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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington , D.C. 20549

FORM 6 - K

Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16
under the Securities Exchange Act of 1934
For the month of November , 2012
Commission File Number 001-35575

Cencosud S.A.
(Translation of registrant’s name into English)

Av. Kennedy 9001, Piso 6
Las Condes, Santiago
Chile
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F   x              Form 40 F   ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes   ¨             No   x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-.

 

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ANNOUNCEMENT OF RESULTS OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2012
On November 19, 2012, the registrant issued a press release pertaining to its results of operations for the three month period ended September 30, 2012. Attached hereto is a copy of the press release. The financial and operational information contained in the press release is based on unaudited condensed consolidated financial statements presented in Chilean pesos and prepared in accordance with International Financial Reporting Standards.
The attachment contains forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in the attachment.
The registrant’s forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.
The forward-looking statements included in the attached relate to, among others: (i) changes in general economic, business or political or other conditions in Chile, Argentina, Brazil, Peru, Colombia or elsewhere in Latin America or global markets; (ii) changes in capital markets in general that may affect policies or attitudes towards investing in Chile, Argentina, Brazil, Peru, Colombia or securities issued by companies in such countries; (iii) the monetary and interest rate policies of the Central Banks of Chile, Argentina, Brazil, Peru and Colombia; (iv) high levels of inflation or deflation; (v) unanticipated increases in financing and other costs or our inability to obtain additional debt or equity financing on attractive terms; (vi) movements in interest and/or foreign exchange rates, and movements in equity prices or other rates or prices; (vii) changes in, or failure to comply with, applicable regulations or changes in taxes; (viii) loss of market share or changes in competition and pricing environments in the industries in which the Company operates; (ix) difficulties in successfully integrating recent and future acquisitions into the Company’s operations; (x) the Company’s inability to hedge certain risks economically; (xi) changes in consumer spending and saving habits; (xii) implementation of new technologies; (xiii) limitations on the Company’s ability to open new stores and operate them profitably; (xiv) difficulties in completing proposed store openings, expansions or remodeling; (xv) difficulties in acquiring and developing land in Chile, Argentina, Brazil, Peru or Colombia, and restrictions on opening new large stores in any such countries; and (xvi) the factors discussed under the rubric “Risk Factors” as well as risks included in the Company’s other filings and submissions with the United States Securities and Exchange Commission.
These forward-looking statements involve various risks and uncertainties. Although the registrant believes that its expectations expressed in these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant’s actual results could be materially different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in the attached might not occur, and the registrant’s future results and its performance may differ materially from those expressed in
 
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these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.
The forward-looking statements made in the attached relate only to events or information as of the date on which the statements are made in the attached. The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
 
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Earnings Release
Third Quarter 2012
Net income increased 20%, reaching CLP 66,913 million
 
•	 	Net income increased 20% versus 3Q11, reaching CLP 66,913 million reflecting higher operating income and higher income from foreign exchange variations.	
 
•	 	The Company reported EBITDA of CLP 176,995 million, up 28% YoY, driven by improved results in Paris Department Stores, Shopping Centers and Home Improvement operations.	
 
•	 	Cencosud revenue increased 18% YoY, after the consolidation of Prezunic and Johnson, double-digit Same Store Sales (SSS) in Argentina and the opening of 76 new stores versus 3Q11.	
 
•	 	Operating Income totaled CLP 135,498 million, up 12% versus 3Q11, primarily due to improved operating income from Home Improvement, Paris Stores and Shopping Centers, partially offset by Supermarkets and Financial Services.	
 
•	 	In October, the Company entered into a stock purchase agreement to acquire Carrefour’s operations in Colombia, including 72 hypermarket stores, 16 convenience stores, four cash and carry stores and gas stations.	
 
•	 	Cencosud recorded a tax provision in the third quarter, due to the recent tax reform in Chile which raised rates on corporations. This provision amounted to CLP 4,173 million as of September 30, 2012. Our position as a leading retail brand in Chile and track record of prudent financial management will allow the Company to manage the impact of higher taxes going forward	

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 Contents

Financial Highlights Q3 2012	  	 	2	  	
		
Cencosud Key Events for 3Q12	  	 	3	  	
		
Retail Market Commentary	  	 	4	  	
		
Financial Results	  	 	5	  	
		
Overview Q3 2012	  	 	6	  	
		
Consolidated Performance	  	 	6	  	
		
Analysis by Business and Country	  	 	12	  	
		
Capex	  	 	20	  	
		
Balance Sheet Summary	  	 	21	  	
		
Forward Looking Statements	  	 	23	  	
		
Reconciliation of Non-IFRS Measures to (Profit/Loss)	  	 	31	  	
 Financial Highlights Q3 2012
 
 	•	 	Cencosud revenue increased18% YoY, with the consolidation of Prezunic and Johnson, double-digit Same Store Sales (SSS) in Argentina and the opening of 76 new stores versus 3Q11.	
 
 	•	 	Operating Income 1 in 3Q12 totaled CLP 135,498 million, up 12% versus 3Q11 primarily from improved operating income from Shopping Centers, Paris Stores and Home Improvement, partially offset by Supermarkets and Financial Services.	
 
 	•	 	Net income increased 20% versus 3Q11, reflecting higher operating income and higher income from foreign exchange variations.	
 
 	•	 	The Company reported EBITDA 2 of CLP 176,995 million, up 28% YoY on improved results from the Shopping Centers and Home Improvement operations.	
 
 	•	 	The Paris department stores’ EBITDA margin was 4.4% in 3Q12 and accounted CLP 7,673 million, while Johnson EBITDA was negative CLP 3,383 million in 3Q12.	
 
 	•	 	Better results are even with the provision done by Cencosud due to higher income taxes related to the recent Tax Reform in Chile.	

1  	On March 21 2012 the Chilean Superintendency of Securities and Insurance, “ Superintendencia de Valores y Seguros ” or SVS, published a new model presentation of financial Statements 2012, where by Operating Results now includes Other Income by function.	
2  	Please see “Reconciliation of Non-IFRS measures” starting on page 31 for a reconciliation of EBIT, EBITDA and Adjusted EBITDA to Profit/Loss. EBIT represents profit attributable to controlling shareholders before net interest expense and income taxes. EBITDA is defined as EBIT plus depreciation and amortization expense. Adjusted EBITDA represents EBITDA as further adjusted to reflect foreign exchange differences, increases (decreases) on revaluation of investment properties and gains or (losses) from indexation. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of gross sales.	

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 Cencosud Key Events for 3Q12
 
 	•	 	On October 18, 2012, the Company entered into a stock purchase agreement to acquire Carrefour’s operations in Colombia, including 72 hypermarket stores, 16 convenience stores, four cash and carry stores and gas stations, as well as a substantial land bank. Net sales for the acquired stores in the last twelve months totaled €1,668 million (including gasoline sales). The stores acquired are located in nine of the ten largest cities in Colombia, the second most populous country in South America with solid macroeconomic prospects. The acquisition would make Cencosud the country’s second-largest supermarket operator and consolidate the Company’s position as a leading retailer in Latin America, with a pan-regional footprint.	
 
 	a.	To finance this transformational acquisition, Cencosud entered into a US$2.5 billion, 18-month, Bridge Loan Facility with JPMorgan Chase. The Company plans to refinance this Bridge Loan Facility subject to market conditions with an international bond offering in an aggregate principal amount of up to US$1 billion and a capital increase of up to US$1.5 billion.	
 
 	b.	After the refinancing of the Bridge Loan Facility and subject to market conditions, Cencosud expects to be able to achieve a level of net debt to EBITDA in the next 18 months in the range of 3X.	
 
 	•	 	Costanera, South America’s largest shopping mall with 140,000 square meters of selling space, reported its first full quarter of operations, and an occupancy rate of 93% at September 2012.	
 
 	•	 	In August, Prezunic, our supermarket chain in Rio de Janeiro, Brazil, was ranked as a Great Place to Work, demonstrating the commitment and satisfaction of the Prezunic staff.	
 
 	•	 	Paris Department Stores has 1,000,000 Facebook fans	
 
 	•	 	As of September 30, 2012 the Ownership Structure of the Company was:	

 
 
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 Retail Market Commentary
Chile
In Chile, Cencosud’s largest market, consumer confidence continued its upward trend, with the IPEC consumer confidence index (IPEC, Indice de Percepcion de la Economia published by Adimark) reaching 53.6 in September, its highest level since November 2010. This is broadly in line with a strong economic performance, with the central bank’s latest figures showing the economy growing 4.6% in September from a year earlier. In the retail sector, supermarket sales, as measured by the ISUP index (ISUP, Indice de Ventas de Supermercados ) and published by the Chilean National Statistical Institute, grew 2.1%, 8.2% and 12.3% in July, August and September, respectively.
The Company’s operations in Chile accounted for 39.7% of consolidated for the nine months ended September 30, 2012. Cencosud achieved solid sales growth in its Chilean hyper and supermarkets as Same-Store-Sales and Same-Store Average Tickets increased 5.2% and 7.2% year-on-year, respectively.
Argentina
In Argentina, the economy remains weaker than in previous years. Economic growth was 1.4% in August compared with a year earlier, well below expectations. At the same time, consumer confidence, as measured by Universidad Torcuato diTella, fell each month in the third quarter, though the same measurement showed an improvement in the survey for October. Inflation expectations, as measured by the same institute, stood at 30% at the end of the quarter. On the positive side, government statistics agency INDEC reported supermarket sales rising 14.5% year-on-year in July, 12.7% in August and 13.3% in September.
These mixed trends are largely borne out in Cencosud’s same store sales in Argentina. In absolute terms, nominal same store sales were 16.9% higher than in 3Q11, driven by a 19.3% increase in the average ticket. At the same time, the number of same store tickets for the quarter fell 2%.
The Company’s operations in Argentina accounted for 27.8% of consolidated revenues for the nine months ended September 30, 2012.
Brazil
Brazil, the largest economy in Latin America, continues to show signs of an economic slowdown, which has also affected the retail sector. Consumer Confidence, as measured by the private research institute Fundacão Getulio Vargas, showed a quarterly decline. In its September 2012 inflation report, the Central Bank forecast economic growth of just 1.6% for the year, compared with a previous estimate of 2.5%, while food and beverage prices in August were 8.9% higher than they were a year earlier.
 
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Gbarbosa posted a nominal SSS decline of 2.8%, as the number of receipts at the stores declined. This was partly due to the implementation of SAP at the chain, which impacted the level of inventories at Gbarbosa stores. On the positive side, Prezunic, Cencosud’s chain store in Rio de Janeiro, showed a 7.2% increase in SSS for the quarter, while Gbarbosa’s average ticket rose 3.6%.
Cencosud’s operations in Brazil accounted for 23.9% of consolidated revenues for the nine months ended September 30, 2012.
Peru
The Peruvian economy continues to grow at a steady rate. GDP expanded 7.2% and 6.3% in July and August, respectively. According to Finance Minister Luis Miguel Castilla, the Peruvian economy is expected to grow 6.0% in 2012. Consumer confidence, as measured by APOYO Consultoria, remained above 50 at the end of the quarter, indicating broadly positive consumer sentiment.
In keeping with the performance in Chile and Argentina, the Company’s Peruvian supermarket operation posted positive SSS, driven by a higher average ticket. The operations in Peru represented 8.1% of consolidated revenues for the nine months ended September 30, 2012.
Colombia
Colombia’s economy remains on track for another year of solid growth, thanks to strong internal demand. Accumulated retail sales in the 12 months through August were up 4.1%, and the central bank cited consumption as a key driver of economic growth for the third and fourth quarters. For the full year, retail sales are expected to rise about 6% to $113.8 billion, of which $62.3 billion will be spent on groceries, according to Planet Retail. Consumer confidence, as measured by the Fedesarrollo institute, improved in the quarter, with a sharp gain in September. In October, the Central Bank revised its forecast for 2012 economic growth to between 3.7% and 4.9%, having previously said the economy could grow by as little as 3%. Finance Minister Cardenas has also said that a negotiated peace with the FARC rebels could raise long-term annual growth as high as 7%, thanks to lower security spending and greater business activity in the east of the country.
 Financial Results
All figures are in Chilean pesos (CLP), except as otherwise provided, and presented in accordance with International Financial Reporting Standards (IFRS). Variations (%) refer to the comparison between the 3Q2011 and 3Q2012.
The figures and variations (%) expressed in USD were converted from Chilean pesos based on end-of-period exchange rates of CLP 521.76 and CLP 473.77 as of 3Q11 and 3Q12, respectively.
 
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The exchange rates at the end of September 2011, December 2011 and September 2012, and the variations between 3Q2011 and 3Q2012 are:

Date	  	09/30/2012	 	  	12/31/2011	 	  	09/30/2011	 	  	% change Sept. 2012 vs
Sept. 2011	 	
CLP / USD	  	 	473.77	  	  	 	519.20	  	  	 	521.76	  	  	 	-9.2	% 	
CLP / AR$	  	 	100.91	  	  	 	120.74	  	  	 	124.13	  	  	 	-18.7	% 	
CLP / Colombian	  	 	0.26	  	  	 	0.27	  	  	 	0.27	  	  	 	-3.7	% 	
CLP / Peruvian Nuevo Sol	  	 	182.57	  	  	 	193.27	  	  	 	188.23	  	  	 	-3.0	% 	
CLP / Brazilian Real	  	 	233.81	  	  	 	278.23	  	  	 	276.85	  	  	 	-15.5	% 	
 Overview Q3 2012

 
																	
Figures in USD MM	  	Q3 2012	 	  	Q3 2011	 	  	Change in USD (%)	 	 	Change in CLP (%)	 	
Revenues	  	 	4,647	  	  	 	3,571	  	  	 	30.1	% 	 	 	18.2	% 	
Chile	  	 	1,904	  	  	 	1,481	  	  	 	28.6	% 	 	 	16.7	% 	
Brazil	  	 	1,035	  	  	 	745	  	  	 	38.9	% 	 	 	26.2	% 	
Argentina	  	 	1,299	  	  	 	1,025	  	  	 	26.8	% 	 	 	15.2	% 	
Peru	  	 	386	  	  	 	303	  	  	 	27.6	% 	 	 	15.8	% 	
Colombia	  	 	22	  	  	 	18	  	  	 	26.6	% 	 	 	14.9	% 	
Operating Results	  	 	286	  	  	 	233	  	  	 	22.8	% 	 	 	11.5	% 	
Net Income	  	 	141	  	  	 	107	  	  	 	32.2	% 	 	 	20.0	% 	
					
Stores	  	 	946	  	  	 	799	  	  	 	18.3	% 	 	 	18.3	% 	
Selling Space (m 2 )	  	 	3,563,014	  	  	 	2,979,954	  	  	 	19.6	% 	 	 	19.6	% 	
Employees (full time-basis)	  	 	140,783	  	  	 	124,367	  	  				 				
 Consolidated Performance
Revenues

 	  	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	USD MM	 	  	MM CLP as of September 30th	 	 	USD	 	 	MMCLP as of September 30th	 	 	USD	 	
 	  	2012	 	  	2012	 	  	2011	 	  	D %	 	 	D %	 	 	2012	 	  	2011	 	  	D %	 	 	D %	 	
Revenues	  	 	4,647	  	  	 	2,201,736	  	  	 	1,863,268	  	  	 	18.2	% 	 	 	30.1	% 	 	 	6,568,429	  	  	 	5,409,116	  	  	 	21.4	% 	 	 	33.7	% 	
Supermarkets	  	 	3,410	  	  	 	1,615,644	  	  	 	1,377,127	  	  	 	17.3	% 	 	 	29.2	% 	 	 	4,851,854	  	  	 	3,965,074	  	  	 	22.4	% 	 	 	34.8	% 	
Home Improvement	  	 	551	  	  	 	261,165	  	  	 	226,515	  	  	 	15.3	% 	 	 	27.0	% 	 	 	774,898	  	  	 	669,505	  	  	 	15.7	% 	 	 	27.5	% 	
Department Stores	  	 	428	  	  	 	202,714	  	  	 	155,966	  	  	 	30.0	% 	 	 	43.1	% 	 	 	598,589	  	  	 	465,149	  	  	 	28.7	% 	 	 	41.7	% 	
Shopping Centers	  	 	96	  	  	 	45,627	  	  	 	30,853	  	  	 	47.9	% 	 	 	62.9	% 	 	 	115,170	  	  	 	91,323	  	  	 	26.1	% 	 	 	38.9	% 	
Financial Services	  	 	152	  	  	 	71,909	  	  	 	68,139	  	  	 	5.5	% 	 	 	16.2	% 	 	 	216,031	  	  	 	206,351	  	  	 	4.7	% 	 	 	15.3	% 	
Others	  	 	10	  	  	 	4,677	  	  	 	4,668	  	  	 	0.2	% 	 	 	10.3	% 	 	 	11,887	  	  	 	11,713	  	  	 	1.5	% 	 	 	11.8	% 	
 
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Consolidated revenues were CLP 2,202 billion in the third quarter of 2012, compared with CLP 1,863 billion in the third quarter of 2011, an 18% increase YoY. This increase was driven by double-digit SSS in Argentina, the acquisitions of Prezunic and Johnson, revenues from Costanera Shopping center, positive SSS across almost all lines of retail businesses and the increase of 20% in selling area in 3Q12 versus the same period last year.
 
