & Amortization - Other Income/expenses - Share of Profit (Loss) of Associates Accounted - Foreign Exchange Differences - Income (Loss) for indexed assets and liabilities - Gains (losses) from the difference between the previous book value and the fair value of
financial assets - Deferred tax+ Associates accounted Adjusted FFO. 2) Total tenant sales = tenant sales (3) GLA of Marina Arauco notincluded. (4) EPS = Net income attributable to the equity holders of the company/weighted average number of shares outstanding
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7
reconciliation of NOI and FFO
CH$ thousands
1Q16
1Q15
Var. %
Revenues
37,396,594
33,474,306
11.7%
Cost of sales
(9,328,730)
(8,228,590)
13.4%
Administration expenses
(3,672,528)
(3,704,324)
-0.9%
(794,963)
(788,973)
0.8%
Associates accounted NOI
1,940,762
1,853,919
4.7%
NOI
27,131,062
24,184,284
12.2%
Net profit (loss)
12,806,274
12,369,826
3.5%
(794,963)
(788,973)
0.8%
1,414,125
1,633,366
-13.4%
Associates accounted FFO
1,438,250
1,695,097
-15.2%
13,625,362
13,220,530
3.1%
1,799,711
1,524,100
18.1%
FFO equity holders of the company
11,825,651
11,696,430
1.1%
Net profit (loss)
12,806,274
12,369,826
3.5%
(794,963)
(788,973)
0.8%
Other Income and expenses
(720,045)
(1,676,863)
-57.1%
1,414,125
1,633,366
-13.4%
269,234
(1,516,892)
N/A
Income (loss) for indexed assets and liabilities
(2,821,472)
97,752
N/A
Deferred tax
(1,217,891)
77,309
N/A
1,942,848
1,986,069
-2.2%
18,620,135
16,530,196
12.6%
2,479,605
2,426,612
2.2%
16,140,530
14,103,584
14.4%
FFO
Attributable to:
FFO minority interests
Foreign exchange differences
Associates accounted adjusted FFO
Adjusted FFO
Adjusted FFO attributable to:
Adjusted FFO minority interests
Adjusted FFO equity holders of the company
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8
SSS AND SSR
Same Store Sales (SSS) in Chile, Peru and Colombia showed solid
during the period. These nominal increases partially incorporated
improvements, with increases of 7.7%, 6.8% and 13.2%, respectively,
the inflation of 4.5% in Chile, 4.3% in Peru and 8.0% in Colombia during
during the first quarter of the 2016, compared to the same period of
the last 12 months. Considering this, The SSS showed a real growth in
the prior year. Same Store Rent (SSR) also showed positive variations,
Chile of 3.2%, in Peru of 2.5% and in Colombia of 3.5%. SSR had a real
with increases of 5.0% in Chile, 9.4% in Peru and 11.2% in Colombia
growth of 1.3% in Chile, 5.0% in Peru and 3.2% in Colombia.
SAME STORE SALES / CHG, %
SAME STORE RENT / CHG. %
12.5
8.6
11.2
11.8
11.5
6.8
6.3
6.1
4.5
3.7
4.4
4.5
5.3
9.3
9.7
7.7
6.8
6.6 6.7
5.6
5.5
5.5
5.8
3.9
2.2
2.2
2.1
3Q15
4Q15
1.5
1.1
-0.5
1Q15
2Q15
3Q15
Same Store Sales reflect variations in the tenant sales reported from stores
that were in operation in both of the periods being compared.
4Q15
1Q15
1Q16
CHILE
PERU
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2Q15
COLOMBIA
1Q16
Same Store Rent reflect variations in the rents reported from stores that
were in operation in both of the periods being compared.
9
Financial and Operating Results
Revenues
The 2016 first quarter revenues increased 11.7% in comparison to the
same period in the previous year, amounting to Ch$ 37,397 million. The
increased is mainly due to the improvements in revenues from rent
and the tenant sales in almost all of the properties in the company’s
portfolio.
contributed to the increase in GLA.
The consolidated occupancy maintained staeady at 94.3% during the
quarter. Our total tenant sales increased 11.8% to Ch$ 373,915 million.
The operating income during the first quarter of 2016 increased 13.2%
amounting to Ch$ 24,395 million. The costs of sales and administration
expenses increased 9.0% to Ch$ 13,001 million during the period, an
The total GLA of 833,000 m2 at the end of the first quarter of this year
represents an increase of 2.1% with respect to the previous year.
The incorporation of InOutLet Premium Lurín in Perú and the strip
center Arauco Express Recoleta in Chile as well as other expansions
increase greater than the revenue growth of 11.7%.
TENANT SALES (CH$ MILLION) 1
Revenues (CH$ Million)
+11.8%
+11.7%
37,397
373,915
33,474
334,449
1Q15
1
1Q15
1Q16
Tenant sales in Peru and Colombia are expressed in CLP using the following exchange rates: US$ 1 = CLP 701,56; US$ 1 = PEN 345; US$ 1 = COP 3.253,25.
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1Q16
10
In line with its regional expansion strategy,
Parque Arauco has increased in the significance
of GLA and revenue that come from assets
outside of Chile. During the first quarter of 2016
the GLA from Peru and Colombia represent 50.7%
of the total GLA of the Parque Arauco portfolio.
The revenues from Peru and Colombia represent
Peru
Colombia
32.2%
6.0%
Peru
Colombia
30.2%
6.8%
38.2% of the total, an amount greater than the
37.1% shown the same period the prior year.
During the first quarter of 2015, the revenues in
Chile were Ch$ 23,105 million, in Peru were Ch$
12,042 million and finally in Colombia were Ch$
REVENUES
BY COUNTRY
1Q16
REVENUES
BY COUNTRY
1Q15
2,249 million.
