Nombre del proyecto

Investor Presentation
May 2013
Parque Arauco S.A.
www.parauco.com
Santiago Stock Exchange:
PARAUCO
Bloomberg: PARAUCO CI
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 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
> Investment considerations
> Projects Summary
> Projects under construction
I) Unique investment vehicle in the region
General background1
Shareholder structure3
Summary table
1Q 2013
Total revenues (US$ MM)
51
EBITDA (US$ MM)
35
EBITDA margin (%)
Insurance
Companies
0.2%
Mutual Funds
4.6%
69%
Net income (US$ MM)
18
Net profit margin (%)
36%
Net financial debt (US$ MM)
564
Current liabilities (%)
14%
Long term liabilities (%)
86%
Said Yarur
Family
9.6%
Brokers
16.9%
Abumohor
Family
3.0%
Pension Funds
4.7%
Source: Parque Arauco
(3) End of March 2013 data. Free Float excludes Controller Group, Said
Yarur Family, Abumohor Family and Pension Funds
(2) GLA: Gross Leasable Area
Leasable Area (Total GLA)
Revenues4 1Q 2013(%)
Presence in Chile, Peru and Colombia. Tenant
sales 1Q 2013 > US$ 2,551 million
4.6%
4.9%
Indicator/Country
CHILE
PERU
COLOMBIA
467,700
188,300
34,000
Occupancy (%)
98%
91%
95%
Tenant sales 1Q 2013
(US$ MM)
336
128
18
9
5
1
22.6%
27.3%
GLA (m2)
Total
Total 51
US$ MM
690,000 m²
67.8%
Chile
CHILE
(4)
Controller
Group
26.0%
Investment
Funds
26.9%
(1) Exchange rate CLP/USD 480
4
Market Cap: 1,8145(US$ MM)
Number of Shares: 702.7 MM
Free Float: 57%
Others
8.1%
72.8%
Perú
PERU
Considers Parque Arauco’s consolidated revenues
Col
Shopping Centers in
operation
COLOMBIA
Note: end of march 2013 data
II) LatAm business diversified and constant growth
COLOMBIA
PERÚ
GLA 1Q 2013 GLA 1Q 2012
Regional Malls:
Parque Arboleda
Bucaramanga
Regional Malls:
Megaplaza
Larcomar
Parque Lambramani
Megaplaza Chimbote
MegaStripcenters
Mega Chorrillos
Mega Chincha
Villa en Salvador
CHILE
Regional Malls:
Parque Arauco Kennedy
Mall Arauco Maipú
Plaza el Roble
Paseo Arauco Estación
Arauco San Antonio
Arauco Quilicura
Marina Arauco
Mall Center Curico
Neighbourhood Malls, Stripcenters & Outlets:
Boulevard Marina
Arauco Express Pajaritos
Buenaventura Outlet Mall
5
TOTAL
34.000
34.000
83.000
26.000
28.000
28.000
83.000
26.000
28.000
7.000
7.300
9.000
7.000
108.000
74.000
25.000
68.000
29.000
9.700
60.000
50.000
108.000
66.000
25.000
68.000
29.000
9.700
60.000
50.000
12.000
12.000
20.000
12.000
5.000
690.000
610.700
Growth in GLA
at the end of
1Q2013:
13%
III) History of value creation and good performance
Sustained Growth1
Revenues evolution1
EBITDA (US$ MM)
Total Revenues (US$ MM )
CAGR 20%
CAGR 23%
207
177
121
146
135
147
126
78
49
55
2005
2006
2007
99
104
2009
2010
86
2008
2009
2010
2011
2012
42
45
2005
2006
60
2007
2008
2011
2012
(1) Revenues
reclassified in new accounting criterion. 2005-2008 figures in Chilean GAAP,
adjusted to be comparable under IFRS
Exchange rate CLP/USD 480
Revenues 1Q 2013
2005-2008 figures in Chilean GAAP, adjusted to be comparable under IFRS
EBITDA 1Q 2013
EBITDA/EBITDA Margin (US$ MM,%)
Total Revenues (US$ MM)
23.953
21.190
(2)
16.418
23.953
21.190
14.745
1Q12
6
16.418
1Q13
2012
2013
1Q12
14.745
1Q13
2012
2013
IV) High occupancy rates
Parque Arauco’s Shopping Centers
Shopping Center
Total GLA
Stake (%)
108.000
100,0%
108.000
99,5%
Arauco Maipú
74.000
100,0%
74.000
97,6%
Plaza El Roble
25.000
100,0%
25.000
98,0%
Paseo Arauco Estación
68.000
83,0%
56.440
99,0%
Arauco San Antonio
29.000
51,0%
14.790
94,0%
Arauco Quilicura
31.260
100,0%
31.260
84,0%
Arauco Express (Stripcenters Chile)
12.000
51,0%
6.120
100,0%