 	•	 	Supermarket revenues in 3Q12 increased 17.3% YoY, reaching CLP 1,616 billion, driven by the consolidation of Prezunic, double-digit SSS in Argentina (+16.9%), positive SSS in Chile and Peru and the opening of 68 new supermarkets in the region since September 2011 (+12% increase in selling space).	
 
 	•	 	Home Improvement revenues increased 15.3% YoY, reaching CLP 261 billion in 3Q12. The growth reflects double-digit SSS growth in Argentina (+28.3%) and Colombia (+10.2%) positive SSS in Chile and the opening of two Easy stores, one in the Costanera Center shopping mall in June, and the other one in the south of Chile (Concepción) that opened in August 30, 2012.	
 
 	•	 	Department Store revenues totaled CLP 203 billion, +30.0% YoY, driven by the consolidation of Johnson, three new Paris Stores opened since 3Q11 (Osorno, Costanera and Rancagua) and a 5.2% increase in SSS. Paris stores explain 10.6% of the sales growth.	
 
 	•	 	Shopping Center revenues grew 47.9% YoY, reaching CLP 46 billion after the opening of the Costanera Center and Portal Osorno in Chile.	
 
 	•	 	Financial Services operations showed an increase in revenues of 5.5% YoY, totaling CLP 72 bn, reflecting higher revenues from Argentina and Peru due to a larger portfolio versus a year ago.	
Revenues by Business 3

Gross Margin

 	  	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	USD MM	 	 	MMCLP as of September 30th	 	 	USD	 	 	MMCLP as of September 30th	 	 	USD	 	
 	  	2012	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	
Gross Profit	  	 	1,320	  	 	 	625,392	  	 	 	527,820	  	 	 	18.5	% 	 	 	30.5	% 	 	 	1,852,610	  	 	 	1,553,501	  	 	 	19.3	% 	 	 	31.3	% 	
Supermarkets	  	 	844	  	 	 	400,059	  	 	 	341,960	  	 	 	17.0	% 	 	 	28.8	% 	 	 	1,200,379	  	 	 	982,961	  	 	 	22.1	% 	 	 	34.5	% 	
Home Improvement	  	 	184	  	 	 	87,345	  	 	 	71,165	  	 	 	22.7	% 	 	 	35.2	% 	 	 	248,667	  	 	 	208,461	  	 	 	19.3	% 	 	 	31.4	% 	
Department Stores	  	 	106	  	 	 	50,110	  	 	 	39,836	  	 	 	25.8	% 	 	 	38.5	% 	 	 	160,190	  	 	 	128,765	  	 	 	24.4	% 	 	 	37.0	% 	
Shopping Centers	  	 	82	  	 	 	39,039	  	 	 	26,027	  	 	 	50.0	% 	 	 	65.2	% 	 	 	98,477	  	 	 	77,820	  	 	 	26.5	% 	 	 	39.4	% 	
Financial Services	  	 	95	  	 	 	44,861	  	 	 	45,589	  	 	 	-1.6	% 	 	 	8.4	% 	 	 	135,029	  	 	 	148,191	  	 	 	-8.9	% 	 	 	0.3	% 	
Others	  	 	8	  	 	 	3,977	  	 	 	3,244	  	 	 	22.6	% 	 	 	35.0	% 	 	 	9,868	  	 	 	7,302	  	 	 	-35.1	% 	 	 	48.8	% 	
										
Gross Margin (%)	  	 	28.4	% 	 	 	28.4	% 	 	 	28.3	% 	 	 	7.7 bps	  	 				 	 	28.2	% 	 	 	28.7	% 	 	 	-51.5 bps	  	 				

3  	Net revenues do not include revenues from the “Other” segment.	
 
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Gross margin for the quarter improved at 28.4% compared with 28.3% in 3Q11. Improved margins in the Home Improvement and Shopping Centers divisions were partially offset by lower margins in the Department Stores (after the consolidation of Johnson) and Financial Services divisions.

Gross Margin 4 by Business

 
 	•	 	Supermarkets gross margin was 24.8%, remaining almost flat YoY due mainly to the improvement in the Chilean and Peruvian operations, offset by costs associated with the integration of Prezunic in Brazil.	
 
 	•	 	Home Improvement gross margin increased to 33.4% in 3Q12 from 31.2% in 3Q11 mainly due to the improvement in the Chilean and Argentine operations. In the case of Chile, the increase was due to increased sales and higher volume discounts from suppliers generated during the 3Q12 as compared to the same period in 2011 in almost all categories. In the case of Argentina, the company has managed to transfer the increased costs stemming from high inflation rates on to its consumers. The effect of inflation was higher than devaluation of local currency. This is partially offset by a lower margin from Colombia due to two weeks of promotions in the month of September related to the anniversary of Easy in Colombia.	
 
 	•	 	Department Stores gross margin decreased from 25.5% in 3Q11 to 24.7% in 3Q12 reflecting the consolidation of Johnson and partially offset by a better performance of Paris Stores.	
 
 	•	 	Shopping Centers gross margin increased to 85.6% from 84.4% in 3Q11, due to the fact that the Chilean shopping business – with a higher gross margin than in Argentina and Peru – increased its participation in overall shopping revenues to more than 60% of the division.	
 
 	•	 	Financial Services posted a decrease in gross margin, reaching 62.4% in 3Q12 versus 66.9% in 3Q11, reflecting a higher charge related to risk in Chile (approximately CLP 2,500 million) and Peru (CLP 250 million), higher costs in Peru due to an increased portfolio reflecting a higher	

4  	Gross profit does not include gross profit from the “Other” segment.	
 
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 	volume of the financial business in Peru (CLP 400 million). On the other hand, Argentina improved its gross margin reflecting the higher portfolio (approximately +30% in local currency) and higher revenues from commissions due to more clients.	

Selling, General and Administrative Expenses (SG&A)

 	  	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	USD MM	 	 	MMCLP as of September 30th	 	 	USD	 	 	MMCLP as of September 30th	 	 	USD	 	
 	  	2012	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	
SG&A expenses	  	 	-1,077	  	 	 	-510,103	  	 	 	-413,595	  	 	 	23.3	% 	 	 	35.8	% 	 	 	-1,520,681	  	 	 	-1,194,912	  	 	 	27.3	% 	 	 	40.2	% 	
Supermarkets	  	 	-701	  	 	 	-331,951	  	 	 	-269,818	  	 	 	23.0	% 	 	 	35.5	% 	 	 	-1,001,576	  	 	 	-777,540	  	 	 	28.8	% 	 	 	41.9	% 	
Home Improvement	  	 	-145	  	 	 	-68,503	  	 	 	-58,918	  	 	 	16.3	% 	 	 	28.0	% 	 	 	-199,647	  	 	 	-168,466	  	 	 	18.5	% 	 	 	30.5	% 	
Department Stores	  	 	-109	  	 	 	-51,764	  	 	 	-38,697	  	 	 	33.8	% 	 	 	47.3	% 	 	 	-157,948	  	 	 	-114,297	  	 	 	38.2	% 	 	 	52.2	% 	
Shopping Centers	  	 	-14	  	 	 	-6,432	  	 	 	-6,157	  	 	 	4.5	% 	 	 	15.0	% 	 	 	-19,749	  	 	 	-15,884	  	 	 	24.3	% 	 	 	36.9	% 	
Financial Services	  	 	-59	  	 	 	-27,752	  	 	 	-21,868	  	 	 	26.9	% 	 	 	39.8	% 	 	 	-78,996	  	 	 	-67,168	  	 	 	17.6	% 	 	 	29.5	% 	
Others	  	 	-50	  	 	 	-23,701	  	 	 	-18,136	  	 	 	30.7	% 	 	 	43.9	% 	 	 	-62,765	  	 	 	-51,556	  	 	 	21.7	% 	 	 	34.1	% 	
										
SG&A Margin (%)	  	 	-23.2	% 	 	 	-23.2	% 	 	 	-22.2	% 	 	 	-97.1 bps	  	 				 	 	-23.2	% 	 	 	-22.1	% 	 	 	-106.1 bps	  	 				
SG&A expenses in 3Q12 were CLP 510,103 million, a 23.3% increase YoY, reflecting the Company’s increased revenues, the negative impact from the consolidation of Prezunic into the Brazilian supermarket operations, the increase in personnel expenses in Argentina and the integration of Johnson in the Department Stores segment.

 
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Operating Income

 	 	Third Quarter	 	 	Nine-Month, ended September 30 th 	 	
 	 	USD
MM	 	 	MMCLP as of
September 30th	 	 	USD	 	 	MMCLP as of September 30th	 	 	USD	 	
 	 	2012	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	
										
Operating Income	 	 	286	  	 	 	135,498	  	 	 	121,510	  	 	 	11.5	% 	 	 	22.8	% 	 	 	385,548	  	 	 	387,255	  	 	 	-0.4	% 	 	 	9.6	% 	
Supermarkets	 	 	147	  	 	 	69,720	  	 	 	75,924	  	 	 	-8.2	% 	 	 	1.1	% 	 	 	202,789	  	 	 	212,715	  	 	 	-4.7	% 	 	 	5.0	% 	
Home Improvement	 	 	40	  	 	 	18,891	  	 	 	12,298	  	 	 	53.6	% 	 	 	69.2	% 	 	 	49,173	  	 	 	40,117	  	 	 	22.6	% 	 	 	35.0	% 	
Department Stores	 	 	-4	  	 	 	-1,784	  	 	 	1,961	  	 	 	-191.0	% 	 	 	-200.2	% 	 	 	2,296	  	 	 	15,295	  	 	 	-85.0	% 	 	 	-83.5	% 	
Shopping Centers	 	 	108	  	 	 	51,037	  	 	 	25,463	  	 	 	100.4	% 	 	 	120.7	% 	 	 	136,355	  	 	 	87,949	  	 	 	55.0	% 	 	 	70.7	% 	
Financial Services	 	 	36	  	 	 	17,152	  	 	 	23,752	  	 	 	-27.8	% 	 	 	-20.5	% 	 	 	56,132	  	 	 	81,074	  	 	 	-30.8	% 	 	 	-23.8	% 	
Others	 	 	-41	  	 	 	-19,518	  	 	 	-17,890	  	 	 	-9.1	% 	 	 	20.2	% 	 	 	-61,197	  	 	 	-49,896	  	 	 	-22.6	% 	 	 	35.1	% 	
										
Operating Margin (%)	 	 	6.2	% 	 	 	6.2	% 	 	 	6.5	% 	 	 	-36.7 bps	  	 				 	 	5.9	% 	 	 	7.2	% 	 	 	-129.0 bps	  	 				
Operating Income 5 by Business

 
 	•	 	Supermarket operating income was CLP 69,720 million in 3Q12, compared with CLP 75,924 million in 3Q11, an 8% decrease YoY. The Company posted lower results from its Argentine operations as a result of wage increases. The Brazilian operation also posted lower operating income after the consolidation of Prezunic and lower results in GBarbosa. On the other hand, both the Chilean and Peruvian operations continued to report improved results.	
 
 	•	 	Home Improvement operating income was CLP 18,891 million in 3Q12, an increase of 54% YoY, primarily due to a better result from the Chilean operations. This is explained by two effects: better negotiations with suppliers and stronger control of SG&A related to logistic improvements from efficiency projects.	
 
 	•	 	Department Stores operating income in 3Q12 registered a loss of CLP 1,784 million versus CLP 1,961 million recorded in 3Q11. The result reflects the integration of Johnson stores with a third quarter loss of CLP 4,377 million. Isolating the performance of Paris Stores, operating income increased by 32% in 3Q12 versus the same period last year due to efficiency projects (reflecting lower SG&A expenses). The improvement in Paris margins is a reflection of its consolidation in the market and gain of scale on its operations. Even with the opening of new stores, due to the scale of operations and efficiency projects, Paris managed to improve its operating margin by 0.2%.	
 
 	•	 	Shopping Center operating income doubled versus 3Q11, reaching CLP 51,037 million, due to two openings in Chile and one in Peru. Additionally the increase is due to the revaluation of investment properties (CLP 18,430 million), in the case of Chile based on the incorporation of a better NPV of the real estate operations combined with a lower discount rate because of a	

5  	Operating income Graphics does not include income from the “Other” segment, Other income by function and Other gain (losses).	
 
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 	lower country risk and spread from Cencosud. In the case of Argentina, the higher country risk was compensated for by a better NPV of the real estate operations. Without this revaluation of assets, the operating income of the division accounted for CLP 32,229 million, a 53% increase versus 3Q11 due to the opening of Costanera and Osorno shopping malls in Chile, and Shopping Bajada Alta in Peru.	
 