Parque
Arauco
continues
its
format
diversification strategy as shown through the
opening of InOutlet Premium Lurín in Peru and
the strip center Arauco Express Recoleta in Chile.
At the end of the first quarter, Parque Arauco has
17.9% of its GLA in non-traditional formats.
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Chile
Chile
61.8%
62.9%
11
EBITDA during the first quarter of 2016 was Ch$ 25,190 million, a 12.8%
expenses, which decreased 0.9%, amounting to Ch$ 3,673 million,
increase compared to the first quarter of 2015. The consolidated
while revenues increased 11.7% during the quarter. The decrease
EBITDA margin was 67.4%, increasing slightly compared to the 66.7%
in administration expenses is explained by lower insurance and
margin of the same period of the prior year. The cost of sales was
marketing fees.
Ch$ 9,329 million, an amount 13.4% greater than the same period the
previous year, and greater than then 11.7% increase in revenues. The
cost of energy, property taxes, and personnel costs increased in a
greater proportion than the increases in revenues during the quarter.
Colombia and Peru’s contribution to EBITDA increased from 32.2%
to 33.8% during the first quarter of 2016. During the first quarter the
EBITDA was Ch$ 16,682 million in Chile, Ch$ 7,602 million in Peru and
Ch$ 907 in Colombia.
The improvement in EBITDA is explained by the administration
EBITDA / Ch$ Million
+12.1%
Perú
Perú
30.2%
27.7 %
Colombia
Colombia
3.6%
4.4%
25,190
EBITDA
BY COUNTRY
1Q16
22,330
1Q15
1Q16
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EBITDA
BY COUNTRY
1Q15
Chile
Chile
66.2%
66.6%
12
1Q16
1Q15
Chg. %
Current taxes
(1,408,796)
(1,978,006)
-28.8%
Deffered taxes
(1,217,891)
77,309
N/A
Total taxes
(2,626,687)
(1,900,697)
38.2%
NON OPERATIONAL EXPENSES
Net non operational expenses during the first quarter of 2016 totalled
comparison to Ch$ 1,901 from the previous year. The increase in taxes
Ch$ 8,962 million compared to the Ch$ 7,721 million during the first
is generated by an increase in deferred taxes, partially compensated
quarter of 2015.
by a reduction in the current taxes.
The account other income (expenses), which is made up mainly
The account investments in associates decreased 13.4% in the first
of expenses that do not relate to ordinary reucrring activity of
quarter of 2016 in comparison with the previous year, amounting
the company, we less than Ch$ 720 million, decreasing 57.1% in
to Ch$ 1,414 million due to the fact that gross profit during the
comparison with the same quarter of the prior year.
first quarter decreased 15.3%, amounting to Ch$ 4,242 million at
Financial expenses increased 33.0% with respect to the previous
Inmobiliaria Mall Viña del Mar S.A.
year, an increase considerably less than the 48.2% increase in gross
financial debt.
Net profit increased 1.2% during the quarter and earnings per share
decreased from Ch$ 13.45 to Ch$ 13.24. The total number of shares
Foreign exchange differences had a gain of Ch$ 269 million, showing
increased to 889,664,670 after the capital increase. Funds From
a smaller variation after the renegotiation of our debt in dollars into
Operations (FFO) during the quarter amounted to Ch$ 13,625 million,
soles in Peru completed last year.
increasing 3.1% in comparison to the Ch$ 13,221 million from the
The account income (loss) for indexed assets and liablities, which
previous year.
reflects the effects of inflation on our liabilities indexed to inflation
in Chile, showed a loss of Ch$ 2,821 million in the first quarter.
Income taxes increased in the first quarter to Ch$ 2,627 million, in
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13
Assets
Ch$ million
3.31.2016
12.31.2015
Chg. %
Current assets
274.630
198,448
38.4%
76,182
Non-current assets
1.492.225
1,473,490
1.3%
18,735
Total assets
1.766.855
1,671,939
5.7%
94,916
Dif.
ASSETS
Current assets increased Ch$ 76,182 million to Ch$ 274,630 million during the quarter, which is
explained by an increase in cash and cash equivalents due to the capital increase completed
during the first quarter of 2016. Cash and cash equivalents amount to Ch$ 200,718 million,
compared to the Ch$ 114,225 shown as of December 31, 2015.
Non current assets increased from Ch$ 1,473,490 million as of December 31, 2015 to Ch$
1,492,225 million. This increase is due to the acquisition of the Plaza Jesús María mall and by
other additions to investment properties.
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14
LIABILITIES AND EQUITY
Ch$ million
3.31.2016
12.31.2015
Chg. %
Dif.
Current liabilities
141,030
125,167
12.7%
15,863
Non current liabilities
778,999
770,369
1.1%
8,630
Total liabilities
920,029
895,536
2.7%
24,493
Equity
846,827
776,403
9.1%
70,423
1,766,856
1,671,939
5.7%
94,917
Total liabilities and equity
LIABILITIES AND EQUITY
Current liabilities increased Ch$15,863 million due to the increase of other current financial liabilities, which increased by
Ch$ 18,161 million.
Non current liabilities increased by Ch$ 8,630 million. The increase in non current liabilities is mainly explained by the
issuance of a third line of bonds by Parque Arauco S.A. with a UF 4 million long series bond and a UF 2 million short series
bond, which were issued at the lowest rate in the history of Parque Arauco.
Equity increased by Ch$ 70,423 million mainly due to the increase in the account of issue share capital, which increased Ch$
70,292 due to the capital increased which finished during the month of March.