Buenaventura Outlet Mall
20.000
100,0%
20.000
94,0%
Marina Arauco
60.000
33,3%
20.000
97,0%
Boulevard Marina Arauco
12.000
33,3%
4.000
100,0%
Mall Center Curicó
50.000
33,3%
16.667
100,0%
489.260
76,9%
376.277
97,1%
Megaplaza Norte
83.000
50,0%
41.500
98,7%
Mega Express Villa
7.000
50,0%
3.500
97,0%
Larcomar Fashion Center
26.000
100,0%
26.000
89,1%
MegaPlaza Chimbote
28.000
33,5%
9.380
90,0%
Mega Express Villa el Salvador
9.000
50,0%
4.500
90,0%
Mega Express Chincha
7.300
50,0%
3.650
99,5%
Parque Lambramani
28.000
60,0%
16.800
92,4%
188.300
55,9%
105.330
94,2%
Parque Arboleda
34.000
30,3%
10.285
94,6%
Parque Caracolí
39.500
55,0%
21.725
90,0%
TOTAL COLOMBIA
73.500
43,6%
32.010
91,5%
751.060
68,4%
513.617
95,8%
Parque Arauco Kennedy
TOTAL CHILE
TOTAL PERU
TOTAL
7
(*) Only
(+)
including square meters from the shopping center
May 2013
Own GLA Occupancy
V) Stable Revenues, contracts and visitors
Stable Revenues Structure
Contracts Expiration
Revenues Composition (Fixed/Variable) (%, 1Q 2013)
(Based in % of GLA )
16%
15%
8%
Fixed
6%
Variable
84%
70%
<= 1 year
2 to 3 years
3 to 4 years
>= 4 years
Source: Parque Arauco
GLA & Rental Revenues Composition
GLA Composition
Entertainment;
5%
Others; 12%
Rental Revenues Composition
Entertainment;
3%
Foodcourt; 7%
Others; 4%
Foodcourt; 4%
Anchor Stores;
49%
Small Stores;
29%
8
Small Stores;
39%
Anchor Stores;
56%
VI) Solid financial situation
Net financial debt
Debt repayment schedule
Financial debt amortization (US$ MM; 1Q 2013 )
(US$ MM)
238
713
729
766
746
549
564
2012
1Q 2013
646
578
153
499
530
531
437
70
79
44
26
275
78
41
201
17
0-3
3-6
6-12
months months months
1-2
years
2-3
years
3-4
years
4-5
years
5-10
years
10-20
years
2007
2008
2009
2010
2011
Note: Exchange rate CLP/USD 480
Note: Exchange rate CLP/USD 480
Financial covenants and relevance indicators
(Last 12 months reported)
>2,375 times
<1,4 times
9
Net Financial debt/EBITDA
Liabilities/(Equity+Min Int.)
EBITDA/Financial Expenses
VII) Markets with high growth potential
Positive prospects for commerce
Shopping Centers market share1
Controlled inflation
Real private consumption growth (%, 2011-2012E)
(%, 2012)
(%, 2011 )
9.4%
2.7%
26.0%
2.4%
6.2%
21.0%
2.0%
5.3%
12.0%
Chile
Colo
Perú
CHILE
COLOMBIA
PERU
Chile
CHILE
Colo
COLOMBIA
PERU
Source:
Chile: Banco Central de Chile
Perú: Banco Central de Reserva del Perú
Colombia: Banco de la República de Colombia
Source: LarrainVial
GDP per capita
Chile
Perú
CHILE
(1)
Colo
COLOMBIA
Perú
PERU
In relation to total sales of trade in formal market.
Source: Parque Arauco, ICSC
Growth in Tenant Sales for Parauco
(%, 2011 v/s 2012, cumulative to December)
(USD, ppp)
CHILE
18,000
Tenant Sales 2012 v/s 2011
22%
16,000
14,000
12,000
COLOMBIA
14%
10,000
8,000
8%
6,000
4,000
PERU
2,000
10
0
1980 1984 1988 1992 1996 2000 2004 2008 2012
Peru
Source: IMF
Colombia
Chile
4%
Chile
Perú
Colombia
Total
VII) Markets with high growth potential
Commerce Sales, Consumer Confidence & Loans
Variation in 12 months (%,)
Consumer Loans
Penetration in department stores, supermarkets
and home improvement stores by country in LATAM
m2 for 1,000 inhab and GDP per capita (USD)
Jan-09
Mar-09
May-09
Jul-09
Sep-09
Nov-09
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
PERÚ
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
Apr-12
COLOMBIA
11
Penetration in Supermarkets
(m2 for 1,000 inhab.)
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
Apr-12
CHILE
Penetration in H. I. Stores
(m2 for 1,000 inhab.)
Commerce Sales
Penetration in D. Stores
(m2 for 1,000 inhab.)