 	•	 	Financial Services operating income decreased 28% reflecting higher costs due to higher SG&A in 3Q12 (CLP 5,520 million) in Chile, as a result of the incorporation of Johnson financial services in Chile and Bretas in Brazil.	
Non Operating Income 6 

 	  	Third Quarter	 	 	Nine-Month, ended September 30 th 	 	
 	  	MMCLP as of September 30th	 	 	MMCLP as of September 30th	 	
 	  	2012	 	  	2011	 	  	D %	 	 	2012	 	  	2011	 	  	D %	 	
Non Operating Income	  				  				  				 				  				  				
Participation in profit or loss of equity method associates	  	 	1,247	  	  	 	910	  	  	 	37.0	% 	 	 	3,487	  	  	 	2,600	  	  	 	34.1	% 	
Financial Income	  	 	2,097	  	  	 	2.460	  	  	 	-14.8	% 	 	 	6,785	  	  	 	8.373	  	  	 	-19.0	% 	
Finance Costs [for Non-Financial Activities]	  	 	-48,303	  	  	 	-34,301	  	  	 	40.8	% 	 	 	-146,317	  	  	 	-103,585	  	  	 	41.3	% 	
Income (loss) from foreign exchange variations	  	 	6,487	  	  	 	-8,116	  	  	 	-179.9	% 	 	 	3,880	  	  	 	-10,074	  	  	 	-138.5	% 	
Result of indexation units	  	 	-2,652	  	  	 	-4.945	  	  	 	46.4	% 	 	 	-16,681	  	  	 	-21.722	  	  	 	-23.2	% 	
	  	 	-41,124	  	  	 	-43.993	  	  	 	-6.5	% 	 	 	-148,845	  	  	 	-124.407	  	  	 	19.6	% 	
In 3Q12, the Company registered a non-operating loss of CLP 41,124 million, compared to a non-operating loss of CLP 43,993 million in 3Q11. This result was mainly due to higher Income from foreign exchange variations partially offset by higher finance costs due to higher financial debt versus 3Q11 as a consequence of the acquisition of Prezunic and Johnson.
Net Income
Net income for the quarter was CLP 66,913 million, a 20% increase versus CLP 55,762 million recorded in 3Q11 primarily due to a higher operating result and income from foreign exchange variations.
EBITDA

 	  	 	 	 	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	USD MM	 	 	MMCLP as of September 30th	 	 	US$	 	 	MMCLP as of September 30th	 	 	US$	 	
 	  	2012	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	 	2012	 	 	2011	 	 	D %	 	 	D %	 	
EBITDA	  	 	374	  	 	 	176,995	  	 	 	138,652	  	 	 	27.7	% 	 	 	40.6	% 	 	 	479,179	  	 	 	445,334	  	 	 	7.6	% 	 	 	18.5	% 	
Supermarkets	  	 	193	  	 	 	91,484	  	 	 	94,388	  	 	 	-3.1	% 	 	 	6.7	% 	 	 	265,332	  	 	 	267,674	  	 	 	-0.9	% 	 	 	9.2	% 	
Home Improvement	  	 	49	  	 	 	23,429	  	 	 	16,362	  	 	 	43.2	% 	 	 	57.7	% 	 	 	62,217	  	 	 	52,450	  	 	 	18.6	% 	 	 	30.6	% 	
Department Stores	  	 	9	  	 	 	4,289	  	 	 	6,275	  	 	 	-31.6	% 	 	 	-24.7	% 	 	 	21,594	  	 	 	28,011	  	 	 	-22.9	% 	 	 	-15.1	% 	
Shopping Centers	  	 	112	  	 	 	53,081	  	 	 	26,929	  	 	 	97.1	% 	 	 	117.1	% 	 	 	141,525	  	 	 	92,247	  	 	 	53.4	% 	 	 	69.0	% 	
Financial Services	  	 	38	  	 	 	18,059	  	 	 	24,483	  	 	 	-26.2	% 	 	 	-18.8	% 	 	 	58,587	  	 	 	83,319	  	 	 	-29.7	% 	 	 	-22.6	% 	
Others	  	 	-28	  	 	 	-13,348	  	 	 	-29,785	  	 	 	-55.2	% 	 	 	-50.6	% 	 	 	-70,076	  	 	 	-78,366	  	 	 	10.6	% 	 	 	-1.5	% 	
										
EBITDA Margin (%)	  	 	8.0	% 	 	 	8.0	% 	 	 	7.4	% 	 	 	59.8 bps	  	 				 	 	7.3	% 	 	 	8.2	% 	 	 	-93.8 bps	  	 				
Consolidated EBITDA for the quarter increased 27.7%, reaching CLP 176,995 million, compared to CLP 138,652 million in 3Q11. In addition, EBITDA margin grew 60 bps after the better results from Shopping Center and Home Improvement divisions.

6  	Non Operating Income includes “Participation in profit or loss of equity method associates” that was previously included in Operating Income. The Chilean Superintendence of Securities and Insurance, “ Superintendencia de Valores y Seguros ” or SVS, published a new model presentation of financial Statements 2012, on March 21 2012, where byOperating Results now includes Other Gain (Losses)	
 
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 Analysis by Business and Country
Hypermarkets & Supermarkets
 
SUPERMARKETS SELLING SPACE
SquareMeters
as of September 30th

 	  	N° of
Stores	 	  	Selling
space	 	  	%
leased	 	
Chile	  	 	163	  	  	 	227.683	  	  	 	66	% 	
Argentina	  	 	256	  	  	 	351.068	  	  	 	55	% 	
Peru	  	 	63	  	  	 	153.156	  	  	 	52	% 	
Brasil	  	 	163	  	  	 	361.473	  	  	 	97	% 	

Total	  	 	645	  	  	 	1.093.381	  	  				
	  	 	 	 	  	 	 	 	  				
HYPERMARKETS SELLING SPACE
SquareMeters
as of September 30th

 	  	N° of
Stores	 	  	Selling
space	 	  	%
leased	 	
Chile	  	 	40	  	  	 	277.982	  	  	 	20	% 	
Argentina	  	 	23	  	  	 	161.349	  	  	 	9	% 	
Peru	  	 	14	  	  	 	91.176	  	  	 	43	% 	
Brasil	  	 	35	  	  	 	133.583	  	  	 	86	% 	

Total	  	 	112	  	  	 	664.089	  	  				
	  	 	 	 	  	 	 	 	  				
OTHERS SELLING
SPACE
SquareMeters
as of September 30th

 	  	N° of
Stores	 	  	Selling
space	 	  	%
leased	 	
Chile	  				  				  				
Argentina	  				  				  				
Peru	  				  				  				
Brasil	  	 	154	  	  	 	17.985	  	  	 	100	% 	

Total	  	 	154	  	  	 	17.985	  	  				

 
Chile
CHILE - HYPERMARKETS & SUPERMARKETS

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	6.6	% 	 	 	5.5	% 	 	 	5.2	% 	 				 	 	5.8	% 	 	 	5.6	%	 				
2011	  	 	5.4	% 	 	 	4.4	% 	 	 	4.6	% 	 	 	4.6	% 	 	 	4.9	% 	 	 	4.8	% 	 	 	4.7	% 	
2010	  	 	3.0	% 	 	 	4.5	% 	 	 	7.0	% 	 	 	8.6	% 	 	 	3.7	% 	 	 	4.9	% 	 	 	5.9	% 	
N° Same Store Tickets 7	  				 				 				 				 				 				 				
2012	  	 	9.2	% 	 	 	-2.5	% 	 	 	-1.9	% 	 				 	 	3.3	% 	 	 	1.5	% 	 				
2011	  	 	4.7	% 	 	 	-2.2	% 	 	 	-3.6	% 	 	 	-2.5	% 	 	 	1.2	% 	 	 	-0.5	% 	 	 	-1.1	% 	
2010	  	 	-4.4	% 	 	 	-0.2	% 	 	 	-1.9	% 	 	 	0.0	% 	 	 	-2.3	% 	 	 	-2.1	% 	 	 	-1.6	% 	
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	-2.4	% 	 	 	7.6	% 	 	 	7.2	% 	 				 	 	2.4	% 	 	 	4.0	% 	 				
2011	  	 	0.7	% 	 	 	6.7	% 	 	 	8.5	% 	 	 	7.3	% 	 	 	3.7	% 	 	 	5.3	% 	 	 	5.8	% 	
2010	  	 	7.7	% 	 	 	4.7	% 	 	 	9.0	% 	 	 	8.7	% 	 	 	6.1	% 	 	 	7.1	% 	 	 	7.6	% 	
 
*	Measured in local currency.	
The SSS figures in the third quarter are primarily driven by improved results in Jumbo (8.1%) vs. Santa Isabel, which obtained an improvement of 1.4%.

 

7  	The number of tickets refers to the number of receipts.	
 
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Argentina
ARGENTINA - HYPERMARKETS & SUPERMARKETS

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	22.3	% 	 	 	19.2	% 	 	 	16.9	% 	 				 	 	20.6	% 	 	 	19.6	%	 				
2011	  	 	23.8	% 	 	 	23.0	% 	 	 	22.9	% 	 	 	22.8	% 	 	 	23.4	% 	 	 	23.2	% 	 	 	22.5	% 	
2010	  	 	21.4	% 	 	 	25.9	% 	 	 	27.0	% 	 	 	26.3	% 	 	 	23.7	% 	 	 	24.8	% 	 	 	25.2	% 	
N° Same Store Tickets	  				 				 				 				 				 				 				
2012	  	 	-0.8	% 	 	 	-0.8	% 	 	 	-2.0	%	 				 	 	-0.8	% 	 	 	-2.0	%	 				
2011	  	 	-4.7	% 	 	 	-4.9	% 	 	 	-4.3	% 	 	 	-2.4	% 	 	 	-4.8	% 	 	 	-4.6	% 	 	 	-4.1	% 	
2010	  	 	-2.2	% 	 	 	-0.9	% 	 	 	-1.2	% 	 	 	-2.8	% 	 	 	-1.5	% 	 	 	-1.4	% 	 	 	-1.8	% 	
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	23.3	% 	 	 	20.2	% 	 	 	19.3	%	 				 	 	21.6	%	 	 	22.0	% 	 				
2011	  	 	29.8	% 	 	 	29.4	% 	 	 	28.5	% 	 	 	25.8	% 	 	 	29.6	% 	 	 	29.2	% 	 	 	28.3	% 	
2010	  	 	24.1	% 	 	 	27.0	% 	 	 	28.5	% 	 	 	29.9	% 	 	 	25.6	% 	 	 	26.6	% 	 	 	27.5	% 	
 
*	Measured in local currency.	

Brazil
BRAZIL - HYPERMARKETS & SUPERMARKETS

   	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	2.6	% 	 	 	1.7	% 	 	 	-2.8	% 	 				 	 	2.2	% 	 	 	0.5	% 	 				
2011	  	 	4.6	% 	 	 	3.5	% 	 	 	0.0	% 	 	 	-0.3	% 	 	 	4.0	% 	 	 	2.5	% 	 	 	1.4	% 	
2010	  	 	11.0	% 	 	 	4.5	% 	 	 	8.2	% 	 	 	5.1	% 	 	 	7.6	% 	 	 	7.8	% 	 	 	7.1	% 	
N° Same Store Tickets	  				 				 				 				 				 				
2012	  	 	-3.1	% 	 	 	-4.4	% 	 	 	-6.1	% 	 				 	 	-3.7	% 	 	 	-4.5	% 	 				
2011	  	 	-2.0	% 	 	 	5.7	% 	 	 	0.9	% 	 	 	-12.9	% 	 	 	1.8	% 	 	 	1.5	% 	 	 	-4.4	% 	
2010	  	 	1.6	% 	 	 	-4.7	% 	 	 	-3.5	% 	 	 	-5.3	% 	 	 	-1.6	% 	 	 	-2.2	% 	 	 	-3.0	% 	
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	5.9	% 	 	 	6.4	% 	 	 	3.6	% 	 				 	 	6.1	% 	 	 	5.2	% 	 				
2011	  	 	6.7	% 	 	 	-2.1	% 	 	 	-0.9	% 	 	 	14.4	% 	 	 	2.2	% 	 	 	1.0	% 	 	 	6.2	% 	
2010	  	 	9.2	% 	 	 	9.7	% 	 	 	12.2	% 	 	 	10.9	% 	 	 	9.4	% 	 	 	10.3	% 	 	 	10.4	% 	
 
*	Measured in local currency.	
*	Figures only for Gbarbosa stores.	

BRAZIL - PREZUNIC

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	  	6M	 	 	9M	 	 	12M	
Nominal Same Store Sales	  				 				 				 		  				 				 		
2012	  	 	11,5	% 	 	 	10,0	% 	 	 	7.2	% 	 		  	 	10,7	% 	 	 	9.5	% 	 		
Prezunic, our chain based in Rio de Janeiro, reported positive SSS increases during the year. The overall performance in Brazil has been affected by the implementation of a single SAP platform for supermarkets in Brazil. The operations have been stabilized in Gbarbosa, and the company is in the process of recovering the sales lost due to the SAP implementation.

 
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Peru
PERU - HYPERMARKETS & SUPERMARKETS

   	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	8.6	% 	 	 	4.3	% 	 	 	1.8	% 	 				 	 	6.4	% 	 	 	4.8	% 	 				
2011	  	 	1.7	% 	 	 	4.5	% 	 	 	10.4	% 	 	 	8.7	% 	 	 	3.1	% 	 	 	5.6	% 	 	 	6.5	% 	
2010	  	 	-2.6	% 	 	 	-3.3	% 	 	 	-2.2	% 	 	 	-1.4	% 	 	 	-3.0	% 	 	 	-2.7	% 	 	 	-2.3	% 	
N° Same Store Tickets 	  				 				 				 				 				 				 				
2012	  	 	1.5	% 	 	 	0.2	% 	 	 	-1.2	% 	 				 	 	0.8	% 	 	 	0.1	% 	 				
2011	  	 	-2.2	% 	 	 	-1.8	% 	 	 	0.0	% 	 	 	0.8	% 	 	 	-2.0	% 	 	 	-1.3	% 	 	 	-0.8	% 	
2010	  	 	-0.7	% 	 	 	0.3	% 	 	 	-0.3	% 	 	 	-1.9	% 	 	 	-0.2	% 	 	 	-0.2	% 	 	 	-0.7	% 	
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	7.0	% 	 	 	4.1	% 	 	 	3.1	% 	 				 	 	5.5	% 	 	 	4.7	% 	 				
2011	  	 	3.9	% 	 	 	6.5	% 	 	 	10.4	% 	 	 	7.8	% 	 	 	5.2	% 	 	 	7.0	% 	 	 	7.3	% 	
2010	  	 	-1.9	% 	 	 	-3.6	% 	 	 	-1.9	% 	 	 	0.5	% 	 	 	-2.7	% 	 	 	-2.5	% 	 	 	-1.7	% 	
 
*	Measured in local currency.	

Home Improvement Stores
HOME IMPROVEMENT SELLING SPACE
SquareMeters
as of September 30th

 	  	N° of
Stores	 	  	Selling
space	 	  	% leased	 	
Chile Easy	  	 	31	  	  	 	291.797	  	  	 	22,6	% 	
Argentina Easy	  	 	48	  	  	 	390.985	  	  	 	22,9	% 	
Colombia Easy	  	 	4	  	  	 	34.309	  	  	 	75,0	% 	
	  	 	 	 	  	 	 	 	  				
Total	  	 	83	  	  	 	717.091	  	  				
	  	 	 	 	  	 	 	 	  				
Chile
EASY CHILE - HOME IMPROVEMENT STORES

   	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	3.1	% 	 	 	7.8	% 	 	 	8.6	% 	 				 	 	5.3	% 	 	 	6.4	% 	 				
2011	  	 	11.2	% 	 	 	1.7	% 	 	 	1.6	% 	 	 	4.8	% 	 	 	6.4	% 	 	 	4.9	% 	 	 	4.9	% 	
2010	  	 	27.3	% 	 	 	27.6	% 	 	 	24.3	% 	 	 	16.9	% 	 	 	27.4	% 	 	 	26.4	% 	 	 	23.7	% 	
N° Same Store Tickets	  				 				 				 				 				 				 				
2012	  	 	0.9	% 	 	 	-0.1	% 	 	 	1.6	%	 				 	 	0.4	% 	 	 	0.8	%	 				
2011	  	 	11.0	% 	 	 	5.1	% 	 	 	5.8	% 	 	 	5.2	% 	 	 	8.0	% 	 	 	7.3	% 	 	 	6.7	% 	
2010	  	 	15.1	% 	 	 	15.6	% 	 	 	14.2	% 	 	 	13.2	% 	 	 	15.4	% 	 	 	15.0	% 	 	 	14.5	% 	
								
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	2.1	% 	 	 	7.9	%	 	 	6.9	%	 				 	 	4.9	% 	 	 	5.5	%	 				
2011	  	 	0.2	% 	 	 	-3.2	% 	 	 	-4.0	% 	 	 	-0.4	% 	 	 	-1.5	% 	 	 	-2.3	% 	 	 	-1.7	% 	
2010	  	 	10.5	% 	 	 	10.4	% 	 	 	8.8	% 	 	 	3.3	% 	 	 	10.5	% 	 	 	9.9	% 	 	 	8.1	% 	
 
*	Measured in local currency.	