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15
Financial Indicators
Unit
3.31.2016
Covenant
Limit
12.31.2015
Gross financial debt
Ch$ millones
728,510
703,980
Net financial debt
Ch$ millones
527,792
589,755
Net financial debt / EBITDA (LTM)
veces
5.11
5.87
EBITDA / financial expenses (LTM)
veces
3.20
3.33
> 2.5
Liabilities / equity
veces
1.09
1.15
< 1.4
Net financial debt / equity
veces
0.62
0.76
<_ 1.5
Current liabilities
%
15
14
Non current liabilities
%
85
86
Net financial debt amounted to Ch$ 527,792 million at the close of the first quarter. The company continued
complying with its financial covenants, with an indicator of liabilities / equity of 1.09 – below the maximum
limit of 1.4 times; with a ratio of net financial debt over equity of 0.62 – less than the established limit of 1.5
times; and with an indicator of EBITDA / financial expenses of 3.20 – above the minimum limit of 2.5 times. The
indicator of net financial debt / EBITDA was supported by the capital increase, lowering to 5.11 times.
CONCEPT
Ch millones
Financial leasing
Bank loans
Bonds
Hedge liabilities
TOTAL
3.31.2016
Current
12.31.2015
Non-current
Non-current
Current
2,391
19,659
2,455
20,773
91,208
253,202
71,209
250,634
2,527
323,303
4,301
324,460
-
36,221
-
30,148
96,126
632,385
77,965
626,015
- 15 -
16
Cash Flow Review
Ch$ million
3.31.2016
3.31.2015
Chg. %
Dif.
From operating activities
25,868
21,134
22.4%
4,735
From investment activities
(26,833)
(67,987)
-60.5%
41,154
From financing activities
87,634
(5,690)
N/A
93,325
Eff. of chg. exchange rate on cash and cash equi.
86,670
(52,543)
N/A
139,213
(177)
(108)
63.5%
(68)
Cash and cash equivalents at beginning of period
114,225
110,061
3.8%
4,164
Cash and cash equivalents at end of period
200,718
57,410
249.6%
143,308
Net cash flow during the period
The operational cash flow increased 22.4% amounting to Ch$ 25,858 million, due to the
increase in rental revenue and tenant sales and proportional increase in the cost of
sales. The investment activities during the first quarter generated a negative cash flow of
Ch$ 26,833 million which is explained by the cash flow used to develop and acquire new
properties. Finally, financing activities generated a cash flow of Ch$ 87,634 million.
- 16 -
17
Main Financial Indicators
Ch$ millions
Unidad
3.31.2016
3.31.2015
Liquidity level
Current assets / current liabilities
times
1.95
1.12
Short term debt
Current liabilities / total liabilities
%
15.33
16.52
Long term debt
Non current liabilities / total liabilities
%
84.67
83.48
Net profit
Net profit
MCh$
12,806
12,370
Basic EPS
Net profit att. equity holders / N° shares - treasury shares
Ch$
13.24
13.45
Return on equity
Net profit att. equity holders / average equity 1
%
7.28
7.95
Return on assets
Net profit att. equity holders / average total assets 1
%
3.56
4.45
Return on operating assets
Net profit / average operating assets 2
%
4.67
5.79
Dividend yield
Dividends paid LTM / last share price
%
2.44
2.26
Gross profit margin
Operating profit / revenues
%
65.23
64.35
(1) The operational and financial indicators presented are calculated based on standards set out by the superintendencia de valores y seguros, and they don´t necesarrily
coincide with the calculations used to calculate the company´s debt covenants.
(2) Calculated using results from the last twelve months
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18
Portfolio
Name
Total GLA m2
% Ownership
Own GLA m2
% Occupancy
116,500
100%
116,500
97.5%
Arauco Maipú
75,000
100%
75,000
96.3%
Arauco Chillán1
32,000
100%
32,000
99.4%
Arauco Estación
66,000
83%
54,780
97.6%
Arauco San Antonio
28,500
51%
14,535
93.9%
Arauco Express (Strip Centers Chile)
22,000
51%
11,220
87.0%
Arauco Premium Outlets
39,000
100%
39,000
88.2%
Arauco Quilicura
32,000
100%
32,000
99.4%
TOTAL CHILE
411,000
91%
375,035
95.9%
MegaPlaza Norte
104,000
50%
52,000
96.1%
8,000
50%
4,000
93.7%
Larcomar
26,000
100%
26,000
90.2%
Parque Lambramani
29,500
100%
29,500
86.6%
MegaPlaza Chimbote
28,000
34%
9,380
96.2%
MegaPlaza Express Villa El Salvador
9,500
50%
4,750
98.0%
MegaPlaza Express Chincha
8,000
50%
4,000
96.6%
InOutlet and Viamix
22,000
100%
22,000
67.7%
MegaPlaza Cañete
16,500
50%
8,250
98.2%
MegaPlaza Express Barranca
10,000
50%
5,000
96.4%
MegaPlaza Pisco
14,500
50%
7,250
94.4%
El Quinde Cajamarca
30,500
100%
30,500
92.9%
El Quinde Ica
36,500
100%
36,500
95.4%
TOTAL PERU
343,000
70%
239,130
92.7%
Parque Arboleda
40,500
55%
22,275
94.0%
Parque Caracolí
38,500
100%
38,500
91.2%
TOTAL COLOMBIA
79,000
77%
60,775
92.7%
833,000
81%
674,940
94.3%
Parque Arauco Kennedy
MegaPlaza Express Villa
TOTAL2
- 18 Arauco
(1) GLA and occupancy of Arauco Chillán does not include office tower. (2) GLA of Marina
not included.