Consumer Confidence (right axis)
Department
Stores
GDP per capita (USD)
Supermarkets
GDP per capita (USD)
Home
Improvement
Stores
GDP per capita (USD)
Source:INE, ADIMARK, DINE, INEI, S. Financiera de Colombia, SBIF and Larrain Vial
Source: LarrainVial
VIII) Powerfull Landbank
102 mm$USD, 191 $USD / m2 on average
Colombia
Parque Arauco owns a strategic land
bank that ensures it’s future growth
BARRANQUILLA
Cost (US$ MM)
Surface (m² )
8
75,000
BOGOTÁ
Cost (US$ MM)
Surface (m² )
33
Peru
34,000
PARQUE EL GOLF
Cost (US$ MM)
Chile
Surface (m² )
QUILICURA 2
Cost (US$ MM)
Surface (m² )
Surface (m² )
15,000
LA UNIÓN
3
26,000
OTHERS IN CHILE
Cost (US$ MM)
8
25
73,000
Cost (US$ MM)
p
Surface (m² )
4
70,000
SAN JUAN LURIGANCHO
Cost (US$ MM)
Surface (m² )
4
110,000
OTHERS IN PERU
Cost (US$ MM)
Surface (m² )
12
17
132,000
p
pLand included in current invesment plan
Contents
> Investment considerations
> Projects Summary
> Projects under construction
> Summary of current Investment Plan
PIPELINE PARQUE ARAUCO 2013 - 2014
Project Name
Mall Arauco Quilicura
Expansion El Roble - Chillán
Boulevard IV Kennedy
Expansion Marina Arauco
Mall Outlet Concepción
Stripcenters Chile
TOTAL CHILE
Expansion Megaplaza
Mega Express Chincha
Mega Express Barranca
Mega Express Cañete
Others Expansions
TOTAL PERU
Bucaramanga
TOTAL COLOMBIA
TOTAL LAND BANK
TOTAL
14
Status
MM$USD
Opening in 2Q13
Under Construction
Opening in 2Q13
Opening en 1Q14
Under Development
Opening in 4Q13 - 2014
% of Stake
100,0%
100,0%
100,0%
33,3%
100,0%
51,0%
Under Development
Opened in march 2013
Opening in 3Q13
Opening in 3Q13
Study
50,0%
50,0%
50,0%
50,0%
-
Opening in 2Q13
55,0%
TOTAL GLA
31.260
12.500
7.200
22.500
6.000
more than 13.500
79.460
20.000
7.300
8.000
16.500
51.800
39.500
39.500
More than 185.000
Total
Investment
50
26
25
58
9
27
194
58
11
16
15
35
134
100
100
81
509
> Performance 1Q 2013
Leasable area growth
Total GLA (m²)
CAGR 14%
682.700
585,000
604,000
610.700
690.000
353,000
2007*
2010*
CHILE
2011
2012
PERU
1Q 2012
1Q 2013
COLOMBIA
EBITDA
EBITDA (mm $Ch)
CAGR 19%
71.308
16%
61.356
52.062
11%
30.175
15
*In 2010 Parque Arauco sold his participation in Alto
Palermo (250,000 m2). The GLA from Argentina is not
included in this graphics to make it comparable.
2007*
2010*
2011
2012
14.745
16.418
1Q 2012
1Q 2013
Contents
> Investment considerations
> Projects Summary
> Projects under construction
> 12,500 m2 additional GLA in Plaza el Roble - Chile
Main stores and attractions
New Department store: Hites
Expansions in anchor stores
More Fashions small stores
Better Food Court
New Entertainment
Renew Cinema
Operating asset
General description
Addition GLA: 12,500 m2
E. Total Investment1: US$ 20 million
Opening date: 1Q 2014
Steady new EBITDA : US$ 2 million
17
> Expansion Parque Arauco Kennedy - Chile
Parque Arauco Kennedy
Project: Boulevard IV
Total additional GLA: 5.000 m2
E. Total Investment1: US$ 25 million
Opening Date: 2Q 2013
Under construction
Main Features
The new area will consist of a “Luxury
District”, entertainment, restaurants,
and high end retail.
18
> Expansion Marina Arauco - Chile
Marina Arauco
Project: Expansion, new stores
Total GLA: 40.000 m2
E. Total Investment: US$ 67 million
Opening Date: 1Q 2014
Under construction
Main Features
The new area will consist of a
Supermarket, small stores, services
areas and entertainment
19
> Mega Express Barranca. Barranca, Perú
General description
Total GLA: 8,000 m2
E. Total Investment1: US$ 13 million
Opening date: 3Q 2013
Steady EBITDA : US$ 1 million
Under construction
Key Features
•Neighborhood Shopping Center
•Joint venture with partners in Peru: Wiese Family
•Supermarket, anchor stores, small stores
20
(1)
Parque Arauco’s share in Mega Express Barranca will be 50%
> Mega Express Cañete. Cañete, Perú
General description
Total GLA: 16,500 m2
E. Total Investment1: US$ 12 million
Opening date: 3Q 2013
Steady EBITDA : US$ 1.2 million
Under construction
Key Features
•Neighborhood Shopping Center
•Joint venture with partners in Peru: Wiese Family
•Supermarket, anchor stores, small stores
21
(1)
Parque Arauco’s share in Mega Express Cañete will be 50%
Investor Presentation
May 2013
Parque Arauco S.A.
www.parauco.com
Santiago Stock Exchange:
PARAUCO
Bloomberg: PARAUCO CI