 
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Argentina
EASY ARGENTINA - HOME IMPROVEMENT STORES

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	30.0	% 	 	 	31.0	% 	 	 	28.3	% 	 				 	 	30.5	% 	 	 	29.7	% 	 				
2011	  	 	28.0	% 	 	 	26.2	% 	 	 	34.2	% 	 	 	38.3	% 	 	 	27.1	% 	 	 	29.7	% 	 	 	32.3	% 	
2010	  	 	22.7	% 	 	 	29.0	% 	 	 	23.3	% 	 	 	35.2	% 	 	 	25.8	% 	 	 	24.9	% 	 	 	27.8	% 	
N° Same Store Tickets	  				 				 				 				 				 				 				
2012	  	 	2.8	% 	 	 	4.4	% 	 	 	-0.5	% 	 				 	 	3.6	% 	 	 	2.2	% 	 				
2011	  	 	1.1	% 	 	 	1.5	% 	 	 	5.0	% 	 	 	10.0	% 	 	 	1.3	% 	 	 	2.6	% 	 	 	4.6	% 	
2010	  	 	0.1	% 	 	 	2.3	% 	 	 	-2.0	% 	 	 	3.8	% 	 	 	1.1	% 	 	 	0.1	% 	 	 	1.0	% 	
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	27.0	% 	 	 	25.5	% 	 	 	29.0	%	 				 	 	26.0	% 	 	 	27.0	% 	 				
2011	  	 	26.6	% 	 	 	24.3	% 	 	 	27.8	% 	 	 	25.8	% 	 	 	25.5	% 	 	 	26.4	% 	 	 	26.5	% 	
2010	  	 	22.6	% 	 	 	26.2	% 	 	 	25.8	% 	 	 	30.3	% 	 	 	24.4	% 	 	 	24.8	% 	 	 	26.5	% 	
 
*	Measured in local currency.	
SSS does not include Blaisten stores.

Colombia
COLOMBIA - HOME IMPROVEMENT STORES

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	11.2	% 	 	 	5.3	%	 	 	10.2	%	 				 	 	8.3	%	 	 	8.9	%	 				
2011	  	 	6.7	% 	 	 	12.1	% 	 	 	11.6	% 	 	 	13.9	% 	 	 	10.3	% 	 	 	10.8	% 	 	 	11.8	% 	
2010	  	 	-0.1	% 	 	 	-10.9	% 	 	 	-3.9	% 	 	 	-0.6	% 	 	 	-5.7	% 	 	 	-5.1	% 	 	 	-3.6	% 	
N° Same Store Tickets	  				 				 				 				 				 				 				
2012	  	 	5.9	% 	 	 	2.3	%	 	 	3.9	% 	 				 	 	4.1	% 	 	 	4.0	%	 				
2011	  	 	-10.9	% 	 	 	-10.3	% 	 	 	-5.5	% 	 	 	-2.0	% 	 	 	-10.5	% 	 	 	-8.5	% 	 	 	-6.5	% 	
2010	  	 	3.2	% 	 	 	-1.0	% 	 	 	4.5	% 	 	 	0.1	% 	 	 	1.1	% 	 	 	2.2	% 	 	 	1.5	% 	
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	5.0	% 	 	 	3.0	%	 	 	6.0	%	 				 	 	4.0	% 	 	 	4.7	%	 				
2011	  	 	19.8	% 	 	 	24.9	% 	 	 	18.0	% 	 	 	16.2	% 	 	 	23.2	% 	 	 	21.1	% 	 	 	19.6	% 	
2010	  	 	-3.2	% 	 	 	-10.0	% 	 	 	-8.1	% 	 	 	-0.7	% 	 	 	-6.8	% 	 	 	-7.2	% 	 	 	-4.9	% 	
 
*	Measured in local currency.	

 
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Department Stores
DEPARTMENT STORES CHILE SELLING SPACE
SquareMeters
as of September 30th

 	  	N° of
Stores	 	  	Selling
space	 	  	% leased	 	
Paris Stores	  	 	38	  	  	 	257.446	  	  	 	63	% 	
Johnson Stores	  	 	39	  	  	 	115.722	  	  	 	3	% 	
	  	 	 	 	  	 	 	 	  				
Total	  	 	77	  	  	 	373.168	  	  				
	  	 	 	 	  	 	 	 	  				
Department Store net revenues for the quarter were CLP 202,714 million, up 30.0% YoY. This growth is mainly due to the consolidation of Johnson Department Stores, which added CLP30,224 million of sales as well as growth of 11% in revenues from Paris. The higher revenues from Paris stores are due to a growth of +5.2% in SSS with improvement in all categories, especially in clothing and the opening of three new stores, Osorno, Costanera and Rancagua Rex.
PARIS - DEPARTMENT STORES

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	6M	 	 	9M	 	 	12M	 	
Nominal Same Store Sales	  				 				 				 				 				 				 				
2012	  	 	9.4	% 	 	 	5.5	% 	 	 	5.2	%	 				 	 	7.3	% 	 	 	6.6	%	 				
2011	  	 	17.9	% 	 	 	-1.9	% 	 	 	3.5	% 	 	 	4.7	% 	 	 	6.4	% 	 	 	5.4	% 	 	 	5.2	% 	
2010	  	 	11.1	% 	 	 	30.8	% 	 	 	22.4	% 	 	 	15.4	% 	 	 	21.7	% 	 	 	22.0	% 	 	 	19.7	% 	
N° Same Store Tickets	  				 				 				 				 				 				 				
2012	  	 	3.3	% 	 	 	-0.6	% 	 	 	-0.1	% 	 				 	 	1.4	% 	 	 	0.9	% 	 				
2011	  	 	17.4	% 	 	 	2.0	% 	 	 	-0.3	% 	 	 	-0.1	% 	 	 	9.4	% 	 	 	6.0	% 	 	 	3.9	% 	
2010	  	 	-4.7	% 	 	 	21.8	% 	 	 	22.9	% 	 	 	13.3	% 	 	 	7.5	% 	 	 	12.5	% 	 	 	12.7	% 	
SS Average Ticket Nominal	  				 				 				 				 				 				 				
2012	  	 	5.7	% 	 	 	6.2	% 	 	 	5.3	% 	 				 	 	5.9	% 	 	 	5.6	% 	 				
2011	  	 	0.4	% 	 	 	-3.9	% 	 	 	3.8	% 	 	 	4.8	% 	 	 	-2.7	% 	 	 	-0.5	% 	 	 	1.2	% 	
2010	  	 	16.5	% 	 	 	7.4	% 	 	 	-0.4	% 	 	 	1.9	% 	 	 	13.2	% 	 	 	8.4	% 	 	 	6.2	% 	
 
*	Measured in local currency.	
**	SSS does not include Umbrale and Foster stores.	
Gross profit for the quarter increased 25.8% YoY, to CLP 62,657 million. Gross margin fell to 24.7% in 3Q12, from 25.5% in 3Q11, as a result of the integration of Johnson, which registered a margin of 19.8% in 3Q12. This impact was partially offset by an improvement in the margin of Paris stores to 25.6% in 3Q12.

Department Store operating income in 3Q12 was a loss of CLP 1,784 million, compared with CLP 1,961 million in 3Q11 primarily due to the ongoing integration of Johnson. Only considering Paris stores, operating income increased 32.2% accounting CLP 2,592 million, with an increase in gross margin and adequate growth in SG&A expenses, reaching 24.3% to 24.1% even with 3 more stores than 3Q11, due to the Company’s continuous efforts to improve efficiency.
Department Store EBITDA reached CLP 4,289 million, with a margin of 2.1%. Only considering Paris stores, the margin was 4.4% in 3Q12, which represents an EBITDA growth of 22.3%. Moreover, during this quarter Johnson showed a negative EBITDA of CLP 3,383 million, compared with the negative EBITDA of CLP 4,790 million in 1Q 2012 and CLP 1,093 million in 2Q12. This higher EBITDA loss in 3Q12 is due to the seasonality of the business.
 
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Shopping Centers
SHOPPING CENTERS LEASED AREA
SquareMeters
as of September 30th

 	  	Nº
shopping	 	  	leased
area	 	
Chile	  	 	11	  	  	 	430.621	  	
Argentina	  	 	14	  	  	 	228.396	  	
Peru	  	 	3	  	  	 	50.517	  	
	  	 	 	 	  	 	 	 	
Total	  	 	28	  	  	 	709.535	  	

Financial Services
Chile 8 
Credit Card Loan Portfolio ( USD MM) 9 

 	  	Q1	 	  	Q2	 	  	Q3	 	  	Q4	 	
2012	  	 	862	  	  	 	819	  	  	 	859	  	  				
2011	  	 	847	  	  	 	881	  	  	 	768	  	  	 	861	  	
2010	  	 	685	  	  	 	662	  	  	 	741	  	  	 	888	  	

8  	Chilean figures do not include Johnson portfolio.	
9  	The loan portfolio and stock of provisions includes 100% of the portfolio in Chile, including CLP 54,534 million of the portfolio sold to Banco Paris on a monthly basis since November, 2008.	
 
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Credit Card Provisions / Loans 10 

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
2012	  	 	7.6	% 	 	 	7.9	% 	 	 	8.0	%	 				
2011	  	 	7.2	% 	 	 	7.5	% 	 	 	7.5	% 	 	 	7.2	% 	
2010	  	 	11.1	% 	 	 	9.4	% 	 	 	9.5	% 	 	 	7.6	% 	
Average loan per customer

 	  	Q1	 	  	Q2	 	  	Q3	 	  	Q4	 	
2012	  	 	260,853	  	  	 	257,918	  	  	 	256,281	  	  				
2011	  	 	238,800	  	  	 	241,236	  	  	 	245,951	  	  	 	274,083	  	
2010	  	 	218,109	  	  	 	219,808	  	  	 	215,455	  	  	 	239,363	  	
Duration (days)

 	  	Q1	 	  	Q2	 	  	Q3	 	  	Q4	 	
2012	  	 	148	  	  	 	144	  	  	 	136	  	  				
2011	  	 	161	  	  	 	162	  	  	 	158	  	  	 	151	  	
2010	  	 	175	  	  	 	169	  	  	 	163	  	  	 	163	  	
Monthly statements of account issued in Chile (thousands)

 	  	Q1	 	  	Q2	 	  	Q3	 	  	Q4	 	
2012	  	 	1,759	  	  	 	1,719	  	  	 	1,724	  	  				
2011	  	 	1,826	  	  	 	1,825	  	  	 	1,819	  	  	 	1,759	  	
2010	  	 	1,786	  	  	 	1,746	  	  	 	1,773	  	  	 	1,787	  	
Write-Offs Net / Loans 11 

 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
2012	  	 	12.8	% 	 	 	12.2	% 	 	 	12.9	% 	 				
2011	  	 	6.5	% 	 	 	7.0	% 	 	 	8.2	% 	 	 	8.9	% 	
2010	  	 	16.6	% 	 	 	15.5	% 	 	 	13.1	% 	 	 	11.9	% 	
Write-Offs Net (MM $)

 	  	Q1	 	  	Q2	 	  	Q3	 	  	Q4	 	
2012	  	 	13,720	  	  	 	25,677	  	  	 	40,391	  	  				
2011	  	 	6,608	  	  	 	14,231	  	  	 	25,001	  	  	 	36,385	  	
2010	  	 	15,179	  	  	 	28,111	  	  	 	35,590	  	  	 	43,663	  	
% Sales With Credit Cards Over Total Sales

 	  	 	 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
Hypermarkets – Chile	  	 	2012	  	  	 	18.0	% 	 	 	18.7	% 	 	 	18.5	% 	 				
	  	 	2011	  	  	 	20.5	% 	 	 	21.4	% 	 	 	20.4	% 	 	 	19.8	% 	
	  	 	2010	  	  	 	18.7	% 	 	 	20.3	% 	 	 	22.0	% 	 	 	23.0	% 	
Supermarkets – Chile	  	 	2012	  	  	 	7.5	% 	 	 	7.8	% 	 	 	8.4	% 	 				
	  	 	2011	  	  	 	8.1	% 	 	 	8.6	% 	 	 	7.9	% 	 	 	7.9	% 	
	  	 	2010	  	  	 	7.3	% 	 	 	7.8	% 	 	 	8.8	% 	 	 	9.0	% 	
Department stores – Chile	  	 	2012	  	  	 	46.9	% 	 	 	50.0	% 	 	 	50.0	% 	 				
	  	 	2011	  	  	 	50.5	% 	 	 	55.8	% 	 	 	52.6	% 	 	 	53.6	% 	
	  	 	2010	  	  	 	49.9	% 	 	 	56.3	% 	 	 	54.8	% 	 	 	54.7	% 	
Home Improvement – Chile	  	 	2012	  	  	 	19.6	% 	 	 	19.2	% 	 	 	19.3	% 	 				
	  	 	2011	  	  	 	20.7	% 	 	 	21.6	% 	 	 	20.4	% 	 	 	20.5	% 	
	  	 	2010	  	  	 	21.8	% 	 	 	19.8	% 	 	 	20.6	% 	 	 	23.0	% 	

 

10	The ratio Provisions / Loan does not include CLP 3,533 million of anti-cyclical provisions registered in 1Q12, which is in accordance with the best practices of the banking industry, and in line with Basil III regulations to anticipate future changes in the macroeconomic environment.	
11	Corresponds to the net write offs of recovery annualized measured over the average loan portfolio for the period.	
 
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Argentina
Credit Card Loan Portfolio (USD MM)

 	  	 	 	  	March	 	  	June	 	  	Sep	 	  	Dec	 	
Argentina	  	 	2012	  	  	 	239	  	  	 	237	  	  	 	242	  	  				
	  	 	2011	  	  	 	185	  	  	 	193	  	  	 	205	  	  	 	243	  	
	  	 	2010	  	  	 	77	  	  	 	97	  	  	 	129	  	  	 	176	  	
Credit Card Provisions / Loans 12 

 	  	 	 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
Argentina Risk ratio	  	 	2012	  	  	 	6.9	% 	 	 	6.0	% 	 	 	6.0	%	 				
	  	 	2011	  	  	 	8.4	% 	 	 	10.0	% 	 	 	10.1	% 	 	 	7.6	% 	
	  	 	2010	  	  	 	10.2	% 	 	 	9.3	% 	 	 	8.5	% 	 	 	7.5	% 	
% Sales With Credit Cards Over Total Sales

 	  	 	 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
Hyper/Supermarkets	  	 	2012	  	  	 	7.9	% 	 	 	8.7	% 	 	 	8.7	% 	 				
	  	 	2011	  	  	 	6.8	% 	 	 	7.3	% 	 	 	7.9	% 	 	 	9.1	% 	
	  	 	2010	  	  	 	4.3	% 	 	 	5.4	% 	 	 	6.7	% 	 	 	7.4	% 	
Home Improvement	  	 	2012	  	  	 	16.0	% 	 	 	17.1	% 	 	 	16.5	% 	 				
	  	 	2011	  	  	 	14.9	% 	 	 	15.0	% 	 	 	15.3	% 	 	 	18.2	% 	
	  	 	2010	  	  	 	7.2	% 	 	 	9.9	% 	 	 	13.8	% 	 	 	15.6	% 	

Peru
% Sales With Credit Cards Over Total Sales

 	  	 	 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
Hyper/Supermarkets	  	 	2012	  	  	 	7.6	% 	 	 	8.6	% 	 	 	8.3	% 	 				
	  	 	2011	  	  	 	5.2	% 	 	 	8.1	% 	 	 	6.8	% 	 	 	7.0	% 	
	  	 	2010	  	  	 	8.5	% 	 	 	8.8	% 	 	 	5.4	% 	 	 	4.7	% 	

 

12	Since December 2011, the Company started the write off of bad loans that are past due over 180 days, which are 100% provisioned, following the internal criteria of Cencosud. Due to the change in the criteria, the provisions/loans indicator decreased. Using comparable basis (considering in both periods the loan portfolio that is under 180 days past due), the ratios were 5.1% for September 2012 and 5.6% for September 2011.	
 