19
first quarter
Chile in MCLP / Peru in THPEN
Colombia in MCOP
GLA
Sales
1Q15
Chg. %
116,500
115,000
1.3%
93,401
89,413
4.5%
10,256
9,537
7.5%
9,649
8,625
11.9%
Arauco Maipú
75,000
75,000
0.0%
41,277
37,719
9.4%
3,079
2,848
8.1%
2,985
2,779
7.4%
Arauco Chillán
32,000
31,500
1.6%
19,608
16,929
15.8%
1,396
1,174
18.9%
1,202
873
37.7%
Arauco Estación
66,000
68,500
-3.6%
28,757
26,352
9.1%
3,704
3,599
2.9%
3,438
3,159
8.8%
Arauco San Antonio
28,500
28,500
0.0%
10,872
9,868
10.2%
1,084
996
8.8%
716
579
23.6%
22,000
18,500
18.9%
6,003
3,713
61.7%
855
725
18.0%
588
419
40.4%
Arauco Premium Outlet
39,000
39,000
0.0%
18,503
12,017
54.0%
1,740
1,275
36.5%
1,274
975
30.6%
Arauco Quilicura
32,000
32,000
0.0%
12,466
10,691
16.6%
975
911
7.1%
770
743
3.6%
411,000
408,000
0.7%
230,886
206,701
11.7%
23,089
21,064
9.6%
20,622
18,152
13.6%
104,000
110,500
-5.9%
267,546
263,534
1.5%
20,944
20,051
4.5%
19,005
17,996
5.6%
8,000
7,000
14.3%
18,056
16,235
11.2%
1,369
1,154
18.6%
1,118
980
14.1%
Larcomar
26,000
26,000
0.0%
60,125
56,381
6.6%
9,797
8,641
13.4%
7,141
5,506
29.7%
Parque Lambramani
29,500
30,000
-1.7%
31,997
33,973
-5.8%
2,872
3,312
-13.3%
966
1,755
-45.0%
MegaPlaza Chimbote
28,000
28,000
0.0%
52,864
49,216
7.4%
3,161
2,580
22.5%
2,848
2,392
19.1%
9,500
9,000
5.6%
16,532
15,969
3.5%
1,620
1,537
5.4%
1,376
1,263
8.9%
8,000
7,000
14.3%
6,999
6,780
3.2%
1,155
1,187
-2.7%
878
979
-10.3%
InOutlet and Viamix
22,000
11,500
91.3%
25,576
17,773
43.9%
3,253
1,989
63.5%
2,058
1,658
24.2%
MegaPlaza Cañete
16,500
16,500
0.0%
29,794
27,583
8.0%
1,697
1,615
5.1%
1,251
1,231
1.7%
10,000
9,500
5.3%
10,999
9,134
20.4%
1,385
1,174
18.0%
974
887
9.8%
MegaPlaza Pisco
14,500
14,000
N/A
19,296
7,387
161.2%
1,547
456
238.9%
1,262
361
249.1%
El Quinde Cajamarca
30,500
30,000
N/A
32,037
22,713
41.1%
3,787
2,449
54.6%
2,904
1,739
67.0%
El Quinde Ica
36,500
37,000
N/A
47,486
30,596
55.2%
4,841
2,705
79.0%
4,209
2,312
82.1%
TOTAL PERU
343,000
336,000
2.1%
619,306
557,274
11.1%
57,427
48,851
17.6%
45,991
39,059
17.7%
Parque Arboleda
40,500
33,000
22.7%
45,061
38,019
18.5%
5,526
4,727
16.9%
4,226
3,533
19.6%
Parque Caracolí
38,500
38,500
0.0%
33,783
28,505
18.5%
4,904
4,347
12.8%
3,032
2,971
2.1%
79,000
71,500
10.5%
78,844
66,524
18.5%
10,430
9,075
14.9%
7,258
6,504
11.6%
TOTAL CHILE
MegaPlaza Norte
TOTAL COLOMBIA
Source: Parque Arauco
1Q15
- 19 -
Cng. %.
1Q16
1Q15
EBITDA
1Q16
1Q16
revenues
Chg. %
1Q16
1Q15
Chg. %
20
first quarter
Chile in MCLP / Peru in THPEN
Colombia in MCOP
Occupancy
1Q16
1Q15
EBITDA margin
Chg. b.p.
1Q16
1Q15
Monthly sales per m2
Chg. b.p.
1Q16
1Q15
Monthly revenues per m2
Var%
1Q16
1Q15
Chg. %
97.5%
97.9%
-36
94.1%
90.4%
364
273,835
266,019
2.9%
30,068
28,373
6.0%
Arauco Maipú
96.3%
96.5%
-21
97.0%
97.6%
-60
190,095
174,250
9.1%
14,181
13,159
7.8%
Arauco Chillán
99.4%
94.9%
454
86.1%
74.4%
1.172
208,759
194,693
7.2%
14,862
13,498
10.1%
Arauco Estación
97.6%
97.1%
53
92.8%
87.8%
505
145,986
132,077
10.5%
18,802
18,039
4.2%
Arauco San Antonio
93.9%
93.7%
12
66.1%
58.2%
792
135,030
123,716
9.1%
13,457
12,485
7.8%
87.0%
88.6%
-159
68.8%
57.8%
1096
113,374
77,090
47.1%
16,154
15,050
7.3%
Arauco Premium Outlet
88.2%
79.1%
911
73.2%
76.5%
-329
178,611
147,139
21.4%
16,799
15,609
7.6%
Arauco Quilicura
99.4%
99.4%
0
78.9%
81.6%
-266
130,573
112,684
15.9%
10,217
9,601
6.4%
95.9%
94.9%
103
89.3%
86.2%
314
195,391
191,267
2.2%
19,540
18,420
6.1%
MegaPlaza Norte
96.1%
93.7%
238
90.7%
89.8%
99
863
848
1.7%
68
67
1.3%
93.7%
98.3%
-456
81.7%
84.9%
-320
814
787
3.4%
62
54
13.5%
Larcomar
90.2%
89.6%
57
72.9%
63.7%
917
858
786
9.1%
140
121
16.0%
Parque Lambramani
86.6%
94.7%
-809
33.6%
53.0%
-1935
418
401
4.2%
37
39
-4.1%
MegaPlaza Chimbote
96.2%
98.9%
-272
90.1%
92.7%
-262
661
592
11.6%
40
30
29.7%
98.0%
98.4%
-37
84.9%
82.2%
272
607
601
1.0%
59
52
14.6%
96.6%
98.0%
-140
76.1%
82.5%
-641
322
329
-2.3%
53
55
-4.3%
InOutlet and Viamix
67.7%
82.0%
-1,435
63.3%
83.3%
-2,006
664
639
4.0%
84
71
18.2%
MegaPlaza Cañete
98.2%
98.9%
-74
73.8%
76.2%
-248
610
563
8.3%
35
32
7.0%
96.4%
98.0%
-160
70.3%
75.6%
-521
389
327
19.0%
49
42
18.0%
MegaPlaza Pisco
94.4%
N/A
N/A
81.6%
79.2%
238
472
N/A
N/A
38
N/A
N/A
El Quinde Cajamarca
92.9%
N/A
N/A
76.7%