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Brazil
% Sales With Credit Cards Over Total Sales

 	  	 	 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
Hyper/Supermarkets-Brazil	  	 	2012	  	  	 	41.1	% 	 	 	42.3	% 	 	 	42.2	% 	 				
	  	 	2011	  	  	 	42.0	% 	 	 	44.0	% 	 	 	44.2	% 	 	 	43.5	% 	
	  	 	2010	  	  	 	43.1	% 	 	 	45.1	% 	 	 	46.7	% 	 	 	47.1	% 	
	
Credit Card Loan Portfolio (M Reales)

 	  	 	 	  	March	 	 	June	 	 	Sep	 	 	Dec	 	
Brazil	  	 	2012	  	  	 	425,992	  	 	 	432,652	  	 	 	411,920	  	 				
	  	 	2011	  	  	 	385,201	  	 	 	405,635	  	 	 	410,605	  	 	 	438,790	  	
	  	 	2010	  	  	 	318,685	  	 	 	328,995	  	 	 	339,600	  	 	 	380,637	  	
	
Credit Card Provisions / Loans

 	  	 	 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	
Brazil Risk ratio	  	 	2012	  	  	 	6.4	% 	 	 	7.1	% 	 	 	6.9	% 	 				
	  	 	2011	  	  	 	2.8	% 	 	 	3.7	% 	 	 	4.1	% 	 	 	3.9	% 	
	  	 	2010	  	  	 	2.2	% 	 	 	2.5	% 	 	 	2.4	% 	 	 	2.3	% 	
 Capex
Cencosud’s total proceeds used in investment activities amounted to CLP 107,168 million in 3Q12. Capex related to organic growth in 3Q12 were CLP 115,113 million.
Store Network
In 3Q12, the Company opened 28 new stores and closed 2 stores. In Chile, the Company opened a total of 5 Santa Isabel supermarkets, 4 Jumbo supermarkets and 2 Jumbo hypermarkets and closed 1 supermarket. Additionally Cencosud opened 1 department store Paris, 1 home improvement and 1 shopping center. In Argentina the company registered a net opening of 5 supermarkets. In the case of Peru, we opened 2 supermarkets and 1 shopping center. Finally, in the case of Brazil we opened 3 supermarkets and 1 hypermarket.
RECENT OPENINGS

Country	  	Business	  	Selling space	 	  	Status	
Chile	  	1 Home Improvement	  	Easy	  	 	8,643	  	  	Opened	
	  	1 Department Stores	  	Paris	  	 	3,555	  	  	Opened	
	  	5 Supermarkets	  	Santa Isabel	  	 	8,100	  	  	Opened	
	  	1 Supermarkets	  	Santa Isabel	  	 	1,493	  	  	Closed	
	  	1 Shopping Center	  	Portal Osorno	  	 	8,362	  	  	Opened	
	  	4 Supermarkets	  	Jumbo	  	 	8,526	  	  	Opened	
	  	2 Hypermarkets	  	Jumbo	  	 	14,799	  	  	Opened	
Argentina	  	6 Supermarkets	  	Disco	  	 	6,917	  	  	Opened	
	  	1 Supermarket	  	Vea	  	 	1,208	  	  	Closed	
	  	1 Shopping Center	  	Salta	  	 	5,638	  	  	Opened	
Peru	  	2 Supermarkets	  	Metro and Wong	  	 	3,404	  	  	Opened	
	  	1 Shopping Center	  	Bajada Balta	  	 	1,196	  	  	Opened	
Brazil	  	3 Supermarkets	  	Bretas and Gbarbosa	  	 	8,575	  	  	Opened	
	  	1 Hypermarkets	  	Mercantil Rodriguez	  	 	5,064	  	  	Opened	
At the end of September 2012 Cencosud operated 917 stores and 29 shopping centers.
The total increase of selling area in 3Q12 is 67,156 sq meters, after taking into account the remodeling of supermarkets, home improvement, department stores and shopping centers.
 
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 Balance Sheet Summary
Total assets increased by CLP 62.8 million to CLP 7,718 million compared with December 31, 2011. This increase is mainly due to the increase in goodwill after the acquisition of Prezunic, the third largest supermarket chain in Rio de Janeiro, Brazil.
Net debt, after netting cash and cash equivalents, as well as bank deposits and financial liabilities (including finance leases), totaled CLP 1,913 million compared to CLP 1,881 million as of December 31, 2011 due to additional debt incurred in connection with the acquisition of Prezunic.

On September 2012, the Company refinanced US 140 million for another year in to 2013. Part of 2012 installments are US 150 million of overdrafts in Argentina.
The Company used approximately CLP 353,189 million (equivalent to USD 260 million) of the net proceeds from the global offering and the preemptive rights offering to repay: i) all of our outstanding debt under our Santander Short-Term Loan on August 2, 2012 ii) approximately USD 205 million in short-term indebtedness owed to an affiliate of Banco Bilbao Vizcaya Argentaria, S.A. under our BBVA Short-Term Loan on July 27, 2012 iii) amounts drawn under our committed credit facility in the aggregate amount of USD 250 million, with an affiliate of J.P. Morgan and an affiliate of Morgan Stanley on July 27, 2012.
Liabilities diminished, reaching CLP 4,419 million on September 30, 2012 explained mainly by the purchase of Prezunic in January 2012, the consolidation of Johnson and the funding of the strong expansion of the group. In addition, including the Cross Currency Swaps, at September 30, 2012 37% of the Company’s debt was at variable-rate. After the increase in variable interest rates in Chile, the financial costs of the debt of the Group increased. As a result of these two factors, Cencosud decreased its coverage ratio to 3.77 times on September 30, 2012, compared with 6.61 times as of September 30, 2011.
 
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Financial Ratios 13 

(in times)	  	Sep-12	 	  	Sep-11	 	
Financial debt / Ebitda	  	 	3.05	  	  	 	2.94	  	
Financial Expense Ratio	  	 	3.77	  	  	 	6.61	  	
Financial Debt / Equity	  	 	0.59	  	  	 	0.60	  	
Total Liabilities / Equity	  	 	1.29	  	  	 	1.39	  	
Current Assets / Current Liabilities	  	 	0.31	  	  	 	0.97	  	
Interest rate risk
As of September 30, 2012, including the cross currency swaps, 63% of the financial debt of the Company was at fixed interest rates, primarily short-term debt and bonds. The remaining percentage of debt was at variable interest rates. Of the variable-rate debt, approximately 97% was indexed to local interest rates (either by its original terms or under derivative arrangements). These percentages include all the Cross Currency Swaps. The Company’s hedging policy also provides for the periodic review of exposure to exchange rate and interest rate risks.
Risks in foreign currency exchange rates
In countries in which Cencosud operates, the majority of costs and revenues are denominated in local currencies. Accordingly, the majority of the Company’s debt is denominated in local currencies. As of September 30, 2012, 32% of consolidated financial debt was denominated in US dollars; of the total financial debt in dollars, 68% was covered using Cross Currency Swaps or other Exchange rate hedges. The policy of the company consists of covering the risk caused by variations in exchange rate on the position of net payable liabilities in foreign currency through market instruments designed for such purposes. The Company’s exposure to the US dollar is 10% of the total debt of the Company.
 Forward Looking Statements
This earnings release contains forward-looking statements. The Company desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in this report. These forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections concerning the Company, the industries and countries in which it operates. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions. These forward-looking statements include statements with respect to the Company’s plans, strategies, beliefs and other statements that are not historical facts. These statements are based on the Company’s management’s assumptions and beliefs in light of the information currently available to them. These assumptions also involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Potential risks and uncertainties include, without limitation: (i) changes in general economic, business or political or other conditions in Chile, Argentina, Brazil, Peru, Colombia or elsewhere in Latin America or global markets; (ii) changes in capital markets in general that may affect policies or attitudes towards investing in Chile, Argentina, Brazil, Peru, Colombia or securities issued by companies in such countries; (iii) the monetary and interest rate policies of the Central Banks of Chile, Argentina, Brazil, Peru and Colombia; (iv) high levels of inflation or deflation; (v) unanticipated increases in financing and other costs or our inability to obtain additional debt or equity financing on attractive terms; (vi) movements in interest and/or

13  	The financial indicators set out do not mean they are 100% associated to financial covenants of our debt agreements and bonds. According to our debt agreements the company does not consider assets and liabilities of the banking operations.	
 
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foreign exchange rates, and movements in equity prices or other rates or prices; (vii) changes in, or failure to comply with, applicable regulations or changes in taxes; (viii) loss of market share or changes in competition and pricing environments in the industries in which the Company operates; (ix) difficulties in successfully integrating recent and future acquisitions into the Company’s operations; (x) the Company’s inability to hedge certain risks economically; (xi) changes in consumer spending and saving habits; (xii) implementation of new technologies; (xiii) limitations on the Company’s ability to open new stores and operate them profitably; (xiv) difficulties in completing proposed store openings, expansions or remodeling; (xv) difficulties in acquiring and developing land in Chile, Argentina, Brazil, Peru or Colombia, and restrictions on opening new large stores in any such countries; and (xvi) the factors discussed under the rubric “Risk Factors” as well as other risks included in the Company’s other filings and submissions with the United States Securities and Exchange Commission.
In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this earnings release might not occur, and the Company’s future results and its performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements. The forward-looking statements made in this earnings release relate only to events or information as of the date on which the statements are made. The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
 
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Operating Data by Business Segment and Country

 	  	 	  	Third Quarter	 	
 	  	 	  	2012	 	 	2011	 	
Number of stores (at end of period):	  				 				
Supermarkets:	  	Chile	  	 	203	  	 	 	184	  	
	  	Argentina	  	 	279	  	 	 	261	  	
	  	Brazil	  	 	198	  	 	 	145	  	
	  	Peru	  	 	77	  	 	 	68	  	
	  	Supermarkets subtotal	  	 	757	  	 	 	658	  	
Home Improvement:	  	Chile	  	 	31	  	 	 	29	  	
	  	Argentina	  	 	48	  	 	 	48	  	
	  	Colombia	  	 	4	  	 	 	4	  	
	  	Home Improvement subtotal	  	 	83	  	 	 	81	  	
Department Stores:	  	Chile	  	 	77	  	 	 	35	  	
	  	Department Stores subtotal	  	 	77	  	 	 	35	  	
Shopping Centers:	  	Chile	  	 	11	  	 	 	9	  	
	  	Argentina	  	 	15	  	 	 	14	  	
	  	Peru	  	 	3	  	 	 	2	  	
	  	Shopping Centers subtotal	  	 	29	  	 	 	25	  	
	  		  	 	 	 	 	 	 	 	
Total	  		  	 	946	  	 	 	799	  	
	  		  	 	 	 	 	 	 	 	
Total selling space (at end of period)	  				 				
Supermarkets:	  	Chile	  	 	505,665	  	 	 	449,290	  	
	  	Argentina	  	 	511,716	  	 	 	479,918	  	
	  	Brazil	  	 	495,056	  	 	 	370,163	  	
	  	Peru	  	 	244,332	  	 	 	216,887	  	
	  	Supermarkets subtotal	  	 	1,756,768	  	 	 	1,516,258	  	
Home Improvement:	  	Chile	  	 	291,797	  	 	 	276,325	  	
	  	Argentina	  	 	390,985	  	 	 	362,197	  	
	  	Colombia	  	 	37,060	  	 	 	34,309	  	
	  	Home Improvement subtotal	  	 	719,842	  	 	 	672,831	  	
Department Stores:	  	Chile	  	 	373,168	  	 	 	237,627	  	
	  	Department Stores subtotal	  	 	373,168	  	 	 	237,627	  	
Shopping Centers:	  	Chile	  	 	430,621	  	 	 	282,693	  	
	  	Argentina	  	 	234,034	  	 	 	215,796	  	
	  	Peru	  	 	50,517	14  	 	 	54,750	  	
	  	Shopping Centers subtotal	  	 	715,173	  	 	 	553,239	  	
	  		  	 	 	 	 	 	 	 	
Total	  		  	 	3,564,951	  	 	 	2,979,954	  	
	  		  	 	 	 	 	 	 	 	
Average selling space per store:	  				 				
Supermarkets:	  	Chile	  	 	2,491	  	 	 	2,442	  	
	  	Argentina	  	 	1,857	  	 	 	1,839	  	
	  	Brazil	  	 	2,500	  	 	 	2,553	  	
	  	Peru	  	 	3,173	  	 	 	3,190	  	
	  		  	 	2,329	  	 	 	2,304	  	
Home Improvement:	  	Chile	  	 	9,413	  	 	 	9,528	  	
	  	Argentina	  	 	8,146	  	 	 	7,546	  	
	  	Colombia	  	 	8,577	  	 	 	8,577	  	
	  		  	 	8,640	  	 	 	8,307	  	
Department Stores:	  	Chile	  	 	4,846	  	 	 	6,789	  	
	  		  	 	4,846	  	 	 	6,789	  	
Shopping Centers:	  	Chile	  	 	39,147	  	 	 	31,410	  	
	  	Argentina	  	 	16,314	  	 	 	15,414	  	
	  	Peru	  	 	16,839	  	 	 	27,375	  	
	  		  	 	25,341	  	 	 	22,130	  	

14  	In 2Q12 the company changed of criteria to measure selling space in Peru to match the criteria with the other countries where Cencosud operates shopping centers. As a result of that we had a reduction of 5,428 square meters. This quarter, with the opening of a new shopping mall; the reduction is reduced to 4,233 square meters in 3Q12.	
 