71,0%
568
378
N/A
N/A
45
N/A
N/A
El Quinde Ica
95.4%
N/A
N/A
87.0%
85,5%
148
455
N/A
N/A
46
N/A
N/A
TOTAL PERU
92.7%
94.4%
2,110
80.1%
80,0%
13
649
796
-5.5%
60
61
-1.4%
Parque Arboleda
94.0%
93.1%
97
76.5%
74.7%
174
437,076
412,564
5.9%
53,601
51,300
4.5%
Parque Caracolí
91.2%
86.1%
514
61.8%
68.3%
-651
327,743
284,555
15.2%
47,570
43,397
9.6%
92.7%
89.3%
336
69.6%
71.7%
-208
382,414
345,890
10.6%
50,586
47,184
7.2%
TOTAL CHILE
TOTAL COLOMBIA
Source: Parque Arauco
- 20 -
21
Colombia
PerU
Highlights by
country
Chile
- 21 -
22
Chile
Highlights by Country
PARQUE ARAUCO KENNEDY - SANTIAGO
ARAUCO MAIPÚ - SANTIAGO
ARAUCO ESTACIÓN - SANTIAGO
ARAUCO QUILICURA - SANTIAGO
ARAUCO EXPRESS (STRIP CENTERS CHILE)
ARAUCO SAN ANTONIO - SAN ANTONIO
ARAUCO CHILLÁN - CHILLÁN
ARAUCO PREMIUM OUTLET - BUENAVENTURA, CONCEPCION Y CURAUMA
- 22 -
Chile
Parque Arauco Chile showed a solid performance during the first
quarter of 2016. Despite the GLA only increasing 0.7%, the tenant
sales, revenues and EBITDA showed balanced growth at 11.7%,
9.6% and 13.6%, respectively.
During the first quarter of 2016 the Premium Outlet format opened
its fourth outlet in the country, with the opening of Arauco
Premium Outlet Coquimbo, in the north of the country. The format
continues showing solid results, growing 54.0% in sales, 36.5% in
revenues and 30.6% in EBITDA in comparison with the same quarter
from the previous year. Part of the success during the first quarter
is explained by the positive effect of tourism, especially from
Argentine tourists during the months of January and February.
In Arauco Estación we improved the commercial mix of the mall,
opening a Café Melba, the pioneer brunch brand in Chile.
Arauco Express celebrate an important moment this quarter with
the opening of Arauco Express Recoleta, which is the twelfth strip
center that we have in Chile, and we hosted several promotional
events.
We celebrated summer in Arauco Maipu with “Open Air Theatre”
during january, where the mall clients could exchange receipts for
purchases at the mall for two tickets to the theatre function of
their choice.
During the first quarter at Parque Arauco Kennedy we welcomed
many new stores including a Starbucks in the Luxury District, the
store Canela Home & Decor in the design floor and the opening of
the remodeled Mr. Jack, as well as the international stores Burt’s
Bees, Rip Curl and Fossil.
In Arauco Quilicura we had a summer camp focused on children,
with the idea of promoting loyalty in our current mall clients
as well as a way of attracting new clients. We also opened new
stores including All Nutrition, a chain specialized in nutritional
supplements.
In Arauco Chillán we opened new stores such as Trial, Inside,
Rotter & Krauss as well as new food options including Palettas and
Coffee Late.
The exposition of “Be amazed with Atmospheric Pressure” was an
success during the month of January in Arauco San Antonio. This
interactive experience festively showed the influence that the
atmosphere has on our planet.
- 23 -
23
24
perU
MEGAPLAZA NORTE - LIMA
MEGAPLAZA EXPRESS VILLA - LIMA
LARCOMAR - LIMA
INOUTLET FAUCETT - LIMA
MEGAPLAZA CAÑETE
MEGAPLAZA EXPRESS BARRANCA
MEGAPLAZA EXPRESS CHINCHA
VIAMIX CHORRILLOS - LIMA
PARQUE LAMBRAMANI - AREQUIPA
- 24 -
MEGAPLAZA EXPRESS VILLA EL SALVADOR - LIMA
MEGAPLAZA CHIMBOTE
perU
During the first quarter of 2016 Parque Arauco Peru saw the fruits
of its labour in improving the profitability of its portfolio. While
the GLA grew only 2.1%, tenant sales grew 11.1%, revenues grew
17.6% and EBITDA grew 17.7% in comparison with the same quarter
from the previous year.
In our lifestyle center, Larcomar, we celebrated several special
events during the first quarter including the Outdoor Fest, where
clients could enjoy special sales on a variety of brands including
The North Face, Lippi, RKF and Salomon during the month of
March. During February we also celebrated summer with the Pisco
Fest event in the Gourmet Plaza of the mall.
Events and opening highlighted the quarter in the MegaPlaza
malls. In MegaPlaza Express Villa we opened a new store, Passarela
Sport and we celebrated the summer with musical events.
MegaPlaza Express Villa El Salvador had several events during the
quarter, including a series of MegaBingo events which attracted
more than 1,000 people to the mall during January. The musical
shows in February and March were also successful at this mall.
Finally, we welcomed two new stores during the quarter: Backstage
Jeans and Motek.
comercial mix of the mall, as highlighted with the opening of the
store Forly.
El Quinde Rock was event of the quarter in El Quinde Ica, where
six local bands participated. This event brought together over
20,000 people. Other successful events during the quarter was the
Valentines Day “Crazy for Love in El Quinde” event where there
was a fake wedding at the mall. This event attracted a public of
more than 19,000 people to the mall. We also continued working
on the commercial mix of this mall.
During January and February, during the carnival festivities in
Cajamarca, we had different activities at El Quinde Cajamarca,
including a exhibition of traditional carnival clothing. We also had
tastings of the typical plates from the city. These events attracted
more than 23,000 people to the mall. During the quarter we
incorporated several new stores into the mall including Xtreme
Detail, Donofrio Club Caffe, Pinky Ice, Helados Sunny, Candyland
and Atracciones Coney Island.
In MegaPlaza Chimbote we celebrate International Womens Day,
with a beauty, fashion and makeup exhibitions. We also opened
six new stores including Body Express Gym, GMO II, La Bonita
Boitque, Traki, Backstage Jeans and Grams.
Valentines Day attracted more than 9,000 people to MegaPlaza
Cañete mall, which had many activities to celebrate the day
including a childrens show, baloons, potos, musical presentations,
and wine and pisco tastings.
In MegaPlaza Barranca we continued working to improve the
- 25 -
25
colombia
PARQUE ARBOLEDA- PEREIRA
PARQUE CARACOLÍ - BUCARAMANGA
- 26 -
26
colombia
Parque Arauco Colombia had a good performance during the first
of the country. The exhibition called “Colombia Megadiversa”
quarter of 2016. GLA grew 10.5% due to the incorporation of the
occurred in January and February and attracted more than
GLA of the office towers in Arboleda. Sales, revenues and EBITDA
1,000,000 people.
had a solid increase during the quarter of 11.1%, 16.8% and 30.7%,
respectively.
In Parque Caracolí we had several events to attract public to the
mall including a stand up comedy event, and an Ice Age event.
We also continued improving the commercial mix of the mall,
welcoming news stores such as Alpina, G Marketing, Óptica GMO,
OMA and Arte Ya.
In Parque Arboleda we celebrated the biodiversity of Colombia
through an exhibition that represented the give natural regions
- 27 -
27
28
Future Developments 2016 and Onwards
Parque Arauco has announced projects that will add 215,480 m2 of GLA over the next few years
and will require an investment of US$ 490 million.
Country
Format
Estimated
opening date
Arauco Express Ciudad Empresarial II
Chile
Strip Center
Arauco Express Antofagasta
Chile
Strip Center
Arauco Antofagasta
Chile
Neighborhood
MegaPlaza Express Jaen
Peru
Neighborhood
MegaPlaza Villa El Salvador II
Peru
Mega Express Huaral
Peru
Various Projects SCP
New projects
Investment total Investment Total
(Local currency)1
(MUSD)2
Total GLA m2
% Ownership
Owned GLA m2
2Q16
4,500
51%
2,389
320,000
12
1H16
6,000
51%
2,993
320,000
12
En desarrollo
11,000
55%
6,005
886,000
34
2Q16
14,500
50%
7,250
44,000
13
Neighborhood
2H16
11,000
50%
5,455
32,000
10
Neighborhood
1H16
16,500
50%
8,152
38,000
11
Peru
Neighborhood
2S17
19,500
100%
17,894
180,000
54
Viamix Colonial
Peru
Neighborhood
2H16
3,000
100%
2,721
25,000
8
Parque La Colina
Colombia
Regional
1Q17
63,500
100%
62,425
672,000
224
Arauco Premium Outlet Bogotá
Colombia
Outlet
2H16
13,000
100%
13,604
78,000
Subtotal
162,500
Country
Format
Estimated
opening date
Megaplaza Norte Cine ConquistadoresExpansion
Peru
Regional
Megaplaza Norte Libertadores Expansion
Peru
Regional
expansions
(Local currency)1
(MUSD)2
% Ownership
Owned GLA m2
1H16
7,700
50%
3,850
38.000
11
2H16
10,780
50%
5,390
53.000
16
18,480
Country
26
405
Total GLA m2
Subtotal
projects incorporated in 2016
131,405
Format
Estimated
opening date
9,240
Total GLAl m2
% Ownership
Owned GLA m2
27
(Local currency)1
(MUSD)2
Arauco Premium Outlet Coquimbo
Chile
Outlet
1Q16
6,000
100%
6,000
309,000
12
Arauco Express Recoleta
Chile
Strip Center
1Q16
3,500
51%
1,785
115,000
4
MegaPlaza Chimbote Expansion
Peru
Regional
1Q16
2,500
50%
1,250
9,000
3
InOutlet Premium Lurín
Peru
Outlet
1Q16
8,500
100%
8,500
76,000
23
Plaza Jesús María
Peru
Neighborhood
1Q16
14,000
100%
14,000
53,500
16
Subtotal
Total
34,500
31,535
58
215,480
172,180
490
Remaining Investment as of March 31, 2016
- 28CLP/UF,
1) Projects in Chile in UF, in Peru in ThPEN and in Colombia in MCOP 2) Exchange rate as of March 31, 2016: 25,812
669.8 CLP/USD, 3000.7 COP/USD, 3.3 PEN/USD.
221
29
Landbank
name
% Ownership
M2
Total Cost
(Local Currency)1
% Occupancy
25,486
100%
78,000
3
115,864
100%
460,000
17
Chicureo
47,614
100%
201,000
7
Los Andes
39,254
100%
115,000
4
Otros en Chile
55,577
100%
445,000
16
283,795
100%
1,299,000
47
Parque El Golf - San Isidro
14,813
70%
109,000
32
Chimbote
42,657
100%
18,000
5
Talara
30,675
100%
9,500
3
Ica
12,643
100%
13,500
4
6,000
100%
5,000
1
Terrenos MegaPlaza
200,115
50%
80,000
23
Total Peru
306,903
66%
235,000
68
Neiva
49,537
100%
19,000
6
Valledupar
46,000
100%
30,000
9
Barranquilla
56,166
100%
76,000
24
Total Colombia
151,703
100%
125,000
39
Total
742,401
86%
Quilicura
Buenaventura
Total Chile
Chiclayo
154
The company also has a valuable land bank which will serve as the base for future development.