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 	  	 	  	Third Quarter	 	 	Nine-Month, ended
September  30th	 	
Average sales per store (in CLP$ millions):	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Supermarkets:	  	Chile	  	 	2,558	  	 	 	2,507	  	 	 	7,286	  	 	 	7,096	  	
	  	Argentina	  	 	1,540	  	 	 	1,443	  	 	 	4,628	  	 	 	4,199	  	
	  	Brazil	  	 	2,474	  	 	 	2,671	  	 	 	7,909	  	 	 	7,798	  	
	  	Peru	  	 	2,297	  	 	 	2,236	  	 	 	6,696	  	 	 	6,363	  	
	  	Supermarkets subtotal	  	 	2,134	  	 	 	2,093	  	 	 	6,409	  	 	 	6,026	  	
Home Improvement:	  	Chile	  	 	3,011	  	 	 	2,892	  	 	 	9,343	  	 	 	9,282	  	
	  	Argentina	  	 	3,275	  	 	 	2,779	  	 	 	9,443	  	 	 	7,764	  	
	  	Colombia	  	 	2,658	  	 	 	2,313	  	 	 	8,003	  	 	 	6,912	  	
	  	Home Improvement subtotal	  	 	3,147	  	 	 	2,796	  	 	 	9,336	  	 	 	8,265	  	
Department Stores:	  	Chile	  	 	2,633	  	 	 	4,456	  	 	 	7,774	  	 	 	13,290	  	
	  	Department Stores subtotal	  	 	2,633	  	 	 	4,456	  	 	 	7,774	  	 	 	13,290	  	
Shopping Centers:	  	Chile	  	 	2,522	  	 	 	1,770	  	 	 	5,713	  	 	 	5,156	  	
	  	Argentina	  	 	1,165	  	 	 	960	  	 	 	3,383	  	 	 	2,915	  	
	  	Peru	  	 	523	  	 	 	738	  	 	 	1,653	  	 	 	2,054	  	
	  	Shopping Centers subtotal	  	 	1,630	  	 	 	1,234	  	 	 	4,113	  	 	 	3,653	  	
					
Sales per square meter (in CLP$ millions):	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Supermarkets:	  	Chile	  	 	1.03	  	 	 	1.03	  	 	 	2.92	  	 	 	2.91	  	
	  	Argentina	  	 	0.83	  	 	 	0.78	  	 	 	2.49	  	 	 	2.28	  	
	  	Brazil	  	 	0.99	  	 	 	1.05	  	 	 	3.16	  	 	 	3.05	  	
	  	Peru	  	 	0.72	  	 	 	0.70	  	 	 	2.11	  	 	 	1.99	  	
	  	Supermarkets subtotal	  	 	0.92	  	 	 	0.91	  	 	 	2.75	  	 	 	2.62	  	
Home Improvement:	  	Chile	  	 	0.32	  	 	 	0.30	  	 	 	0.99	  	 	 	0.97	  	
	  	Argentina	  	 	0.40	  	 	 	0.37	  	 	 	1.16	  	 	 	1.03	  	
	  	Colombia	  	 	0.29	  	 	 	0.27	  	 	 	0.86	  	 	 	0.81	  	
	  	Home Improvement subtotal	  	 	0.36	  	 	 	0.34	  	 	 	1.08	  	 	 	1.00	  	
Department Stores:	  	Chile	  	 	0.54	  	 	 	0.66	  	 	 	1.60	  	 	 	1.96	  	
	  	Department Stores subtotal	  	 	0.54	  	 	 	0.66	  	 	 	1.60	  	 	 	1.96	  	
Shopping Centers:	  	Chile	  	 	0.06	  	 	 	0.06	  	 	 	0.15	  	 	 	0.16	  	
	  	Argentina	  	 	0.07	  	 	 	0.06	  	 	 	0.21	  	 	 	0.19	  	
	  	Peru	  	 	0.03	  	 	 	0.03	  	 	 	0.10	  	 	 	0.08	  	
	  	Shopping Centers subtotal	  	 	0.06	  	 	 	0.06	  	 	 	0.16	  	 	 	0.17	  	
					
Increase (decrease) in Nominal Same Store Sales in LOCAL CURRENCY	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Supermarkets:	  	Chile	  	 	5.2	% 	 	 	4.6	% 	 	 	5.6	% 	 	 	4.8	% 	
	  	Argentina	  	 	16.9	% 	 	 	22.9	% 	 	 	19.6	% 	 	 	23.2	% 	
	  	Brazil	  	 	-2.8	% 	 	 	0.0	% 	 	 	0.5	% 	 	 	2.5	% 	
	  	Peru	  	 	1.8	% 	 	 	10.4	% 	 	 	4.8	% 	 	 	5.6	% 	
Home Improvement Stores:	  	Chile	  	 	8.6	% 	 	 	1.6	% 	 	 	6.4	% 	 	 	4.9	% 	
	  	Argentina	  	 	28.3	% 	 	 	34.2	% 	 	 	29.7	% 	 	 	29.7	% 	
	  	Colombia	  	 	10.2	% 	 	 	11.6	% 	 	 	8.9	% 	 	 	10.8	% 	
Department Stores:	  	Chile	  	 	5.2	% 	 	 	3.5	% 	 	 	6.6	% 	 	 	5.4	% 	
 
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CONSOLIDATED INCOME DATA
(In millions of Chilean pesos as of September 30th, 2012)

 	  	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	2012	 	 	2011	 	 	D %	 	 	2012	 	 	2011	 	 	D %	 	
 	  	MM Ch$	 	 	MM Ch$	 	 			 	MM Ch$	 	 	MM Ch$	 	 			
Net revenues	  	 	2,201,736	  	 	 	1,863,268	  	 	 	18.2	% 	 	 	6,568,429	  	 	 	5,409,116	  	 	 	21.4	% 	
Cost of sales	  	 	(1,576,345	) 	 	 	(1,335,448	) 	 	 	18.0	% 	 	 	(4,715,820	) 	 	 	(3,855,615	) 	 	 	22.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	625,392	  	 	 	527,820	  	 	 	18.5	% 	 	 	1,852,610	  	 	 	1,553,501	  	 	 	19.3	% 	
Selling and administrative expenses	  	 	(510,103	) 	 	 	(413,595	) 	 	 	23.3	% 	 	 	(1,520,681	) 	 	 	(1,194,912	) 	 	 	27.3	% 	
Other income by function	  	 	20,005	  	 	 	10,284	  	 	 	94.5	% 	 	 	61,927	  	 	 	34,323	  	 	 	80.4	% 	
Other gain (Losses)	  	 	204	  	 	 	(3,000	) 	 	 	-106.8	% 	 	 	(8,307	) 	 	 	(5,657	) 	 	 	46.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	135,498	  	 	 	121,510	  	 	 	11.5	% 	 	 	385,548	  	 	 	387,255	  	 	 	-0.4	% 	
Participation in profit or loss of equity method associates	  	 	1,247	  	 	 	910	  	 	 	37.0	% 	 	 	3,487	  	 	 	2,600	  	 	 	34.1	% 	
Financial Income	  	 	2,097	  	 	 	2,460	  	 	 	-14.8	% 	 	 	6,785	  	 	 	8,373	  	 	 	-19.0	% 	
Finance Costs [for Non-Financial Activities]	  	 	(48,303	) 	 	 	(34,301	) 	 	 	40.8	% 	 	 	(146,317	) 	 	 	(103,585	) 	 	 	41.3	% 	
Income (loss) from foreign exchange variations	  	 	6,487	  	 	 	(8,116	) 	 	 	-179.9	% 	 	 	(3,880	) 	 	 	(10,074	) 	 	 	-138.5	% 	
Result of indexation units	  	 	(2,652	) 	 	 	(4,945	) 	 	 	-46.4	% 	 	 	(16,681	) 	 	 	(21,722	) 	 	 	-23.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-operating income (loss)	  	 	(41,124	) 	 	 	(43,993	) 	 	 	-6.5	% 	 	 	(148,845	) 	 	 	(124,407	) 	 	 	19.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	94,373	  	 	 	77,517	  	 	 	21.7	% 	 	 	236,703	  	 	 	262,848	  	 	 	-9.9	% 	
Income taxes	  	 	(27,461	) 	 	 	(21,755	) 	 	 	26.2	% 	 	 	(76,213	) 	 	 	(73,852	) 	 	 	3.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Profit (Loss)	  	 	66,913	  	 	 	55,762	  	 	 	20.0	% 	 	 	160,490	  	 	 	188,994	  	 	 	-15.1	% 	
Profit (Loss) Attributable to Equity Holders of Parent	  	 	66,500	  	 	 	53,512	  	 	 	24.3	% 	 	 	157,082	  	 	 	180,837	  	 	 	-13.1	% 	
Profit (Loss) Attributable to Minority Interest	  	 	413	  	 	 	2,250	  	 	 	-81.7	% 	 	 	3,408	  	 	 	8,158	  	 	 	-58.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per share	  	 	28,6	  	 	 	23,6	  	 	 	12.2	% 	 	 	67,5	  	 	 	79,9	  	 	 	-21.6	% 	
Number of shares outstanding (in millions)	  	 	2,507	  	 	 	2,264	  	 				 	 	2,507	  	 	 	2,264	  	 				
Cash Flow Data	  				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by (used in):	  				 				 				 				 				 				
Operating activities	  	 	167,522	  	 	 	271,355	  	 	 	-38.3	% 	 	 	311,523	  	 	 	336,128	  	 	 	-7.3	% 	
Financing activities	  	 	(66,207	) 	 	 	22,606	  	 	 	-392.9	% 	 	 	429,542	  	 	 	92,415	  	 	 	364.8	% 	
Investing activities	  	 	(107,168	) 	 	 	(200,652	) 	 	 	-46.6	% 	 	 	(786,185	) 	 	 	(391,833	) 	 	 	100.6	% 	
							
Other Financial Information	  				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Organic Capex	  	 	(115,113	) 	 	 	(160,297	) 	 	 	-28.2	% 	 	 	(436,666	) 	 	 	(395,591	) 	 	 	10.4	% 	
Acquisitions	  	 	0	  	 	 	0	  	 				 	 	(362,083	) 	 	 	0	  	 				
Depreciation	  	 	36,415	  	 	 	29,293	  	 	 	24.3	% 	 	 	102,944	  	 	 	87,275	  	 	 	18.0	% 	
Revalued & Fair Value Call	  	 	18,808	  	 	 	4,434	  	 	 	324.2	% 	 	 	41,709	  	 	 	24,796	  	 	 	68.2	% 	
EBITDA	  	 	176,995	  	 	 	138,652	  	 	 	27.7	% 	 	 	479,179	  	 	 	445,334	  	 	 	7.6	% 	
Adjusted EBITDA	  	 	154,352	  	 	 	147,279	  	 	 	4.8	% 	 	 	434,012	  	 	 	452,333	  	 	 	-4.1	% 	
Financial Ratios	  				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross margin	  	 	28,4	% 	 	 	28,3	% 	 	 	0.1Pt	  	 	 	28,2	% 	 	 	28,7	% 	 	 	-0.52Pt	  	
Operating margin	  	 	6,2	% 	 	 	6,5	% 	 	 	-0.4Pt	  	 	 	5,9	% 	 	 	7,2	% 	 	 	-1.29Pt	  	
Net margin	  	 	3,0	% 	 	 	3,0	% 	 	 	0.0Pt	  	 	 	2,4	% 	 	 	3,5	% 	 	 	-1.1Pt	  	
EBITDA margin	  	 	8,0	% 	 	 	7,4	% 	 	 	0.6Pt	  	 	 	7,3	% 	 	 	8,2	% 	 	 	-0.9Pt	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA (Foreign exchange variations)	  	 	7,0	% 	 	 	7,9	% 	 	 	-0.9Pt	  	 	 	6,6	% 	 	 	8,4	% 	 	 	-1.8Pt	  	

26

Table of Contents

CENCOSUD S.A. - SELECTED FINANCIAL DATA BY BUSINESS SEGMENT
(In millions of Chilean pesos as of September 30th, 2012)

 	  	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	2012	 	 	2011	 	 	 	 	 	2012	 	 	2011	 	 	 	 	
 	  	MM Ch$	 	 	MM Ch$	 	 	D %	 	 	MM Ch$	 	 	MM Ch$	 	 	D %	 	
Net Revenues:	  	 	2,201,736	  	 	 	1,863,268	  	 	 	18.2	% 	 	 	6,568,429	  	 	 	5,409,116	  	 	 	21.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supermarkets	  	 	1,615,644	  	 	 	1,377,127	  	 	 	17.3	% 	 	 	4,851,854	  	 	 	3,965,074	  	 	 	22.4	% 	
Home improvement	  	 	261,165	  	 	 	226,515	  	 	 	15.3	% 	 	 	774,898	  	 	 	669,505	  	 	 	15.7	% 	
Department stores	  	 	202,714	  	 	 	155,966	  	 	 	30.0	% 	 	 	598,589	  	 	 	465,149	  	 	 	28.7	% 	
Shopping centers	  	 	45,627	  	 	 	30,853	  	 	 	47.9	% 	 	 	115,170	  	 	 	91,323	  	 	 	26.1	% 	
Financial services	  	 	71,909	  	 	 	68,139	  	 	 	5.5	% 	 	 	216,031	  	 	 	206,351	  	 	 	4.7	% 	
Others	  	 	4,677	  	 	 	4,668	  	 	 	0.2	% 	 	 	11,887	  	 	 	11,713	  	 	 	1.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of Good:	  	 	(1,576,345	) 	 	 	(1,335,448	) 	 	 	18.0	% 	 	 	(4,715,820	) 	 	 	(3,855,615	) 	 	 	22.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supermarkets	  	 	(1,215,586	) 	 	 	(1,035,167	) 	 	 	17.4	% 	 	 	(3,651,475	) 	 	 	(2,982,113	) 	 	 	22.4	% 	
Home improvement	  	 	(173,820	) 	 	 	(155,350	) 	 	 	11.9	% 	 	 	(526,231	) 	 	 	(461,043	) 	 	 	14.1	% 	
Department stores	  	 	(152,604	) 	 	 	(116,130	) 	 	 	31.4	% 	 	 	(438,399	) 	 	 	(336,384	) 	 	 	30.3	% 	
Shopping centers	  	 	(6,588	) 	 	 	(4,826	) 	 	 	36.5	% 	 	 	(16,693	) 	 	 	(13,503	) 	 	 	23.6	% 	
Financial services	  	 	(27,048	) 	 	 	(22,550	) 	 	 	19.9	% 	 	 	(81,003	) 	 	 	(58,160	) 	 	 	39.3	% 	
Others	  	 	(699	) 	 	 	(1,424	) 	 	 	50.9	% 	 	 	(2,019	) 	 	 	(4,411	) 	 	 	54.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Profit:	  	 	625,392	  	 	 	527,820	  	 	 	18.5	% 	 	 	1,852,610	  	 	 	1,553,501	  	 	 	19.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supermarkets	  	 	400,059	  	 	 	341,960	  	 	 	17.0	% 	 	 	1,200,379	  	 	 	982,961	  	 	 	22.1	% 	
Home improvement	  	 	87,345	  	 	 	71,165	  	 	 	22.7	% 	 	 	248,667	  	 	 	208,461	  	 	 	19.3	% 	
Department stores	  	 	50,110	  	 	 	39,836	  	 	 	25.8	% 	 	 	160,190	  	 	 	128,765	  	 	 	24.4	% 	
Shopping centers	  	 	39,039	  	 	 	26,027	  	 	 	50.0	% 	 	 	98,477	  	 	 	77,820	  	 	 	26.5	% 	
Financial services	  	 	44,861	  	 	 	45,589	  	 	 	-1.6	% 	 	 	135,029	  	 	 	148,191	  	 	 	-8.9	% 	
Others	  	 	3,977	  	 	 	3,244	  	 	 	-22.6	% 	 	 	9,868	  	 	 	7,302	  	 	 	-35.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SG&A Expenses:	  	 	(510,103	) 	 	 	(413,595	) 	 	 	23.3	% 	 	 	(1,520,681	) 	 	 	(1,194,912	) 	 	 	27.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supermarkets	  	 	(331,951	) 	 	 	(269,818	) 	 	 	23.0	% 	 	 	(1,001,576	) 	 	 	(777,540	) 	 	 	28.8	% 	
Home improvement	  	 	(68,503	) 	 	 	(58,918	) 	 	 	16.3	% 	 	 	(199,647	) 	 	 	(168,466	) 	 	 	18.5	% 	
Department stores	  	 	(51,764	) 	 	 	(38,697	) 	 	 	33.8	% 	 	 	(157,948	) 	 	 	(114,297	) 	 	 	38.2	% 	
Shopping centers	  	 	(6,432	) 	 	 	(6,157	) 	 	 	4.5	% 	 	 	(19,749	) 	 	 	(15,884	) 	 	 	24.3	% 	
Financial services	  	 	(27,752	) 	 	 	(21,868	) 	 	 	26.9	% 	 	 	(78,996	) 	 	 	(67,168	) 	 	 	17.6	% 	
Others	  	 	(23,701	) 	 	 	(18,136	) 	 	 	30.7	% 	 	 	(62,765	) 	 	 	(51,556	) 	 	 	21.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income:	  	 	135,498	  	 	 	121,510	  	 	 	11.5	% 	 	 	385,548	  	 	 	387,255	  	 	 	-0.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supermarkets	  	 	69,720	  	 	 	75,924	  	 	 	-8.2	% 	 	 	202,789	  	 	 	212,715	  	 	 	-4.7	% 	
Home improvement	  	 	18,891	  	 	 	12,298	  	 	 	53.6	% 	 	 	49,173	  	 	 	40,117	  	 	 	22.6	% 	
Department stores	  	 	(1,784	) 	 	 	1,961	  	 	 	-191.0	% 	 	 	2,296	  	 	 	15,295	  	 	 	-85.0	% 	
Shopping centers	  	 	51,037	  	 	 	25,463	  	 	 	100.4	% 	 	 	136,355	  	 	 	87,949	  	 	 	55.0	% 	
Financial services	  	 	17,152	  	 	 	23,752	  	 	 	-27.8	% 	 	 	56,132	  	 	 	81,074	  	 	 	-30.8	% 	
Others	  	 	(19,518	) 	 	 	(17,890	) 	 	 	-9.1	% 	 	 	(61,197	) 	 	 	(49,896	) 	 	 	-22.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA:	  	 	176,995	  	 	 	138,652	  	 	 	27.7	% 	 	 	479,179	  	 	 	445,334	  	 	 	7.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supermarkets	  	 	91,484	  	 	 	94,388	  	 	 	-3.1	% 	 	 	265,332	  	 	 	267,674	  	 	 	-0.9	% 	
Home improvement	  	 	23,429	  	 	 	16,362	  	 	 	43.2	% 	 	 	62,217	  	 	 	52,450	  	 	 	18.6	% 	
Department stores	  	 	4,289	  	 	 	6,275	  	 	 	-31.6	% 	 	 	21,594	  	 	 	28,011	  	 	 	-22.9	% 	
Shopping centers	  	 	53,081	  	 	 	26,929	  	 	 	97.1	% 	 	 	141,525	  	 	 	92,247	  	 	 	53.4	% 	
Financial services	  	 	18,059	  	 	 	24,483	  	 	 	-26.2	% 	 	 	58,587	  	 	 	83,319	  	 	 	-29.7	% 	
Others	  	 	(13,348	) 	 	 	(29,785	) 	 	 	55.2	% 	 	 	(70,076	) 	 	 	(78,366	) 	 	 	10.6	% 	