- 29 -
30
Analysis Of Market Risks
The following are potential risks that the Company may face:
The level of activity/sales of our tenants are linked to
Parque Arauco does not hold speculative positions in the
economic growth and consumption growth in each economy
derivatives market, the coverage taken will eventually be
in which we operate. The decline in economic activity
used to hedge exposures to foreign exchange risk and interest
may adversely affect the level of sales of our tenants and
rates risks due to the nature of the business sources of
therefore affect the Company’s revenues, as a percentage of
financing. The Company primarily maintains its operational
our income depends on the level of sales of certain tenants.
and financial income and expenses in the same currency and
Of the 84% of Parque Arauco´s revenues that are derived
in the local currency of each operations location.
from rental revenues, approximately 87% are fixed revenues
and 13% are variable revenues that depend on the volume of
The Company is also subject to risks regarding return on
sales of our tenants.
investment in Colombia and Peru, given the evolution of
economic variables such as exchange rates, interest rates
and taxes, among other factors.
A general deterioration in the economy could also affect the
occupancy of our shopping centers. However, the contracts
between Parque Arauco and its tenants are generally
medium to long term and stipulate a minimum fixed rental
fee. The Company has a solid contractual framework as well
as a conservative financial position enabling the Company to
be prepared to face a potential economic decline.
- 30 -
31
Case study
The premium outlet format represents more than 6% of our leasable area,
which establishes us as a leader in the format in the Andean region
In 1993 we developed our first outlet, which was later transformed into Arauco
Maipú, the second most important mall in terms of leasable area and tenant
sales, after Parque Arauco Kenney in Chile. The initial project had less success
than expected, mainly because the tenant offerings and merchandising were
limited. We learned that although the format had a lot of success in developed
countries, the Chilean retail market was not sufficiently mature. For this reason,
we made the decision to transform our first outlet into a regional mall, which is
currently one of the most successful malls in our portfolio.
Over the next years, we continued monitoring the evolution of this format in
Chile, and in 2010 when retail was more mature in Chile, our tenant’s desire to
have a place to liquidate their products without cannibalizing their sales became
evident. We also realized that the format had evolved, and some of our tenant
did not only see this as a channel to liquidate inventory from their traditional
stores, but also as a channel that would allow them to have visibility with their
products to a segment of clients more prices sensitive, without tarnishing their
brand. With this in mind, in 2012 we decided to acquire Arauco Premium Outlet
Buenaventura, which was the most important outlet in the country at this point
in time.
Due to the excellent results of Arauco Premium Outlet Buenaventura, we decided
to invest heavily in the format. We made a US$24 million investment to improve
infrastructure, increase the leasable area and improve the commercial mix with
the arrival of premium brands such as Carolina Herrera, Prune, Rapsodia, Adidas
- 31 -
32
Case study
and Nike. The results of this investment have been positive, and the return rates
on this asset have surpassed our expectations.
Outlets in the regions of chile
We also decided to bring the format to the regions of Chile. At the beginning
of 2014 we inaugurated Arauco Premium Outlet Concepción, with 6,500 m2
GLA and more than 25 stores such as Armani, Tommy, Adidas, and Banana
Republic, among others. Additionally, at the end of 2014 we inaugurated
Arauco Premium Outlet Curauma, located near the access to Valparaiso and
Viña del mar, which has 7,200 m2 GLA and more than 25 stores that includes
Nike, Adidas, Tommy, Lacoste and Guess. Ariel Benzaquen, Director of Arauco
Premium Outlets in the Chile Division highlighted “for a premium outlet to
be successful three factors are key: the combination of good brands with
attractive discounts for our clients as well as a location outside the center of
the city. At Parque Arauco we can take advantage of commercial synergies by
having solid relationships with our tenants at traditional malls, which come
with us to these types of projects, opening their outlet stores with us”.
outlets outside of chile
The solid results in the format in Chile led us to making a decision to introduce
the format in Peru. In 2013 we acquired InOutlet Faucett, located next to the
airport in Lima. With this asset, we made an interesting transformation that
included improving the circulation by connecting two blocks of stores that were
not connected, constructing underground parking, improving the infrastructure
and improving the commercial mix by changing the majority of the existing
- 32 -
33
case study
tenants for premium brand stores. With this, in Peru we were also able to
position ourselves as a premium outlet operator. “By being the pioneers
in Peru in developing premium brand outlets and creating the first chain
of outlets with the brand InOutlet, we have transformed ourselves into
leaders in the format, and the operators and retailers perceive us in
this way” commented the Director of Outlets of the Peru Division, Jorge
Gagliardo.
Again, due the strong results from InOutlet Faucett, we decided to
build InOutlet Lurín, our second outlet in Peru, this time in the south of
Lime, which has many premium brands including Nike, Tommy, Kenneth
Cole, Calvin Klein, Ray Ban and Samsonite, among others. This outlet is
also noteworthy as it was built considering many of the environmental
standards required by LEED.