CENCOSUD S.A. - SELECTED FINANCIAL DATA BY BUSINESS SEGMENT AND COUNTRY
(In millions of Chilean pesos as of September 30th, 2012)

 	  	 	  	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	 	  	2012	 	  	2011	 	  	 	 	 	2012	 	  	2011	 	  	 	 	
 	  	 	  	MM Ch$	 	  	MM Ch$	 	  	D %	 	 	MM Ch$	 	  	MM Ch$	 	  	D %	 	
Supermarkets:	  	Chile	  	 	519,289	  	  	 	461,211	  	  	 	12.6	% 	 	 	1,479,027	  	  	 	1,305,693	  	  	 	13.3	% 	
	  	Argentina	  	 	429,603	  	  	 	376,607	  	  	 	14.1	% 	 	 	1,291,182	  	  	 	1,096,020	  	  	 	17.8	% 	
	  	Brazil	  	 	489,917	  	  	 	387,242	  	  	 	26.5	% 	 	 	1,566,030	  	  	 	1,130,710	  	  	 	38.5	% 	
	  	Peru	  	 	176,836	  	  	 	152,068	  	  	 	16.3	% 	 	 	515,616	  	  	 	432,650	  	  	 	19.2	% 	
	  	Subtotal	  	 	1,615,644	  	  	 	1,377,127	  	  	 	17.3	% 	 	 	4,851,854	  	  	 	3,965,074	  	  	 	22.4	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Home Improvement:	  	Chile	  	 	93,331	  	  	 	83,879	  	  	 	11.3	% 	 	 	289,619	  	  	 	269,173	  	  	 	7.6	% 	
	  	Argentina	  	 	157,203	  	  	 	133,386	  	  	 	17.9	% 	 	 	453,268	  	  	 	372,684	  	  	 	21.6	% 	
	  	Colombia	  	 	10,631	  	  	 	9,251	  	  	 	14.9	% 	 	 	32,011	  	  	 	27,648	  	  	 	15.8	% 	
	  	Subtotal	  	 	261,165	  	  	 	226,515	  	  	 	15.3	% 	 	 	774,898	  	  	 	669,505	  	  	 	15.7	% 	

27

Table of Contents

																											
Department Stores:	  	Chile	  	 	202,714	  	  	 	155,966	  	  	 	30.0	% 	 	 	598,589	  	  	 	465,149	  	  	 	28.7	% 	
	  	Subtotal	  	 	202,714	  	  	 	155,966	  	  	 	30.0	% 	 	 	598,589	  	  	 	465,149	  	  	 	28.7	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Shopping Centers:	  	Chile	  	 	27,742	  	  	 	15,933	  	  	 	74.1	% 	 	 	62,843	  	  	 	46,405	  	  	 	35.4	% 	
	  	Argentina	  	 	16,316	  	  	 	13,445	  	  	 	21.4	% 	 	 	47,368	  	  	 	40,810	  	  	 	16.1	% 	
	  	Peru	  	 	1,569	  	  	 	1,475	  	  	 	6.4	% 	 	 	4,959	  	  	 	4,108	  	  	 	20.7	% 	
	  	Subtotal	  	 	45,627	  	  	 	30,853	  	  	 	47.9	% 	 	 	115,170	  	  	 	91,323	  	  	 	26.1	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Financial Services:	  	Chile	  	 	57,731	  	  	 	55.637	  	  	 	3.8	% 	 	 	173,059	  	  	 	171.933	  	  	 	0.7	% 	
	  	Argentina	  	 	9,995	  	  	 	7.673	  	  	 	30.3	% 	 	 	31,139	  	  	 	23.324	  	  	 	33.5	% 	
	  	Brazil	  	 	551	  	  	 	1.507	  	  	 	-63.4	% 	 	 	2,902	  	  	 	5.238	  	  	 	-44.6	% 	
	  	Peru	  	 	3,632	  	  	 	3.322	  	  	 	9.3	% 	 	 	8,932	  	  	 	5.857	  	  	 	52.5	% 	
	  	Subtotal	  	 	71,909	  	  	 	68.139	  	  	 	5.5	% 	 	 	216,031	  	  	 	206.351	  	  	 	4.7	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Others:	  	Chile	  	 	1,332	  	  	 	171	  	  	 	678.1	% 	 	 	2,699	  	  	 	2.659	  	  	 	1.5	% 	
	  	Argentina	  	 	2,533	  	  	 	3.526	  	  	 	-28.2	% 	 	 	7,737	  	  	 	6.650	  	  	 	16.3	% 	
	  	Peru	  	 	812	  	  	 	971	  	  	 	-16.4	% 	 	 	1,451	  	  	 	2.405	  	  	 	-39.6	% 	
	  	Subtotal	  	 	4,677	  	  	 	4.668	  	  	 	0.2	% 	 	 	11,887	  	  	 	11.713	  	  	 	1.5	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
TOTAL NET REVENUES	  		  	 	2,201,736	  	  	 	1.863.268	  	  	 	18.2	% 	 	 	6,568,429	  	  	 	5.409.116	  	  	 	21.4	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Supermarkets:	  	Chile	  	 	-395,006	  	  	 	-351.922	  	  	 	12.2	% 	 	 	-1,127,079	  	  	 	-997.558	  	  	 	13.0	% 	
	  	Argentina	  	 	-304,152	  	  	 	-266.199	  	  	 	14.3	% 	 	 	-909,830	  	  	 	-778.480	  	  	 	16.9	% 	
	  	Brazil	  	 	-382,405	  	  	 	-300.594	  	  	 	27.2	% 	 	 	-1,223,580	  	  	 	-878.280	  	  	 	39.3	% 	
	  	Peru	  	 	-134,023	  	  	 	-116.451	  	  	 	943.9	% 	 	 	-390,986	  	  	 	-327.795	  	  	 	n.a.	  	
	  	Subtotal	  	 	-1,215,586	  	  	 	-1.035.167	  	  	 	17.4	% 	 	 	-3,651,475	  	  	 	-2.982.113	  	  	 	22.4	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Home Improvement:	  	Chile	  	 	-67,280	  	  	 	-62.773	  	  	 	7.2	% 	 	 	-212,180	  	  	 	-198.801	  	  	 	6.7	% 	
	  	Argentina	  	 	-98,728	  	  	 	-85.850	  	  	 	15.0	% 	 	 	-290,404	  	  	 	-242.260	  	  	 	19.9	% 	
	  	Colombia	  	 	-7,811	  	  	 	-6.728	  	  	 	16.1	% 	 	 	-23,648	  	  	 	-19.983	  	  	 	18.3	% 	
	  	Subtotal	  	 	-173,820	  	  	 	-155.350	  	  	 	11.9	% 	 	 	-526,231	  	  	 	-461.043	  	  	 	14.1	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Department Stores:	  	Chile	  	 	-152,604	  	  	 	-116.130	  	  	 	31.4	% 	 	 	-438,399	  	  	 	-336.384	  	  	 	30.3	% 	
	  	Subtotal	  	 	-152,604	  	  	 	-116.130	  	  	 	31.4	% 	 	 	-438,399	  	  	 	-336.384	  	  	 	30.3	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Shopping Centers:	  	Chile	  	 	-1,959	  	  	 	-908	  	  	 	115.7	% 	 	 	-4,355	  	  	 	-2.975	  	  	 	46.4	% 	
	  	Argentina	  	 	-4,395	  	  	 	-3.737	  	  	 	17.6	% 	 	 	-11,593	  	  	 	-9.981	  	  	 	16.2	% 	
	  	Peru	  	 	-233	  	  	 	-181	  	  	 	n.a.	  	 	 	-745	  	  	 	-548	  	  	 	n.a.	  	
	  	Subtotal	  	 	-6,588	  	  	 	-4.826	  	  	 	36.5	% 	 	 	-16,693	  	  	 	-13.503	  	  	 	23.6	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Financial Services:	  	Chile	  	 	-22,470	  	  	 	-19.856	  	  	 	13.2	% 	 	 	-66,389	  	  	 	-48.644	  	  	 	36.5	% 	
	  	Argentina	  	 	-2,490	  	  	 	-1.900	  	  	 	31.0	% 	 	 	-7,744	  	  	 	-6.950	  	  	 	11.4	% 	
	  	Peru	  	 	-2,089	  	  	 	-795	  	  	 	162.8	% 	 	 	-6,870	  	  	 	-2.566	  	  	 	167.7	% 	
	  	Subtotal	  	 	-27,048	  	  	 	-22.550	  	  	 	19.9	% 	 	 	-81,003	  	  	 	-58.160	  	  	 	39.3	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Others:	  	Chile	  	 	-150	  	  	 	-244	  	  	 	-38.5	% 	 	 	-378	  	  	 	-1.394	  	  	 	-72.9	% 	
	  	Argentina	  	 	-502	  	  	 	-806	  	  	 	-37.7	% 	 	 	-1,537	  	  	 	-2.120	  	  	 	-27.5	% 	
	  	Peru	  	 	-47	  	  	 	-374	  	  	 	86.8	% 	 	 	-103	  	  	 	-897	  	  	 	125.1	% 	
	  	Subtotal	  	 	-699	  	  	 	-1.424	  	  	 	-50.9	% 	 	 	-2,019	  	  	 	-4.411	  	  	 	-54.2	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
TOTAL COST OF SALES	  	 	-1.576.345	  	  	 	-1,335,448	  	  	 	18.0	% 	 	 	-4.715.820	  	  	 	-3,855,615	  	  	 	22.3	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Supermarkets:	  	Chile	  	 	124,283	  	  	 	109.288	  	  	 	13.7	% 	 	 	351,948	  	  	 	308.136	  	  	 	14.2	% 	
	  	Argentina	  	 	125,451	  	  	 	110.408	  	  	 	13.6	% 	 	 	381,352	  	  	 	317.541	  	  	 	20.1	% 	
	  	Brazil	  	 	107,512	  	  	 	86.648	  	  	 	24.1	% 	 	 	342,450	  	  	 	252.430	  	  	 	35.7	% 	
	  	Peru	  	 	42,813	  	  	 	35.617	  	  	 	20.2	% 	 	 	124,629	  	  	 	104.855	  	  	 	18.9	% 	
	  	Subtotal	  	 	400,059	  	  	 	341.960	  	  	 	17.0	% 	 	 	1,200,379	  	  	 	982.961	  	  	 	22.1	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Home Improvement:	  	Chile	  	 	26,051	  	  	 	21.106	  	  	 	23.4	% 	 	 	77,440	  	  	 	70.371	  	  	 	10.0	% 	
	  	Argentina	  	 	58,474	  	  	 	47.536	  	  	 	23.0	% 	 	 	162,864	  	  	 	130.425	  	  	 	24.9	% 	
	  	Colombia	  	 	2,820	  	  	 	2.523	  	  	 	11.8	% 	 	 	8,364	  	  	 	7.665	  	  	 	9.1	% 	
	  	Subtotal	  	 	87,345	  	  	 	71.165	  	  	 	22.7	% 	 	 	248,667	  	  	 	208.461	  	  	 	19.3	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Department Stores:	  	Chile	  	 	50,110	  	  	 	39.836	  	  	 	25.8	% 	 	 	160,190	  	  	 	128.765	  	  	 	24.4	% 	
	  	Subtotal	  	 	50,110	  	  	 	39.836	  	  	 	25.8	% 	 	 	160,190	  	  	 	128.765	  	  	 	24.4	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Shopping Centers:	  	Chile	  	 	25,782	  	  	 	15.025	  	  	 	71.6	% 	 	 	58,488	  	  	 	43.431	  	  	 	34.7	% 	
	  	Argentina	  	 	11,921	  	  	 	9.707	  	  	 	22.8	% 	 	 	35,775	  	  	 	30.829	  	  	 	16.0	% 	
	  	Peru	  	 	1,336	  	  	 	1.294	  	  	 	3.3	% 	 	 	4,214	  	  	 	3.560	  	  	 	18.4	% 	
	  	Subtotal	  	 	39,039	  	  	 	26.027	  	  	 	50.0	% 	 	 	98,477	  	  	 	77.820	  	  	 	26.5	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Financial Services:	  	Chile	  	 	35,261	  	  	 	35.781	  	  	 	-1.5	% 	 	 	106,670	  	  	 	123.289	  	  	 	-13.5	% 	
	  	Argentina	  	 	7,506	  	  	 	5.773	  	  	 	30.0	% 	 	 	23,395	  	  	 	16.373	  	  	 	42.9	% 	
	  	Brazil	  	 	551	  	  	 	1.507	  	  	 	-63.4	% 	 	 	2,902	  	  	 	5.238	  	  	 	-44.6	% 	
	  	Peru	  	 	1,543	  	  	 	2.527	  	  	 	-39.0	% 	 	 	2,062	  	  	 	3.290	  	  	 	-37.3	% 	
	  	Subtotal	  	 	44,861	  	  	 	45.589	  	  	 	-1.6	% 	 	 	135,029	  	  	 	148.191	  	  	 	-8.9	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Others:	  	Chile	  	 	1,182	  	  	 	-73	  	  	 	n.a.	  	 	 	2,320	  	  	 	1.265	  	  	 	83.5	% 	
	  	Argentina	  	 	2,030	  	  	 	2.720	  	  	 	-25.4	% 	 	 	6,199	  	  	 	4.530	  	  	 	36.8	% 	
	  	Peru	  	 	765	  	  	 	597	  	  	 	28.2	% 	 	 	1,348	  	  	 	1.508	  	  	 	-10.6	% 	
	  	Subtotal	  	 	3,977	  	  	 	3.244	  	  	 	22.6	% 	 	 	9,868	  	  	 	7.302	  	  	 	35.1	% 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
TOTAL GROSS PROFIT	  	 	625.392	  	  	 	527,820	  	  	 	18.5	% 	 	 	1.852.610	  	  	 	1,553,501	  	  	 	19.3	% 	

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CENCOSUD S.A.
CONSOLIDATED BALANCE SHEETS
(In millions of Chilean pesos as of September 30th, 2012 )