EBITDA increased 64.0%. In Peru a similar phenomenon occurred, with
tenant sales and EBITDA growing at rates similar to Chile, and considerably
more than other formats.
At the end of the first quarter of 2016, we have 55,000 m2 of GLA in this
format. Additionally, during the second quarter of this year, we will
inaugurate Arauco Premium Outlet Coquimbo in the North of Chile, and
during the second semester of 2016 we expect to inaugurate Arauco
Premium Outlet Bogotá, our first premium outlet in Colombia. Each of
those openings will allow us to establish ourselves as the premium outlet
format leader in the Andean Region.
leaders in the outlet format
An advantage of this format is that it has proven to counter cyclical. Ariel
Benzaquen, Director of Arauco Premium Outlets in the Chilean Division,
emphasized that “one of the advantages of this format is that when the
economy is contracting, people want to make intelligent purchases,
finding the lowest prices”. The format has had a very strong performance
in the weak economic situation, and in fact the Santiago Chamber of
Commerce highlighted the performance of the format in their report on
Chilean Retail Trends. In 2015, the leasable area of this format increased
20% in Chile. However, the sales of our tenants increased 64.9% and our
- 33 -
34
Balance sheet
Ch$ Thousands
3.31.2016
12.31.2015
Ch$ Miles
ASS ETS
LI ABI LIT I ES
Current assets
Current Liabilities
31.3.2016
31.12.2015
Other current financial liabilities
96,125,639
77,964,757
18,747,721
Commercial credits and other accounts payable
25,863,531
27,226,571
28,142,646
29,428,064
Current accounts payable to related parties
2,380,560
2,418,620
24,826,074
26,155,137
Current provisions
1,290,187
1,539,866
Accounts receivable from related compies
5,265,555
5,562,759
Current tax liabilities
4,114,070
5,193,892
Current tax receivable
5,073,241
4,330,018
Current provisions for employees
4,525,696
3,895,946
274,630,201
198,448,410
Other current non financial liabilities
6,730,041
6,926,905
141,029,724
125,166,557
6 632,384,756
626,015,040
129,406,873
130,050,387
17,207,369
14,303,846
Cash and cash equivalents
200,717,994
114,224,711
Other current financial assets
10,604,691
Other current non financial assets
Trade accounts receivable and other receivables
Total current assets
Total current liabilities
Non-current Assets
Other non current non financial assets
Non-current liabilities
29,040,016
28,490,567
274,110
284,841
58,540,876
57,618,362
Deferred tax liabilities
Intangible assets excluding surplus value
17,366,135
18,260,910
Other non current non financial liabilities
Surplus value
15,593,092
13,089,116
Total non current liabilities
778,998,998
770,369,273
3,026,300
3,076,097
Total liabilities
920,028,722
895,535,830
1,325,457,417
1,309,154,784
42,927,421
43,516,148
1,492,225,367
1,473,490,825
Non current accounts receivable
Property, plant and equipment
Investment properties
Deferred tax assets
Total non-current assets
TOTAL ASSETS
1,766,855,568
ther non current financial liabilities
EQUIT Y
Issued share capital
Treasury shares
408,773,354
-
Accumulated earnings (losses)
332,895,874
321,680,121
Premium on new issued shares
293,041
200,964
Other reserves
(13,101,605)
(4,083,387)
Equity attributable to shareholders of the company
728,860,664
656,371,052
Minority interest
117,966,182
120,032,353
Total equity
846,826,846
776,403,405
1,766,855,568
1,671,939,235
TOTAL LIABILITIES AND EQUITY
1,671,939,235
- 34 -
338,573,354
35
cash flow statement Ch$ thousands
3.31.2016
Net cash flow from operating activities
Receipts from sales of goods and services
Payments to suppliers for goods and services
Payments on behalf of employees
Income taxes refunded (paid)
Other inputs (outputs) in cash
Net cash flow from operating activities
Net cash flow from investment activities
Cash flows used for acquiring subsidiaries or other businesses
Interest received
Purchases of property, plant and equipment
Purchases of intangible assets
Purchases of other long-term assets
Other inputs (outputs) of cash
Net cash flow from investment activities
Net cash flow from financing activities
Share issuance
Proceeds from long term debt
Total proceedes from loans
Loan payments
Financial leasing payments
Dividends paid
Interest paid
Other inputs (outputs) in cash
Net cash flow from financing activities
Net increase (decrease) in cash and cash equivalents, before the effect of changes in the exchange rate
Effects of variation in the exchange rate on cash and cash equivalents
Increase (decrease) in net cash and cash equivalent
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
- 35 -
3.31.2015
Chg.%
57,357,930
(20,353,471)
(3,298,588)
(2,963,722)
(4,873,516)
25,868,633
49,597,174
(17,591,469)
(4,057,899)
(2,112,462)
(4,701,218)
21,134,126
15.6%
15.7%
-18.7%
40.3%
3.7%
22.4%
(8,816,676)
1,143,317
(7,155)
(4,233)
(23,834,875)
4,686,624
(26,832,998)
(28,226,712)
549,725
(72,465)
(13,967)
(27,416,096)
(12,806,990)
(67,986,505)
-68.8%
108.0%
-90.1%
-69.7%
-13.1%
N/A
-60.5%
70,292,077
41,034,441
41,034,441
(14,116,682)
(556,968)
(9,018,553)
87,634,315
86,669,950
(176,667)
86,493,283
114,224,711
200,717,994
2,426,568
9,610,689
9,610,689
(12,637,083)
(497,706)
(142,834)
(5,414,740)
964,865
(5,690,241)
(52,542,620)
(108,047)
(52,650,667)
110,061,086
57,410,419
2.796.8%
327.0%
327.0%
11.7%
11.9%
N/A
66.6%
N/A
N/A
N/A
63.5%
N/A
3.8%
249.6%
36
- 36 -

Earnings Release

Transcription

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