 	  	Sep 2012	 	  	Dec 2011	 	
	  	MM Ch$	 	  	MM Ch$	 	
Current Assets:	  				  				
Cash and Cash Equivalents	  	 	100,932	  	  	 	145,315	  	
Other Financial Assets, Current	  	 	53,749	  	  	 	221,929	  	
Other Non-Financial Assets, Current	  	 	11,925	  	  	 	12,259	  	
Trade and Other Receivables, Net, Current	  	 	918,305	  	  	 	930,381	  	
Accounts receivable from related parties, Current	  	 	881	  	  	 	82	  	
Inventories	  	 	800,795	  	  	 	769,472	  	
Tax Assets, Current	  	 	18,757	  	  	 	6,962	  	
	  	 	 	 	  	 	 	 	
Total Current Assets	  	 	1,905,344	  	  	 	2,086,401	  	
	  	 	 	 	  	 	 	 	
Non-Current Assets:	  				  				
Other Financial Assets, Non-Current	  	 	34,215	  	  	 	46,980	  	
Other Non-Financial Assets, Non-Current	  	 	38,727	  	  	 	35,052	  	
Trade and Other Receivables, Net, Non-Current	  	 	143,278	  	  	 	194,444	  	
Equity Method Accounted Investments in Associates	  	 	40,503	  	  	 	38,830	  	
Intangible Assets, Net	  	 	535,788	  	  	 	526,688	  	
Capital gain	  	 	1,062,691	  	  	 	1,001,779	  	
Property, Plant and Equipment, Net	  	 	2,334,211	  	  	 	2,260,289	  	
Investment Property	  	 	1,412,116	  	  	 	1,310,143	  	
Current tax assets, Non-Current	  	 	9,391	  	  	 	0	  	
Deferred Tax Assets	  	 	201,266	  	  	 	154,163	  	
	  	 	 	 	  	 	 	 	
Total Non-Current Assets	  	 	5,812,186	  	  	 	5,568,367	  	
	  	 	 	 	  	 	 	 	
TOTAL ASSETS	  	 	7,717,530	  	  	 	7,654,769	  	
	  	 	 	 	  	 	 	 	
Current Liabilities:	  				  				
Other Financial Liabilities, Current	  	 	473,649	  	  	 	578,823	  	
Trade and Other Payables, Current	  	 	1,426,418	  	  	 	1,550,821	  	
Notes and accounts payable to related companies, Current	  	 	1,002	  	  	 	1,448	  	
Provisions, Current	  	 	38,910	  	  	 	17,475	  	
Current Tax Payables	  	 	27,447	  	  	 	40,490	  	
Current provisions for employee benefits	  	 	81,616	  	  	 	68,650	  	
Other Non-Financial Liabilities, Current	  	 	57,668	  	  	 	71,050	  	
	  	 	 	 	  	 	 	 	
Total Current Liabilities	  	 	2,106,710	  	  	 	2,328,756	  	
	  	 	 	 	  	 	 	 	
Non-Current Liabilities:	  				  				
Other Financial Liabilities, Non-Current	  	 	1,804,717	  	  	 	1,872,951	  	
Trade and Other Payables, Non-Current	  	 	8,684	  	  	 	11,151	  	
Provisions, Non-Current	  	 	79,642	  	  	 	83,468	  	
Deferred Tax Liabilities	  	 	348,412	  	  	 	313,047	  	
Other Non-Financial Liabilities, Non current	  	 	70,890	  	  	 	82,722	  	
	  	 	 	 	  	 	 	 	
Total Non-Current Liabilities	  	 	2,312,346	  	  	 	2,363,339	  	
	  	 	 	 	  	 	 	 	
Equity:	  				  				
Issued Capital	  	 	1,791,804	  	  	 	927,804	  	
Issued Premium	  	 	237,348	  	  	 	477,341	  	
Other Reserves	  	 	-522,349	  	  	 	-202,722	  	
Retained Earnings (Accumulated Losses)	  	 	1,790,334	  	  	 	1,672,500	  	
	  	 	 	 	  	 	 	 	
Equity Attributable to Equity Holders of Parent	  	 	3,297,137	  	  	 	2,874,923	  	
	  	 	 	 	  	 	 	 	
Minority Interest	  	 	1,337	  	  	 	87,750	  	
	  	 	 	 	  	 	 	 	
Total Equity	  	 	3,298,474	  	  	 	2,962,673	  	
	  	 	 	 	  	 	 	 	
TOTAL EQUITY AND LIABILITIES	  	 	7,717,530	  	  	 	7,654,769	  	
	  	 	 	 	  	 	 	 	
 Reconciliation of Non-IFRS Measures to (Profit/Loss)
This earnings release makes reference to certain non-IFRS measures, namely EBIT, EBITDA and Adjusted EBITDA. These non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company’ results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
 
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EBIT represents profit attributable to controlling shareholders before net interest expense and income taxes. EBITDA represents EBIT plus depreciation and amortization expense. Adjusted EBITDA represents EBITDA as further adjusted to reflect items set forth in the table below. We have included EBIT, EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance.
We believe EBIT, EBITDA and Adjusted EBITDA are an important supplemental measure of operating performance because they eliminate items that have less bearing on our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We also believe that securities analysts, investors and other interested parties frequently use EBITDA in the evaluation of issuers, many of which present EBITDA when reporting their results.
Our management also uses EBITDA and Adjusted EBITDA in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets, assess our ability to meet our future debt service, capital expenditure and working capital requirements and assess our ability to pay dividends on our capital stock.
EBIT, EBITDA and Adjusted EBITDA have important limitations as analytical tools. For example, neither EBIT, EBITDA nor Adjusted EBITDA reflect (a) our cash expenditures, or future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; and (d) tax payments or distributions to our parent to make payments with respect to taxes attributable to us that represent a reduction in cash available to us. Although we consider the items excluded in the calculation of non-IFRS measures to be less relevant to evaluate our performance, some of these items may continue to take place and accordingly may reduce the cash available to us.
We believe that the presentation of the non-IFRS measures described above is appropriate. However, these non-IFRS measures have important limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under IFRS. Because of these limitations, we primarily rely on our results as reported in accordance with IFRS and use EBIT, EBITDA and Adjusted EBITDA only supplementally. In addition, because other companies may calculate EBITDA and Adjusted EBITDA differently than we do, EBITDA may not be, and Adjusted EBITDA as presented in this report is not, comparable to similarly titled measures reported by other companies.
A reconciliation of our profit (loss) attributable to controlling shareholders, the most directly comparable IFRS financial measure, to EBITDA and to Adjusted EBITDA is set forth below:

 	  	Third Quarter	 	 	Nine-Month, ended September 30th	 	
 	  	2012	 	  	2011	 	  	 	 	 	2012	 	  	2011	 	  	 	 	
 	  	MM Ch$	 	  	MM Ch$	 	  	D %	 	 	MM Ch$	 	  	MM Ch$	 	  	D %	 	
Profit (Loss)	  	 	66,913	  	  	 	55,762	  	  	 	20,0	% 	 	 	160,490	  	  	 	188,994	  	  	 	-15,1	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Financial Income	  	 	2,097	  	  	 	2,460	  	  	 	-14.8	% 	 	 	6,785	  	  	 	8,373	  	  	 	-19.0	% 	
Finance Costs [for Non-Financial Activities]	  	 	-48,303	  	  	 	-34,301	  	  	 	40.8	% 	 	 	-146,317	  	  	 	-103,585	  	  	 	41.3	% 	
Income taxes	  	 	-27,461	  	  	 	-21,755	  	  	 	26.2	% 	 	 	-76,213	  	  	 	-73,853	  	  	 	3.2	% 	
Depreciation	  	 	-36,415	  	  	 	-29,293	  	  	 	24.3	% 	 	 	-102,944	  	  	 	-87,275	  	  	 	18.0	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
EBITDA	  	 	176,995	  	  	 	138,652	  	  	 	27.7	% 	 	 	479,179	  	  	 	445,334	  	  	 	7.6	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Quarter ended September 30, 2012 (in millions of Ch$)

Information by Segment	 	Supermarkets	 	 	Sh. Centers	 	 	H. Improvement	 	 	D. Stores	 	 	Financial
Services	 	 	Other	 	 	Consolidated
Total	 	
Profit (loss) attributable to controlling shareholders	 	 	69,744	  	 	 	52,260	  	 	 	18,891	  	 	 	(1,784	) 	 	 	17,152	  	 	 	(89,763	) 	 	 	66,500	  	
Profit attributable to non-controlling shareholders	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	413	  	 	 	413	  	
Net Income	 	 	69,744	  	 	 	52,260	  	 	 	18,891	  	 	 	(1,784	) 	 	 	17,152	  	 	 	(89,350	) 	 	 	66,913	  	
Financial Expense (net)	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(46,206	) 	 	 	(46,206	) 	
Income Tax Charge	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(27,461	) 	 	 	(27,461	) 	
EBIT	 	 	69,744	  	 	 	52,260	  	 	 	18,891	  	 	 	(1,784	) 	 	 	17,152	  	 	 	(15,683	) 	 	 	140,580	  	
Depreciation and Amortization	 	 	21,740	  	 	 	821	  	 	 	4,539	  	 	 	6,074	  	 	 	907	  	 	 	2,335	  	 	 	36,415	  	
EBITDA	 	 	91,484	  	 	 	53,081	  	 	 	23,429	  	 	 	4,289	  	 	 	18,059	  	 	 	(13,348	) 	 	 	176,995	  	
Exchange differences	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	6,487	  	 	 	6,487	  	
Increase on Revaluation of Investment Properties	 	 	0	  	 	 	18,808	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	18,808	  	
(Losses) gains from indexation	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(2,652	) 	 	 	(2,652	) 	
Adjusted EBITDA	 	 	91,484	  	 	 	34,274	  	 	 	23,429	  	 	 	4,289	  	 	 	18,059	  	 	 	-17,183	  	 	 	154,352	  	
 
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Nine months ended September 30, 2012 (in millions of Ch$)

Information by Segment	 	Supermarket	 	 	Sh. Centers	 	 	H. Improvement	 	 	D. Stores	 	 	Financial
Services	 	 	Other	 	 	Consolidated
Total	 	
Profit (loss) attributable to controlling shareholders	 	 	202,881	  	 	 	139,752	  	 	 	49,173	  	 	 	2,296	  	 	 	56,131	  	 	 	(293,149	) 	 	 	157,082	  	
Profit attributable to non-controlling shareholders	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	3,408	  	 	 	3,408	  	
Net Income	 	 	202,881	  	 	 	139,752	  	 	 	49,173	  	 	 	2,296	  	 	 	56,131	  	 	 	(289,741	) 	 	 	160,490	  	
Financial Expense (net)	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(139,532	) 	 	 	(139,532	) 	
Income Tax Charge	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(76,213	) 	 	 	(76,213	) 	
EBIT	 	 	202,881	  	 	 	139,752	  	 	 	49,173	  	 	 	2,296	  	 	 	56,131	  	 	 	(73,997	) 	 	 	376,235	  	
Depreciation and Amortization	 	 	62,452	  	 	 	1,773	  	 	 	13,045	  	 	 	19,298	  	 	 	2,456	  	 	 	3,920	  	 	 	102,944	  	
EBITDA	 	 	265,332	  	 	 	141,525	  	 	 	62,217	  	 	 	21,594	  	 	 	58,587	  	 	 	(70,076	) 	 	 	479,179	  	
Exchange differences	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	3,880	  	 	 	3,880	  	
Increase on Revaluation of Investment Properties	 	 	0	  	 	 	57,967	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	57,967	  	
(Losses) gains from indexation	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(16,681	) 	 	 	(16,681	) 	
Adjusted EBITDA	 	 	265,332	  	 	 	83,558	  	 	 	62,217	  	 	 	21,594	  	 	 	58,587	  	 	 	-57,276	  	 	 	434,012	  	
Quarter ended September 30, 2011 (in millions of Ch$)

Information by Segment	 	Supermarket	 	 	Sh. Centers	 	 	H. Improvement	 	 	D. Stores	 	 	Financial
Services	 	 	Other	 	 	Consolidated
Total	 	
Profit (loss) attributable to controlling shareholders	 	 	75,927	  	 	 	26,372	  	 	 	12,298	  	 	 	1,961	  	 	 	23,751	  	 	 	(86,797	) 	 	 	53,512	  	
Profit attributable to non-controlling shareholders	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	2,250	  	 	 	2,250	  	
Net Income	 	 	75,927	  	 	 	26,372	  	 	 	12,298	  	 	 	1,961	  	 	 	23,751	  	 	 	(84,547	) 	 	 	55,762	  	
Financial Expense (net)	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(31,842	) 	 	 	(31,842	) 	
Income Tax Charge	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(21,755	) 	 	 	(21,755	) 	
EBIT	 	 	75,927	  	 	 	26,372	  	 	 	12,298	  	 	 	1,961	  	 	 	23,751	  	 	 	(30,951	) 	 	 	109,359	  	
Depreciation and Amortization	 	 	18,461	  	 	 	557	  	 	 	4,064	  	 	 	4,313	  	 	 	732	  	 	 	1,166	  	 	 	29,293	  	
EBITDA	 	 	94,388	  	 	 	26,929	  	 	 	16,362	  	 	 	6,275	  	 	 	24,483	  	 	 	(29,785	) 	 	 	138,652	  	
Exchange differences	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(8,116	) 	 	 	(8,116	) 	
Increase on Revaluation of Investment Properties (1)	 	 	0	  	 	 	4,434	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	4,434	  	
(Losses) gains from indexation	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(4,945	) 	 	 	(4,945	) 	
Adjusted EBITDA	 	 	94,388	  	 	 	22,495	  	 	 	16,362	  	 	 	6,275	  	 	 	24,483	  	 	 	-16,724	  	 	 	147,279	  	
Nine months ended September 30, 2012 (in millions of Ch$)

Information by Segment	 	Supermarket	 	 	Sh. Centers	 	 	H. Improvement	 	 	D. Stores	 	 	Financial
Services	 	 	Other	 	 	Consolidated
Total	 	
Profit (loss) attributable to controlling shareholders	 	 	212,714	  	 	 	90,551	  	 	 	40,117	  	 	 	15,295	  	 	 	81,072	  	 	 	(258,913	) 	 	 	180,837	  	
Profit attributable to non-controlling shareholders	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	8,158	  	 	 	8,158	  	
Net Income	 	 	212,714	  	 	 	90,551	  	 	 	40,117	  	 	 	15,295	  	 	 	81,072	  	 	 	(250,755	) 	 	 	188,994	  	
Financial Expense (net)	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(95,212	) 	 	 	(95,212	) 	
Income Tax Charge	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(73,853	) 	 	 	(73,853	) 	
EBIT	 	 	212,714	  	 	 	90,551	  	 	 	40,117	  	 	 	15,295	  	 	 	81,072	  	 	 	(81,691	) 	 	 	358,059	  	
Depreciation and Amortization	 	 	54,959	  	 	 	1,696	  	 	 	12,333	  	 	 	12,715	  	 	 	2,247	  	 	 	3,325	  	 	 	87,275	  	
EBITDA	 	 	267,674	  	 	 	92,247	  	 	 	52,450	  	 	 	28,011	  	 	 	83,319	  	 	 	(78,366	) 	 	 	445,334	  	
Exchange differences	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(10,074	) 	 	 	(10,074	) 	
Increase on Revaluation of Investment Properties	 	 	0	  	 	 	24,796	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	24,796	  	
(Losses) gains from indexation	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(21,722	) 	 	 	(21,722	) 	
Adjusted EBITDA	 	 	267,674	  	 	 	67,451	  	 	 	52,450	  	 	 	28,011	  	 	 	83,319	  	 	 	-46,571	  	 	 	452,333	  	
 
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Cencosud S.A.	
		
By	 	/s/ Juan Manuel Parada	
	 	Name:	 	Juan Manuel Parada	
	 	Title:	 	Chief Financial Officer	
Date: November 21, 2012